Salt Lake City, UT, August 14, 2023—Prime Insurance Company, a leading provider of innovative liability solutions for specialty risk, has pledged to provide coverage in distressed areas, particularly California and Florida—where withdrawal of major companies is rattling the insurance industry.
The pledge comes on the heels of the announcement that State Farm Insurance, Farmers Insurance and Nationwide® Insurance are no longer issuing new home insurance policies in California, citing increased natural disasters. Similarly, in Florida, Nationwide® Insurance recently announced its departure from the state—the latest to leave Florida entirely or stay and revoke policies, limiting coverage and raising premiums by double digits.
Says Rick J. Lindsey, Chairman, CEO and President of Prime Insurance Company, “The insurance industry is in transition right now. Reinsurance companies are not willing to support large commercial accounts. State Farm, Allstate and Nationwide are all running for the hills. These challenges require capacity.”
As homeowners are being canceled, declined—and in some instances, in the process of purchasing new homes only to find home insurance unavailable or cost-prohibitive with wind, flood and fire—Lindsey has a new business on the drawing board set to handle capacity. He has also issued a challenge to insurance companies to join him in providing property and casualty insurance nationwide. “Insureds need good partners with a proven track record,” says Lindsey.
Just as Lindsey took a financial risk to start Prime Insurance Company in 1994, he will put his own money at risk again to provide a solution to people who need a good insurance company, but on a national scale. Currently, Prime Insurance offers non-standard homeowners’ insurance—specialty homeowners’ insurance—in California and Florida, for scenarios where homeowners face an insurance risk that cannot or will not be covered by a standard homeowner’s policy. It is also there for homeowners who need a higher policy limit than what has been offered with their coverage.
Says Lindsey, “We believe that everyone deserves coverage—whether in California or Florida or anywhere in the country. it is what we built our business on decades ago, and our promise to homeowners and businesses today.
For more information, contact Barbara Malkowski, SVP of Marketing at barbaram@primeis.com.
About Prime Insurance Company
Prime Insurance Company is an excess and surplus (E&S) lines insurance company specializing in property and casualty insurance for specialty and unique risks. Prime writes E&S business in all 50 states and is rated “A” (Excellent) by A.M. Best. The company manages underwriting, policy services, risk management, and claims in-house. Prime has a proven track record of providing insurance services in a cost-effective, focused manner with both the producer and the insured in mind. Prime has offices in Salt Lake City, UT; Chicago, IL; Exton, PA; and Naples, FL; Prime currently produces more than $400 million gross premiums annually.
