A.M. Best Reaffirms BETA Healthcare Group's Financial Strength and "Stable" Outlook
BETA Healthcare Group (BETA) has maintained an "A- (Excellent)" rating by A.M. Best, the leading insurance industry rating company, since its initial review in 1997. Not only has BETA consistently earned this credit rating for 15 years, but 100 percent of BETA Risk Management Authority (BETARMA) facilities renewed their coverages in 2012, and almost 50 percent of BETA’s members have chosen to stay with the leading choice of healthcare professional liability insurers in California for 15 successive years or more. Thus, the rating reflects the hallmark of financial stability that members have come to rely on.
A. M. Best explained the impact of retention has on BETA’s “A- (Excellent)” rating, when it recently reaffirmed the rating:
The rating reflects BETA Healthcare Group's excellent risk-adjusted capitalization, favorable operating profitability and conservative loss reserve philosophy. The rating also recognizes its highly specialized market focus as a leading provider of non-assessable, group risk-sharing coverage for healthcare professional liability…and very high member retention from its high-quality claims and risk management and member dividends.
Tom Wander, BETA’s CEO, said that this rating demonstrates the vast benefits of BETA coverage. “A.M. Best’s reaffirmation of our A-, Excellent rating with a stable outlook demonstrates BETA’s ability to provide consistent value to our members both through our risk financing products and high-quality services. As a member-controlled organization, BETA is proud to continue its long-standing position as a highly rated provider of medical liability coverages to California healthcare facilities and physicians.”
“With a strong financial position, BETA will continue to deliver favorably priced liability coverage while also offering substantial dividends to our members,” Wander continued. “In the past 20 years, BETA has returned over $100 million in dividends to our members, with almost $30 million declared in the past 12 months.”
BETA Healthcare Group provides healthcare professional liability coverage to more than 150 hospitals and healthcare facilities in California. As the leading choice of liability insurers for California hospitals, BETA’s long-established commitment to California physicians continues to grow with more than 5,000 insured physicians and over 70 medical groups. Whether its hospitals, medical groups, clinics or hospices, BETA has earned a reputation for financial strength, rate stability, quality service and breadth of coverage that is unparalleled in the industry. For more information, please visit .