OLDWICK, NJ–(BUSINESS WIRE)–AM Best placed under review with positive implications the financial strength rating of A- (Excellent) and the issuer’s long-term credit rating of “a-” (Excellent) of MDAdvantage Insurance Company of New Jersey (MDAdvantage) ( Lawrenceville, NJ).
MDAdvantage Holdings, Inc. and MAG Mutual Insurance Company (MAG Mutual), one of the largest physician insurance mutuals in the United States, have entered into an agreement allowing MAG Mutual to acquire MDAdvantage. MAG Mutual has a financial strength rating of A (Excellent) and a long-term issuer credit rating of “a+” (Excellent). The acquisition is subject to regulatory approval from the NJ Department of Banking and Insurance and shareholder approval from MDAdvantage Holdings, Inc. The transaction is expected to close before the end of 2022, following shareholder vote and regulatory approvals.
MAG Mutual has been a leading provider of medical malpractice insurance for over four decades, providing comprehensive cover for the practice, business and regulation of medicine to over 30,000 healthcare providers and organizations across national scale.
MDAdvantage is a leading professional liability insurance company committed to supporting physician initiatives that increase patient safety, educate the healthcare community and invest in the future of the healthcare system.
MDAdvantage plans to continue operating under its current name and maintain the company’s presence in New Jersey, serving as an important hub for MAG Mutual in the Northeast.
MDAdvantage ratings should benefit from the inclusion in the wider MAG Mutual organization and product offerings, as well as synergies and greater financial strength from MAG Mutual.
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