ALAMO, Calif.--(EON: Enhanced Online News)--Following the joint announcement in August of 2016 that the Boards of ALPHA Fund, a California joint powers authority and self-insured workers’ compensation program and BETA Healthcare Group Risk Management Authority, a California joint powers authority and self-insured healthcare professional liability program (“BETARMA”) approved a merger, BETA Healthcare Group (“BETA”) has announced that the merger has closed. The surviving joint powers authority, BETARMA, will now provide workers’ compensation coverage to the healthcare industry, in addition to the liability coverages it already provides to public and non-profit hospitals and healthcare facilities.
The Merger Strengthens BETA’s Position in the Marketplace.
For more than 35 years, BETA has provided high quality insurance and risk management products and services to the healthcare industry. With the merger, BETA adds to its already large membership base of hospitals and healthcare facilities, gains a fourth office to better serve its members, adds a new line of coverage and realizes an immediate significant increase in its net position. Combined with its ability to offer coverage to for-profit hospitals, healthcare facilities and medical groups through its risk retention group, Health Providers Insurance Reciprocal, the merger has strengthened BETA’s position in the MPL marketplace and has bolstered its ability to maintain growth and profitability in the prolonged soft market.
“Although we still have a lot of work to do in order to fully integrate the two organizations, the most important functions have been integrated and we fully expect to maintain the same high quality level of products and services to our members for which we have become known,” said Tom Wander, CEO of BETARMA. “We are excited about the opportunities the combined organization provides us going forward,” he added.
About BETA Healthcare Group
BETA Healthcare Group 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.