MagMutual Acquires Captive Insurance Company
December 1, 2016
ATLANTA (December 1, 2016) – MagMutual Insurance Company, one of the nation’s largest medical professional liability mutual insurers, has acquired Tift Area Captive Insurance Company, which was owned by a series of multi-specialty Georgia physicians. Subsequent to the transaction with MagMutual, these physician policyowners benefit from unrivaled claims defense, patient safety resources and industry leading dividends & Owners Circle benefits.
“We are very excited to welcome this group of Georgia-based physicians into the MagMutual family,” said MagMutual President Neil Morrell. “In our view, Tift Area Captive and MagMutual’s missions are similar – we are both deeply committed to supporting our policyholders and empowering them to continue focusing on providing care.”
Morrell adds that the transaction proceeded smoothly, thanks to the efficiency and support of the captive-insured physicians.
“The acquisition of Tift Area Captive and its physicians further demonstrates MagMutual’s commitment to protecting and supporting physicians in Georgia,” said MagMutual Chairman and CEO Joseph Wilson, MD. “It is also commensurate with our strategy of growth while providing greater value to our PolicyOwners.”
The proposed transaction received final corporate approvals and regulatory approval by the Tennessee Department of Commerce and Insurance during November 2017.
For more than 30 years, MagMutual has served as a trusted advisor and strategic ally to thousands of physicians and hospitals. We continuously evolve to meet the changing needs of our PolicyOwners℠ and drive advancements in healthcare. Today we offer the best resources in patient safety, expert defense and a range of professional liability coverage. Our comprehensive solutions, combined with our incomparable service, extraordinary financial strength, plus dividends and rewards, provide our PolicyOwners℠ with an exceptional customer experience. For more information, visit www.MagMutual.com.
About Tift Area Incorporated Protected Cell
Tift Area Incorporated Protected Cell was owned by its Georgia physician shareholders and was founded on June 30, 2000.
Media contact information:
Ed Lynch, EVP, Chief Business Operations, MagMutual