ALAMO, Calif.--(BUSINESS WIRE)--BETA Risk Management Authority (BETARMA) will return two dividends to its members as a part of the July 1, 2016 renewals. Eligible members will receive a special dividend totaling $7.5 million and a renewal dividend of $6.5 million. The special dividend will be paid out in quarterly installments beginning in August 2016 and the renewal dividend will be credited against the renewal premiums of eligible members. “BETA Risk Management Authority continues to stay true to its mission of returning surplus funds to its current members,” said Tom Wander, BETA Healthcare Group’s (BETA) CEO. “This year marks the 24th 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, 2015, BETA increased member premiums by 3% to $81.2 million with net income from operations totaling $10.2 million. These outstanding results allowed BETARMA to continue to fund its robust member dividend program in 2016. With the addition of the 2016 dividends of $14 million, BETARMA will have returned over $140 million to members over the past 20 years – an amount unsurpassed by any hospital professional liability insurer in California.
About BETA Healthcare Group
BETA Healthcare Group (BETA) is the largest professional liability insurer of hospitals in California, providing coverage to more than 200 hospitals and healthcare facilities. BETA also has a long-established commitment to physicians which continues to grow with BETA covering nearly 6,000 physicians and more than 50 medical groups. In addition to primary liability coverage, BETA provides an entire suite of alternative risk and insurance services, including excess liability 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.