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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 24, 2020 01:36 PM (EST)
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.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.