I am pleased to report that 2016 was another successful year for Prime Insurance Company. We are experts in providing options for specialty risks that have been declined or non-renewed. We provide solutions that simply can’t be found anywhere else and the industry has responded by trusting us with many of their most difficult risks.
COMPETITIVE UNDERWRITING RESULTS
In 2016, our loss ratio was 52.0%, expense ratio 24.7%, for a combined ratio of 76.7% which is a 32.7% point average over the E&S peer group.
DEVELOPMENT OF NEW PRODUCTS AND SERVICES
Building upon our experience in offering specialty coverage for property and casualty risks, we continue to develop new products and coverages for specialty insurance. We are pursuing commercial auto and other emerging markets and continue to be a stable market for our core business classes such as recreation, property, garage services, professional liability and more.
In June of 2012, Prime Property & Casualty Inc. (PPCI) was introduced to the marketplace as an admitted carrier accepting commercial auto risks in Illinois, Nevada, Florida, and New Jersey. We have applied and are waiting on approval in many more states as well. We customize solutions for new and start-up businesses, companies with claims or substandard MVR reports, bankruptcy and more. In addition, we’ve enhanced our processes by adding a mobile claims application.
We also introduced a new specialty program for lateral sewer lines protection and worked with municipalities to put a customized program together. It was a pioneering effort and success by the team to establish an insurance pool for protection and repair of lateral sewer lines.
Year 2014 was a successful year for Prime Insurance Company and its affiliates. As always, customer service is at the forefront of everything we do. We are committed to playing a vital role in developing specialty insurance products and services while strengthening our relationships in an ever changing industry. We look forward to the challenges and opportunities presented to us in 2015 and beyond.
RICK J. LINDSEY
Chairman and CEO
Prime Insurance Company