MA Market Share Report 2019: The Top 20 Commercial Multi-Peril Writers in Massachusetts

As a quick refresher, commercial multi-peril policy, which is normally referred to as a “BOP” Business Owners Policy, is the combination of multiple forms of coverage which is bundled together in order to cover the typical risks involved in owning a small business. Often included are forms of coverage for business crime and auto, boiler and machinery, marine and farm as well as general liability.

Commercial Multi-Peril is one of the larger marketplaces in Massachusetts

As one of the larger markets, this billion-plus marketplace includes approximately 217 insurers which currently write Commercial Multi-Peril in Massachusetts as of 2017, the latest year for which complete data is available from the Division of Insurance.

This is one of the few lines of business dominated by New England-based insurers

This largest writers in this marketplace mostly hail from the New England region, with seven of the top 20 insurers based in Connecticut. Followed by that state, there are three insurers each based in both Massachusetts and New Hampshire, followed by two in Vermont.

Premium and market share for this line of business

The Total Direct Written Premium for all 217 insurers in the Commercial Multi-Peril insurance marketplace was $1,106,984,115.
The top 20 insurers claim a 53,5% share of the marketplace
Total Direct Written Premium for the top 20 writers in 2017 was $592,524,708.
The remaining 197 companies claimed Total Direct Written Premium of $514,459,407 representing a 46.5% market share

The complete list of the top 20 insurers in this marketplace…

Company Name	State	Premium Written/MA	Market Share/MA
1. Philadelphia Ind Ins Co.	PA	$74,558,911	6.74%
2. Northern Security Ins Co Inc.	VT	$59,600,094	5.38%
3. Norfolk & Dedham Mut Fire Ins Co	MA	$46,042,778	4.16%
4. Federal Ins Co	IN	$43,821,646	3.96%
5. Citizens Ins Co Of America	MI	$33,526,381	3.03%
6. Ohio Security Ins Co	NH	$32,373,362	2.92%
7. Main Street Amer Assur Co	FL	$30,583,169	2.76%
8. Quincy Mutual Fire Ins Co	MA	$25,085,312	2.27%
9. Travelers Cas Ins Co Of Amer	CT	$25,083,869	2.27%
10. Vermont Mut Ins Co	VT	$22,896,252	2.07%
11. Travelers Ind Co Of Amer	CT	$22,424,663	2.03%
12. Phoenix Ins Co	CT	$22,100,854	2.00%
13. Massachusetts Bay Ins Co	NH	$21,802,103	1.97%
14. Travelers Proper Cas Co Of Amer	CT	$21,031,629	1.90%
15. Hanover Ins Co	NH	$20,476,007	1.85%
16. Sentinel Ins Co LtdCT	CT	$19,901,480	1.80%
17. Mapfre Ins Co	NJ	$19,730,666	1.78%
18. Charter Oak Fire Ins Co	CT	$18,436,856	1.67%
19. Safety Ins Co	MA	$17,395,412	1.57%
20. Hartford Fire Ins Co	CT	$15,653,264	1.41%

Other useful information about the Private Passenger Auto Insurance marketplace in Massachusetts

In addition to publishing the yearly market share data, Agency Checklists also published a report on the top 25 private passenger auto insurers nationally. Additionally, Agency Checklists also publishes a bi-monthly update on the latest CAR data. The links to our most recent reports are provided below:

Commercial Multi-Peril is one of the larger marketplaces in Massachusetts

This is one of the few lines of business dominated by New England-based insurers

Premium and market share for this line of business

The complete list of the top 20 insurers in this marketplace…

Company Name

State

Premium Written/MA

Market Share/MA

1. Philadelphia Ind Ins Co.

PA

$74,558,911

6.74%

2. Northern Security Ins Co Inc.

VT

$59,600,094

5.38%

3. Norfolk & Dedham Mut Fire Ins Co

MA

$46,042,778

4.16%

4. Federal Ins Co

IN

$43,821,646

3.96%

5. Citizens Ins Co Of America

MI

$33,526,381

3.03%

6. Ohio Security Ins Co

NH

$32,373,362

2.92%

7. Main Street Amer Assur Co

FL

$30,583,169

2.76%

8. Quincy Mutual Fire Ins Co

MA

$25,085,312

2.27%

9. Travelers Cas Ins Co Of Amer

CT

$25,083,869

2.27%

10. Vermont Mut Ins Co

VT

$22,896,252

2.07%

11. Travelers Ind Co Of Amer

CT

$22,424,663

2.03%

12. Phoenix Ins Co

CT

$22,100,854

2.00%

13. Massachusetts Bay Ins Co

NH

$21,802,103

1.97%

14. Travelers Proper Cas Co Of Amer

CT

$21,031,629

1.90%

15. Hanover Ins Co

NH

$20,476,007

1.85%

16. Sentinel Ins Co LtdCT

CT

$19,901,480

1.80%

17. Mapfre Ins Co

NJ

$19,730,666

1.78%

18. Charter Oak Fire Ins Co

CT

$18,436,856

1.67%