<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


(MARK ONE)
[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
         OF THE SECURITIES EXCHANGE ACT OF 1934

         FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997


                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION  13 OR 15(D) OF
                  THE SECURITIES EXCHANGE ACT OF 1934

         for the transition period from __________ to ____________

Commission file number 0-21933

                         SUMMIT HOLDING SOUTHEAST, INC.
             (Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
                 Florida                                        59-3409855
       <S>                                        <C>
       (State or other jurisdiction               (I.R.S. Employer Identification Number)
   of incorporation or organization)
</TABLE>

                   2310 A-Z Park Road, Lakeland, Florida 33801
               (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:  941-665-6060

Indicate by check mark whether the registrant (1) has filed all documents and
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ___

Indicate the number of shares outstanding of each of the Issuer's classes of
common stock, as of the last practicable date.

<TABLE>
<CAPTION>
              Class                          Outstanding at October 31, 1997
              -----                          -------------------------------
  <S>                                        <C>
  Common Stock, $0.01 Par Value                        5,791,100
</TABLE>


<PAGE>   2


                         SUMMIT HOLDING SOUTHEAST, INC.
                                AND SUBSIDIARIES


                                    FORM 10-Q
                    FOR THE QUARTER ENDED SEPTEMBER 30, 1997
                                Table of Contents
<TABLE>
<CAPTION>
                                                                                                         PAGE
                                                                                                         ----
                <S>                <C>                                                                   <C>
                PART I.            FINANCIAL INFORMATION                                                  1

                  Item 1.          Condensed Consolidated Financial Statements                            1

                                   Condensed Consolidated Balance Sheets as of September 30,
                                   1997 and March 31, 1997                                                1

                                   Condensed Consolidated Statements of Income for the three
                                   and six months ended September 30, 1997 and 1996                       2

                                   Condensed Consolidated Statements of Cash Flows for the
                                   six months ended September 30, 1997 and 1996                           3

                                   Notes to Condensed Consolidated Financial Statements                   4

                  Item 2.          Management's Discussion and Analysis of Financial
                                   Condition and Results of Operations                                    6

                  Item 3.          Quantitative and Qualitative Disclosures About Market Risk             8


                PART II.           OTHER INFORMATION                                                      8

                  Item 4.          Submission of Matters to a Vote of Security Holders                    8

                  Item 6.          Exhibits and Reports on Form 8-K                                       8
</TABLE>

SIGNATURES

INDEX TO EXHIBITS


<PAGE>   3






                         PART 1 - FINANCIAL INFORMATION


ITEM 1.            CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                 SUMMIT HOLDING SOUTHEAST, INC. AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEETS

               (In thousands, except shares and per share amounts)

<TABLE>
<CAPTION>
                                                              September 30,    March 31,
                                                                 1997            1997
                                                                 ----            ----
                                                              (Unaudited)     (Audited)

                                     ASSETS
<S>                                                             <C>           <C>     
Investments:
  Fixed maturities                                              $228,006      $180,075
  Equity securities                                               22,441        18,286
  Short-term investments                                           6,223        14,733
                                                                ----------------------
         Total investments                                       256,670       213,094
Cash and cash equivalents                                          6,480         3,578
Premiums receivable (net of $1,701 and $2,566
      allowance for doubtful accounts, respectively)              88,619        42,397
Reinsurance recoverable                                          113,391        92,324
Recoverable from Florida Special Disability Trust Fund            20,979        20,979
Accrued investment income                                          3,815         3,129
Property and equipment, net                                        1,425         1,452
Goodwill, net                                                     43,712        44,651
Other intangible assets, net                                      10,022        11,078
Deferred income taxes                                             13,074        14,869
Other assets                                                       7,220         8,694
                                                                ----------------------
         Total assets                                           $565,407      $456,245
                                                                ======================

                      LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
  Loss and loss adjustment expense reserve                      $358,679      $358,744
  Note payable                                                    25,040        32,675
  Unearned premiums                                               60,352        11,961
  Other policyholders' funds                                      12,970        16,786
  Accounts payable and accrued expenses                            7,142         5,163
  Deferred revenue                                                 4,469         3,915
  Federal income taxes payable                                     2,622           585
                                                                ----------------------
         Total liabilities                                       471,274       429,829
                                                                ----------------------

Shareholders' Equity:
  Common stock, $.01 par; 20,000,000 shares authorized;
      5,791,100 shares issued and outstanding                         58            --
  Additional paid-in capital                                      57,645            --
  Series A, 4% cumulative preferred stock, $10.00 par;
      5,000,000 shares authorized; 1,639,701 shares issued        16,397            --
      and outstanding
  Retained earnings                                               15,107        25,899
  Net unrealized appreciation of available-for-sale
       securities, less applicable deferred income taxes           4,926           517
                                                                ---------------------
         Total shareholders' equity                               94,133        26,416
                                                                ----------------------

         Total liabilities and shareholders' equity             $565,407      $456,245
                                                                ======================
</TABLE>

            See notes to condensed consolidated financial statements.

