MagMutual Insurance Company, a medical professional liability mutual insurer, has acquired captive manager, Tift Area Captive Insurance Company.
Tift Area Captive was owned by a series of multi-specialty physicians in the State of Georgia. Subsequent to the transaction with MagMutual, these physician policyowners benefited from claims defense, patient safety resources and dividends and Owners Circle benefits.
“We are very excited to welcome this group of Georgia-based physicians into the MagMutual family,” said Neil Morrell, president of MagMutual.
“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.”
Joseph Wilson, chairman and CEO of MagMutual, said: “The acquisition of Tift Area Captive and its physicians further demonstrates MagMutual’s commitment to protecting and supporting physicians in Georgia.
“It is also commensurate with our strategy of growth while providing greater value to our policy owners.”
The proposed transaction received final corporate approvals and regulatory approval by the Tennessee Department of Commerce and Insurance during November 2016.
MagMutual Insurance Company, North America, Tift Area Captive Insurance, Insurance, Captive, Liability, Mutual insurance, M&A, Neil Morrell, Joseph Wilson