On June 10, 2011, the BETA Council approved a special dividend payable to eligible members totaling $5,000,000. “We are very pleased to be able to present our membership with this incredible second special dividend in less than 12 months,” said Tom Wander, BETArma’s CEO. “This additional dividend will result in a payment of $9.73 million to our members in August 2012, approximately the same amount as will be paid in 2011. These payments are in addition to the renewal dividend BETArma has had in place for many years. Thanks to outstanding financial results and the continuation of positive claim trends, we expect the BETA Council to continue this special dividend policy over the next few years.”
To be eligible for dividend consideration, a member must: 1) have healthcare comprehensive liability (HCL) coverage with BETArma on July 1, 2012 that is similar in contribution amount, scope and terms to that purchased for the 2011 contract year, and 2) be a BETArma member in good standing in August 2012 when dividend checks are issued.
The dividend amount will be based on a member’s claims experience valued as of December 31, 2011 for the HCL, D&O and Auto coverage contracts in each of the eight years, 2002 through 2009. A member will not be eligible for a dividend if its loss ratio (claims costs paid and reserved divided by contributions for the primary limits of coverage) for the eight-year period exceeds 90%.