The Top Surplus Lines Insurers as of 2014, the latest date for which the DOI has complete information
For those who like official insurance definitions, the Excess and Surplus Lines market is defined by the American Association of Managing General Agents as follows:
Excess and surplus lines insurance is a segment of the insurance market that allows consumers to buy property and casualty insurance through the state regulated insurance market, where policyholders, agents, brokers and insurance companies all have the ability to design specific insurance coverages and negotiate…
There are one hundred and one (101) companies writing Surplus Lines Insurance in Massachusetts
As for the composition of this marketplace in Massachusetts, a total of one hundred and one (101) insurance companies are currently licensed to write Excess and Surplus lines insurance in the Commonwealth with a combined total of Direct Premium Written of $624,422,762.
A look at the Top 20 Surplus Lines insurers…
A review of the top 20 Surplus Lines insurers reveals that these companies had a 64.8% share of the marketplace in 2014, with a combined Direct Premium Written total of $404,518,175 dollars.
As for the remaining 81 insurers licensed to sell Surplus lines insurance, they claimed the remaining 35.2% share of the market with a combined Direct Premium Written total of $219,904,587.
None of the top 20 insurers are based in Massachusetts though…
Surprisingly, none of the Surplus Lines insurance companies are based in Massachusetts. While Lexington Insurance company is technically based here, the AIG subsidiary is officially domiciled in Delaware. In fact, seven out of the top 20 Surplus lines insurers are officially domiciled in Delaware. As for other New England states, only two other insurers are domiciled here in New England. Western World Ins. Co. and Liberty Surplus Ins. Corp. both are domiciled in New Hampshire.
The Top 10 Surplus Lines Insurers in Massachusetts
The top 10 Surplus Lines insurers only represent 45.6% of this market with a Direct Premium Written total of $284,596,843 dollars. In comparison, the remaining 91 companies in this market have a majority market share, 54.4%, with $339,825,919 dollars in Direct Premium Written in Mass.
A review of the top 10 Surplus Lines insurers is followed by the second set of carriers that rank eleven to twenty in the Commonwealth.
|Company Name||State||Premium Written in MA||Market Share in MA|
|1. Lexington Ins Co||DE||$86,374,153||13.83%|
|2. Nautilus Ins Co||AZ||$34,282,036||5.49%|
|3. AIG Specialty Ins Co||IL||$27,589,075||4.42%|
|4. Scottsdale Ins Co||OH||$24,434,050||3.91%|
|5. Steadfast Ins Co||DE||$23,518,292||3.77%|
|6. Columbia Cas Co||IL||$21,962,853||3.52%|
|7. Ironshore Specialty Ins Co||AZ||$21,539,048||3.45%|
|8. Western World Ins Co||NH||$15,695,336||2.51%|
|9. Indian Harbor Ins Co||DE||$14,674,832||2.35%|
|10. Chubb Custom Ins Co||NJ||$14,527,168||2.33%|
|11. National Fire & Marine Ins Co||NE||$14,336,876||2.30%|
|12. Essex Ins Co||DE||$13,684,196||2.19%|
|13. Evanston Ins Co||IL||$13,606,193||2.18%|
|14. Illinois Union Ins Co||IL||$13,162,729||2.11%|
|15. Penn Amer Ins Co||PA||$11,644,659||1.86%|
|16. Admiral Ins Co||DE||$11,423,599||1.83%|
|17. Catlin Specialty Ins Co||DE||$11,210,503||1.80%|
|18. First Mercury Ins Co||IL||$10,827,734||1.73%|
|19. Liberty Surplus Ins Corp||NH||$10,701,757||1.71%|
|20. Gemini Ins Co||DE||$9,323,086||1.49%|