ALAMO, Calif.--(BUSINESS WIRE)--A.M. Best Company, the largest credit rating agency in the world specializing in the insurance industry, has affirmed BETA Healthcare Group’s (BETA) financial strength rating of “A” (Excellent) with a stable outlook. Their rating presents a thorough, objective and independent analysis of BETA’s financial operations and credit strength. A.M. Best noted several key aspects of BETA’s operations that contributed to its rating:
- Strongest level of risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR)
- Prudent loss reserving practices which have resulted in consistently favorable development of prior accident year reserves
- Long-term history of organic surplus growth despite sizable dividends paid annually, which are used to manage capital and return profits to members
- Sound liquidity measures supported by an invested asset base that predominantly consists of high-quality fixed-income securities that generate consistent and growing net investment income
BETA is recognized as a leading provider of hospital professional liability and the second largest medical professional liability (MPL) provider in California based on 2023 direct premium written (DPW), and for having a unique joint powers structure that allows for broader coverage and flexible rates.
“We are pleased that A.M. Best once again gives BETA high marks for its financial strength and operational excellence,” said Corey Grove, CEO of BETA Healthcare Group. “We continue to build upon this solid foundation to not only be there when our members need us financially, but also help advance their efforts to develop safety cultures and the infrastructure to embed the principles of both patient and employee safety in their organizations.”
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 74,000 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.
