AM Best Places Credit Ratings of MDAdvantage Insurance Company of New Jersey Under Review With Positive Implications

OLDWICK, NJ–(BUSINESS WIRE)–am the best reviewed MDAdvantage Insurance Company of New Jersey (MDAdvantage) (Lawrenceville, NJ) Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” (Excellent) with positive impact.

MDAdvantage Holdings, Inc. and MAG Mutual Insurance Company (MAG Mutual), one of the largest physician mutual insurance companies in the United States, have entered into an agreement for 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 approvals from the NJ Department of Banking and Insurance and shareholder approvals of MDAdvantage Holdings, Inc. The transaction is expected to close before the end of 2022, subject to shareholder votes and regulatory approvals.

MAG Mutual has been a leader in medical professional liability insurance for more than four decades, providing comprehensive medical practice, business and regulatory coverage to more than 30,000 healthcare providers and organizations nationwide.

MDAdvantage is a leading medical professional liability insurance company committed to supporting healthcare initiatives that increase patient safety, educate healthcare professionals and invest in the future of healthcare.

MDAdvantage plans to continue operating under its current name and maintain the company’s presence in New Jersey, which serves as a key hub for MAG Mutual in the Northeast.

MDAdvantage’s ratings are expected to benefit from integration into MAG Mutual’s broader organization and product offering, as well as from MAG Mutual’s synergies and increased financial strength.

This press release relates to ratings published on AM Best’s website. All ratings information relating to the press release and relevant disclosures, including details of the issuing authority for each rating referenced in this press release, can be found at AM Best Last review activity site. For more information on the use and limitations of rating opinions, see Best Credit Ratings Guide. Information on the proper use of Best’s credit ratings, Best’s performance ratings, Best’s preliminary credit ratings and AM Best press releases can be found here Guide to Proper Use of Best’s Ratings & Assessments.

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AM Best is a global rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company operates in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.

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