AM Best Maintains Under Review With Developing Implications Status for PrimeOne Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) of PrimeOne Insurance Company (PrimeOne) (Scottsdale, AZ).

The ratings reflect PrimeOne’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

Gryphon Holdings LLC announced on Jan. 15, 2025, that it has entered into a definitive agreement to acquire PrimeOne, as part of its disciplined growth strategy. The acquisition of PrimeOne Insurance Group is taking longer to complete than initially expected; however, the transaction is anticipated to close before year end. The ratings will remain under review with developing implications until AM Best’s analytical team gets more clarity from the management team to discuss the future direction of PrimeOne. PrimeOne is a wholly owned subsidiary of PrimeOne Insurance Group.

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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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