Home > Policyholder News > MagMutual's Owners Circle® Benefitting Policyholders With More than $145,000 in First Five Months
ATLANTA (September 12) – As a physician-led mutual malpractice insurance company, serving the policyholders who also own MagMutual is always first and foremost. So when the company launched the Owners Circle program in April, the benefits were immediate for many of the 17,500 physicians it insures across the Southeast.
The Owners Circle is one of the ways MagMutual financially recognizes its medical liability, or malpractice, insurance policyholders. Those who renew their MagMutual policy and have one year of coverage are automatically enrolled in the Owners Circle. The program provides distributions to policyholders upon a qualifying insured physician’s retirement at age 50 or older, disability or death. Since the Owners Circle was introduced five months ago, more than $145,000 has already been awarded to about 60 policyholders.
The first MagMutual policyholder to receive an Owners Circle distribution was Jefferson Davis, DDS, MD, a plastic surgeon who practiced in Albany, GA, and was insured by MagMutual for 18 years. He recently retired from private practice to become Vice President of Medical Affairs and Chief Medical Officer of Houston Healthcare in Warner Robins, GA.
“The Owners Circle is yet another added value of being a MagMutual policyholder. Especially upon retirement or transition, this benefit is a tremendous help in offsetting expenses, including those associated with closing a practice,” said Dr. Davis.
According to Joseph S. Wilson, Jr., MD, CEO and Chairman of MagMutual, “MagMutual’s physician Board of Directors unanimously approved the Owners Circle and its initial projected $65 million allocation for 2012. The company’s financial strength and stability make it possible to implement programs that benefit our policyholders across the nine Southeastern states we serve.”
Owners Circle accounts will accumulate allocations annually when approved by the company’s Board of Directors.
For more information on the Owners Circle, visit http://www.MagMutual.com/OC.
MagMutual provides medical professional liability (malpractice) insurance in Alabama, Arkansas, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia. Founded in 1982 by physicians and led by a physician Board of Directors, MagMutual is one of the largest medical liability insurers in the U.S., with offices throughout the Southeast. The company is rated A (Excellent) by A.M. Best. Insurance products and services are issued and underwritten by MAG Mutual Insurance Company and its affiliates.