Prime Insurance Company Reports a Combined Ratio of 72.1
Chicago, IL, USA, March 4, 2021. Prime Insurance Company (Prime Insurance) has reported a combined ratio of 72.1 on net earned premiums of $100.8 million for 2020. Prime Insurance’s wholly owned subsidiary, Prime Property & Casualty Insurance Inc. (Prime P&C), has reported a combined ratio of 68.0 on net earned premiums of $68.6 million.
Prime Insurance is a surplus lines property and casualty carrier with eligibility in all 50 states and most U.S. territories. Prime Property & Casualty Inc. is an admitted carrier that focuses on issuing Commercial Auto policies in those states that require Commercial Auto to be written on an admitted basis.
Prime Insurance writes all surplus lines eligible Property and Casualty classes from A to Z, (literally Aviation to Zoos!) and everything in between, including but not limited to Commercial Auto, Professional Liability, Outdoor and Indoor Recreation, Healthcare Providers, Communicable Disease, Active Shooter, Construction and Other Activities, just to name a few examples.
The 2020 operating results of the Prime carriers is consistent with their 5-year averages. The 5-year average combined ratio for Prime Insurance is 73.9, and 69.7 for Prime P&C. In fact, it hasn’t been since 2008 that the combined ratio for the Prime carriers, on a combined basis, fell above the 70’s.
The Prime entities are led by Rick J. Lindsey, Chairman, CEO and controlling shareholder, who believes that a strong customer orientation coupled with disciplined in-house underwriting and expert in-house claims handling are the key to growing and sustaining profitable business. Prime’s unique “Partnership Approach” has resulted in a Win-Win for its clients and employees alike. This is reflected in the longterm tenures of its staff members. The approach also underscores the importance of the team members working closely with Prime’s client insureds to ensure that common goals are set and executed on. This results in claims and litigation handling that far exceeds others in the industry. Clients are eager to see themselves fully defended against frivolous litigation which is something they have usually not experienced with other insurers in the past. Prime’s track record of winning litigated cases on behalf of its clients is unprecedented and in very large part has contributed to its long-term success, growth and profitability. The extraordinary claims results are delivered by an in-house team of well-seasoned, motivated claims professionals and highly skilled lawyers. Prime’s insureds view the relationship they have with Prime as one that is valuable, rare and unique.
Mr. Lindsey’s customer-focused approach has provided for strong double-digit gross and net premium growth rates in each of the last five years. During the early months of the COVID outbreak premium growth rates dipped into the negative; however, by the end of 2020 the annual growth rate for direct and net premiums was 18.6% and 20.4%, respectively.
Supported by a strong reinsurance panel led by Berkshire Hathaway and RLI, the Prime carriers can bind risks with limits up to $10 million.
Prime Insurance Company has offices in Salt Lake City, Utah; Chicago, Illinois; Naples, Florida and Exton, Pennsylvania. For more information, please contact Rick J. Lindsey, President, Chairman and CEO at +1-801-304-5510 or email RJL@primeis.com.
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.