Major Rating Factors:
Fair long-term capitalization index (3.8 on a scale of 0 to 10) based on fair current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the excellent range during the last year. Fair reserve development (3.4) as the level of reserves has at times been insufficient to cover claims. In 2022 and 2024 the two year reserve development was 16.3% and 19.5% deficient respectively. Fair profitability index (4.4) with operating losses during 2024. Return on equity has been fair, averaging 14.4% over the past five years.
Other Rating Factors:
Fair overall results on stability tests (3.1) including weak results on operational trends and fair risk adjusted capital in prior years. The largest net exposure for one risk is excessive at 8.0% of capital. Excellent liquidity (8.4) with ample operational cash flow and liquid investments.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (65.1%), fire (5.9%), homeowners (1.8%), other (27.3%)
Licensed in:
(No states)
Principal Investments:
Investment grade bonds (77.5%), common stock (15.0%), cash (1.4%), non investment grade bonds (0.2%), other (6.0%)
Corporate Info
Group Affiliation
Prime Holdings Ins Services Inc
Investment Rating
--
Company Address
8722 South Harrison Street
Sandy, UT 84070
Sandy, UT 84070
Phone Number
(801) 304-5500
NAIC Number
12588
Website
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