Marks 24 years of dividends and more than $370 million in financial rewards
ATLANTA, Jan. 31, 2023 /PRNewswire-PRWeb/ -- MagMutual Insurance Company, one of the nation's leading providers of medical professional liability insurance, will return a 6.5% dividend to its PolicyOwners this year, the company announced today.
This latest payment marks 24 years of dividends and more than $370 million in financial rewards MagMutual has returned to policyholders since inception. More than half of those rewards have been paid to PolicyOwners in just the past six years.
"Paying dividends reflects our commitment to our PolicyOwners, who we put first in everything we do," said William S. Kanich, MD, JD, executive chairperson of MagMutual. "We are proud of our record of consistent payments to them, which is an important part of the overall support we offer as a mutual insurer of long standing."
Providing coverage to more than 30,000 physicians and healthcare organizations nationwide, MagMutual is the largest mutual insurer of physicians and the second largest mutual medical professional liability insurer in the country.(1)
"The fact that we have increased dividends while most companies are taking them away is a sign of our ongoing financial strength, which our team has worked hard to achieve," said Neil Morrell, MagMutual CEO. "The successful management of our company means we can support policyholders both financially and with innovative insurance products for years to come."
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 30,000 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)
(1) Market position based on S&P Global Market Intelligence 2021 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.
Stephanie Zercher, MagMutual, 404-263-6762, firstname.lastname@example.org
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