ALAMO, Calif.--(BUSINESS WIRE)--A.M. Best, the insurance industry’s foremost credit rating agency, has affirmed BETA Healthcare Group’s (BETA) financial strength rating of “A” (Excellent) with a stable outlook. This year’s rating continues to reflect BETA’s strong balance sheet, historically positive operating performance, proactive enterprise risk management program overseen by senior management with participation from the BETA Council, and sound business profile as a leading provider of medical professional liability insurance. A.M. Best noted several key aspects of BETA’s structure and operations that contributed to its rating:
- Strong risk-adjusted capitalization
- A prudent loss reserve position
- Long-term history of organic surplus growth despite policyholder dividends paid annually, which are used to manage capital and return profits to stakeholders
- Ability to offer broad coverage and rate flexibility due to its structure as a Joint Powers Authority
Also noted were BETA’s strengthening of its patient safety and employee safety programs and expansive continuing education and risk management and training programs which help its members address the risks that drive loss experience.
“BETA’s ability to protect our members with superior insurance solutions and provide innovative services relies on a solid financial foundation and operational excellence,” said Corey Grove, CEO of BETA Healthcare Group. “It’s a testament to the diligent work of our team and reinforces our vision to positively impact the quality, safety and financial results of our member healthcare organizations. It’s a promise we’ve made and one that we deliver on every day.”
BETA Healthcare Group
BETA Healthcare Group (BETA) is a leading provider of hospital professional liability in California and provides coverage for more than 600 hospitals and healthcare facility locations. In addition, BETA provides workers’ compensation coverage for over 70,000 healthcare workers in California. BETA also has a long-established and growing commitment to physicians, providing medical professional liability coverage to over 7,600 physicians and more than 50 medical groups. For more information, please visit www.betahg.com.
