Prime Holdings Insurance Services Inc. announced that its subsidiary, Prime Insurance Co., a new surplus lines insurance company funded with a cash infusion of $16 million in May, has received an A. M. Best “B+” rating and has recently been authorized to write excess and surplus lines business in Colorado, Arizona and Utah.
Prime received it’s rating after entering into a reinsurance agreement with The Prime Insurance Syndicate Inc., Prime’s newly acquired subsidiary, which brought Prime’s capital and surplus to more than $33 million.
With its new capital and stable rating, Prime is seeking authorizations to write business across the United States, according to the company. Prime Holdings’ companies provide excess and surplus lines property and casualty insurance including commercial, multi-peril, property, general liability, commercial auto and garage coverage. Prime Holdings’ companies participate in non-standard, hard-to-place markets for commercial and selected personal markets with multiple lines and mono-line options.
Source: Prime Holdings
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