Thanks to our strong performance we have paid out more dividends over the last seven years than in the entire history of our company.
March 13, 2018
MagMutual Insurance Company, one of the nation’s largest medical professional liability mutual insurers, has announced a 10% premium return to PolicyOwners as well as flexible options for its dividend and Owners Circle reward programs.
MagMutual policyholders have received over $215 million in dividends since inception.
“MagMutual continues to pay more than ever to our policyholders, even while our competitors continually give back less. Returning dividends is what a mutual should do, whenever possible. Thanks to our strong performance we have paid out more dividends over the last seven years than in the entire history of our company,” said Neil Morrell, President and CEO of MagMutual.
The MagMutual Board of Directors, in recognition that policyholders may prefer to receive an alternative dividend in lieu of the Owners Circle credit, is also offering an additional 3% dividend return. Policyholders who prefer this option will receive a 13% dividend.
The MagMutual Board of Directors also declared a 10% Owners Circle allocation to recognize policyholders’ ownership in a financially strong company. Those who do not want the alternative 3% dividend will receive their 10% Owners Circle credit. MagMutual remains the only mutual medical malpractice insurer to establish the value of this obligation as segregated surplus.
“We at MagMutual constantly try to serve our policyholders. We do this by delivering the exceptional products, services and pricing and paying among the highest dividends in the industry. We have been pleased with the amount we’ve been able to give back in recent years, and hope our policyholders are pleased as well,” said Joe Wilson, MD, Executive Chairman of MagMutual.
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