I am pleased to report that 2019 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.
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Chairman’s Report
COMPETITIVE UNDERWRITING RESULTS
In 2019, our loss ratio was 51.2%, our expense ratio was 21.7%, for a combined ratio of 72.9%.
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 FL, IL, KS, KY, MA, NC, NJ, NM, NV, and SC. 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.
IN SUMMARY
The year 2019 was another 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 2020 and beyond.
Companies
Prime Holdings Insurance Services, Inc.
Prime Holdings Insurance Services, Inc., founded in 1992, is a holding company for a suite of excess and surplus lines insurance service companies offering underwriting, risk management, claims, brokerage and financing services nationwide. With offices in Salt Lake City, Naples, and Chicago, Prime Holdings wrote $52.8 million in premiums in 2016, $117.1 million in premiums in 2017, $174.5 million in premiums in 2018, and $222.9 million in premiums in 2019.
Prime Insurance Company (“Prime”)
Prime, a surplus lines insurance company, was funded by a cash infusion of $16 million in May 2006. In 2009, Prime merged with The Prime Insurance Syndicate, Inc. (“Prime Syndicate”), with Prime Insurance Company as the surviving company. Prime provides a stable market for specialty risks including commercial property, inland marine, healthcare services, commercial liability, garage services, professional liability, and many more. The Prime companies have formed a number of strategic relationships with some of the world’s premier insurance organizations, including Lloyd’s of London, Gen Re, and RLI. Prime currently holds an A.M. Best rating of “A” (Excellent).
Prime Property & Casualty Insurance Company Inc. (“PPCI”)
PPCI is an admitted carrier that provides liability coverage for taxis, business auto, drive away operations, towing, repo, trucking, and more.
Learn more about PPCI here.
Evolution Insurance Brokers, LC (EIB)
EIB is Prime’s full-service brokerage specializing in excess and surplus lines insurance nationwide. Through EIB, independent producers find solutions for specialty liability, professional, property and casualty, and specialty risks.
Learn more about EIB here.
Services
Underwriters Direct Access (UDA)
UDA underwrites business for Prime Insurance Company and Lloyd’s of London and is structured to provide careful underwriting as a third party administrator.
Claims Direct Access (CDA)
CDA handles claims for Prime Insurance Company and Lloyd’s of London and is structured to provide aggressive claims handling as a third party administrator. Click here for more information.
Risk Management Direct (RMD)
RMD provides risk management services for Prime Insurance Company and Lloyd’s of London and is structured to provide attentive risk management as a third party administrator.
Greenlight Premium Finance Company
Greenlight Premium Finance Company, a Prime-owned finance company, provides customers with the ability to place and finance coverage in one place. Learn More.
Chairman’s Report
I am pleased to report that 2019 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 2019, our loss ratio was 51.2%, our expense ratio was 21.7%, for a combined ratio of 72.9%.
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 FL, IL, KS, KY, MA, NC, NJ, NM, NV, and SC. 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.
IN SUMMARY
The year 2019 was another 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 2020 and beyond.