Summit Holding Southeast's Subsidiary Receives Top-Notch Insurance Rating

Strategic Insights -

Summit Holding Southeast, a Florida-based workers' compensation provider, has announced that its subsidiary, Bridgefield Casualty Insurance Company, has received an "A+" (Superior) rating from A.M. Best Company, a renowned insurance rating and information source. This exceptional rating reflects the company's superior financial strength, operating performance, and market profile. The rating comes on the heels of Liberty Mutual's purchase of Summit Holding Southeast, with both companies being 100% reinsured by Liberty Mutual. This move has provided Bridgefield Casualty with the necessary financial backing to secure the top-notch rating.

Key Takeaways:

  • Bridgefield Casualty Insurance Company, a subsidiary of Summit Holding Southeast, has received an "A+" (Superior) rating from A.M. Best Company, a testament to its exceptional financial strength and operating performance.
  • The company's superior rating reflects its market profile, with both Summit Holding Southeast and its subsidiary being 100% reinsured by Liberty Mutual.
  • The rating signifies that Bridgefield Casualty is considered "secure" and not vulnerable to downturns in business, the economy, or the regulatory environment.
  • Summit Consulting, Inc. of Louisiana, the managing party, administers workers' compensation insurance programs in Louisiana and has done so for over 18 years.
  • The Liberty Mutual Group's purchase of Summit Holding Southeast has provided the necessary financial backing for Bridgefield Casualty to secure the top-notch rating.
  • Hank Chiles, president of Summit Consulting, Inc. of Louisiana, emphasizes that the internal reinsurance program gives Bridgefield Casualty the credibility and attractiveness to employers seeking strong workers' compensation coverage.
  • The "A+" classification also allows Bridgefield Casualty to write business for companies that require A-rated insurers.

Statistics:

  • Bridgefield Casualty Insurance Company specializes in writing workers' compensation for contractors (no specific data available)
  • Manufacturers (no specific data available)
  • Public entities (no specific data available)
  • The company has been administering workers' compensation insurance programs in Louisiana for over 18 years.
  • Summit Holding Southeast is a Florida-based workers' compensation provider (no specific data available).
  • Liberty Mutual's purchase of Summit Holding Southeast has provided the necessary financial backing for Bridgefield Casualty to secure the top-notch rating.

Sources:

  • A.M. Best Company, PRNewswire, "A. M. Best Assigns Ratings to Blue Cross and Blue Shield of Texas, Northwest Tennessee, and Other Health Insurers"
  • PRNewswire, "Summit Holding Southeast Announces Its Subsidiary Receives 'A+' Rating from A.M. Best"