A.M. Best Affirms Credit Ratings of Summit Insurance Company Limited

OLDWICK, N.J., November 13, 2018


A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Summit Insurance Company Limited (Summit)

(Nassau, Bahamas). The outlook of these Credit Ratings (ratings) is stable.







The ratings reflect Summit’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.


The ratings also take into consideration the highly competitive property/casualty insurance market conditions in the Bahamas, the company’s elevated gross exposure to natural catastrophes and the moderate country risk of The Bahamas. The balance sheet strength is at the strongest level based on supportive risk-adjusted capitalization, favorable earnings, which have been accretive to surplus growth, and the extensive use of reinsurance to reduce Summit’s net exposure to natural catastrophes such as hurricanes.


Overall operating performance has been strong and profitability ratios have been better than its peer group. However, the business profile is considered limited due to Summit’s geographic and product line concentration. This exposes the company to highly competitive soft pricing conditions, moderate economic and political risk, elevated financial

system risk, as well as changes in the underwriting cycle and the potential for significant losses from severe weather-related events.


The outlook is stable as A.M. Best anticipates that Summit will be able to maintain its balance sheet strength through continued strong earnings and effective use of reinsurance. The ratings could be impacted either positively or negatively by changes in The Bahamas’ country risk tier ranking. The ratings also may be negatively impacted by a material weakening in Summit’s risk-adjusted capitalization or a weakening in overall profitability

or underwriting performance to a level that trails similarly rated peers.


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SUMMIT INSURANCE COMPANY LIMITED

NO. 42 MONTROSE AVE 

SEARS HILL

 P.O. BOX SS-19028 

NASSAU, THE BAHAMAS.

VISION STATEMENT

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.

TELEPHONE

1 (242) 677-7878/9  |  1 (242) 328-2365 

Email: info@summitbahamas.com

Website: www.summitbahamas.com

MISSION STATEMENT

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.

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