A.M. Best has assigned a financial strength rating of “A (Excellent)” and an issuer credit rating of “a” to SUMIT, the Bermuda-domiciled captive of SUMIT Insurance Company.
The captive is wholly owned by Stanford Health Care and Lucile Packard Children’s Hospital Stanford.
It provides medical professional liability coverage, hospital professional liability, general liability, miscellaneous error and omissions insurance and managed care liability for Stanford Health Care, Lucile Packard Children’s Hospital and Stanford Children’s Health, the Stanford University School of Medicine.
According to A.M. Best, the ratings reflect SUMIT’s strong consolidated capitalisation, business strategy and legal structure.
The ratings also consider the company’s strategic role as part of Stanford Health Care/Lucile Packard Children’s Hospital and Stanford Children’s Health, as well as the “excellent” performance of its operations and enterprise risk management.
