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FINANCIAL | Insurance / Insurance Broker
premierinsur.com

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Founded Year

1979

Stage

Acquired | Acquired

About Premier Insurance

Premier Insurance (Premier) is an Idaho-based insurance brokerage firm offering a full range of Personal, Commercial and Employee Benefits products and services. Premier handles a diversified book of business, with specialties in the farm/dairy, crop and trucking industries. They offer a wide array of insurance and risk management solutions, including workers' compensation and wellness programs. Premier has four locations - Boise, Twin Falls, Blackfoot and Idaho Falls.In January 2013, Premier Insurance was acquired by Hub International. The valuation of Premier Insurance was undisclosed. Other terms of the deal were not released.

Premier Insurance Headquarter Location

157 River Vista Place

Bakersfield, California, 93301,

United States

208-734-1711

Latest Premier Insurance News

AM Best : Affirms Credit Ratings of Premier Insurance Company Limited

Oct 13, 2021

10/13/2021 | 09:27am EDT Message : *Required fields AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Premier Insurance Company Limited (Gibraltar). The outlook of these Credit Ratings (ratings) is stable. The company is wholly owned by Premier Underwriting Holdings (Gibraltar) Limited (Premier), which is the ultimate non-operating holding company and consolidating rating unit for the group. The ratings reflect Premier’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. Premier’s balance sheet strength is underpinned by its strongest level of risk-adjusted capitalisation, as measured by Best Capital Adequacy Ratio (BCAR), which has been supported by internal capital generation through the retention of earnings over time. The company’s conservative reserve management has provided stability to its balance sheet, which is supported by sufficient levels of liquidity. An offsetting factor in Premier’s balance sheet strength assessment is the potential for volatility in risk-adjusted capitalisation. This is due to its small absolute capital base and the company’s dependence on reinsurance. Premier’s focus on bottom-line profitability is evidenced by profits reported in each of the past five years, translating to a five-year (2016-2020) weighted average return on equity of 7.4%. Historically, good underwriting results have been observed despite a highly competitive pricing environment, with the company posting a five-year (2016-2020) weighted average combined ratio of 90.5%. However, results can be volatile due to the company’s small operational scale, as demonstrated in 2019, when the company reported a combined ratio in excess of 100% due to the poor performance of one book of business and lower-than-expected earned premiums. Underwriting profitability has returned in 2020, benefiting from reduced claims frequency owing to COVID-19 lockdown measures and the cancellation of underperforming accounts. Premier has successfully navigated the fiercely competitive U.K. motor market to date through its proven business strategy of targeting a niche segment. The company writes a small book of business that is concentrated by product offering and geography. In 2020, Premier reported a 29% growth in revenue, with gross written premium of GBP 33.3 million. AM Best expects the company to generate modest growth over the near term, supported by its long-term relationships with its distribution partners. 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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments . AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com . Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on businesswire.com: https://www.businesswire.com/news/home/20211013005718/en/ © Business Wire 2021

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