Prime Insurance Company and Prime Property Casualty Insurance Inc. Market Status – Q2 & Q3 2021: Premium thrives in all market conditions

CHICAGO–(COMMERCIAL THREAD) – While many “state of the market” reports refer to last year as “some of the most difficult market conditions most of us have ever seen”, insurance companies Prime experience a markedly different – and better – “state of the market” than many companies in the industry.

Today, the industry is experiencing more and more exclusions, especially when it comes to COVID-19, other communicable diseases, inclement weather, wildfires and cyber attacks, including ransomware. More and more companies are “reducing the risk” of their business books, becoming more conservative and looking for “selective” growth opportunities.

In contrast, Prime has never canceled a business class and never intends to. According to Prime Insurance President, President and CEO Rick J. Lindsey, “The Prime Insurance companies have accepted and met these challenges head-on and have achieved new levels of production and expansion. ”

The customer-centric approach has resulted in double-digit growth rates for gross and net premiums over the past five years. In 2020, Prime Insurance reported a combined ratio of 72.1 on net earned premiums of $ 100.8 million, and Prime Property & Casualty reported a combined ratio of 68.0 on net earned premiums of 68.6 millions of dollars.

Prime attributes its success to its unwavering approach to underwriting, claims and risk management. Its significantly lower than average loss ratio is the result of partnerships forged with policyholders during the underwriting and risk management review. Case management is greatly improved through this partnership approach.

Our underwriting strategy is straightforward with a few key guidelines such as not competing with ‘dumb’ on prices and terms, providing products and services that actually work in today’s highly contentious, overwhelmed environment. nuclear verdicts and heading in the wrong direction for the insurance industry and policyholders.

Meanwhile, Prime has found opportunities everywhere, from small personal lines to complex commercial and captive self-insurance partnerships. “The state of the market can be tough,” says Lindsey, “but it’s an environment in which Prime thrives and continues to support all stakeholders. ”

Prime covers more than 700 risk classes, including property insurance, commercial automobile, professional insurance and personalized specialty insurance. Prime excels at one-time risks that have high or atypical exposure to liability and are typically denied or waived by other carriers.

For more information, contact Barbara Malkowski, SVP Marketing at 312-520-5736 or barbaram@primeis.com


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Justin D. O'Neill