                                                                               1
<PAGE>   4
                 SUMMIT HOLDING SOUTHEAST, INC. AND SUBSIDIARIES

                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                      (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                       Three Months Ended       Six Months Ended
                                                       ------------------       ----------------
                                                          September 30            September 30
                                                          ------------            ------------     
                                                        1997        1996         1997       1996
                                                        ----        ----         ----       ----
                                                     (Unaudited) (Unaudited)  (Unaudited) (Audited)
<S>                                                  <C>         <C>          <C>         <C>    
REVENUE
  Premiums earned                                       $ 6,956   $24,239        $11,639   $49,029      
  Net investment income                                   4,091     3,205          7,485     6,363     
  Net realized investment gains                             333        74          1,211         8     
  Administrative fees                                     6,933     8,309         15,087    17,432     
  Other income                                               55       112            171       216     
                                                        -----------------        -----------------     
         Total revenue                                   18,368    35,939         35,593    73,048     
                                                                                                       
LOSSES AND EXPENSES                                                                                    
  Losses and loss adjustment expenses                     5,014    14,631          9,037    32,135     
  Other underwriting, general and administrative          
    expenses                                              6,930    15,920         14,242    30,532     
  Amortization and depreciation                           1,133       870          2,282     2,499     
  Interest expense                                          736       895          1,485     1,831     
                                                        -----------------        -----------------     
         Total losses and expenses                       13,813    32,316         27,046    66,997     
                                                        -----------------        -----------------     
                                                                                                       
Income from continuing operations before income taxes     4,555     3,623          8,547     6,051     
Income tax expense                                        1,490     1,246          2,943     2,400     
                                                        -----------------        -----------------     
Income from continuing operations                         3,065     2,377          5,604     3,651     
                                                                                                       
Loss from disposition and discontinued operations                                                      
  (net of income tax benefit of $371 and $501 
  in 1996, respectively)                                   --         638           --         890     
                                                        -----------------        -----------------     
Income before extraordinary charge                        3,065     1,739          5,604     2,761     
Extraordinary charge for conversion costs                  
  (net of income-tax benefit of $226 in 1996)              --         375           --         375     
                                                        -----------------        -----------------
NET INCOME                                              $ 3,065   $ 1,364        $ 5,604   $ 2,386     
                                                        =================        =================     
                                                                                                       
                                                                                                       
Earnings per common share                               $  0.48      --          $  0.92      --                               
                                                        =================        =================     
                                                                                                       
Weighted average number of common shares outstanding      6,018      --            5,846      --                         
                                                        =================        =================     
</TABLE>

           See notes to condensed consolidated financial statements.


                                                                               2


<PAGE>   5


                 SUMMIT HOLDING SOUTHEAST, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                 (In thousands)

<TABLE>
<CAPTION>
                                                   Six Months Ended September 30
                                                   ---------------- ------------   
                                                         1997        1996
                                                         ----        ---- 
                                                      (Unaudited)  (Audited)
<S>                                                <C>             <C>    

CASH FLOWS USED IN OPERATING ACTIVITIES ............   $(12,076)   $   (866)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investment securities .................    (81,642)    (46,158)
Disposal and maturity of investment securities .....     46,717      51,806
Purchase of equipment ..............................       (165)       (258)
                                                       --------------------
Net cash (used in) provided by investing activities     (35,090)      5,390
                                                       --------------------

CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from the issuance of capital stock ....     57,703        --
Payments on note payable ...........................     (7,635)     (7,500)
                                                       --------------------
Net cash provided by (used in) financing activities      50,068      (7,500)
                                                       --------------------

Net increase (decrease) in cash and cash equivalents      2,902      (2,976)
Cash and cash equivalents at beginning of period ...      3,578      10,702
                                                       --------------------
Cash and cash equivalents at end of period
    Continuing operations ..........................      6,480       7,055
    Operations held for disposition ................         --         556
    Discontinued operations ........................         --         115
                                                       --------------------
        Total ending cash and cash equivalents .....   $  6,480    $  7,726
                                                       ====================
</TABLE>



           See notes to condensed consolidated financial statements.




