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In 1994, two years after hurricane Andrew devastated The Bahamas and South Florida, Summit Insurance Co.Ltd. was formed to help fill the void created by retreating UK & US insurers who had been negatively impacted by Andrew. The company was the brainchild of Cedric Saunders, President of Insurance Management (Bah) Ltd., who invited several of his larger clients to join him in the investment. The group raised $5m in start up capital, the highest of any Bahamian insurer start up, to demonstrate their commitment to forming a stable company which would be around for the long term. Colin Jones, a veteran of The Caribbean Insurance Industry was selected to run the company and was succeeded by Timothy Ingraham in January of 2006.


In the twenty five years since its formation, Summit, which writes most classes of P&C business in The Bahamas, has remained true to its mission of providing excellent service and products to its customers whilst giving a reasonable return to its shareholders. Net capital has grown from the original $5m to over $25m, thanks to its conservative underwriting and reinsurance philosophy. In 2016 A.M. Best awarded the company a rating of A-(Stable) citing, among other reasons, a strong balance sheet and favorable historical operating results.


Summit's team of highly qualified professionals, working with our agents, continue to guide the company on a path of success, whilst remaining flexible and innovative.


In all aspects of products, sales, service and the speed and efficiency with which we transact our business and settle claims, we aim to be not just a good insurance company, but the best.

Hurricane Floyd

Hurricane Michelle

Hurricane Frances

Hurricane Wilma

Hurricane Irene

Hurricane Sandy

Hurricane Matthew

$  24m Paid

$    7m Paid

$  60m Paid

$  15m Paid

$ 6.9m Paid

$ 4.3m Paid

$  37m Paid


Summit Insurance was established in 1994 by a group of local businessmen with $5 million in seed money.

This startup capital was, by far, the largest of any new local insurance company and underscored the shareholders

commitment to building a stable and secure insurance company.


Colin Jones, a veteran of the Caribbean and U.K. insurance industries, was selected to manage the venture through

its formative years. In January 2006, when Colin Jones retired, Tim Ingraham, a Bahamian with over 20 years

experience in the local and U.K. insurance industries, took over the day-to-day running of the company.

During its brief history, Summit has weathered many storms – literally and figuratively.

The most significant of these were:


Year Hurricane Amount

Our focus on conservative underwriting techniques and preservation of capital has helped us

to handle these losses without putting significant pressure on our resources.

Throughout our history, we have consistently performed at or near the top of our market in most relevant

performance ratios. This includes return on equity, return on income and underwriting ratios.

Today, our highly qualified staff of ten (10) is working with our exclusive agents, Insurance Management (Bah) Ltd.

to ensure that Summit remains at the top of the local insurance market.









We will strive to ensure that Summit becomes the leading insurer in The Bahamas and establishes a reputation for excellence. Our prime objective is to promote and encourage the profitable growth of our business throughout the islands of The Bahamas with the expertise and knowledge of our staff and agents.

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