The former physician policyholders will benefit from claims defense, patient safety resources, dividends and access to UpToDate, a clinical decision support resource.
The proposed transaction received final corporate and regulatory approval by the Tennessee Department of Commerce and Insurance in November.
Neil Morrell, president and CEO of MagMutual, said: “Both our organisations are dedicated to supporting and empowering policyholders and MagMutual will continue this mission.”
Joseph Wilson, executive chairman of MagMutual, added: “The acquisition of Thomasville area captive makes MagMutual a stronger company, and allows us to further our strategy of providing greater value to our policy owners as we grow. It also establishes our continued commitment to protecting and supporting physicians.”
This recent merger is one of several captive insurance company acquisitions by the MagMutual family in the past few years.