Summit’s Matthew Loss Peaks at $37m

In News Releases by Summit Insurance

By Neil Hartnell, Tribune Business Editor A Bahamian insurer yesterday revealed it had incurred $37 million in gross losses from Hurricane Matthew, and warned that “some small increase” in local insurance premiums may result in 2017. Tim Ingraham, Summit Insurance Company’s president, said some reinsurance industry players – particularly those forced into making Hurricane Matthew-related payouts – were “pushing rates northwards”. Given …

A.M. Best Assigns Credit Ratings to Summit Insurance Company Limited

In News Releases by Summit Insurance

FOR IMMEDIATE RELEASE OLDWICK – OCTOBER 25, 2016 A.M. Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” to Summit Insurance Company Limited (Summit) (Nassau, Bahamas). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Summit’s supportive balance sheet strength, historically favorable operating results …