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ATLANTA (PRWEB) August 15, 2022
MagMutual insurance companythe nation’s largest mutual physician insurer, and MAdvantage 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 MAdvantage Holdings, Inc., shareholders. The transaction is expected to close as soon as possible following a shareholder vote and regulatory approvals.
Since MDAdvantage®’s inception in 2002, the company has established itself as one of the leading medical professional liability (MPL) insurers in New Jersey. The company is focused on protecting the professional and financial well-being of its insured physicians with market-leading policy formularies, claims defense practices, and risk management services. Together, MagMutual and MDAdvantage support healthcare initiatives that increase patient safety and minimize liability risks.
“As we learned about MDAdvantage and its leadership, it became clear that our organizations share the same mission-driven, policyholder-centered purpose. We are both committed to providing doctors and hospitals with the best insurance and support possible so they can focus on patient care,” said MagMutual’s incoming CEO William Kanich, MD, JD. “Joining forces will expand the capabilities of both companies and help us continue to grow, innovate and successfully protect the healthcare community we serve.”
MDAdvantage plans to continue operating under its current name and maintain the company’s presence in New Jersey, serving as a major hub for MagMutual in the Northeast. Due to MDAdvantage’s strong relationships with policyholders and agents, MagMutual anticipates that front-end administration and operations will remain in place as they are key to ongoing service and support as the combined companies offer products additional medical liability in the market.
“Becoming a part of the MagMutual family marks the beginning of an exciting new chapter for MDAdvantage and its insured physicians,” said patricia a. constantpresident and CEO of MDAdvantage Insurance Company. “We will build on the strong foundation established over the past 20 years with a partnership that will extend our legacy of serving physicians and the healthcare community. In addition, we will be able to deliver even more value to physicians through MagMutual’s comprehensive suite of products.” I look forward to the opportunities this partnership will bring to our physicians, intermediary partners and company.”
About Mag Mutual
For more than four decades, MagMutual has been a leading provider of medical professional liability insurance. Today, we are the largest mutual insurer of physicians and the second largest mutual insurer of medical professional liability in the U.S(1) We provide 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 personalized advice, exceptional claims assistance and consistent financial benefits that result in better results and stronger policyholders.
(1) Market position based on S&P Global Market Intelligence 2021 year-end financial presentations. Dividends and Owners Circle awards 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 committed to supporting physician initiatives that increase patient safety, educate the health care community and invest in the future of the health care system. MDAdvantage also publishes MDAdvantage, a peer-reviewed MEDLINE®-indexed journal for the medical community, and hosts the MDAdvantage podcast series. For more information about MDAdvantage, call 888-355-5551 or visit http://www.MDAdvantageonline.com.
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