MagMutual to Acquire MDAdvantage Insurance Company
ATLANTA (PRWEB) August 15, 2022
MagMutual Insurance Company, the nation's largest mutual insurer of physicians, and MDAdvantage Holdings, Inc., have reached an agreement for MagMutual to acquire MDAdvantage Insurance Company of New Jersey. The acquisition is subject to regulatory approval from the New Jersey Department of Banking and Insurance and approval of MDAdvantage Holdings, Inc., shareholders. The transaction is expected to close as soon as possible following the shareholder vote and regulatory approvals.
Since the inception of MDAdvantage® in 2002, the company has established itself as a leading medical professional liability (MPL) insurer in New Jersey. The company focuses on protecting the professional and financial well-being of its insured physicians with market-leading policy forms, claims defense practices and risk management services. Together, MagMutual and MDAdvantage support physician initiatives that increase patient safety and minimize the risks of liability.
"As we got to know MDAdvantage and its leadership, it became clear that our organizations share the same mission-based, policyholder-centric purpose. We both are committed to providing physicians and hospitals with the best insurance and support possible so they can concentrate on patient care," said incoming MagMutual Executive Chairman William Kanich, MD, JD. "Joining forces will expand the possibilities for both companies and help us continue to grow, innovate and successfully protect the healthcare community we serve."
MDAdvantage plans to continue to operate under its current name and maintain the company's presence in New Jersey, serving as an important hub for MagMutual in the Northeast. Due to MDAdvantage's strong relationships with policyholders and agents, MagMutual anticipates that management and front-end operations will remain in place, since they are key to continued service and support as the combined companies offer additional healthcare liability products in the marketplace.
"Becoming part of the MagMutual family marks the beginning of an exciting new chapter for MDAdvantage and its insured physicians," said Patricia A. Costante, Chairman and CEO of MDAdvantage Insurance Company. "We will build on the strong foundation established over the past 20 years with a partnership that will further our legacy of service to physicians and the healthcare community. In addition, we will be able to offer even more value to physicians through MagMutual's comprehensive product suite. I look forward to the opportunities this partnership will provide to our physicians, broker partners and company."
For more than four decades, MagMutual has been a leading provider of medical professional liability insurance. Today, we're the largest mutual insurer of physicians and the second largest mutual medical professional liability provider in the U.S.(1) We deliver comprehensive coverage for the practice, business and regulation of medicine to more than 30,000 healthcare providers and organizations nationwide. Our focus on innovation allows us to provide customized advice, exceptional claims support and consistent financial benefits that result in improved outcomes and stronger policyholders.
(1) Market position based on S&P Global Market Intelligence 2021 year-end financial filings. Dividends and Owners Circle allocations are declared at the discretion of the MagMutual Board of Directors and are subject to eligibility requirements.
MDAdvantage is a leading medical professional liability insurance company that is committed to supporting physician initiatives that increase patient safety, educate the healthcare community and invest in the future of the healthcare system. MDAdvantage also publishes MDAdvisor, a peer-reviewed, MEDLINE®-indexed journal for the medical community, and hosts the MDAdvantage podcast series. For more information on MDAdvantage, call 888-355-5551 or visit http://www.MDAdvantageonline.com.