What's Happening?
Summit, a workers' compensation provider, has announced the expansion of its coverage offerings to include Delaware and Pennsylvania. This move follows regulatory approval from the insurance departments
of both states for Summit-managed carriers, namely Bridgefield Casualty Insurance Co., Bridgefield Employers Insurance Co., and Bridgefield Indemnity Insurance Co. These carriers are rated 'A+' (Superior) by AM Best. Summit currently manages over $785 million in workers' compensation premiums through 7,000 independent agents across the South, Midwest, and Mid-Atlantic regions. The company already operates in several states, including Alabama, Florida, and Texas. James Wood, the president and CEO of Summit, expressed enthusiasm about serving independent property and casualty agents and their clients in the new states, emphasizing the company's commitment to providing comprehensive claims management and exceptional customer service.
Why It's Important?
The expansion into Pennsylvania and Delaware represents a significant growth opportunity for Summit and its network of independent agents. By broadening its geographic reach, Summit can tap into new markets and potentially increase its market share in the workers' compensation insurance sector. This move also benefits businesses in Pennsylvania and Delaware by providing them with more options for workers' compensation coverage, which can lead to competitive pricing and better service offerings. For Summit, this expansion aligns with its strategy to become a leading resource for workers' compensation across the Mid-Atlantic region, enhancing its reputation and influence in the insurance industry.
What's Next?
With the expansion into these new states, Summit plans to leverage its WriteNow Online Quoting Service to facilitate quote requests for Delaware and Pennsylvania policies. The company is also inviting new agents to seek appointments, which could further strengthen its presence in the region. As Summit integrates into these markets, it will likely focus on building relationships with local agencies and businesses to establish a strong foothold. The success of this expansion could set a precedent for further geographic growth, potentially leading to additional state entries in the future.
