Prime Insurance Company
Richard Bryant, president of underwriting at Prime Insurance Company, sits down with John Savage to discuss the company’s operations and how to succeed in the industry
With decades of experience in the captive insurance industry, what would you say sets Prime Insurance Company apart from its competitors in terms of its underwriting expertise and customised solutions?
Prime Insurance Company has decades of experience dealing with the complexities of insured issues and problems as they emerge, as well as customising offerings to satisfy their needs.
We are able to generate very bespoke offerings that better cover the insured’s exposure and charge a premium that considers the proper cost of handling claims, thanks to our freedom from industry herd instincts and ISO wordings.
Prime Insurance Company offers a range of services, from administrative functions to underwriting and reinsurance placement. Could you elaborate on the company’s approach to providing a comprehensive suite of services tailored to the unique needs of captive managers and owners?
Prime Insurance offers the following boutique of services: in-house claims service, from adjusting to claims handling; full accounting services; premium financing; and underwriting and underwriting support services, including access to our proprietary claims and underwriting computer systems.
Additionally, Prime’s ‘A’ (excellent) rated paper would benefit any prospective insured, eliminating the need to secure ‘fronted paper’.
Risk management is a critical aspect of captive insurance operations. How does Prime Insurance Company partner with its clients to develop and implement effective risk management strategies that align with their specific risk profiles and business objectives?
Prime Insurance has a well-established, in-house risk management team that provides external and internal risk reviews along with in-person risk visits to assess risk and provide guidance on how to mitigate danger.
In addition, the risk management department will recommend or amend waivers or other contract language if deemed appropriate.
The captive insurance industry is continuously evolving, with new regulations, technological advancements, and market trends emerging. How does Prime Insurance Company stay ahead of the curve and adapt its offerings to meet the changing needs of the industry?
With decades of experience in providing custom insurance solutions, the Prime team thrives on meeting new challenges and emerging risks. Prime Insurance has written close to a billion dollars over the last three years on both an admitted and excess and surplus lines basis.
Prime is an active member of the American Property Casualty Insurance Association (APCIA), Wholesale & Specialty Insurance Association (WSIA), Professional Liability Underwriting Society (PLUS), American Society for Healthcare Risk Management (ASHRM), and many other trade bodies and associations. Prime is also in regular contact with the Bermuda and London markets, which gives us a window into emerging trends and market opportunities. We also subscribe to numerous insurance publications and attend industry conferences.
You highlight Prime Insurance Company’s underwriting services as a core strength. Could you give some recent examples or case studies that demonstrate your firm’s underwriting capabilities and the value delivered to clients?
Unique within the insurance industry, Prime underwriters speak to each and every insured, regardless of their size or size of premium.
This approach allows us to have direct contact with an insured and opens the opportunity for two-way dialogue at the time and into the future.
It also enables Prime to gather more information than would be typically available on an application form, allowing for proper pricing of the exposure as well as explaining our partnership approach.
Most people have a poor opinion of insurance and do not understand the vital role insurance providers have in society.
By elucidating our role as their insurance partner and outlining our claims handling strategy, we establish trust with the insured, ensuring everyone is aware of our responsibilities during a claim.
This open, direct communication helps the insured successfully fight frivolous lawsuits. We often receive requests from prospective insureds to rehabilitate them because they had poor experiences with prior carriers.
Administrative tasks like policy issuance and filings are essential but often overlooked aspects of captive management. How does Prime Insurance Company ensure efficient handling of these critical back-office functions?
Prime Insurance has an in-house, fully operational back office engaged in the complete process that is required to write a policy.
This includes, but is not limited to, underwriting, policy issuance, claims handling, risk management services, contract and waiver reviews, accounting, IT services, and access to reinsurance if required.
Reinsurance is a vital component of risk management for captives. What sets Prime Insurance Company apart in terms of its reinsurance placement services and ability to secure the right coverage for clients?
Prime buys reinsurance from domestic and overseas markets. As such, we have good relationships domestically in Bermuda, London and Europe, if we need to explore reinsurance options.
We have contacts with all the major alphabet broking houses and can use our reinsurance expertise to assist when required.
Looking ahead, what are your thoughts on the future of the captive insurance industry, and how is Prime Insurance Company positioning itself to capitalise on emerging opportunities or address potential challenges?
We believe there will always be a need for companies to seek to take more control over their insurance arrangements. We also believe that the insurance underwriting community will persist in their search for loss-free accounts, leading to significant frustration among insureds. Because of the industry’s restrictive nature, we believe captive opportunities will only grow. We are willing and able to accommodate many of these opportunities.
As a leader in the captive insurance space, what advice would you offer to companies considering forming a captive or expanding their existing operations?
Look at the offering as a long-term commitment and expect it to take time to show real benefits. We strongly believe that once an insured sees the benefits of a partnership approach on the captive side, it will become increasingly difficult, if not impossible, to go back to the old ‘normal’.
Finally, could you share any exciting developments or initiatives that Prime Insurance Company has planned for the near future, whether it’s new service offerings, strategic partnerships, or other growth opportunities?
We are an opportunistic player in the insurance market. We write business in areas other insurance carriers typically run from. As such, we are often the only viable option in these pockets of opportunity. Examples that come to mind are California wildfire property, Florida coastal property, and commercial trucking. All these classes will ebb and flow as capacity leaves and enters. However, Prime’s most important quality is consistency.
We have never cancelled or walked away from any class of business. Ever. And we do not anticipate this ever changing.
Client Feedback
“I switched to Prime Insurance for my paragliding business in Tennessee in 2018. These past few years have been easy knowing that Prime has me covered.
“From customer service to protecting you and your business, it is clear to me that no one can offer you better coverage for a better price. Quality counts, and Rick Lindsey and his team are the top company in the insurance industry.”
David H.
“As a broker who loves placing creative and difficult risks, Prime Insurance has been a wonderful underwriting partner in helping our insureds find coverage.”
Ben H.
“Prime Insurance is a company that is really committed to helping its customers. They collaborate with you, providing protection through education and ultimately enabling your business to operate with the confidence that comes from their wisdom and experience. I’ve been with them for many years and have more trust in them than ever. A reputable insurance company puts its customers first.”
Kent M.
