ALAMO, Calif.--(BUSINESS WIRE)--BETA Risk Management Authority (BETARMA) will return two dividends to its liability members as a part of the July 1, 2017 renewals. Eligible members will receive a special dividend totaling $6.5 million and a renewal dividend of $6.5 million. The special dividend will be paid out in quarterly installments beginning in August 2017 and the renewal dividend will be credited against the renewal premiums of eligible liability members. “BETA Risk Management Authority continues to stay true to its mission of returning excess premiums to its current members,” said Tom Wander, BETA Healthcare Group’s (BETA) CEO. “This year marks the 25th consecutive year that BETARMA has returned dividends to its members, which underscores the long-term advantages of buying coverage through our member-governed liability program. While commercial insurers have shareholders to satisfy, BETARMA is focused on the satisfaction of its members.”
In the year ending December 31, 2016, BETA increased member premiums slightly to $81.5 million with net income from operations totaling $14 million. These outstanding results allowed BETARMA to continue to fund its robust member dividend program in 2017. With the addition of the 2017 dividends of $13 million, BETARMA will have returned over $160 million to members over the past 25 years – an amount unsurpassed by any hospital professional liability insurer doing business on the West Coast.
About BETA Healthcare Group
BETA Healthcare Group (BETA) is the largest professional liability insurer of hospitals on the West Coast, providing coverage to more than 250 hospitals and healthcare facilities. In addition, BETA provides workers' compensation coverage for over 40,000 healthcare workers in California. BETA also has a long-established and growing commitment to physicians, providing medical professional liability coverage to over 6,000 physicians and more than 50 medical groups. Beyond primary liability and workers’ compensation coverage, BETA provides an entire suite of alternative risk and insurance services, including excess healthcare professional liability coverage, excess workers’ compensation coverage, third-party claims administration services, risk management consulting services and claims management consulting services. Whether with 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 www.betahg.com.