The Prime Insurance Syndicate Inc. said that it has received approval to write surplus lines insurance business in the state of Maine effective July 2, 2004.
Prime, which offers solutions for hard-to-place risks, will offer its lines in Maine including nursing home and assisted living centers, homeowners, commercial property, bars, restaurants and taverns, recreation, commercial auto, and garage liability among many others.
According to Prime, incorporated in 1992, it is the largest writing member of the INEX Insurance Exchange, the only excess and surplus lines marketplace that maintains a guaranty fund providing additional security for insured.
“Prime is very pleased to enter the surplus lines market in Maine,” said Rick J. Lindsey, president and chief executive officer of Prime. “We have been working closely with the Maine Bureau of Insurance to get approved to be able to provide solutions for risks in Maine that are having a hard time finding a market. We are jumping right in by actively providing quotes and coverage.”
Prime is a wholly owned subsidiary of Prime Holdings Insurance Services Inc. and maintains offices in Salt Lake City, and Chicago. Prime Holdings is an insurance holding company fwriting in all 50 U.S. states, Canada, and the U.S. Virgin Islands. Prime has strategic business relationships with some of the world’s most powerful insurance companies, including Lloyd’s of London and General Cologne Re with which it enjoys a seven-year history. Prime has been assigned an “A” Financial Stability Rating(R) by Demotech Inc., and a “B-” AM Best rating.
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