MagMutual Declares Policyholder Dividend for 2024
January 29, 2024
Marks 25 total years of dividends and more than $400 million in financial rewards
ATLANTA (January 29, 2024) – MagMutual Insurance Company, one of the nation’s leading providers of medical professional liability insurance, announced a 4% dividend return to its PolicyOwners for this year.
With this latest declaration, MagMutual has a record of 25 years of dividends throughout company history. Additionally, they have returned more than $400 million in financial rewards to policyholders since inception and over half of those rewards were paid in the past six years. The insurer also continues to pay for subscriptions to UpToDate®, the premier clinical decision support tool, for policyholders.
“We put our PolicyOwners first, always. Continuously paying dividends reflects our commitment to them,” said William S. Kanich, MD, JD, executive chairperson of MagMutual. “This year marks our 25th year of dividends. I’m proud of that record and pleased we’ve been able to return so much to the healthcare providers who trust us to protect them.”
MagMutual is the largest mutual insurer of physicians and the second largest mutual medical professional liability insurer in the country, providing coverage to more than 40,000 physicians and healthcare organizations nationwide. 1
“MagMutual’s financial strength and growth is unrivaled. With the successful management of our company, we continue to declare dividends and at a higher rate,” said Neil Morrell, MagMutual CEO. “I’m pleased we can support policyholders with innovative insurance products as well as financially and have done so more consistently and effectively than others in the industry.”
For more than four decades, MagMutual has been a leading provider of medical professional liability insurance. Today, we’re the largest mutual insurer of physicians and the second largest mutual medical professional liability provider in the U.S. We deliver comprehensive coverage for the practice, business and regulation of medicine to more than 40,000 healthcare providers and organizations nationwide. Our focus on innovation allows us to provide customized advice, exceptional claims support and consistent financial benefits that result in improved outcomes and stronger PolicyOwners.1
Kristen Guilfoil, Marketing Director
1 Market position based on S&P Global Market Intelligence 2022 year-end financial filings. Dividends and Owners Circle allocations are declared at the discretion of the MagMutual Board of Directors and are subject to eligibility requirements.