Three Massachusetts-Based Companies — The Hanover, Safety, and Norfolk & Dedham — Earn Recognition
Ward Benchmarking has released its 2025 list of the nation’s top-performing property and casualty insurers, naming 50 carriers that achieved superior financial results over the five-year period from 2020 through 2024.
Among this year’s honorees are six insurers based in New England, including three headquartered in Massachusetts:
- The Hanover Insurance Group (Worcester)
- Safety Insurance Group (Boston)
- Norfolk & Dedham Group (Dedham)
These companies were selected from nearly 2,900 P&C insurers domiciled in the United States and recognized for outperforming the industry on key financial benchmarks, including underwriting profitability, return on equity, surplus growth, and cost discipline.
New England Standouts Reflect Strong Regional Market
This year’s inclusion of six regional insurers reflects the financial strength and disciplined underwriting prevalent among New England-based carriers. Each of the Massachusetts-based companies — The Hanover, Safety, and Norfolk & Dedham — has a long-standing presence in the state and a significant share of the local independent agency market.
Ward’s analysis shows that companies in the 2025 list outperformed the broader industry across all major metrics during the five-year review period:
| Metric | Ward’s 50 | Total Industry |
|---|---|---|
| Return on Average Equity | 14.0% | 8.5% |
| Net Premiums Written Growth | 53.6% | 46.0% |
| Policyholder Surplus Growth | 31.7% | 21.9% |
| Expense Ratio | 33.7% | 35.9% |
| Combined Ratio Advantage | 6.0 points lower than industry average |
Methodology Overview
To be eligible for the Ward’s 50 designation, each insurer had to meet minimum safety and consistency standards, including:
- At least $50 million in net written premiums and policyholder surplus each year for five years
- Positive net income in at least four of the past five years
- Sustainable premium growth between -10% and +40% CAGR
Those that passed were then evaluated on performance metrics such as return on equity, return on assets, surplus growth, revenue growth, and five-year average combined ratio.
New England Insurers who appeared on the 2025 Ward’s Top 50 List Include:
- The Hanover Insurance Group (MA)
- Safety Insurance Group (MA)
- Norfolk & Dedham Group (MA)
- The Hartford (CT)
- Travelers Insurance Group (CT)
- Vermont Mutual Insurance Company (VT)
(Full alphabetical list available upon request or via Ward Benchmarking)
A Strong Showing for Massachusetts
Massachusetts-based insurers account for three of the six New England companies recognized this year — an impressive showing given the national scope of the evaluation. Each has demonstrated consistent profitability, strong capital position, and a continued focus on independent agent distribution.
For more information on the 2025 Ward’s 50 rankings, visit: www.wardbenchmarking.com
