Home > Policyholder News > $16.5 MILLION RECORD DIVIDEND ANNOUNCED

 

Roy W. Vandiver, M.D.
Chairman and Chief Executive Officer

Darrell Grimes
President and Chief Operating Officer

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$16.5 Million Record Dividend Announced

May 2011

To: MagMutual Physician Policyholder-Owners

We are pleased to announce that MagMutual’s management team has recommended, and your physician-led Board of Directors approved, the largest single-year policyholder dividend distribution in company history.

Beginning June 1, 2011, $16.5 million will be returned to eligible MagMutual Physician and Surgeon Professional Liability Insurance policyholders of record as of the close of business April 1, 2011. This means MagMutual’s policyholders will have received $61.5 million in dividends from June 2007 through May 2012.

This is the fifth year in a row a dividend has been declared. Your physician-owned company has now made distributions in 13 of the last 17 years, totaling $93 million. Few medical liability insurers can match this record of consistently returning dividends to their policyholders and effectively reducing the annual cost of insurance.

Your dividend will be based on the number of years you’ve been insured with MagMutual and the premium amount paid. Beginning with policies renewing on June 1, 2011, we will apply the total dividend amount as a credit on each renewal policy. For eligible policyholders who do not renew their policy, the dividend will be applied to any outstanding balance or paid by check.

On behalf of your Board of Directors and all of MagMutual’s employees, we personally thank you for your loyalty and trust. If you have any questions, please call 1-800-282-4882.

Sincerely,

 

Roy W. Vandiver, M.D. Chairman of the Board Chief Executive Officer

Darrell Grimes President Chief Operating Officer