MagMutual Insurance Company, the largest insurer of physicians in the U.S., has acquired MDAdvantage, a medical professional liability insurance company, Insurance Business America reported Jan. 5.
The acquisition received corporate and regulatory approval in December.
MDAdvantage will continue to offer insurance coverage under its current name and maintain operations in New Jersey, which will also become a MagMutual key hub in the Northeast. Its management and client-facing operations are also expected to remain unchanged.
"I am certain that the policyholders who have been loyal to MDAdvantage for the past 20 years will find the transition to MagMutual to be seamless," Patricia Constante, CEO of MDAdvantage and outgoing board member, told the publication. "I am confident that the MagMutual leadership team will continue to build upon the MDAdvantage legacy of excellence in service and physician advocacy."
MagMutual currently provides insurance for 30,000 healthcare providers and organizations globally.