FOR IMMEDIATE RELEASE
Contact: Frank Lukacs, Chief Marketing Officer
A.M. Best Upgrades Prime Insurance Company with an A- Rating
Specialty Excess and Surplus Lines Carrier’s Financial Stability Affirmed
(Chicago, Illinois and Salt Lake City, Utah) February 28, 2014—As a result of their strengthened risk-adjusted capitalization and improved operating performance, Prime Insurance Company announced today that A.M. Best Co. has upgraded their financial strength rating from B++ to A- and raised their issuer credit rating to “excellent” with a stable outlook.
The recent upgrade represents a significant jump in Prime’s rating. An A- rating from A.M. Best, which is one of the most recognized rating systems in the insurance industry, clearly defines Prime as an outstanding carrier in their field.
“We’ve worked hard to get the A- rating from A.M. Best and believe that the rating reflects our strong financial position and commitment to success,” said Rick J. Lindsey, President, Chairman and CEO of Prime. “The new rating will help us open our doors to brokers looking for hard-to-place risk coverage who were not able to work with us in the past because of their E&O coverage and stipulations within. We’re looking forward to many new successful partnerships.”
Prime Insurance Company provides customized specialty insurance solutions in the excess and surplus lines marketplace. Known as a resource for many hard-to-place risks and classes, Prime has provided solutions for businesses that include amusement and recreation, garage services, repossession and recovery, bars, taverns, restaurants, nightclubs, health care facilities, special events, equestrian, aviation and professional liability, among others.
Founded in 1899, A.M. Best Company is a full-service credit rating organization serving the insurance industry. The company rating is the industry standard reflecting an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. It is based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile. For information on the latest rating, go to www.ambest.com.