Chicago, Illinois and Salt Lake City, Utah – Prime Holdings Insurance Services, Inc. (“Prime Holdings”) announced that its subsidiary, Prime Insurance Company (“Prime”), 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 A. M. Best B+ rating after entering into a reinsurance agreement with The Prime Insurance Syndicate, Inc. (“Prime Syndicate”), Prime’s newly acquired subsidiary, which brought Prime’s capital and surplus to over $33 million. Together Prime and Prime Syndicate received an A. M. Best pooled rating.
With its new capital and stable rating from A. M. Best, Prime is seeking authorizations to write business across the U.S. 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.
“We are excited to be able to launch our new company with a stable A. M. Best rating and to so quickly receive authorizations in several western states,” said Rick Lindsey, President and CEO of Prime. “Through the next year, we anticipate receiving many additional state authorizations that will allow us to bring our solutions to state excess and surplus lines marketplaces.”
Prime Holdings is an insurance holding company for its suite of excess and surplus lines service organizations. These organizations offer underwriting, risk management and claims services for agents, brokers, insureds and alternative markets in all 50 U.S. states, Canada and the U.S. Virgin Islands. Founded in 1992, Prime Holdings produces in excess of $35 million in gross premiums annually, and maintains offices in Chicago and Salt Lake City. Prime Holdings has formed strategic business relationships with some of the world’s most powerful insurance companies, including Lloyd’s of London, Gen Re and Swiss Re.
For the latest rating, access www.ambest.com
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