MagMutual Insurance Company, the largest mutual insurer of physicians in the U.S., has completed its acquisition of MDAdvantage Insurance Company. The deal received corporate and regulatory approval last December.
“We are very excited to welcome MDAdvantage physicians into the MagMutual family,” said MagMutual executive chairperson William Kanich. “Both companies are deeply committed to supporting policyholders so they can focus on providing excellent care to their patients. MDAdvantage insured physicians will continue to receive exceptional protection, support, and rewards – now backed by the strength and stability of MagMutual.”
Apart from providing medical professional liability insurance, MDADvantage actively invests in physician initiatives that improve the US healthcare system and increase patient safety. It publishes a peer-reviewed, MEDLINE®-indexed journal for the medical community called MDAdvisor and hosts an educational podcast series.
Following its acquisition, MDAdvantage will continue to provide insurance coverage under its current name. It will also maintain its operations in New Jersey, where it will function as MagMutual’s key hub in the Northeast region.
The companies also expect current MDAdvantage management and client-facing operations to continue.
Outgoing chairperson and CEO Patricia Costante said the acquisition of MDAdvantage was the beginning of an “exciting new chapter” for both MDAdvantage and its insured physicians.
“I am certain that the policyholders who have been loyal to MDAdvantage for the past 20 years will find the transition to MagMutual to be seamless,” she added. “I am confident that the MagMutual leadership team will continue to build upon the MDAdvantage legacy of excellence in service and physician advocacy.”
MagMutual has established itself as one of the country’s leading providers of medical professional liability insurance over the course of forty years of operation. S&P Global has named it as the largest mutual insurer of physicians and second largest mutual medical professional liability provider in the U.S. as of yearend 2021. It currently provides insurance coverage to more than 30,000 healthcare providers and organizations nationwide.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.