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 state of Texas, as of February 1, 2007.
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 $34 million. Together Prime and The Prime Insurance Syndicate, Inc. received an A. M. Best pooled rating of B+.
“We are thrilled to have received approval in the state of Texas, and this is further indication of how Prime is working diligently with the insurance departments, brokers and entire E&S marketplace to provide a stable market in Texas for hard-to-place risks.” said Rick J. Lindsey, President and CEO of Prime.
Prime provides excess and surplus lines property and casualty insurance options for general liability, multi-peril, property, commercial auto, garage services, health care services, professional liability insurance and more. Prime provides solutions for non-standard, hard-to-place markets for commercial and selected personal lines providing multiple and mono-line options.
Prime Holdings is an insurance holding company for an integrated group of excess and surplus lines service organizations. These organizations offer underwriting, risk management and claims services to agents, brokers and insureds in 50 U. S. States, Canada, and the U.S. Virgin Islands and other territories worldwide. Founded in 1992, Prime Holdings produces in excess of $34 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 the largest reinsurer in the world, Swiss Re.
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