Salt Lake City, Utah, June 13, 2017.
Prime Holdings Insurance Services, Inc., (“Prime”), announced that it received $10,000,000 from an undisclosed insurance enterprise in exchange for 2,000 shares of Prime’s non-voting common stock. All proceeds will be contributed to Prime’s wholly owned insurance carrier subsidiary, Prime Insurance Company (“Prime Insurance”). This additional capital raises Prime Insurance’s A.M. Best Financial Size Category from VI to VII and will assist in expediting Prime Insurance’s ability to expand into New York and California where it now meets the capitalization requirements of those states. It is anticipated that this stronger capital position will benefit Prime Insurance as it seeks future increases in its A.M. Best Financial Strength Rating, which currently stands at A-. Prime’s Management Team is focused and committed to pursuing steady expansion and stellar financial results along with providing quality insurance products and services to its customers.
Prime Holdings Insurance Services, Inc. provides the business structure, financing and administrative functions for its network of insurance services. For more information about Prime Holdings Insurance Services, Inc., contact: Rick J. Lindsey, Chief Executive Officer and Chairman of the Board, 1-801-304-5510.
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.