                                                                          3
<PAGE>   6


                 SUMMIT HOLDING SOUTHEAST, INC. AND SUBSIDIARIES

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1997

NOTE 1 - BASIS OF PRESENTATION

ORGANIZATION

         Summit Holding Southeast, Inc. ("Summit") is the holding company for
Bridgefield Employers Insurance Company ("Bridgefield"), the successor, as of
May 28, 1997, to Employers Self Insurers Fund ("ESIF"), and for Summit Holding
Corporation ("SHC"). On May 28, 1997, ESIF completed a conversion from a group
self-insurance fund to a stock property and casualty insurance company.
Concurrent with this conversion, ESIF's name was changed to Bridgefield, and the
new holding company, Summit, issued (i) 1.64 million shares of its Series A
preferred stock to the former policyholders or members of ESIF in exchange for
the extinguishment of the membership interests of such policyholders in ESIF
including the elimination of the assessibility feature of the membership
interests, and (ii) 5.79 million shares of its common stock to subscribing
former policyholders or members of ESIF, certain members of management, and the
public in a subscription offering and subsequent public offerings. At the same
time, and in connection with a recapitalization to simplify Summit's corporate
structure, all of the capital stock of SHC, which had been owned by ESIF and one
of its subsidiaries prior to the conversion, was acquired by Summit, and SHC
also became a wholly owned subsidiary of Summit. Also, as part of the
recapitalization, SHC's ownership of Bridgefield Casualty Insurance Company
("Bridgefield Casualty") was transferred to Bridgefield.

         The conversion and recapitalization transactions described above are
considered to be similar to pooling of interests transactions. The historical
cost basis accounting of the predecessor companies has been retained, and the
Company's financial statements have been presented using pooling of interests
basis accounting. The conversion and recapitalization transactions had no impact
upon previously reported net income of the consolidated entities.

         The terms and details of these transactions, and the preferred stock
and common stock issued by Summit in connection therewith, are more fully
described in Summit's Registration Statement on Form S-1 (No. 333-16499).

         Subsequent to the conversion and recapitalization, Summit's insurance
subsidiaries, Bridgefield and Bridgefield Casualty (the "insurance
subsidiaries"), will continue to underwrite and assume the underwriting risks
with respect to workers' compensation insurance policies for Florida employers,
and Summit's administrative subsidiaries (SHC and subsidiaries) (the
"administrative subsidiaries") will continue to provide administrative services
for the insurance subsidiaries and for four unaffiliated self-insurance funds.

         In the accompanying notes to condensed consolidated financial
statements, the "Company" refers to Summit and its consolidated subsidiaries.

BASIS OF FINANCIAL REPORTING

         The accompanying condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions for Form 10-Q and Article 10 of
Regulation S-X. Accordingly, certain information and note disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. In the opinion of the
Company's management, all adjustments (consisting solely of normal recurring
adjustments and certain reclassifications) necessary for a fair presentation in
the accompanying condensed consolidated financial statements have been made. The
information included in this Form 10-Q should be read in conjunction with Item
2, Management's Discussion and Analysis of Financial Condition and Results of
Operations, and the consolidated financial statements and notes thereto included
in the Company's Annual Report on Form 10-K for the fiscal year ended March 31,
1997.

         The preparation of financial statements requires management to make
estimates and assumptions that affect the amounts reported in the accompanying
condensed consolidated financial statements and notes thereto. Actual results
may differ from these 

                                                                             4
<PAGE>   7

estimates, and interim results reflected in the accompanying financial
statements are not necessarily indicative of results for a full year.

RECLASSIFICATIONS

         Certain amounts in the accompanying audited consolidated balance sheet
as of March 31, 1997 have been reclassified from that reported in the Company's
Annual Report on Form 10-K for the fiscal year ended March 31, 1997 in order to
better conform with the presentation in the accompanying unaudited condensed
consolidated balance sheet as of September 30, 1997.

NOTE 2 - REINSURANCE

         Effective April 1, 1997, Bridgefield entered into quota share
reinsurance agreements, in addition to existing excess reinsurance agreements,
with American Re-Insurance Company, St. Paul Fire and Marine Insurance,
Constitution Reinsurance Corp., and Transatlantic Reinsurance Co. Accordingly,
beginning on that date and for the six months ended September 30, 1997,
Bridgefield ceded an aggregate of 75% of the net premiums on workers'
compensation policies earned during such period, and the reinsurers, in their
respective proportions, have assumed that same percentage of the risks under
such policies.

