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MagMutual Completes Acquisition of MDAdvantage Insurance Company
MagMutual Completes Acquisition of MDAdvantage Insurance Company
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.

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“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.”

Source: Yahoo Finance

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