In 1994, two years after Hurricane Andrew devastated The Bahamas and South Florida, Summit Insurance Co.Ltd. was formed to help fill the void created by retreating UK & US insurers who had been negatively impacted by Andrew. The company was the brainchild of Cedric Saunders, President of Insurance Management (Bah) Ltd., who invited several of his larger clients to join him in the investment. The group raised $5m in start-up capital, the highest of any Bahamian insurer start-up, to demonstrate their commitment to forming a stable company that would be around for the long term.