Best’s News & Research Service - September 15, 2023 10:06 AM (EDT)
Best’s Rankings: Sompo’s 2022 Direct Premiums Overtake FM Global as No. 3 in U.S. Fire and Allied Lines
OLDWICK, N.J. //BestWire// - Sompo Holdings US Group overtook FM Global Group to become the third largest writer of U.S. Fire and Allied lines in 2022 after direct premiums written increased 21.7% to $4.24 billion, according to a new Best’s Rankings report.
Among the remaining 10 largest writers, Liberty Mutual Insurance Cos. passed Travelers Group to take the No. 8 spot with $2.25 billion of DPW, up 18.4%. And Great American P&C Insurance Group’s 46.2% rise in premiums pulled it ahead of three competitors to No. 10.
Overall industry DPW increased 19.7% to $75.06 billion for U.S. fire and allied business.
No. 1 writer Zurich Insurance US PC Group’s premiums were up 27.5% to $6.04 billion, giving it an 8.1% share of the market.
Several of the 100 top writers posted large increases in DPW, including insurer-of-last-resort Louisiana Citizens Property Insurance Corp., which moved to No. 44 from No. 92 with a 362.6% rise in premiums to $321.1 million.
The Best’s Rankings report includes U.S. fire and allied 2022 direct premiums written, the percent change in premiums, market share and adjusted loss ratios for three years and percent share of overall company business.
Subscribers can access the report and data here.
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(By Renée Kiriluk-Hill, senior associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)