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Cases & Deals

October 30, 2020

MAGMutual Acquires West Virginia Mutual Insurance Company


Represented MAG Mutual Insurance Company, a Georgia stock insurance company (“MMIC”), and its ultimate parent, MAG Mutual Holding Company, on the closing of their sponsored demutualization of West Virginia Mutual Insurance Company, a West Virginia mutual insurance company (“WVMIC”).  As part of the sponsored demutualization, WVMIC converted from a mutual insurance company to a stock insurance company (the “Demutualization”), and MMIC acquired all of the stock of WVMIC (the “Acquisition”). The proceeds of the Acquisition are being distributed to WVMIC’s eligible policyholders. In order to consummate the Acquisition and Demutualization, the parties were required to (a) hold a public hearing with respect to the Demutualization and the Acquisition, (b) obtain approvals from WVMIC’s policyholders and the West Virginia Offices of the Insurance Commissioner (“WV OIC”) with respect to the Demutualization (and the plan of conversion) and (c) obtain approval from WV OIC with respect to the Acquisition.

 

MMIC is a Georgia-domiciled property and casualty insurance company that is currently licensed in 48 states and currently writes Medical Professional Liability insurance for physicians, physician networks and health care facilities on a claims-made and occurrence basis. WVMIC is a mutual insurance company organized under the laws of the State of West Virginia and that was created in 2004 in order to serve the public interest of providing West Virginia physicians with a stable means to obtain affordable medical liability insurance. WVMIC provides nonassessable policies of medical malpractice insurance to physicians located in West Virginia of all practice types and specialties.