As president and CEO of Prime Insurance Company, Rick Lindsey has spearheaded the company’s quarter-century of phenomenal growth. Under Rick’s guidance, the company has earned a reputation as a leading provider of excess and surplus liability insurance coverage. Prime now offers this coverage to individuals and business owners in all 50 states.
Rick Lindsey hails from Salt Lake City, Utah. He was a star hockey player at Cottonwood High and came close to making the 1980 Olympic hockey team. While still a teenager, 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. He served as an underwriter, claims manager and risk manager, attaining key leadership roles for various insurance services providers.
Rick and Prime Insurance Company
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 merged his brokerage firm into Prime 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 agents and brokers who write high-risk business.
Rick Lindsey and the Prime Insurance Approach
Lindsey’s decades of insurance industry experience gave him a unique perspective that he brought to Prime in the beginning and continues to be the focus of his business today.
Prime Will Fight for You
One area where Prime differentiates itself from the competition is the willingness to fight plaintiffs and their attorneys in court. Rick believes that the avalanche of litigation has made too many insurance companies fearful of the legal system. The tendency is for insurers to settle claims too quickly, which has ultimately caused significant damage to the industry.
Prime employs the opposite tactics. Rick’s team of battle-tested attorneys won’t tolerate frivolous lawsuits or give in to the outrageous demands made by the plaintiff’s legal team. Prime will rise to the challenge and mount an aggressive legal defense, even if it ends up costing the company more money in the long run. The only time Rick will agree to settle is if the facts of the case warrant the action.
Focus on the Facts
Speaking of facts, they serve as the driving force behind every decision Rick makes while guiding Prime Insurance to new heights. By adhering to sound financial and management practices, including refusing to settle baseless lawsuits, the company achieved an impressive loss ratio of 72%. Loss ratio is a measure of an insurance company’s profitability — the lower the figure, the better. The break-even point is 100%, and the industry average is 103%, meaning that Prime’s performance is 31% better than that of other insurance companies.
Rick Recognizes the Wrong Reasons to Settle a Claim
Rick’s years of insurance industry experience have taught him that many insurance companies settle claims too quickly. While Prime has an excellent track record for paying claims promptly, it also won’t hesitate to litigate if the facts warrant the action. The company will devote all available resources, including its team of experienced in-house attorneys, to combat a frivolous lawsuit. Producers know that Prime will always have their clients’ back and won’t submit to unreasonable demands.
Examples of How Prime Can Fill the Void
The “Bartman Ball” case is a shining example of how Prime is willing to insure risks that other carriers tend to avoid. Baseball fans may remember that a Chicago restauranteur wanted to blow up the ball used during an infamous play when a fan named Steve Bartman interfered with a catch during a 2003 playoff game that the Cubs ultimately lost. Prime was the only insurance company willing to cover the stunt.
Contact Prime to Learn More
Discover how Rick Lindsey and the rest of the Prime Insurance team can help you protect your assets and gain true peace of mind. Contact us to learn more about our liability insurance products and services and get a no-obligation quote today.