Prime Holdings Insurance Services closed a $5 million dollar note transaction with the Salt Lake City office of Zions Bank, a subsidiary of Zions Bancorporation, a U.S. based financial services company. The note provides Prime Holdings subsidiary, The Prime Insurance Syndicate Inc., with nearly $17 million in surplus and the ability to apply for approvals to write business as an excess and surplus lines insurer in most U.S. states.
“Prime has diligently worked for this day since it began operations over 12 years ago in 1992,” said Rick Lindsey, President and CEO of Prime Holdings. “To secure the support and confidence of a preeminent financial institution such as Zions Bank signals Prime’s breakthrough to the next level of operational success. Prime is now poised to significantly increase its ability to write insurance business throughout the U.S.”
I am thrilled about the expansion of the bank’s five year relationship with Prime Holdings-this is a perfect example of how Zions Bank partners with its clients,” said Kathryn Kling, Vice President of Commercial Lending at Zions.
“Management at the Bank is impressed with what Prime Holdings has accomplished, and we look forward to its continued growth and success.”
Prime Syndicate currently has the ability to write business in 35 states through its membership in the INEX Insurance Exchange. Prime Holdings has the ability to write business in nearly all states for Lloyd’s of London from which Prime has underwriting authority. Most states require companies to have $15 million in surplus to gain authority to write insurance business directly in such states which has prevented Prime from expanding its direct production.
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