A Grandiose merger has been approved between ALPHA Fund, a California joint powers authority and self–insured worker’s compensation program and BETA Healthcare Group Risk Management Authority, a California joint powers authority and self-insured healthcare professional liability program. With this merger, ALPHA and BETARMA have turned into one single entity. It would be henceforth known as BETA Risk Management Authority or BETARMA. The merger will continue to provide the high quality of insurance, risk management and loss prevention products and services.
With this merger, BETA adds to its already large membership base of hospitals and healthcare facilities that it has garnered over its 35 years of service. It will also add a new line of coverage and an immediate significant increase in its net position from the fourth office. 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. A single consolidated organization with multiple lines of coverage and products, combined with a commitment to adequate rates and reserves will reduce the risk to cyclical market conditions.
The merger will support overhead for not two but only a single consolidated organization, hence avoiding duplicate expense while providing valuable economies of scale. The risk of cyclical market conditions will be subdued with multiple lines of coverage and products, combined with a commitment to adequate rates and reserves. This merger has proved to be beneficial for the organizations, their members and employees as both have similar organizational structures and philosophies as well as common members and brokers. It gives the members the ability to place their liability and workers’ compensation risks with one organization.
ALPHA fund with their 40 years of experience has remained the market leader in minimizing the personal, business and financial costs related to workplace injuries in healthcare environments. BETA Healthcare Group, the largest professional liability insurer of hospitals in California, 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. With a reputation for financial strength, rate stability, quality service and breadth of coverage that is unparalleled in the industry, the merger has proved to be the next big thing in the world of healthcare.