         The ceding of 75% of the net premiums earned during the quarter and six
months ended September 30, 1997 has resulted in a reduction of premium revenue,
along with loss and loss adjustment expenses, from that recognized in the
corresponding periods of the prior year. Also, the Company received a ceding
commission relating to these quota share agreements, and such commission is
recognized on an earned basis.

         These quota share agreements do not relieve Bridgefield from its
liability under the workers' compensation policies it issues, but they do make
the assuming reinsurers liable to Bridgefield for the reinsurance ceded.
Therefore, the Company is subject to credit risk with respect to the obligations
of its reinsurers involved in these and all other existing reinsurance
agreements. Although each of the aforementioned quota share reinsurers are
currently rated "A" or better by AM Best Company, any failure on the part of
these reinsurers, as well as those involved in the Company's other existing
reinsurance arrangements, could have a material adverse effect on the Company's
business, financial condition, and results of operations.

NOTE 3 - NOTE PAYABLE

         On May 28, 1997, the date of ESIF's conversion, the Company entered
into a new credit facility with a national banking association whereby the
then-existing debt, consisting of a bank term loan and availability under a
revolving credit agreement, was restructured. Under this new credit facility,
the outstanding debt pertaining to the term loan was established at $32.7
million, and the maximum amount available for borrowings under the revolving
line of credit was established at $5.0 million. Maturities of the term loan and
the schedule of reductions in the amounts available under the revolving line of
credit are set forth in Note 14 to the consolidated financial statements
contained in the Company's Annual Report on Form 10-K for the fiscal year ended
March 31, 1997. The interest rate applicable to the entire debt package was
initially established, and continues, at the prime lending rate plus 1% (9.5% at
September 30, 1997).

         As of and for the quarter ended September 30, 1997, the Company
remained current in its obligation under the term loan and had complied with the
corresponding covenants described in Note 14 to the consolidated financial
statements contained in the aforementioned Annual Report on Form 10-K. Also as
of September 30, 1997, there were no borrowings against the revolving line of
credit. As collateral for the debt, Summit has pledged all of the issued and
outstanding stock of SHC and Bridgefield.

NOTE 4 - RESTRICTION ON RETAINED EARNINGS

         Of the Company's retained earnings as of September 30, 1997 reported in
the corresponding accompanying condensed consolidated balance sheet,
approximately $237,000 is restricted as such amount represents the aggregate
value of the preferred stock preferences, including liquidation and unpaid
cumulative dividend preferences, in excess of the stated value of preferred
stock reported in such balance sheet.


                                                                               5
<PAGE>   8

NOTE 5 - EARNINGS PER SHARE

         Earnings per common share is based upon the weighted average number of
common shares outstanding, for the period from the date of the completion of the
offering through September 30, 1997, adjusted for the effect of the assumed
exercise of stock options. The resulting weighted average common shares
outstanding per the treasury method were calculated for both the three months
and six months ended September 30, 1997 for purposes of the earnings per share
calculation. At March 31, 1997 and prior to ESIF's conversion from a group
self-insurance fund to a stock property and casualty company, common shares were
inapplicable to ESIF as the predecessor of the Company.

NOTE 6 - CONTINGENCIES

         The Internal Revenue Service is currently conducting an audit. The
Company's management cannot predict the results of the audit, and no assurance
can be given that the results of the audit will not have a material adverse
effect on the Company's business, financial condition, or results of operations.

         The Company, in the normal course of business, is named as a defendant
in various legal actions arising principally from claims made under insurance
policies and contracts. Those actions are considered by the Company in
estimating the loss and the LAE reserve. The Company's management believes that
the resolution of those actions will not have a material effect on the Company's
financial position or results of operations.

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

         NET INCOME. The Company realized net income during the quarter ended
September 30, 1997 of $3.1 million, or $0.48 per share, compared to $1.4 million
for the same quarter of the preceding year. Net income for the six months ended
September 30, 1997 was $5.6 million or $0.92 per share, compared to $2.4 million
achieved during the six month period ended September 30, 1996. Significant
factors contributing to this increase in the Company's income are as follows:

         REVENUE: The Company's revenues is generated principally from three
sources: premiums earned on insurance policies written by the insurance
subsidiaries, administration fees earned from the management of four
unaffiliated self-insurance workers' compensation funds, and investment income
generated by the Company's invested assets, including cash and cash equivalent
balances.

