MagMutual Declares 2016 Dividends and Owners Circle® Benefits
February 11, 2016
Insurer declares largest dividend in company history, returning record $25 million to PolicyOwners℠
ATLANTA (February 11, 2016) – MagMutual Insurance Company, the Southeast’s largest medical professional liability insurer, today announced a 2016 dividend of $25 million. This is not only the largest return in MagMutual history, but also the biggest year-over-year dividend increase in the company’s 34-year history. MagMutual will credit the dividend starting June 1 to policyholders of record as of April 1.
MagMutual policyholders have received over $175 million in dividends since inception, including $25 million in 2016.
MagMutual also has pledged additional funds to the Owners Circle® loyalty program equal to 20 percent of a policyholder’s premium at the time of eligibility. MagMutual remains the only medical malpractice insurer to establish the value of this obligation as segregated surplus.
“Our primary mission is to serve our physician and hospital PolicyOwners, and we are driven to deliver strong financial results on their behalf and have them benefit financially along with us,” said Dr. Joe Wilson Jr., chief executive officer.
MagMutual’s consistently strong financial performance has allowed robust dividends and rewards for PolicyOwners for several consecutive years.
“Many of our competitors are only paying dividends to investors or cutting the amount paid to policyholders; that’s just not what we are about,” said Neil Morrell, president of MagMutual. “We are very grateful to be able to reward those who are loyal to MagMutual, and hope to be able to continue exceeding our members expectations in the years to come.”
Founded by physicians in 1982, MagMutual is one of the leading providers of medical professional liability insurance to physicians and hospitals in the United States. Operating throughout the United States with local office presence, MagMutual is the Southeast’s largest medical professional liability mutual insurer and the fourth largest in the U.S. The company is rated A (Excellent) by A.M. Best. Insurance products and its services are issued and underwritten by MAG Mutual Insurance Company and its affiliates. Visit www.magmutual.com
Media contact information:
Ed Lynch, Chief Business Operations Officer, MagMutual