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2020 MA Market Share Report | Top Fidelity & Surety Insurers

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The total Direct Written Premium for this line of insurance was $186,559,661

This week Agency Checklists takes a look at the size and composition of the Fidelity & Surety marketplace in Massachusetts. As was mentioned in the last update on this line of insurance, 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. A portion of the Code is shown above.

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, as well as the ancient Hebrews. In more modern times, the first corporate surety was the Guarantee Society of London, created in 1840.

Turning to modern times and the Massachusetts insurance marketplace, in particular, the following is a list of the major insurers that currently dominate this line of insurance here in the Commonwealth. As always, the data provided here comes courtesy of the Massachusetts Division of Insurance.

There are 167 companies writing this line of insurance in Massachusetts

A total of 167 companies were licensed to write Fidelity and Surety insurance here in the Commonwealth as of 2018, five more than in 2017. While the number of insurers increased slightly, the total Direct Written Premium for the Fidelity & Surety insurance marketplace did not. In fact, the total Direct Written Premium in 2018 totaled $186,559,661, $4,225,313 less than in 2017 when that total was $190,784,974.

Premium and market share for the Top 20 insurers

The largest 20 companies writing fidelity and surety have increased their market share from 79.9% in 2017 to an 81.8% share of the market in 2018. The total Direct Written Premium for these top 20 insurers was $152,656,520. As for the remaining 147 insurers operating within this line of insurance their total Direct Written Premium was $33,903,141 representing an 18.2% share of the marketplace.

Are there any top insurers that are based in Massachusetts as well?

Yes. The number one Fidelity & Surety insurer in Massachusetts also happens to be based here as well. Boston-based Liberty Mutual is the top insurer in the state with a 16.47% share of the marketplace. Aside from Massachusetts, there are also five other companies based in New England that are on the list below: two based in Connecticut and three in New Hampshire.

A current list of the Top 2o insurers Fidelity & Surety Insurers

NAIC#Company NameHome StateMA Written PremiumMarket Share
1.23043Liberty Mut Ins CoMA30,721,74016.47%
2.31194Travelers Cas & Surety Co Of AmerCT27,028,82314.49%
3.20281Federal Ins CoIN16,258,3498.71%
4.39306Fidelity & Deposit Co Of MdIL15,373,6078.24%
5.13188Western Surety CoSD15,031,9588.06%
6.29874North Amer Specialty Ins CoNH4,102,1452.20%
7.19682Hartford Fire Ins CoCT3,851,1002.06%
8.16691Great Amer Ins CoOH3,826,4622.05%
9.19445 National Union Fire Ins Co Of PittsPA3,804,2422.04%
10.22292Hanover Ins CoNH3,772,5622.02%
11.32603Berkley Ins CoDE3,770,8012.02%
12.24074Ohio Cas Ins CoNH3,708,1051.99%
13.14788Ngm Ins CoFL3,683,0861.97%
14.11150Arch Ins CoMO3,349,7101.80%
15.18058Philadelphia Ind Ins CoPA3,184,1101.71%
16.26921Everest Reins CoDE2,473,4541.33%
17.27154Atlantic Specialty Ins CoNY2,427,6101.30%
18.11592International Fidelity Ins CoNJ2,105,1391.13%
19.10030Westchester Fire Ins CoPA2,100,0461.13%
20.36226United Cas & Surety Ins CoNE2,083,4711.12%

Links to other 2020 Massachusetts Market Share Reports