AM Best affirms Summit Insurance Company Limited credit ratings

0

OLDWICK, New Jersey– (BUSINESS WIRE) –
AM Best confirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent) of Summit Insurance Company Limited (Mountain peak) (Nassau, Bahamas). The outlook for these credit ratings (ratings) is stable.

The ratings reflect the strength of Summit’s balance sheet, which AM Best considers to be the strongest, as well as its strong operational performance, limited business profile and appropriate management of enterprise risk.

Summit’s balance sheet strength is at the highest level, based on favorable risk-adjusted capitalization, favorable earnings, which have generally contributed to excess growth, and the company’s use of reinsurance to reduce its net exposure to natural disasters, in particular wind events. The overall operating performance of the company has been strong and operating metrics remain strong, particularly during the disaster-free years.

However, AM Best considers Summit’s business profile to be limited due to the geographic concentration and product line in the Bahamas. This continues to expose Summit to very competitive pricing conditions, high risk to the economic and financial system, and moderate political risk from the market. Bahamas, as well as changes in the underwriting cycle and the potential for large gross losses due to extreme weather events. The ratings also take into account the very competitive conditions of the national P&C insurance market.

This press release relates to credit ratings published on the AM Best website. For all rating information relating to the publication and relevant disclosures, including details of the office responsible for the publication of each of the individual ratings referenced in this publication, please see AM Best Recent rating activity Web page. For more information on the use and limits of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s credit scores, Best’s preliminary credit reports, and AM Best’s press releases, please see Guide to Proper Use of Best Ratings and Reviews.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Based at United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico. For more information visit www.ambest.com.

Copyright © 2021 by AM Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.

src = “https://cts.businesswire.com/ct/CT?id=bwnewssty=20211214005860r1sid=acqr8distro=nxlang=en” style = “width: 0; height: 0” />

Ricardo Longchallon
Senior Financial Analyst

+1 908 439 2200, ext. 5676

[email protected]

Sharon Pereira Marks
Director

+1 908 439 2200, ext. 5477

[email protected]

Christophe sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

Jim peavy
Director, Communications

+1 908 439 2200, ext. 5644

[email protected]

Source: AM Best


Source link

Share.

About Author

Comments are closed.