December 20, 2018 by matray

BETA Healthcare Group, a professional liability insurer of hospitals on the West Coast, announced the appointment of Mike Moody as chair and Kim Milstien as vice chair of the BETA Council, the governing body of BETA Risk Management Authority (BETARMA). They will lead the BETA Council in providing central oversight of the member-governed liability and workers’ compensation program serving hospitals, healthcare facilities and providers.

Mike Moody, senior vice president, Partnership Integration & Development at John Muir Health, replaces retiring chair Jim Raggio, CEO of Lompoc Valley Medical Center. Moody has been a member of the BETA Council since 2014 and vice chair since 2017.

BETA Healthcare Group’s new vice chair, Kim Milstien, is CEO of the Ventura County Medical Center and Santa Paula Hospital at Ventura County Healthcare Agency. Milstien joined the BETA Council in 2014.

“We are very excited to have Mike Moody and Kim Milstien move into their new leadership roles on the BETA Council,” said Tom Wander, CEO of BETA Healthcare Group. “They bring not only their professional career expertise and visionary leadership to bear in their roles on the Council, but also a deep knowledge of, and passion for, BETA’s focus on relationships and partnering with its members to manage risk.”

The BETA Council provides leadership and governance, with its members elected from among participating facilities. It makes policy decisions and meets quarterly to vote on all matters affecting the program, including strategic goals, coverage changes and new product decisions.

December 20, 2018 by matray

AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” to MLMIC Insurance Co. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect MLMIC’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also benefit from the financial support provided by MLMIC’s direct parent company, National Indemnity Company, which is ultimately owned by Berkshire Hathaway Inc.

MLMIC’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) is categorized as strongest and AM Best expects it to remain at a similar level in prospective years. The balance sheet strength assessment also considers the company’s track record of positive reserves development, as well as good financial flexibility provided by its publicly traded ultimate parent Berkshire Hathaway Inc.

MLMIC has historically generated an adequate level of operating results, supported by modest underwriting profits and moderate investment returns. Underwriting results have consistently benefited from reserve releases on prior accident years. Prospectively, AM Best does not expect any material change in the company’s profitability levels.

MLMIC’s insurance portfolio is concentrated in the medical malpractice line of business. The company underwrites risks only within New York state, which represents one of the nation’s most challenging market environments. However, management has been able to operate successfully through underwriting cycles while maintaining MLMIC’s leading market position within New York. In addition, risk management capabilities have proven appropriate for the risk profile of the company.