OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of PrimeOne Insurance Company (PrimeOne) (Salt Lake City, UT).
The Credit Ratings (ratings) reflect PrimeOne’s balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).
The revision of the outlooks to stable is the result of improved underwriting and operating performance in 2019 and year-to-date 2020, largely driven by positive underwriting, net investment income and other income. The improvement for both years was enhanced by the new management team that has implemented underwriting and operational initiatives, which produced favorable impact on results. AM Best expects this favorable trend to continue in the future. Additionally, PrimeOne has demonstrated improvements in the company’s ERM capabilities relative to its risk profile by implementing new systems designed to improve ratings greatly and provide cost efficiencies. Furthermore, the company added a new chief operating officer and other staff with extensive experience in the insurance industry to ensure sustainable and profitable growth within the organization.
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