Prime Insurance Company reports a combined ratio of 72.1

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CHICAGO, March 4, 2021 /PRNewswire/ — Prime Insurance Company (Prime Insurance) has reported a combined ratio of 72.1 on net earned premiums of $100.8 million for 2020. Prime Insurance’s wholly owned subsidiary, Prime Property & Casualty Insurance Inc. (Prime P&C), reported a combined ratio of 68.0 on net earned premiums of $68.6 million.

Prime Insurance is a property and casualty redundant line carrier that is eligible in all 50 states and most U.S. territories. Prime Property & Casualty Inc. is a licensed carrier that focuses on issuing Commercial Auto policies in those states that require Commercial Auto to be written on an authorized basis.

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Prime Insurance writes all redundant lines that qualify for property and accident classes from A to Z (literally from aviation to zoos!) active shooting, building and other activities, just to name a few examples.

The Prime carriers’ 2020 operating results are in line with their 5-year averages. The average 5-year combined ratio for Prime Insurance is 73.9 and for Prime P&C 69.7. In fact, it has not been since 2008 that the combined ratio for the Prime airlines, on a combined basis, has risen above the 1970s.

The Prime entities are led by: Rick J. Lindsey, Chairman, CEO and controlling shareholder, who believes that a strong customer focus combined with disciplined internal underwriting and expert internal claims handling are key to growing and sustaining profitable business. Prime’s unique “Partnership Approach” has resulted in a Win-Win for both its customers and employees. This is reflected in the long term of the employees. The approach also underscores the importance of the team members working closely with Prime customers’ policyholders to ensure common goals are set and executed. This results in claims and process treatments that far exceed others in the industry. Customers like to be fully defended against frivolous lawsuits, something they have usually not experienced with other insurers in the past. Prime’s track record of winning lawsuits on behalf of its clients is unprecedented and has been a major contributor to its long-term success, growth and profitability. The extraordinary claim results are delivered by an in-house team of experienced, motivated claim professionals and highly trained lawyers. Prime’s policyholders regard the relationship they have with Prime as a precious, rare and unique one.

The customer-oriented approach of Mr. Lindsey has delivered strong double-digit gross and net premium growth rates over the past five years. During the early months of the COVID outbreak, premium growth rates fell into the negative; however, at the end of 2020, the annual growth rates of direct and net premiums were 18.6% and 20.4% respectively.

Supported by a strong reinsurance panel led by Berkshire Hathaway and RLI, the Prime carriers can bind risks with limits up to $10 million.

Prime Insurance Company has offices in Salt Lake City, Utah; Chicago, Illinois; Naples, Florida and Exton, Pennsylvania. For more information, please contact Rick J. Lindsey, President, Chairman and CEO at 801-304-5510 or email [email protected].

SOURCE Prime Insurance Company

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