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Prime Insurance Company & Prime Property Casualty Insurance Inc State of the Market-2nd & 3rd Quarters 2021: Prime Thrives in all Market Conditions
[September 14, 2021]

Prime Insurance Company & Prime Property Casualty Insurance Inc State of the Market-2nd & 3rd Quarters 2021: Prime Thrives in all Market Conditions


While many "state of the market" reports refer to last year as "some of the hardest market conditions most of us have ever seen," Prime Insurance companies are experiencing a markedly different-and better-"state of the market" than that of many firms in the industry.

Today, the industry is seeing more exclusions, especially with regards to COVID-19, other communicable diseases, bad weather events, wildfires, and cyberattacks, including ransomware. More firms are "de-risking" their books of business, becoming more conservative and seeking "selective" growth opportunities.

By contrast, Prime has never cancelled a class of business, and never intends to. Says Prime Insurance President, Chairman & CEO, Rick J. Lindsey, "Prime Insurance companies have accepted and met these challenges head on and enjoyed record new levels of production and expansion."

Having a customer-focused approach has resulted in double-digit growth rates for both gross and net premiums for the last five years. In 2020, Prime Insurance rported a combined ratio of 72.1 on net earned premium of $100.8 million, and Prime Property & Casualty reported a combined ratio of 68.0 on $68.6 million in net earned premium.



Prime attributes its success to its steadfast approach to underwriting, claims and risk management. Its significantly lower-than-average loss ratio is a result of partnerships formed with policyholders during underwriting and risk management review. Case management is greatly enhanced through this partnership approach.

Our Underwriting strategy is simple with a few key critical guidelines such as not competing with "stupid" on pricing and terms, providing products and services that actually work in today's highly litigious environment, over-run with nuclear verdicts and consequently heading in the wrong direction for the insurance industry and insureds.


During this time, Prime has found opportunities everywhere, from small personal lines to complex commercial and captive self-insurance partnerships. "The 'state of the market' may be hard," says Lindsey, "but it's an environment in which Prime flourishes and continues to support all stakeholders."

Prime covers more than 700 risk classes, including property, commercial auto, professional and customized specialty insurance. Prime excels in unique risks that have an elevated or atypical exposure to liability and are typically declined or canceled by other carriers.

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


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