Alamo, CA -(BusinessWire)- BETA Healthcare Group (BETA), the largest professional liability insurer of hospitals on the West Coast, has maintained its “A (Excellent)” rating from A.M. Best, the oldest and most widely recognized provider of ratings for the insurance industry. The ratings are based upon the consolidation of BETA Healthcare Group Risk Management Authority and its affiliate, Health Providers Insurance Reciprocal, A Risk Retention Group, and the merger with ALPHA Fund in January 2017.
In reaffirming the ratings, A.M. Best stated that the ratings “are based on a strong balance sheet, favorable operating profitability, favorable reserve development and a strong business profile in the medical professional liability and workers’ compensation sector in the state of California. The ratings also recognize the group’s highly specialized market focus of non-assessable group risk-sharing coverage for hospitals and medical professionals.” A.M. Best specifically acknowledged BETA’s “expansion into new states, Oregon and Washington”, “strict underwriting guidelines”, “proactive loss control programs” and response to “changes in the healthcare market by broadening its product and service offerings.”
Tom Wander, BETA’s Chief Executive Officer, said, “We merged with ALPHA Fund to expand our product offerings to our members and leverage our financial strength. We are very pleased that A.M. Best has reaffirmed our A (Excellent) rating with a stable outlook.”
“Our financial strength and expertise allows us to offer competitively priced coverages, deliver substantial dividends to our members and invest in innovative risk management services and initiatives to partner with our members and insureds in improving patient and employee safety. We are extremely proud of our role assisting healthcare providers in improving quality, safety and financial results,” Wander continued.
Over the past 25 years BETA has returned more than $160 million in dividends to its members, an amount unsurpassed by any hospital professional liability insurer doing business on the West Coast.