PRIMEX grew out of a 1985 feasibility study that explored the likelihood of using the capital and financial strength of the chemical industry to form a facility to provide excess liability insurance. At that time, excess liability insurance was either not available in sufficient amounts or on acceptable terms and conditions from the conventional insurance market.

 

Established on April 14, 1986, the company was initially capitalized by 16 chemical and industry-related companies, which also became the original shareholders and also policyholders effective July 1 of that year. Beginning July 1, 1995, PRIMEX entered into successive agreements with major reinsurance companies, enabling the captive insurer to provide Excess Liability limits of $25 million with Primex.

 

Participation in PRIMEX does not simply involve buying commercial insurance where premiums are “sunk costs.” Members see it as a means of sharing risk with all other member companies. In addition, PRIMEX offers stability for future insurance needs, as well as a predictable and reliable insurance source.

 

Each policyholder is required to purchase a minimum stock in the Company. The current share purchase requirement is $250,000.

 

At December 31, 2017, the Company had net assets of $116,373,023 and capital and surplus of $71,014,458.

 

 

This website is not an offer to sell, nor does it solicit an offer to buy, Primex, Ltd. shares. Such an offer is made only by the offering memorandum and is not made in any jurisdiction where such an offer or sale would be unlawful.