ALAMO, Calif.--(BUSINESS WIRE)--BETA Healthcare Group (BETA), the largest insurer of California healthcare facilities, had its financial strength rating upgraded to A (Excellent) and its issuer credit rating upgraded to “a” by A.M. Best on June 10, 2015. The new rating applies to BETA Healthcare Group, BETA Healthcare Group Risk Management Authority (BETARMA) and its affiliate, Health Providers Insurance Reciprocal, A Risk Retention Group. BETA had been rated A- (Excellent) since it was first rated in 1997.
In confirming the upgrade, A.M. Best stated that “the ratings are based on a consolidation of the group members and reflect the group’s strong balance sheet, favorable operating profitability, and highly specialized market focus as a leading provider of non-assessable group risk-sharing coverage for hospital and medical professional liability in California.”
Tom Wander, BETA’s CEO, said that “A.M. Best’s upgrade to A (Excellent) rating with a stable outlook recognizes BETA as an organization focused on financial strength, stability, and high-quality services with a leading edge focus on patient safety. As a member-governed 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 near 100% member retention year after year, BETA has continued to deliver outstanding operating results, substantially increase its net position while still returning huge dividends to its members,” Wander continued. “In the past 23 years, BETA has returned over $186 million in dividends to our members, with almost $100 million declared in the past five years.”
In 2014, 100 percent of BETARMA facilities renewed their coverages, and over 50 percent of BETARMA members have chosen to stay with the leading choice of healthcare professional liability insurers in California for 16 successive years or more. Thus, the rating reflects the hallmark of financial stability that members have come to rely on.
About BETA Healthcare Group
BETA Healthcare Group provides healthcare professional liability coverage to more than 200 hospitals and healthcare facilities in California. As the leading choice of liability insurers for California healthcare facilities, BETA’s long-established commitment to California physicians continues to grow with more than 5,500 insured physicians and over 50 medical groups.
Through BETA’s Alternative Risk and Insurance Services (ARIS) program members and non-members are able to obtain risk management consulting services, third-party claims administration services, claims consulting services and excess liability coverages.
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 www.betahg.com.