MAG Mutual Insurance Receives A (Excellent) Financial Strength Rating by A.M. Best Co
A.M. Best Company upgrades MAG Mutual Insurance Company's rating from an A- (Excellent) rating to an A (Excellent) rating.
- (1888PressRelease) June 22, 2011 - Atlanta, GA - MAG Mutual Insurance Company has received an A (Excellent) financial strength and credit rating by the global insurance rating source A.M. Best Company. The rating process includes comparisons among the nation's medical professional liability insurance companies, considerations of industry standards, and other rigorous assessments.
"The A.M. Best announcement of an A (Excellent) rating, following the Board of Directors' recent approval of the largest policyholder dividend in the company's history, further secures MAG Mutual's position as a leader in the medical liability insurance marketplace," said Darrell Grimes, MAG Mutual, President and Chief Operating Officer.
After careful analysis of MAG Mutual's business practices and investments, A.M. Best upgraded the company from an A- (Excellent) rating to an A (Excellent) rating.
According to a statement issued by A.M. Best, "The ratings of MAG Mutual reflect its strong level of risk adjusted capitalization, favorable underwriting and operating profitability over the recent five-year period, and its leadership position in providing medical professional liability (MPL) insurance coverage to health care providers in its core state of Georgia. Additionally, MAG Mutual has a seasoned geographic spread of business in other contiguous states in the Southeast, where it derives over half of its premium volume."
A.M. Best also states, "The outlook reflects the expectation that MAG Mutual will maintain strong capitalization, continue generating positive underwriting results…and demonstrate prudent cycle management practices." (http://bit.ly/MAGMutualAMBest )
"Fiscal strength is paramount to the company's physician-focused foundation and this rating upgrade reconfirms that we are indeed stronger than ever. Our commitment to remaining financially sound ensures that we will continue to deliver the highest level of service in a physician-policyholder's time of need," said Grimes.
MAG Mutual Insurance Company provides medical professional liability (malpractice) insurance in Alabama, Arkansas, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia. Founded in 1982 by physicians, MAG Mutual serves more than 17,000 policyholders. Based in Atlanta, MAG Mutual is the eighth largest medical liability insurer in the U.S. with offices throughout the Southeast. Visit www.MAGMutual.com for more information.
Contact:
Beth Hawks
CoreComm PR
404-814-1015 ext. 105
bethhawks ( @ ) corecommpr dot com
Michael Chlon
VP, Communications & Marketing
MAG Mutual Insurance Company
404-842-5622
mchlon ( @ ) magmutual dot com
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