MagMutual Insurance Co. announced a 10-percent premium return to policy owners as well as flexible options for its dividend and Owners Circle reward programs.
According to the insurer of medical liability, 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,” said Neil Morrell, president and chief executive of MagMutual. “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.”
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-percent dividend return. Policyholders who prefer this option will receive a 13-percent dividend.
The MagMutual Board of Directors also declared a 10-percent Owners Circle allocation to recognize policyholders’ ownership in a financially strong company. Those who do not want the alternative 3-percent dividend will receive their 10-percent Owners Circle credit.
“We at MagMutual constantly try to serve our policyholders,” said Joe Wilson, MD, executive chairman of MagMutual. “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.”