Prime Holdings Insurance Services Inc. announced that its property and casualty insurance subsidiary, The Prime Insurance Syndicate Inc., was notified that as of July 15, 2005, Prime received an increased A.M. Best’s rating of “B” with a stable outlook in Financial Size Category V. In the notification, Best stated Prime’s capitalization, “improved in 2004 due to dramatically improved operating performance and a capital contribution.”
“Prime has been working diligently over the last several years to further streamline production, claims handling and other operations to improve the bottom line and grow surplus organically,” stated Ted B. Paulsen, Prime’s chief operating officer. “We are thrilled that our efforts are literally paying off at the bottom line and that our improved performance is being recognized by the industry.”
Prime, a Prime Holdings Insurance Services Inc. company, is an excess and surplus lines insurance company serving over 42 U.S. states and territories with its own capacity and the remaining states with its authority from Lloyd’s of London.
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