Beginning June 1, $15 million will be returned to eligible MAG Mutual Physicians and Surgeons Professional Liability insurance policyholders of record as of the close of business April 1, 2008.
The dividend amount will be based on the number of years insured with MAG Mutual and the amount of insurance premium. The dividend will range from approximately 2% to nearly 6.9%.
Beginning with policies renewing on June 1, 2008, we will automatically apply the dividend as a credit on your renewal policy. For eligible policyholders who retire or do not renew their policy, the dividend will be applied to any outstanding balance or provided by check.
This means all eligible policyholders will receive $25 million in dividends from June 2007 through May 2009. MAG Mutual has now declared and distributed dividends in ten of the last fourteen years.
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