West Virginia Mutual Insurance Company to become a subsidiary of MagMutual
November 2, 2020
ATLANTA (November 2, 2020) – MagMutual Insurance Company, one of the leading providers of medical professional liability insurance in the country, welcomes West Virginia Mutual Insurance Company, the only member-owned medical liability insurance company in West Virginia, into the MagMutual Group of Companies.
West Virginia Mutual Insurance Company (WVMIC) and MagMutual have both operated with equal success and policyholder commitment. They have a history of working together in a joint venture to provide insurance solutions to hospitals and their employed medical professionals, and this acquisition strengthens that history as well as their shared mission and future endeavors. Combining forces will expand the possibilities for the two companies and advance the protections of healthcare professionals and the patients they serve.
“We are pleased West Virginia Mutual Insurance Company will be an even greater part of the MagMutual family,” said MagMutual Executive Chairman Joe Wilson, MD. “MagMutual’s four precepts align completely with WVMIC’s purpose and mission, which will allow both companies to better serve our policyholders.”
Based in Charleston, West Virginia Mutual Insurance Company will be the hub for MagMutual’s Mid-Eastern Region, providing added support to policyholders in West Virginia, Ohio and Kentucky. As a subsidiary, WVMIC will have the full financial support and backing of MagMutual, while continuing to write insurance coverage as WVMIC.
“This change will support both West Virginia Mutual Insurance Company and MagMutual in our goal to provide greater value to healthcare providers and the healthcare community, while strengthening what we can offer to our policyholders.” said Austin Wallace, MD, Chairman and CEO of West Virginia Mutual Insurance Company.
For nearly four decades, MagMutual has been a leading provider of medical professional liability insurance. Today, we deliver comprehensive coverage for the practice, business and regulation of medicine to over 30,000 physicians and healthcare organizations nationwide. Our focus on innovation enables us to provide exceptional service, extensive support and financial benefits that result in improved outcomes and stronger PolicyOwners. For more information, visit MagMutual.com.
About West Virginia Mutual Insurance Company
West Virginia Mutual Insurance Company is the only member-owned medical liability insurance company in West Virginia. By playing an active role in underwriting, risk management and claims, their physician board members enable the Mutual to provide medical liability coverage to six out of ten practicing physicians in the state. The Mutual was formed to provide a viable option for West Virginia physicians to obtain medical professional liability insurance coverage. The Mutual has been insuring physicians since 2004.
Media contact information:
Ed Lynch, EVP, Chief Corporate Development Officer, MagMutual