Transaction approved by New Jersey regulators, company shareholders
ATLANTA (January 3, 2023) – MagMutual Insurance Company, the nation’s largest mutual insurer of physicians, has completed its acquisition of MDAdvantage Insurance Company of New Jersey. The transaction received final corporate approval and regulatory approval by the New Jersey Department of Banking and Insurance in December.
“We are very excited to welcome MDAdvantage physicians into the MagMutual family,” said William Kanich, MD, JD, MagMutual Executive Chairperson. “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.”
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.
“This transaction marks the beginning of an exciting new chapter for MDAdvantage and its insured physicians,” said Patricia A. Costante, outgoing Chairman and CEO of MDAdvantage Insurance Company. “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.”
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 www.MDAdvantageonline.com.
Stephanie Zercher, Marketing Communications Lead, MagMutual