Summit Ins Co a RRG
Major Rating Factors:
Weak profitability index (2.7 on a scale of 0 to 10) with operating losses during 2021, 2022, 2023, 2024 and the first six months of 2025. 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 49.2% of capital. Fair long-term capitalization index (3.1) based on fair current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the excellent range during the last year.
Other Rating Factors:
Fair reserve development (4.5) as reserves have generally been sufficient to cover claims. 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.
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 (70.3%), investment grade bonds (29.7%)
Corporate Info
Group Affiliation
None
Investment Rating
--
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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Largest Affiliates
No affiliate information available.