SALT LAKE CITY, Nov. 25, 2020 /PRNewswire/ -- On Tuesday, PrimeOne Insurance Company, a privately held, specialty commercial lines carrier, announced that AM Best has revised the company's "outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-'."
In a recent press release, AM Best said the changes in PrimeOne's credit ratings "reflect [the company's] balance sheet strength which AM Best categorizes as strong." They continue to say, "[t]he 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."
PrimeOne was acquired in late 2014 and is now exclusively managed and operated by Thorson Specialty Insurance Services. Over the last five years, the new ownership team has strongly focused on expanding upon profitable, niche underwriting opportunities and forming a highly experienced leadership team.
"The revision of our financial outlook to stable is a reflection of our continued commitment to the customers and brokers that we serve. That is a commitment to provide high quality and dependable insurance protection and we are pleased to have been recognized," says David Thorson, CEO of PrimeOne. "This upgrade will allow other reinsurance and insurance carriers to have excess and participation in PrimeOne business."
About PrimeOne Insurance Company
PrimeOne Insurance Company is an admitted insurance company making affordable and flexible commercial insurance coverage possible. PrimeOne is currently admitted in 5 states and is backed by the world's finest reinsurance partners. For more information about PrimeOne Insurance Company, please visit https://www.primeoneinsurance.com/.