Best's Rankings: Total US D&O Monoline Direct Premiums Written Decrease 15.1% in 2023
OLDWICK, N.J. //BestWire// - Direct premiums written for U.S. total directors & officers monoline insurance dropped 15.1% to $11.51 billion in 2023, according to a new Best's Rankings report.
Top-ranked XL America Cos. saw DPW drop 40.2% to $1.1 billion in 2023, the largest decrease among the top 10 carriers, according to the ranking. No. 2 Chubb INA Group reported DPW declined 11.4% to $1.09 billion during the period.
Third-ranked Berkshire Hathaway Insurance saw DPW fall by 13.3% to $936.9 million in 2023, compared with the prior year. Fourth-place American International Group reported a decline in DPW of 16.2% in 2023 to $897.9 million, and No. Five Tokio Marine US PC Group reported a 6.4% decline in DPW to $856.3 million in 2023, according to the report.
All of the top 12 carriers reported declines for 2023, compared with the prior year. No. 14 Markel Insurance Group posted the largest increase among the top 15 with its $307.9 million in DPW for 2023 up by 61.5%, according to the report. That gain moved it up from 19th place in 2022.
The ranking includes direct premiums written in 2023 and the percentage change.
Subscribers can access the report and data here.
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AM Best data sourced from Best’s Financial Suite, US.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)