Specialty Excess and Surplus Lines Carrier’s Financial Stability Affirmed
A.M. Best Upgrades Prime Insurance Company with an A Rating
(Chicago, Illinois and Salt Lake City, Utah) September 22, 2017 – Prime Insurance Company announced today that A.M. Best Co. has upgraded their financial strength rating from A- to A “excellent” with a stable outlook.
The recent upgrade to A “excellent” represents a significant vote of confidence from A.M. Best, which is one of the most recognized rating systems in the insurance industry.
“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 specialty lines coverage who were not able to work with us in the past because of stipulations within their E&O coverage. We’re looking forward to many new successful partnerships.”
Prime Insurance Company provides customized specialty insurance solutions in the excess and surplus lines marketplace. Prime has provided solutions for businesses that include amusement and recreation, commercial auto, garage services, repossession and recovery, bars, taverns, restaurants, nightclubs, health care facilities, special events, equestrian, aviation and professional liability risks, 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.
Frank Lukacs, Chief Marketing Officer
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.