Prime Insurance Agency

What Prime Insurance Agency does

Prime Insurance Agency is a privately held independent insurance agency founded in 2001 and headquartered in Lakewood, New Jersey. The agency is a three-generation family-run operation led by CEO Sol Ilowitz and President Pearl Ilowitz, with 38 listed staff across Commercial Lines, Personal Lines, Account Servicing, Operations, and Life & Financial Services. It operates from four physical offices in Lakewood and Deal, New Jersey and Brooklyn and Spring Valley, New York, claiming the ability to serve customers nationwide.

Name

Prime Insurance Agency

Legal name

Prime Insurance Agency

Website

https://primeins.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Prime Insurance Agency is an independent insurance agency founded in 2001, serving individuals and small-to-mid-sized businesses across New Jersey and New York with auto, home, commercial, life, and specialty insurance via 40+ carriers.

Ownership category

akta.pro rank

Headquarters

HQ city

Lakewood

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Agency Commissions: Prime Insurance Agency operates as an independent insurance agency earning commissions from multiple insurance carrier partners. They represent 40-43 insurance companies including major carriers such as ACE, Chubb, CNA, Progressive, Travelers, Liberty Mutual, MetLife, and Zurich. Revenue is generated through commissions on policy premiums placed with these carriers.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Prime Insurance Agency is an independent insurance agency that places personal and commercial insurance policies on behalf of customers by shopping 40-plus rated insurance carriers, including ACE, Chubb, CNA, Progressive, Travelers, Liberty Mutual, MetLife, and Zurich. Core offerings span auto, homeowner, business, life, and flood insurance, supplemented by specialty lines such as motorcycle, boat, RV, classic car, condo, renters, earthquake, umbrella, commercial auto, commercial liability, commercial property, workers compensation, bonds, cyber liability, and grocery/supermarket coverage. The agency provides comparison quotes, policy servicing, and claims assistance through four offices in New Jersey and New York.

Product overview

Prime Insurance Agency is an independent insurance agency offering a comprehensive portfolio of insurance products across personal and commercial lines. The core offerings include Auto Insurance, Homeowner Insurance, Business Insurance, Life Insurance, and Flood Insurance, which are complemented by specialized add-on modules including Motorcycle Insurance, Classic Car Insurance, Boat Insurance, RV Insurance, Condo Insurance, Renters Insurance, Earthquake Insurance, and Umbrella Insurance for personal coverage. Commercial add-ons include Commercial Auto Insurance, Commercial Liability Insurance, Commercial Property Insurance, Commercial Umbrella Insurance, Workers Compensation Insurance, Bonds, Grocery & Supermarket Insurance, Off-Road Vehicle Insurance, and Cyber Liability Insurance. The agency acts as an independent agency representing over 40 insurance companies, enabling them to shop multiple carriers to find tailored coverage at competitive rates for customers across New Jersey and New York.

Differentiator

Problem solved

Functional benefit

Products and services

• Auto Insurance Affordable and comprehensive auto insurance coverage tailored to individual driver needs, including coverage for personal vehicles, liability, and collision protection, sourced across the agency's carrier network.
• Homeowner Insurance Homeowners insurance providing tailored coverage for residential properties at competitively low quotes, protecting against property damage, liability, and personal belongings.
• Business Insurance Comprehensive business insurance coverage including commercial property, general liability, and industry-specific policies to protect businesses of all sizes.
• Life Insurance Life insurance policies that evolve with changing life circumstances, offering affordable coverage options to protect families and dependents.
• Flood Insurance Flood insurance coverage to protect homes and businesses from flood damage, particularly important for storm-exposed zones and coastal areas.
• Motorcycle Insurance Specialized insurance coverage for motorcycles including policies for pleasure riding, work commutes, school transportation, and off-road use.
• Commercial Auto Insurance Insurance coverage for commercial vehicles including trucks, vans, and fleet vehicles used for business purposes.
• Commercial Liability Insurance General liability coverage for businesses protecting against third-party claims for bodily injury, property damage, and personal injury.
• Commercial Property Insurance Property insurance coverage for commercial buildings, equipment, inventory, and business assets against physical loss or damage.
• Commercial Umbrella Insurance Excess liability coverage providing additional protection beyond standard commercial policy limits for catastrophic losses.
• Workers Compensation Insurance Workers comp coverage protecting employers from costs associated with employee injuries, illnesses, or deaths sustained during employment.
• Bonds Surety bonds including construction bonds, license bonds, and miscellaneous bonds for contractors and special risk categories.
• Boat Insurance Recreational boat and watercraft insurance coverage for vessels including protection against physical damage and liability.
• Classic Car Insurance Specialized insurance for antique and classic automobiles providing agreed value coverage and specialized restoration protection.
• Condo Insurance Condominium insurance coverage protecting unit owners against property damage, liability, and loss of personal belongings.
• Earthquake Insurance Special coverage for earthquake damage to property, providing financial protection against seismic events not covered by standard policies.
• Renters Insurance Coverage for renters protecting personal belongings and providing liability protection for tenants in rented properties.
• RV Insurance Recreational vehicle insurance for motor homes, travel trailers, and camper vans with coverage options for both personal use and full-time living.
• Personal Umbrella Insurance Personal umbrella liability coverage providing excess protection above auto and homeowner policy limits for catastrophic incidents.
• Landlord Protection Insurance Landlord insurance coverage protecting rental property owners against property damage, loss of rental income, and liability claims.
• Off-Road Vehicle Insurance Insurance coverage for off-road vehicles including ATVs, dirt bikes, and other recreational off-highway vehicles.
• Grocery & Supermarket Insurance Industry-specific insurance coverage for grocery stores and supermarkets including product liability, refrigeration coverage, and workers compensation.
• Cyber Liability Insurance Cyber insurance coverage protecting businesses against ransomware, data breaches, system shutdowns, and cyberattacks with coverage including fraudulent wire transfers and client lawsuits.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

20 partnerships are on record, tiered core.

