Salt Lake City, Utah – Prime Holdings Insurance Services, Inc. announced that it successfully placed $15 million in 30 year Trust Preferred Securities with the assistance of U. S. RE Securities, LLC through FTN Financial, which served as the placement agent. The transaction provides Prime with additional surplus and stability to expand its market and continue as an innovator within the excess and surplus marketplace.
“Prime has diligently worked for this day since it began operations over 14 years ago,” stated Rick Lindsey, President and CEO of Prime. “To secure the support and confidence of a preeminent financial institution such as FTN Financial to place our securities and to raise $15 million signals Prime’s breakthrough to yet another level of operational success. Prime is now positioned and poised to move forward in the marketplace like never before.”
Bob Jacobus, a Director in FTN’s Structured Finance Group, added, “We elected to work with Prime because of its unique business model and proven track record through difficult markets, which, when combined with Prime’s innovative and energetic management team lead by Rick Lindsey, proved to be a compelling funding story. FTN looked closely at Prime to fully understand its business and plan which allowed us to bring the transaction together quickly.”
“Prime is truly an innovator in the excess and surplus lines market with a vision that takes advantage of insurance industry trending,” added Joseph Scheerer, Vice President at U.S. RE Securities. “Prime’s multifaceted distribution model encompassing retail, wholesale and direct to consumer markets enhanced U.S. RE and FTN’s ability to close the funding transaction.”
Prime, an insurance holding company for a suite of excess and surplus lines companies, maintains offices in Salt Lake City, Utah and Chicago, Illinois. Prime has formed strategic business relationships with some of the world’s most powerful insurance companies including Lloyd’s of London, Gen Re, and Employers Re. For more information about the Prime Companies, visit www.primeis.com
FTN Financial, headquartered in Memphis, Tennessee, is a full-service provider of financial services for the investment and banking community. FTN Financial is a division of First Tennessee Bank National Association, a subsidiary of First Horizon Bank (FHN – NYSE).
U.S. RE Securities, LLC is a licensed broker-dealer and member of the National Association of Securities Dealers (NASD). U.S. RE Securities is a subsidiary of U.S. RE Companies, Inc. , which is the parent and holding company for the U.S. RE Group, a financial services enterprise consisting of individual subsidiaries operating in the insurance and reinsurance arenas.
Contact:
Rick J. Lindsey, President
E-mail: rjl@primeis.com
Phone: (801) 304-5510
Offices in Chicago and Salt Lake City
Topics USA Excess Surplus
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