According to Wikipedia, the earliest known record of a contract of suretyship is a Mesopotamian tablet dated to around 2750 B.C. It is also mentioned in 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.
Introduction to the New England Surety Insurance Marketplace
Turning to modern times, the surety insurance marketplace across New England comprises distinct state-level markets characterized by varying premium volume, carrier concentration, and underwriting performance. Based on direct written premium totals, Massachusetts represents the region’s largest surety market, followed by Connecticut, Rhode Island, Maine, New Hampshire, and Vermont. Each market shows a competitive mix of national carriers, with Liberty Mutual, Travelers, Zurich, CNA, and Berkshire Hathaway consistently appearing among the top writers in multiple states.
Loss experience differs considerably across the region. Several states exhibit relatively stable underwriting results, while others show more volatile performance due to the small size of the surety line and sensitivity to individual large claims. For example, statewide loss ratios range from low single digits in specific markets to exceptionally high figures when isolated losses heavily impact results. Despite these variations, the data illustrates a generally diverse and competitive marketplace, with no single carrier dominating the region overall.
The following sections detail each New England state’s top surety insurers, presenting market share, premium volume, and reported loss ratios based solely on the data compiled for this report.
Massachusetts Surety Insurance Marketplace
| Rank | Insurance Group | Market Share % | Cumulative Market Share % | Direct Written Premium | Direct Premiums Earned | Loss Ratio % | Loss & DCC Ratio % |
|---|---|---|---|---|---|---|---|
| 1 | Liberty Mut Grp | 14.47 | 14.47 | 28,091 | 32,221 | 17.20 | 19.47 |
| 2 | Travelers Grp | 12.52 | 26.98 | 24,309 | 23,163 | 4.50 | 3.81 |
| 3 | CNA Ins Grp | 9.69 | 36.68 | 18,827 | 18,340 | 14.56 | 16.46 |
| 4 | Zurich Ins Grp | 4.65 | 41.33 | 9,033 | 11,053 | N/A | N/A |
| 5 | Chubb Ltd Grp | 4.53 | 45.85 | 8,788 | 11,503 | N/A | N/A |
| 6 | Berkshire Hathaway Grp | 3.93 | 49.79 | 7,634 | 8,731 | 29.13 | 36.84 |
| 7 | Tokio Marine Holdings Inc Grp | 3.82 | 53.60 | 7,410 | 7,495 | 7.30 | 8.76 |
| 8 | Intact Financial Grp | 3.41 | 57.01 | 6,627 | 6,009 | 3.58 | 5.51 |
| 9 | Swiss Re Grp | 3.17 | 60.19 | 6,165 | 6,769 | 8.67 | 10.26 |
| 10 | United Cas & Surety Ins Co | 2.75 | 62.94 | 5,334 | 4,651 | 23.28 | 31.87 |
| **STATE TOTAL** | 100.00% | 100.00% | 194,198 | 200,613 | 40.56% | 43.69% |
Connecticut Surety Insurance Marketplace
| Rank | Insurance Group | Market Share % | Cumulative Market Share % | Direct Written Premium | Direct Premiums Earned | Loss Ratio % | Loss & DCC Ratio % |
|---|---|---|---|---|---|---|---|
| 1 | Travelers Grp | 21.81 | 21.81 | 23,126 | 17,934 | 16.64 | 17.44 |
| 2 | Zurich Ins Grp | 10.97 | 32.79 | 11,635 | 7,966 | 6.45 | 8.12 |
| 3 | CNA Ins Grp | 6.85 | 39.63 | 7,258 | 7,341 | 15.02 | 16.73 |
| 4 | Liberty Mut Grp | 6.19 | 45.82 | 6,560 | 6,072 | 16.91 | 19.05 |
| 5 | Nationwide Corp Grp | 4.85 | 50.67 | 5,142 | 5,692 | 9.85 | 9.42 |
| 6 | Fairfax Fin Grp | 3.57 | 54.25 | 3,789 | 3,996 | 22.04 | 22.80 |
| 7 | Chubb Ltd Grp | 3.40 | 57.65 | 3,607 | 3,724 | N/A | N/A |
| 8 | Hartford Fire & Cas Grp | 3.39 | 61.04 | 3,596 | 3,488 | N/A | N/A |
| 9 | IAT Reins Co Grp | 3.02 | 64.06 | 3,202 | 3,381 | 0.35 | 0.34 |
| 10 | Swiss Re Grp | 2.74 | 66.80 | 2,908 | 2,546 | 23.73 | 6.44 |
| **STATE TOTAL** | 100.00% | 100.00% | 106,017 | 96,560 | 12.61% | 13.12% |
Maine Surety Insurance Marketplace
| Rank | Insurance Group | Market Share % | Cumulative Market Share % | Direct Written Premium | Direct Premiums Earned | Loss Ratio % | Loss & DCC Ratio % |
