AM Best confirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent) of
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
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Source: AM Best