Summit Insurance Ltd. was created from the need of businesses to get adequate insurance coverage at a more affordable cost. The founding members of Summit Insurance perceived that the commercial insurance industry was not responsive to this basic business necessity.
Summit Insurance was formed in 1994. With the assistance of Captive Resources the original members of Summit sought to create a more customized, affordable insurance alternative. In forming Summit, the goal of these business owners was to increase buying power and allow member companies many of the same advantages of control generally afforded to only the largest of companies.
The mission of Summit Insurance Ltd. is to provide the highest quality insurance protection for its diverse non-related shareholders. By bonding together to create a true sharing of risk, the shareholders can control their insurance costs and avoid the volatility of the general insurance industry. Additional benefits are created through the increased assurance of coverage, the stabilization of premiums and the improved management of risk through effective loss control.
The company, through the active participation of its shareholders, provides the long-term security of a well-managed offshore insurance company. To meet this goal, only those providers of services that can meet the highest standards of excellence shall be associated with Summit.
The philosophy of Summit emphasizes that insurance is a controllable manageable cost. Through the understanding of insurance as a business, Summit shareholders have unveiled the mystique of the insurance industry. Based upon this simple yet powerful concept, Summit has grown to a company $30,000,000 strong in annual premiums. Through ownership in Summit, shareholders have indeed taken control of their insurance destiny.