• ACE InsurancecoreChannel Partner/ Reseller/ DistributorMajor insurance carrier partner represented by Prime Insurance Agency. Part of the 40+ carrier network offering auto, property, casualty, and specialty insurance products to customers.
• ChubbcoreChannel Partner/ Reseller/ DistributorPremier insurance carrier specializing in high-value personal insurance and commercial risk solutions. One of 40+ carriers represented for tailored coverage.
• CNAcoreChannel Partner/ Reseller/ DistributorCommercial insurance specialist offering business lines coverage. Part of the carrier network providing business insurance solutions.
• ProgressivecoreChannel Partner/ Reseller/ DistributorMajor national auto and home insurance carrier. One of the primary carriers in Prime's network for competitive auto insurance rates.
• TravelerscoreChannel Partner/ Reseller/ DistributorLeading commercial and personal insurance carrier. Part of 40+ carrier network providing comprehensive coverage options.
• Liberty MutualcoreChannel Partner/ Reseller/ DistributorMajor insurance carrier offering personal and commercial insurance products. Included in Prime's carrier network for customer coverage options.
• MetLifecoreChannel Partner/ Reseller/ DistributorGlobal insurance provider offering auto, home, and life insurance. One of the carriers available through Prime's comparison network.
• Zurich InsurancecoreChannel Partner/ Reseller/ DistributorGlobal commercial and personal insurance carrier. Prime Insurance Agency is a designated Zurich Insurance agent in NJ.
• The HartfordcoreChannel Partner/ Reseller/ DistributorBusiness insurance specialist and personal insurance carrier. Part of the carrier network for business and commercial coverage.
• SafecocoreChannel Partner/ Reseller/ DistributorPersonal insurance carrier specializing in auto and home coverage. Available through Prime's carrier network.
• Foremost InsurancecoreChannel Partner/ Reseller/ DistributorSpecialty insurer offering manufactured housing, motorhome, and specialty property coverage. Part of carrier network.
• EmployerscoreChannel Partner/ Reseller/ DistributorWorkers compensation insurance specialist. Prime Insurance is an approved representative for Employers workers comp coverage.
• StillWatercoreChannel Partner/ Reseller/ DistributorProperty and casualty insurance carrier. Available through Prime's network for NY boroughs and other coverage.
• USLIcoreChannel Partner/ Reseller/ DistributorSpecialty insurance carrier offering commercial lines products. Part of the carrier network for business coverage.
• ASIcoreChannel Partner/ Reseller/ DistributorInsurance carrier partner available through Prime's network. Part of 40+ carrier representation.
• AssurantcoreChannel Partner/ Reseller/ DistributorInsurance carrier partner in Prime's network. Offers specialty insurance products through the agency.
• Plymouth RockcoreChannel Partner/ Reseller/ DistributorRegional auto insurance carrier offering sports membership programs. Prime Insurance offers Plymouth Rock coverage options.
• American European Insurance GroupcoreChannel Partner/ Reseller/ DistributorRegional insurance carrier partnered with Prime Insurance for customer coverage options.
• NJ Skylands InsurancecoreChannel Partner/ Reseller/ DistributorNew Jersey-focused insurance carrier. Prime Insurance is an appointed representative for NJ Skylands coverage.
• Providence MutualcoreChannel Partner/ Reseller/ DistributorRegional mutual insurance carrier. Prime Insurance partnered with Providence Mutual to welcome new management.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• HUB International: Major North American insurance brokerage serving commercial and personal lines across the US and Canada. Comparable multi-carrier distribution model but vastly larger scale and broader geographic reach.
• Brown & Brown: National insurance brokerage and risk management firm. Comparable independent agency model distributing across carriers, but operates at significantly greater scale with public-company resources.

Direct peers

• Frenkel & Company: Independent insurance brokerage serving commercial and personal clients. Comparable multi-line independent agency distribution model with similar size range.
• Cottingham & Butler: Mid-sized independent insurance brokerage distributing across multiple carrier partners. Comparable multi-line independent agency with regional office presence.
• The Horton Group: Independent insurance, benefits, and risk management firm. Comparable independent agency model with personal and commercial distribution across multiple carrier partners.
• World Insurance Associates: Large independent insurance agency network operating across multiple US states. Comparable as a multi-line independent agency distributing personal and commercial coverage through carrier partnerships, though significantly larger in scale.
• Higginbotham: Independent insurance and financial services firm operating across multiple states with personal and commercial lines. Directly comparable as a multi-carrier independent agency with regional office footprint.
• Insurance Office of America: Privately held independent insurance agency distributing personal and commercial lines. Comparable independent multi-carrier model with similar family/private ownership profile.
• RPS (Risk Placement Services): Specialty wholesale insurance brokerage placing coverage through carrier networks. Adjacent peer given Prime's specialty distribution approach, though RPS operates more on the wholesale side.
• Starkweather & Shepley Insurance: Family-run regional insurance brokerage with multi-line personal and commercial products. Comparable as a multi-generational independent agency with deep regional roots and carrier network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/primeinsure
• Facebookfacebook.com/PrimeInsuranceNJ
• LinkedInlinkedin.com/company/view

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Prime Insurance Agency