A M Best affirms Summit’s A- (Excellent) Rating

A.M. Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “A-” of Summit Insurance Company Limited (Summit) (Nassau, Bahamas). The outlook for 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 adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings also consider Summit’s conservative investment policy, high liquidity and effective risk management procedures that include an appropriate reinsurance program developed to mitigate exposure to natural catastrophes. Summit’s capital position is enhanced by investment income and organic surplus growth achieved from profitable underwriting results.

The business profile is limited mainly due to the company’s geographic concentration within the Bahamas, which exposes them to moderate economic, political and financial system risk. Summit also has significant exposure to natural catastrophes in the Caribbean and high dependence on reinsurance. Additionally, the continuing soft market conditions and high competition in the Bahamas remain obstacles for growth. However, the recent hurricane activity, although not affecting the Bahamas directly, has led to a harder reinsurance market in the Caribbean, and rates are expected to trend upwards for the next 12 months.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.


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.

© SUMMIT INSURANCE 2019 ALL RIGHTS RESERVED

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