Home > Policyholder News > Board of Directors Approves Second Largest Dividend in Company's History
April 28, 2010
MORE GOOD NEWS FROM YOUR COMPANY IN 2010!
We’re very pleased to announce that MAG Mutual Insurance Company’s senior management team recommended, and your physician-led Board of Directors approved, a dividend distribution to eligible physician-policyholders - for the fourth year in a row, and now twelve of the last sixteen years. Few medical liability insurers in the nation can match this record, proving once again what it means to be mutual - with MAG Mutual.
Beginning June 1, 2010, $12.5 million (the second largest dividend in our history) will be returned to eligible MAG Mutual Physician and Surgeon Professional Liability Insurance policyholders of record as of the close of business April 1, 2010. This means MAG Mutual’s policyholders will receive $45 million in dividends from June 2007 through May 2011.
Your dividend will be based on the number of years you’ve been insured with MAG Mutual and the premium amount paid. Beginning with policies renewing on June 1, 2010, the Company will apply the total dividend amount as a credit on the Declarations Page of each renewal policy. For eligible policyholders who retire or 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 MAG Mutual’s employees, we personally thank you for your loyalty and trust. If you have any questions, please call one of us, toll free, at 1-800-282-4882.
Sincerely,
Roy W. Vandiver, M.D.
Chairman of the Board
Chief Executive Officer |
Darrell Grimes
President and Chief Operating Officer |
