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Your Solution To A Hard Insurance Market

updated 5/6/24 to reflect 2023 “financial strength” numbers

Hard Market Insurance: How We Can Help

Prime Insurance Company is the solution for a hardening market. First and foremost, we have never canceled a class of business, and we don’t plan to. We believe a key to our success is managing risk vulnerability at the client level to make sure we are addressing all risks at a realistic price. “We believe a strong customer orientation, coupled with disciplined in-house underwriting and expert in-house claims handling, are the key to growing and sustaining a profitable business,” explains Rick J. Lindsey, CEO and Founder of Prime Insurance Company. We are also forward-thinking in order to address emerging risks. For example, we proactively launched communicable disease liability coverage as an optional policy add-on. Other companies are tightening guidelines while we are seeking new solutions to ensure our policyholders don’t have any gaps in coverage.

We Offer More Options For A Hard Insurance Market

When other carriers decline coverage or consider a risk undesirable, we are here to help. We have a long history of working with clients with previous adverse claims, loss history, and other circumstances that often lead to denial from insurance companies. After all, we have written thousands of risk classes, which means we have likely encountered a similar situation and found a way to provide coverage.

Solution-Oriented Hard Market Insurance

At Prime, we take a solution-based approach, working personally with each client to identify their individual needs. We still believe in ‘character’ underwriting, and in today’s environment that is de-humanizing the process with automation and AI, that is a unique differentiator. We get to know the people we are insuring, in addition to their risk profile. We overcome market challenges with highly customized insurance solutions, skilled underwriters, and a lot of work and effort to understand specialty risks and how to cover them. This makes – our work very valuable to clients who are experiencing limited options. Agents working with us are able keep writing business, offering insurance solutions where others cannot. Despite this level of customization, we are efficient, and speed is a priority, even in these challenging conditions. We aim to respond as promptly as possible so that we can offer quick quotes. And if a claim arises, you can rest assured that we will work just as quickly to resolve it fairly.

Coverage Spotlight – D&O

While the need for this coverage is greater than ever, D&O suffers all the characteristics of a hard market. Your clients are facing new risks with employees returning to the workplace, attempting to meet diversity and sustainability goals and protect their data from increasing cyber threats, all while recovering from the pandemic – for which they could also be liable if understating its impact. While other carriers are scaling back capacity, Prime continues to service the D&O needs of its clients. With our coverage comes the strength of Prime’s in-house legal team of 46, including 12 attorneys, should claims arise.

Financial Strength

Mr. Lindsey is proud of the fact that the company has never canceled a class of business, thanks to Prime’s record of high-quality coverage at realistic prices. The 2022 operating results of Prime Insurance Company and its subsidiary Prime Property & Casualty Insurance (PPCI) reflect our experienced team of underwriters and risk management practices and the outcomes of our exemplary claims and litigation team. In 2022, Prime Insurance Company reported a combined ratio of 79.7% on net earned premium of $154.1 million and PPCI reported a combined ratio of 103.7% on $104.3 million in net earned premium. Mr. Lindsey’s customer-focused approach has resulted in double-digit growth rates for both gross and net premiums for the last 5 years. The focus on honesty and partnership has managed over 70,000 claims. Our insureds view their relationship with us as valuable, rare, and unique.

Meeting Your Clients’ Needs In 2024 And Beyond

With the Prime Insurance Company team behind you, we will adapt and innovate together to come through the hard market intact. We care about each insurance producer and each insured. And we consider our work a partnership with you and your clients. The best way to find out how we can help you and your clients with a hard insurance market is to get in touch with one of our team members. To get started with a quote, use our online application today. You can also call Prime Insurance Company at 800-257-5590 or email info@primeis.com.


rick lindseyAuthored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company

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.

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