MagMutual Insurance Company, a provider of medical professional liability insurance, has completed its acquisition of MDAdvantage Insurance Company of New Jersey.
MagMutual is the largest mutual insurer of physicians and the second largest mutual medical professional liability provider in the US.
The company provides comprehensive coverage for the practice, business and regulation of medicine to more than 30,000 healthcare providers and organisations nationwide.
MagMutual said its focus on innovation allows it to provide customised advice, exceptional claims support and consistent financial benefits that result in improved outcomes and stronger policyholders.
The transaction received final corporate approval and regulatory approval by the New Jersey Department of Banking and Insurance in December.
MDAdvantage will remain in New Jersey, serving as an important hub in the Northeast, and write insurance coverage under its current name. Current management and front-end operations are expected to remain in place.
William Kanich, MD, JD, MagMutual executive chairperson, said, “We are very excited to welcome MDAdvantage physicians into the MagMutual family.
“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.”
Patricia A. Costante, outgoing chairman and CEO of MDAdvantage Insurance Company, added,” This transaction marks the beginning of an exciting new chapter for 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. I am confident that the MagMutual leadership team will continue to build upon the MDAdvantage legacy of excellence in service and physician advocacy.”
Last year, Retail insurance platform ALKEME acquired Insurance Online, a digital insurance comparison engine, providing real-time rates and insurance services.
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