LAKELAND, Fla., Dec. 20, 2010 /PRNewswire/ -- Summit, a leading provider of workers' compensation insurance services in the southeastern United States, today announces that Brad Ritter, FCAS, has been named to the position of Vice President of Underwriting, in conjunction with the retirement of D. Lynn Houser who has held this position for the past 10 years. Ritter will assume this new role effective January 1, 2011, and will continue to serve as Chief Actuary—a position he has held since 2004.
According to Carol Sipe, Summit President and CEO, "Ritter brings tremendous depth to our company's financial acumen, specifically advancing our business development initiatives and overseeing our underwriting effectiveness. As he assumes the management of our existing business, Ritter will use his skills as Chief Actuary to enhance our forecasting ability while continuing to evaluate the financial impact of current economic, legal and social trends on our risk quotient. All of this allows us to provide the very best in workers' compensation services while growing with our independent agent partners."
Before joining Summit in 2001, Ritter worked with both the National Council on Compensation Insurance (NCCI) and the Assurant Group, headquartered in Boca Raton and Miami, respectively. He is a 1991 graduate of the University of Wisconsin-Stout. As a Fellow of the Casualty Actuarial Society (FCAS), Ritter is one of only about 3,500 actuaries nationwide who have passed the series of rigorous exams required to be eligible for this status in the prestigious society. He was the first person to fill the Chief Actuary position at Summit.
Houser is retiring on January 31, 2011, with 40 years of service to Liberty Mutual; the past 10 with Summit, a Liberty Mutual subsidiary. According to Sipe, "Houser has been an integral part of Summit's exponential growth over the past 10 years. Since he joined Summit in 2000, the company has tripled its number of policyholders. Because of his leadership, our position as a leader in the workers' compensation industry remains solid."
Summit provides workers' compensation products and services to businesses distributed through independent agencies in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. Summit, which includes Summit Consulting Inc. and its subsidiaries, is based in Lakeland, Florida, and has offices in Baton Rouge, Louisiana, and Gainesville, Georgia. Summit is a member of Liberty Mutual Group, a diversified global insurer and the fifth largest property and casualty insurer in the U.S. based on 2009 direct written premium. Liberty Mutual Group ranks 71st on the Fortune 500 list of the largest U.S. corporations based on 2009 revenues.