PrimeOne Ins Co
Major Rating Factors:
Poor long-term capitalization index (0.6 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the fair range during the last year. A history of deficient reserves (2.4) that places pressure on both capital and profits. In 2024 the one year reserve development was 52.9% deficient. Weak profitability index (2.7) with operating losses during 2021, 2023 and 2024. Average return on equity over the last five years has been poor at -5.5%.
Other Rating Factors:
Weak overall results on stability tests (2.4) including weak risk adjusted capital in prior years and weak results on operational trends. The largest net exposure for one risk is excessive at 12.9% of capital. Excellent liquidity (8.0) with ample operational cash flow and liquid investments.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
D - Limited diversification of general business, policy, and/or investment risk.
G - Fast asset or premium growth.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (46.6%), comm multi (15.9%), fire (1.3%), other (36.2%)
Licensed in:
AL, AZ, MI, NM, NV, TX, UT
Principal Investments:
Cash (48.3%), investment grade bonds (26.7%), preferred stock (13.5%), non investment grade bonds (2.0%), other (9.4%)
Corporate Info
Group Affiliation
Freyja Holdings Inc
Investment Rating
--
Company Address
16100 N. 71st Street
Scottsdale, AZ 85254
Scottsdale, AZ 85254
Phone Number
(385) 258-2740
NAIC Number
13721
Website
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