I am pleased to report that 2023 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
FAVORABLE UNDERWRITING RESULTS
In 2023, we had a combined ratio of 79.7% on net earned premiums of $154 million.
DEVELOPMENT OF NEW PRODUCTS AND SERVICES
Building upon our experience in offering specialty coverage for property and casualty risks, we continue to develop new insurance products for the ever-changing market. Our favorable underwriting results allow us to provide stability to emerging markets as we continue to serve our core business classes that include commercial auto, commercial liability, commercial property, inland marine, healthcare services, garage services, professional liability, and many more.
In June of 2012, Prime Property & Casualty Insurance Inc. (PPCI) was introduced to the marketplace as an admitted carrier accepting commercial auto risks in those states that require commercial auto to be writing on an admitted basis. PPCI has been well received by the market and is licensed and offers coverage in FL, IL, KS, KY, MA, NC, NJ, NM, NV, and SC. 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 are in the process of creating a New York insurance company that will initially focus on providing commercial auto coverages.
IN SUMMARY
Today, tomorrow, and in the future, customer service is at the forefront of everything we do. We are committed to playing a vital role in developing customized 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 2024 and beyond.
Companies
Prime Holdings Insurance Services, Inc.
Founded in 1992, Prime Holdings Insurance Services, Inc. provides a wide array of insurance products and services to the U.S. property and casualty insurance market through its operating subsidiaries. Prime Holdings is headquartered in Salt Lake City with additional offices in Chicago, Naples (Florida) and Exton (Pennsylvania). 2023 gross premiums were $305.5 million. In 2022, gross premiums were $387.9 million, 2021 was $419.6 million, and 2020 was $264.3 million.
Prime Holdings’ primary operating subsidiaries are: Prime Insurance Company, Prime Property & Casualty Insurance Inc., Evolution Insurance Brokers, LC, and Greenlight Premium Finance Company.
The Prime Holdings companies have formed strategic relationships with some of the world’s premier insurance organizations, including Lloyd’s of London, Aon Benfield, Chubb, and RLI Insurance Company.
Prime Insurance Company
Prime Insurance Company (“Prime”) is a property and casualty surplus lines carrier that is eligible to issue insurance policies in all 50 of the United States and most U.S. territories. Prime commenced business in 1990 and provides a stable market for a wide range of risks including commercial auto, commercial liability, commercial property, inland marine, healthcare services, garage services, professional liability, and many more. Prime holds an A.M. Best Financial Strength Rating of “A” (Excellent).
Prime Property & Casualty Insurance Inc.
Prime Property & Casualty Insurance Inc. (“PPCI”) is an admitted property and casualty insurance carrier formed in 2013 with a focus on providing commercial auto coverages in those states that require commercial auto to be written on an admitted basis.
Learn more about PPCI here.
Evolution Insurance Brokers, LC.
Evolution Insurance Brokers, LC. (EIB) is a full-service brokerage specializing in excess and surplus lines insurance nationwide. Through EIB, independent producers find solutions for a wide range of risks including commercial auto, commercial liability, commercial property, inland marine, healthcare services, garage services, professional liability, and many more.
Learn more about EIB here.
Greenlight Premium Finance Company
Greenlight Premium Finance Company offers Prime’s customers one-stop convenience when obtaining premium financing for their insurance coverage.
Learn more about Greenlight here.
Prime Captive Services
Prime Captive Services provides a broad range of specialty and professional services to Captive Managers. Those services include flexible underwriting, risk management, extraordinary claims results, quota share opportunities, and more. Prime Captive Services is a dba of Prime Holdings Insurance Services, Inc.
Learn more about Prime Captive Services, here.
Services
Underwriters Direct Access (UDA)
UDA is an in-house services unit that provides underwriting services for Prime Insurance Company, Prime Property & Casualty Insurance Inc. and as a third-party administrator.
Claims Direct Access (CDA)
CDA is an in-house services unit that manages claims for Prime Insurance Company, Prime Property & Casualty Insurance Inc., and as a third-party administrator for Lloyd’s of London and other third parties.
Click here to go to the CDA website and learn more.
Risk Management Direct (RMD)
RMD is an in-house services unit that provides risk management services for Prime Insurance Company, Prime Property & Casualty Insurance Inc. and is structured to provide attentive risk management as a third-party administrator.
Chairman’s Report
I am pleased to report that 2023 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.
FAVORABLE UNDERWRITING RESULTS
In 2022, we had a combined ratio of 82% on net earned premiums of $177 million.
DEVELOPMENT OF NEW PRODUCTS AND SERVICES
Building upon our experience in offering specialty coverage for property and casualty risks, we continue to develop new insurance products for the ever-changing market. Our favorable underwriting results allow us to provide stability to emerging markets as we continue to serve our core business classes that include commercial auto, commercial liability, commercial property, inland marine, healthcare services, garage services, professional liability, and many more.
In June of 2012, Prime Property & Casualty Insurance Inc. (PPCI) was introduced to the marketplace as an admitted carrier accepting commercial auto risks in those states that require commercial auto to be writing on an admitted basis. PPCI has been well received by the market and is licensed and offers coverage in FL, IL, KS, KY, MA, NC, NJ, NM, NV, and SC. 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 are in the process of creating a New York insurance company that will initially focus on providing commercial auto coverages.
IN SUMMARY
Today, tomorrow, and in the future, customer service is at the forefront of everything we do. We are committed to playing a vital role in developing customized 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 2024 and beyond.