As a result of Prime's strengthened risk-adjusted capitalization and improved operating performance, A.M. Best Co. upgraded the financial strength rating (FSR) to B++ (Good) and has assigned issuer credit ratings (ICR) of "bbb" to Prime Insurance Group ("Prime") with a stable outlook.
The recent upgrade represents a significant jump in Prime's ratings. Furthermore, Prime has received a full step upgrade each year for the past three years.
"We're obviously delighted with A.M. Best's upgraded rating," said Rick Lindsey, President and CEO of Prime Insurance Group. "We believe the latest rating reflects our proactive approach and commitment by management to meet the challenges presented by the softening pricing cycle and additional competition from admitted markets. Prime has committed to positioning itself solidly for future growth."
Prime provides customized insurance solutions for non-standard, hard-to-place markets for commercial and select personal lines. Key classes of businesses include amusement and recreation, garage services, repossession and recovery, bars, taverns, restaurants, night clubs, health care facilities, special events, equestrian, aviation and professional liability, among others.
The Prime Insurance Group is a group of excess and surplus lines insurance companies that provides coverage in 44 states, the District of Columbia, Canada, Guam, North Mariana Islands, Puerto Rico and the U.S. Virgin Islands. The group produced in excess of $37.6 million in gross premiums in 2006, and maintains offices in Chicago and Salt Lake City. Prime has formed relationships with some of the world's most powerful insurance and reinsurance organizations including Lloyd's of London, Transatlantic Re, and the world's largest reinsurer, Swiss Re.
For more information about Prime Insurance Group, visit www.primeis.com or contact:
Barbara Malkowski, Marketing Manager Phone: 800-456-4576, ext. 7801 Email: Barbaram@primeis.com
A.M. Best ratings are the industry standard measure of insurer financial performance. For the latest rating, access www.ambest.com.