For the quarter ended September 30, 1997, earned premiums declined $17.3 million
in comparison to that same quarter of the prior year. Similarly, premiums earned
during the six-month period ended September 30, 1997 declined $37.4 million from
that for the six-month period ended September 30, 1996. The bulk of this decline
is attributable to the quota share reinsurance agreements entered into by
Bridgefield effective April 1, 1997, as is more fully explained in Note 2 to the
accompanying condensed consolidated financial statements. The quota share ceded
premium for the three months ended September 30, 1997 and six months ended
September 30, 1997 was $22.1 million and $44.2 respectively.  The quota share
ceded premium for the three months ended September 30, 1996 was $1.3 million.

Another cause of the decline in earned premiums pertains to Florida legislation 
regarding managed care workers' compensation. Prior to 1997, and as permitted 
by the Florida Department of Insurance (the "Florida DOI"), the Company offered 
a 10% premium credit to those insureds who voluntarily participated in an 
approved managed care workers' compensation arrangement.  Effective January 1, 
1997, the Florida legislation required all insured employers to participate in 
managed care workers' compensation arrangements and, consequently, eliminated 
the 10% premium credit. In response thereto, and based upon other rate-making 
factors, the Florida DOI ordered an 11.2% overall workers' compensation 
insurance rate reduction which applied to new and renewal policies written on 
and after January 1, 1997. This rate reduction and the simultaneous elimination
of the premium credit had the effect of reducing renewal premiums by 
approximately 4.5%, and thereby resulted in a decline of earned premiums, in 
comparison to the same periods of the prior year, of approximately $1.4 million
and $2.8 million during the quarter ended and six-months ended September 30, 
1997, respectively.

                                                                               6
<PAGE>   9

Management's primary business strategy for improving the Company's return on
invested capital is to grow the Company's core workers' compensation business.
Key aspects of the Company's post-conversion business strategy include: (i)
continued use of both self-insurance and indemnity products; (ii) emphasis on
profitable underwriting results; (iii) proactive implementation of managed care;
(iv) leveraging of administrative service capabilities; and (v) emphasis on
excellent customer service.

         ADMINISTRATIVE FEES. During the quarter ended and six-months ended
September 30, 1997, administrative fees declined $1.4 million and $2.3 million,
or 17% and 13%, respectively, from the same period of the prior year. This
decline resulted from the premiums of the administrative subsidiaries'
unaffiliated clients, upon which the Company's administrative fees are based,
being adversely impacted by both the aforementioned 11.2% premium rate reduction
and the competitive marketplace.

         NET INVESTMENT INCOME. Net investment income was $4.1 million and $3.2
million for the quarter ended September 30, 1997 and 1996, respectively. For the
six-months ended September 30, 1997 and 1996, net investment income was $7.5
million and $6.4 million, respectively. This improvement is primarily
attributable to the increase in the volume of invested assets, a major
contributor of which was the proceeds from the issuance of Summit's capital
stock.

         LOSS AND LOSS ADJUSTMENT EXPENSES. Loss and loss adjustment expenses
(LAE) realized a net decline of $9.6 million, or 66%, and $23.1 million, or 72%,
during the quarter ended and six-months ended September 30, 1997, respectively,
from that of the same periods in the prior year. The major source of this change
pertains to Bridgefield's new quota share reinsurance agreements discussed in 
Note 2 to the accompanying condensed consolidated financial statements. As a 
result of the quota share reinsurance transactions, the losses and LAE were 
reduced by $15.0 million and $30.5 million during the quarter ended and 
six-months ended September 30, 1997, respectively. The quota share ceded losses 
for the three months ended September 30, 1996 was $0.8 million.

         OTHER UNDERWRITING, GENERAL, AND ADMINISTRATIVE EXPENSES. For the
quarter ended September 30, 1997, other underwriting, general and administrative
expenses declined $9.0 million compared to the same quarter of 1996. During the
six-months ended September 30, 1997, these expenses declined $16.3 million, or
53%, from that of the six-months ended September 30, 1996. As explained in Note
2 to the accompanying condensed consolidated financial statements, Bridgefield
received a ceding commission relating to the quota share reinsurance agreements
entered into April 1, 1997. During the quarter ended and six-months ended
September 30, 1997, the insurance subsidiaries earned and recognized $9.0
million and $18.1 million, respectively, of such commission, which was recorded
as a reduction to other underwriting, general, and administrative expenses.