|---|---|---|---|---|---|---|---|
| 1 | Liberty Mut Grp | 15.75 | 15.75 | 4,317 | 4,778 | 24.84 | 28.49 |
| 2 | Travelers Grp | 12.02 | 27.77 | 3,293 | 3,667 | 3.83 | 4.36 |
| 3 | WR Berkley Corp Grp | 9.80 | 37.57 | 2,684 | 2,525 | 2.68 | 3.25 |
| 4 | The Hanover Ins Grp | 5.13 | 42.70 | 1,406 | 1,347 | 12.28 | 19.18 |
| 5 | Frankenmuth Grp | 5.11 | 47.81 | 1,401 | 1,355 | 1.86 | 2.58 |
| 6 | IAT Reins Co Grp | 4.13 | 51.93 | 1,131 | 1,208 | 0.62 | 0.62 |
| 7 | Merchants Bonding Co Grp | 3.93 | 55.87 | 1,077 | 1,052 | 309.44 | 334.97 |
| 8 | Allianz Ins Grp | 3.58 | 59.45 | 982 | 771 | 7.28 | 7.29 |
| 9 | Skyward Specialty Ins Grp Inc | 3.29 | 62.74 | 903 | 859 | 0.54 | 7.95 |
| 10 | Fairfax Fin Grp | 3.27 | 66.01 | 896 | 852 | N/A | 0.60 |
| ** STATE TOTAL** | 100.00% | 100.00% | 27,402 | 27,922 | 20.03% | 22.72% |
New Hampshire Surety Insurance Marketplace
| Rank | Insurance Group | Market Share % | Cumulative Market Share % | Direct Written Premium | Direct Premiums Earned | Loss Ratio % | Loss & DCC Ratio % |
|---|---|---|---|---|---|---|---|
| 1 | Liberty Mut Grp | 14.92 | 14.92 | 3,721 | 3,719 | 22.45 | 24.85 |
| 2 | Travelers Grp | 14.54 | 29.46 | 3,626 | 4,164 | 6.28 | 6.70 |
| 3 | WR Berkley Corp Grp | 7.16 | 36.62 | 1,786 | 1,798 | N/A | N/A |
| 4 | American Family Ins Grp | 5.67 | 42.29 | 1,415 | 1,348 | 18.12 | 21.05 |
| 5 | Markel Grp | 4.95 | 47.24 | 1,234 | 1,249 | 41.92 | 46.61 |
| 6 | Zurich Ins Grp | 4.39 | 51.63 | 1,094 | 888 | 4.49 | 4.79 |
| 7 | CNA Ins Grp | 3.63 | 55.25 | 904 | 618 | 14.02 | 16.46 |
| 8 | IAT Reins Co Grp | 3.41 | 58.66 | 851 | 790 | 0.22 | 0.20 |
| 9 | Merchants Bonding Co Grp | 3.37 | 62.04 | 841 | 844 | 2.85 | 3.13 |
| 10 | Tokio Marine Holdings Inc Grp | 3.16 | 65.20 | 789 | 818 | 4.23 | 5.39 |
| **STATE TOTAL** | 100.00% | 100.00$ | 24,942 | 25,266 | 7.65% | 9.43% |
Rhode Island Surety Insurance Marketplace
| Rank | Insurance Group | Market Share % | Cumulative Market Share % | Direct Written Premium | Direct Premiums Earned | Loss Ratio % | Loss & DCC Ratio % |
|---|---|---|---|---|---|---|---|
| 1 | Berkshire Hathaway Grp | 31.17 | 31.17 | 12,821 | 9,897 | 28.08 | 32.47 |
| 2 | Travelers Grp | 16.09 | 47.26 | 6,617 | 5,139 | 13.59 | 14.37 |
| 3 | CNA Ins Grp | 12.00 | 59.26 | 4,935 | 4,810 | 10.75 | 11.87 |
| 4 | Liberty Mut Grp | 6.02 | 65.28 | 2,476 | 2,416 | 17.41 | 19.24 |
| 5 | Hartford Fire & Cas Grp | 3.76 | 69.04 | 1,546 | 1,085 | 644.32 | 770.41 |
| 6 | Zurich Ins Grp | 3.62 | 72.66 | 1,490 | 1,438 | 7.09 | 8.88 |
| 7 | Tokio Marine Holdings Inc Grp | 3.20 | 75.86 | 1,316 | 1,300 | 26.27 | 27.70 |
| 8 | Chubb Ltd Grp | 2.46 | 78.32 | 1,010 | 1,206 | 7.28 | 7.69 |
| 9 | Arch Ins Grp | 2.44 | 80.76 | 1,003 | 910 | 6.46 | 7.24 |
| 10 | Sompo Grp | 2.40 | 83.16 | 987 | 855 | 397.71 | 402.00 |
| **STATE TOTAL** | 100.00% | 100.00% | 41,129 | 36,363 | 67.08% | 72.12% |
Vermont Surety Insurance Marketplace
| Rank | Insurance Group | Market Share % | Cumulative Market Share % | Direct Written Premium | Direct Premiums Earned | Loss Ratio % | Loss & DCC Ratio % |
|---|---|---|---|---|---|---|---|
| 1 | Zurich Ins Grp | 12.40 | 12.40 | 1,669 | 1,382 | 4.07 | 4.60 |
| 2 | Liberty Mut Grp | 8.80 | 21.20 | 1,186 | 1,241 | 16.24 | 18.00 |
| 3 | Travelers Grp | 8.78 | 29.97 | 1,182 | 819 | 5.08 | 5.63 |
| 4 | Skyward Specialty Ins Grp Inc | 7.75 | 37.72 | 1,044 | 640 | 47.30 | 85.61 |
| 5 | Berkshire Hathaway Grp | 5.44 | 43.16 | 732 | 697 | 5.48 | 8.90 |
| 6 | Cincinnati Fin Grp | 4.93 | 48.09 | 664 | 667 | 10.92 | 11.91 |
| 7 | CNA Ins Grp | 4.87 | 52.95 | 655 | 695 | 13.16 | 14.83 |
| 8 | Chubb Ltd Grp | 4.75 | 57.71 | 640 | 513 | 0.64 | N/A |
| 9 | Munich Re Grp | 4.58 | 62.28 | 617 | 611 | 37.99 | 38.01 |
| 10 | WR Berkley Corp Grp | 4.05 | 66.34 | 546 | 529 | 3.49 | 4.59 |
| **STATE TOTAL** | 100.00% | 100.00% | 13,468 | 12,096 | 6.48% | 9.91 |
