SALT LAKE CITY--(BUSINESS WIRE)--Prime Holdings Insurance Services, Inc., (“Prime”) announced that it received $10,000,000 from an undisclosed insurance enterprise in exchange for 2,000 shares of Prime’s non-voting common stock. All proceeds will be contributed to Prime’s wholly owned insurance carrier subsidiary, Prime Insurance Company (“Prime Insurance”). This additional capital raises Prime Insurance’s A. M. Best Financial Size Category from VI to VII and will assist in expediting Prime Insurance’s ability to expand into New York and California, where it now meets the capitalization requirements of those states. It is anticipated that this stronger capital position will benefit Prime Insurance as it seeks future increases in its A. M. Best Financial Strength Rating, which currently stands at A-. Prime’s management team is focused and committed to pursuing steady expansion and stellar financial results along with providing quality insurance products and services to its customers.
Prime Holdings Insurance Services, Inc. provides the business structure, financing and administrative functions for its network of insurance services. For more information about Prime Holdings Insurance Services, Inc., contact: Rick J. Lindsey, Chief Executive Officer and Chairman of the Board, 1-801-304-5510.
*For the latest ratings access www.ambest.com.