Online Quoting
Physicians and healthcare organizations can get a quote, bind insurance and receive their certificate of insurance — entirely online.
2024 Annual Report
The Benefits of Innovation in Insurance
At MagMutual, we believe stepping into the future involves staying true to who you are while also honoring your past. We’re committed to innovation not just as a means of pursuing the latest technology, but as a way of furthering our mission to put our policyholders first.
We are dedicated to delivering high-performance solutions and ensuring continued excellence for healthcare providers, partners and employees alike. We are proud of the remarkable growth MagMutual achieved in 2024 and our sustained trajectory of progress over the past decade. Together, we are shaping a brighter, more secure future in our industry.
In 2024, we achieved increases in written premium, net income and assets(1). And when it comes to our dividends, we declared our 26th year of payouts to PolicyOwners.
2024 was also a year for product innovation. MagMutual PolicyOwners now have access to:
- An industry-first online quoting tool, where they will be able to get a quote, bind insurance and receive their certificate of insurance instantly
- The new and improved learning center
- New features for OneModel™, our coverage visualization tool
- Our multi-disciplinary, Capital Solutions team, dedicated to organizations with complex risk financing needs
Our long-term financial outcomes are always in the service of PolicyOwners, first and foremost. That’s why we do what we do. Fiscal responsibility equals better products, more room to innovate and a promise kept.
Innovation at a Glance
For MagMutual, innovation is a matter of improving the service we provide you. With a year of robust product revamps and new releases, MagMutual is supporting policyholders by streamlining its processes with the following tools and services.
Performance at a Glance
A (Excellent)
financial rating by A.M. Best
$25.3 M
financial rewards (1, 2)
40,000+
Physicians and healthcare organizations insured
$3.2 B
total assets (1)
#1 mutual
medical professional liability carrier in the U.S. (3)
0.57:1
premium-to-surplus ratio (1)
1.08:1
reserves-to-surplus ratio (1)
2024 Combined Financials1
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| (DOLLARS IN THOUSANDS) | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Gross Written Premium | $425,067 | $500,863 | $552,607 | $668,907 | $690,977 |
| Net Income before dividends and income tax | $79,039 | $63,097 | $58,150 | $79,945 | $97,827 |
| Total Loss and LAE Reserves | $777,945 | $893,388 | $967,138 | $1,195,679 | $1,312,063 |
| Capital and Surplus | $951,353 | $1,120,074 | $1,050,453 | $1,130,421 | $1,214,201 |
| Total Admitted Assets | $2,254,195 | $2,543,997 | $2,606,805 | $2,987,365 | $3,158,282 |