MagMutual Acquires Captive Insurance Company
December 6, 2017
Policyholders moving coverage to MagMutual will receive expert claims defense, patient safety resources, industry leading dividends, Owners Circle® benefits and access to UpToDate®.
ATLANTA (December 6, 2017) – MagMutual Insurance Company, one of the leading providers of medical professional liability insurance, has acquired TPA Incorporated Protective Cell, which was owned by a series of multi-specialty Georgia physicians. The former Thomasville physician policyholders will benefit from accomplished claims defense, patient safety resources, industry-leading dividends, Owners Circle® benefits and access to UpToDate®, the leading evidence-based clinical decision support resource.
“We are pleased this group is joining the MagMutual family,” said MagMutual President and CEO Neil Morrell. “Both our organizations are dedicated to supporting and empowering policyholders and MagMutual will continue this mission.”
Recognizing the efficiency and support of the captive-insured physicians, Morrell adds that the deal proceeded smoothly.
“The acquisition of Thomasville Area Captive makes MagMutual a stronger company, and allows us to further our strategy of providing greater value to our PolicyOwners℠ as we grow. It also establishes our continued commitment to protecting and supporting physicians,” said MagMutual Executive Chairman Joseph Wilson, MD.
The proposed transaction received final corporate approval and regulatory approval by the Tennessee Department of Commerce and Insurance in November 2017.
This recent merger is one of several captive insurance company acquisitions by the MagMutual family in the past few years.
For nearly four decades, MagMutual has served as a trusted advisor and strategic ally to thousands of physicians and healthcare organizations. We continuously evolve to meet the changing needs of our PolicyOwners and drive advancements in healthcare. Today we offer meaningful resources in patient safety, expert defense and a range of professional liability coverage. Our comprehensive solutions, combined with our outstanding service, extraordinary financial strength, plus dividends and rewards, provide our PolicyOwners with an exceptional customer experience. For more information, visit www.MagMutual.com.
About TPA Incorporated Protective Cell
Thomas Area Incorporated Protected Cell was owned by its Georgia physician shareholders.