Chicago, Illinois and Salt Lake City, Utah – Prime Holdings Insurance Services, Inc. (“Prime Holdings”) announced that its subsidiary, Prime Insurance Company (“Prime”), received approval to write surplus lines business in the Commonwealth of Virginia as of September 26, 2006.
“Virginia is the latest of several states which have recently provided Prime with authorization to write surplus lines business,” said Rick Lindsey, President and CEO of Prime. “We are excited about working with the E&S marketplace in Virginia to provide a stable E&S market for tough risks.”
Prime, organized and funded with a cash infusion of $16 million in May 2006, recently acquired The Prime Insurance Syndicate, Inc. as a subsidiary bringing its total capital and surplus to over $33 million. Together Prime and Prime Syndicate received an A.M. Best pooled rating of B+.
Prime provides excess and surplus lines property and casualty insurance including commercial, multi-peril, property, general liability, commercial auto and garage coverage. Prime provides solutions for non-standard, hard-to-place markets for commercial and selected personal lines providing multiple lines coverage and mono-line options.
Prime Holdings is an insurance holding company for its suite of excess and surplus lines service organizations. These organizations offer underwriting, risk management and claims services to agents, brokers, insureds and alternative markets in all 50 U. S. states, Canada and the U. S. Virgin Islands. Founded in 1992, Prime Holdings produces in excess of $35 million in gross premiums annually, and maintains offices in Chicago and Salt Lake City. Prime Holdings has formed strategic business relationships with some of the world’s most powerful insurance companies, including Lloyd’s of London, Gen Re and Swiss Re.
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