The Top Fidelity & Surety Insurers of 2014, the latest date for which the DOI has complete information
According to Wikipedia, the earliest known record of a contract of suretyship is a Mesopotamian tablet written around 2750 B.C. It is also mentioned in the written legal code of the Code of Hammurabi, which is often cited as the earliest surviving evidence of its existence.
Further archaeological evidence shows the importance of surety bonds throughout the ages. Many civilizations incorporated surety insurance into their laws including, but not limited to, Babylon, Persia, Assyria, Rome, Carthage, and among the ancient Hebrews. In more modern times, the first Corporate Surety, the Guarantee Society of London, was created in 1840.
While none of the insurers below have as long a history, they are now, however, the top writers of this lines of insurance in Massachusetts. Here are some more interesting figures about the size and make-up of this line of insurance in the Commonwealth.
164 companies write this line of insurance in Massachusetts
A total of 164 companies currently writer Fidelity and Surety insurance here in the Commonwealth. This number is one less than in 2014, when there were 165 companies here.
Focusing in on the top 20 companies, these insurers wrote a total of $136,677,054 dollars in Direct Written Premium in 2014. As for market share, these companies claim an 81.65 share of the market.
As for Massachusetts-based insurers, only two appear in the Top 20 this year: The Liberty Mutual Insurance Company and The United Casualty & Surety Insurance Company. Liberty Mutual ranks number two with $16,580,493 dollars in Direct Written Premium and a 9.89% share of the market, while The United Casualty & Surety Insurance Company ranks number 16 with $2,505,443 dollars in Direct Written Premium representing a more modest 1.5% share of the marketplace.
As for insurer representation from other New England states, six other insurers hail from this region: the Travelers Casualty & Surety Co.; Safeco Ins. Co.; Hartford Fire Ins. Co.; Ohio Cas. Ins. Co.; Hanover Ins. Co.; and the North American Specialty Ins. Co.
The Top 10 Fidelity & Surety Insurers in Massachusetts
The top ten companies wrote a total $109,239,364 dollars in Direct Premium Written in 2014, resulting in a 65.2% share of the market. The remaining 154 companies had a combined total of $58,337,184 in Direct Premium Written representing a 34.8% market share.
A review of the Top 10 Fidelity & Surety 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. Travelers Cas & Surety Co Of Amer||CT||$26,454,416||15.79%|
|2. Liberty Mutual Ins Co||MA||$16,580,493||9.89%|
|3. Western Surety Co||SD||$15,091,858||9.01%|
|4. Federal Ins Co||IN||$13,745,331||8.20%|
|5. Fidelity & Deposit Co Of MD||MD||$11,544,050||6.89%|
|6. Safeco Ins Co Of Amer||NH||$9,712,869||5.80%|
|7. Westchester Fire Ins Co||PA||$4,839,912||2.89%|
|8. Great Amer Ins Co||OH||$3,984,606||2.38%|
|9. National Union Fire Ins Co Of Pitts||PA||$3,720,608||2.22%|
|10. Hartford Fire In Co||CT||$3,565,221||2.13%|
|11. Arch Ins Co||MO||$3,302,210||1.97%|
|12. Ohio Cas Ins Co||NH||$3,295,629||1.97%|
|13. Hanover Ins Co||NH||$3,271,695||1.95%|
|14. North Amer Specialty Ins Co||NH||$3,218,749||1.92%|
|15. NGM Ins Co||FL||$3,098,736||1.85%|
|16. United Cas & Surety Ins Co||MA||$2,505,443||1.50%|
|17. Philadelphia Ind Ins Co||PA||$2,334,316||1.39%|
|18. Berkley Regional Ins Co||DE||$2,237,376||1.34%|
|19. International Fidelity Ins Co||NJ||$2,145,114||1.28%|
|20. Berkley Ins Co||DE||$2,028,422||1.21%|