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:
|1999||Hurricane Floyd||$24m Paid|
|2001||Hurricane Michelle||$7m Paid|
|2004||Hurricane Frances||$60m Paid|
|2005||Hurricane Wilma||$15m Paid|
|2011||Hurricane Irene||$6.9m Paid|
|2012||Hurricane Sandy||$4.3m Paid|
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.