Global specialty insurer Ryan Specialty has announced the formation of an exclusive relationship with MagMutual, a mutual insurer of physicians and hospitals in the United States.
This partnership is facilitated through Sapphire Blue, a division of Ryan Specialty Underwriting Managers, which focuses on complex healthcare risks.
Sapphire Blue, an underwriter in senior living and allied healthcare liability, will serve as MagMutual's exclusive underwriter for policyholders outside the traditional physician and hospital model, specifically in senior living and allied healthcare facilities.
The collaboration between Ryan Specialty and MagMutual aims to enhance product innovation, customer service, and risk management.
“MagMutual is a leader in the physicians and hospital professional liability insurance market, and we are pleased to strategically align our healthcare practice with them,” said Patrick G. Ryan, founder, chairman, and CEO of Ryan Specialty. “We appreciate the collaboration of Neil Morrell and MagMutual’s talented team during this process, and we look forward to jointly bringing innovation and greater customer solutions to our clients and their insureds.”
Neil Morrell (pictured above), CEO of MagMutual, also highlighted the potential impact of this partnership.
“Bringing together the two most positively disruptive, fastest-growing and customer-focused organizations in healthcare liability insurance is an exciting prospect for our current and future agents and customers. The synergies are not only self-evident; they are potentially transformative,” Morrell said.
Nancy McMahon, CEO of Sapphire Blue, added that the combined experience, expertise, and brand recognition of both organizations are significant in the healthcare liability marketplace. She emphasized that the partnership would enhance their offerings and better serve healthcare providers.
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