LIQUIDITY AND CAPITAL RESOURCES

The insurance subsidiaries' primary sources of cash flows are from premiums
earned, investment income and the proceeds from the sale or maturity of invested
assets. Their primary cash requirements include the purchase of investment
securities and the payment of claims, agent commissions, reinsurance premiums
and management fees to the administrative subsidiaries. The administrative
subsidiaries' primary source of cash flow is service fees generated from the
insurance subsidiaries and other unaffiliated clients. The cash requirements of
the administrative subsidiaries include primarily the payment of salaries,
employee benefits, debt obligations and other operating expenses.

The Company's cash and cash equivalents of $6.5 million at September 30, 1997
increased $2.9 million from $3.6 million at March 31, 1997. Approximately $57.7
million of net proceeds were generated by Summit's issuance of its common stock
through the subscription and public offerings referenced in Note 1 to the
accompanying condensed consolidated financial statements. During the six months
ended September 30, 1997, net cash of $12.1 million was utilized in operations
primarily as a result of the aforementioned quota share reinsurance
transactions. Further, cash of $35.1 million was utilized for net purchases of
additional investments, and $7.6 million was used to fund payments on the 
Company's note payable.

As further explained in Note 3 to the accompanying condensed consolidated
financial statements, the Company has a revolving credit agreement with a
national banking association under which up to $5.0 million presently may be
borrowed at an interest rate equal to the prime lending rate plus 1% (9.5% at
September 30, 1997). As of June 30, 1997, there were no borrowings against this
revolving line of credit.

At September 30, 1997, the Company's shareholders' equity equaled 16.6% of total
assets compared to 5.8% at March 31, 1997.


                                                                               7
<PAGE>   10

As described in the Company's Annual Report on Form 10-K for the fiscal year
ended March 31, 1997, the insurance subsidiaries are subject to state insurance
laws and regulations that limit the amount of dividends or distributions that
may be paid by an insurance company to its shareholders. In addition, conditions
imposed by the Florida DOI in connection with ESIF's conversion require that all
dividends or distributions by the insurance subsidiaries be approved by the
Florida DOI in advance. As a consequence of these legal restrictions and other
business considerations, the amount of dividends that may be paid by the
insurance subsidiaries to Summit may be limited, which may in turn limit the
amount of cash available to Summit for servicing its debt and other purposes.

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not Applicable.


                           PART II - OTHER INFORMATION

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The annual meeting of common stockholders of Summit Holding Southeast, Inc. was
held October 15, 1997, at which time the following matters were brought before
and voted upon by the stockholders.

1.       The election of directors to serve until the year 2000 annual meeting
         of stockholders. Duly elected were William B. Bull, John A. Gray and
         Thomas S. Petcoff.
<TABLE>
<CAPTION>
     For                    Against                 Abstain
     ---                    -------                 -------
  <S>                       <C>                     <C>    
  5,139,481                    0                     5,300
</TABLE>
2.       The appointment of the firm of Ernst & Young, LLP, independent public
         accountants, as auditors of the company for the fiscal year ending
         December 31, 1997 was ratified and approved.
<TABLE>
<CAPTION>
     For                    Against                 Abstain
     ---                    -------                 -------
   <S>                      <C>                     <C>   
   5,142,037                  1,500                   1,244
</TABLE>

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits. The following exhibits are filed herewith:
<TABLE>
<CAPTION>
   Exhibit No.                    Description
   -----------                    -----------
   <S>                            <C> 
     10.5                         Summit Holding Southeast, Inc. Retirement
                                   Plan
       11                         Computation of Earnings Per Share
       27                         Financial Data Schedule (for SEC use only)
</TABLE>


         (b)      Reports on the Form 8-K.  During the quarter ended September
                  30, 1997, the company filed one current report on Form 8-K 
                  (dated August 20, 1997). It contained:

                  (a) the Board action to change the Registrant's fiscal year 
                  end from March 31, to December 31.
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               

                                                                               8
<PAGE>   11


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                         Summit Holding Southeast, Inc.

Date: November 13, 1997                  By:  /s/  Russell L. Wall
                                            ----------------------------
                                         Russell L. Wall,
                                         Vice President of Finance,
                                         Chief Financial Officer

                                         (Principal Financial and
                                         Accounting Officer and Duly
                                         Authorized Officer)


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