FOR IMMEDIATE RELEASE. (Chicago, Illinois and Salt Lake City, Utah) January 16, 2024, Prime Insurance Company is pleased to announce that AM Best has reaffirmed our A “Excellent” rating with a stable outlook. “Specifically, FSR = A Stable,” ICR = “a Positive,” and BCAR “Strongest.”
AM Best, one of the most recognized rating systems in the insurance industry, has recognized our efforts by upholding our A “Excellent” rating. This affirmation represents a significant vote of confidence in our company’s financial stability.
“We’ve worked diligently to earn and maintain the A rating from AM Best, and we believe it reflects our strong financial position and dedication to excellence,” said Rick J. Lindsey, President, Chairman, and CEO of Prime Insurance Company. “At a time when many of our peers experienced a decline, our performance and stability remain steadfast.”
Lindsey states, “The lines experiencing intense competition were the commercial auto lines (CAL and CAPD). The direct written premium for these lines decreased just over 29% in 2023 from 2022. Direct written premium for the property classes increased by 21.7% in 2023 over 2022.”
Prime Insurance Company specializes in providing customized specialty insurance solutions in the excess and surplus lines marketplace. With a diverse range of coverage, we provide solutions for commercial auto, trucking, general liability, professional liability, commercial property, and TRU homeowners coverage.
The company delivers trusted products, services, and partnerships that strengthen our position within the industry. Our ability to provide solutions for difficult risks such as property, and maintain a strong financial backbone is the cornerstone of Prime Insurance Company. We continue to innovate and provide new opportunities and solutions.
Founded in 1899, AM Best Company is a full-service credit rating organization serving the insurance industry. The AM Best rating, considered the industry standard, reflects an insurer’s financial strength and ability to meet ongoing insurance policy and contract obligations. The rating is based on a comprehensive evaluation of factors including balance sheet strength, operating performance, and business profile.
For press inquiries and further information visit www.primeis.com or please contact Barbara Malkowski, SVP Marketing, barbaram@primeis.com. For more information on the latest rating, please visit www.ambest.com.
