Summit Ins Co a RRG
Major Rating Factors:
Poor long-term capitalization index (0.6 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the fair range during the last year. Weak profitability index (2.5) with operating losses during each of the last five years. Weak overall results on stability tests (0.0) including excessive premium growth, weak results on operational trends and weak risk diversification. The largest net exposure for one risk is excessive at 65.0% of capital.
Other Rating Factors:
Fair reserve development (4.2) as reserves have generally been sufficient to cover claims. In 2025 the one year reserve development was 19.5% deficient. Superior liquidity (10.0) with ample operational cash flow and liquid investments.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
D - Limited diversification of general business, policy, and/or investment risk.
E - Lack of operating experience.
F - Negative cash flow.
G - Fast asset or premium growth.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (100.0%)
Licensed in:
SC
Principal Investments:
Cash (66.3%), investment grade bonds (33.7%)
Corporate Info
Group Affiliation
None
Investment Rating
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Company Address
701 East Bay Street
Charleston, SC 29403
Charleston, SC 29403
Phone Number
(843) 884-5902
NAIC Number
16653
Website
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