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Top Boiler & Machinery Insurers in Massachusetts & New England

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Massachusetts is the largest marketplace in New England

As MunichRe once explained on their website,

Virtually every business, institution and public entity depends on equipment to keep operations going and income flowing.

With that said, here is the latest data on the size and composition of the Boiler & Machinery Marketplace both in Massachusetts & New England as of 2025.

The Boiler & Machinery insurance marketplace in New England is led overwhelmingly by Massachusetts, which reports $62.2 million in direct premiums written—more than double the size of the next-largest market in the region. Connecticut forms the second-largest marketplace with $30.0 million in premium, followed by Maine at $16.0 million. The remaining three states—Rhode Island ($11.3 million), New Hampshire ($10.8 million), and Vermont ($7.4 million)—comprise smaller but active segments of the regional market.

This distribution highlights the strong concentration of Boiler & Machinery exposure in Massachusetts, driven by its industrial base and larger commercial property sector. Connecticut and Maine form a middle tier of activity, while the northern New England states and Rhode Island reflect more modest but stable premium volumes.

As in our other reports, all of the data displayed here comes courtesy of the National Association of Insurance Commissioners (NAIC).

Ranked by Market Size based on Direct Premiums Written (Largest to Smallest)

Rank State Direct Premiums Written (000)
1 Massachusetts 62,223
2 Connecticut 30,004
3 Maine 16,023
4 Rhode Island 11,294
5 New Hampshire 10,761
6 Vermont 7,386

The Top 10 Boiler & Machinery Insurers in Each New England State

Despite the differences in size, the competitive structure shows similarities across states, with FM Global maintaining a leading position throughout the region and a consistent set of national carriers—including Chubb, Travelers, American International Group, Zurich, and WR Berkley—appearing prominently in each market. The variation in statewide premium totals underscores the differing commercial footprints across New England, but collectively the data reflects a mature and concentrated Boiler & Machinery marketplace with consistent participation from major national insurers.

Massachusetts Boiler & Machinery Insurance Marketplace

Rank Insurance Group Market Share % Cumulative Market Share % Direct Written Premium Direct Premiums Earned Loss Ratio % Loss & Cost
Containment Ratio %
1 FM Global Grp 32.46 32.46 20,200 19,694 0.89 0.76
2 Chubb Ltd Grp 13.44 45.91 8,365 7,856 10.35 10.37
3 Travelers Grp 7.98 53.89 4,968 4,832 20.44 21.99
4 American Intl Grp 5.18 59.07 3,224 3,239 22.57 21.54
5 Zurich Ins Grp 4.49 63.56 2,793 3,632 71.60 73.60
6 WR Berkley Corp Grp 4.34 67.90 2,703 2,433 5.67 5.65
7 Liberty Mut Grp 3.61 71.51 2,244 2,263 5.54 11.05
8 CNA Ins Grp 3.10 74.61 1,930 1,843 N/A 0.02
9 AXA Ins Grp 3.08 77.69 1,917 1,751 51.71 52.98
10 Selective Ins Grp 3.01 80.70 1,872 1,755 7.15 7.15
STATE TOTAL 100.00% 100.00% 62,223 61,057 14.38% 15.09%

Connecticut Boiler & Machinery Insurance Marketplace

Rank Insurance Group Market Share % Cumulative Market Share % Direct Written Premium Direct Premiums Earned Loss Ratio % Loss & CC Ratio %
1 FM Global Grp 25.97 25.97 7,791 9,592 N/A N/A
2 Chubb Ltd Grp 18.45 44.41 5,534 5,179 11.20 10.86
3 Travelers Grp 7.50 51.91 2,249 2,193 21.85 22.75
4 American Intl Grp 6.91 58.82 2,074 2,027 22.55 22.68
5 Selective Ins Grp 5.26 64.08 1,578 1,582 4.80 4.80
6 WR Berkley Corp Grp 5.03 69.10 1,508 1,303 3.37 3.36
7 Zurich Ins Grp 4.17 73.27 1,251 1,818 N/A N/A
8 Liberty Mut Grp 3.56 76.84 1,069 986 4.81 5.44
9 Allianz Ins Grp 2.58 79.41 774 520 N/A N/A
10 Hartford Fire & Cas Grp 2.06 81.47 617 467 0.00 0.01
STATE TOTAL 100.00 100.00 30,004 30,883 7.11% 7.31%

Maine Boiler & Machinery Insurance Marketplace

Rank Insurance Group Market Share % Cumulative Market Share % Direct Written Premium Direct Premiums Earned Loss Ratio % Loss & CC
Ratio %
1 FM Global Grp 37.19 37.19 5,959 6,084 0.00 0.00
2 WR Berkley Corp Grp 15.37 52.56 2,463 2,282 21.46 23.00
3 Chubb Ltd Grp 7.93 60.49 1,271 1,247 3.19 3.05
4 Frankenmuth Grp 7.54 68.03 1,208 1,160 13.83 14.31
5 Travelers Grp 5.17 73.21 829 717 N/A N/A
6 Swiss Re Grp 4.36 77.57 699 901 11.08 11.90
7 American Intl Grp 4.19 81.76 672 631 50.54 50.49
8 Liberty Mut Grp 3.78 85.54 605 498 55.52 55.65
9 Munich Re Grp 2.17 87.71 348 348 43.19 43.13
10 Zurich Ins Grp 2.12 89.83 340 573 N/A N/A
STATE TOTAL 100.00% 100.00% 16,023 16,101 9.68% 10.24%

New Hampshire Boiler & Machinery Insurance Marketplace

Rank Insurance Group Market Share % Cumulative Market Share % Direct Written Premium Direct Premiums Earned Loss Ratio % Loss & CC
Ratio %
1 FM Global Grp 27.12 27.12 2,918 2,923 15.70 15.70
2 WR Berkley Corp Grp 13.25 40.37 1,426 1,324 N/A N/A
3 American Intl Grp 12.44 52.81 1,338 1,266 23.79 23.99
4 Chubb Ltd Grp 7.69 60.50 827 765 13.44 13.33
5 Zurich Ins Grp 6.33 66.83 682 1,059 N/A N/A
6 Travelers Grp 3.74 70.56 402 426 N/A 1.07
7 AXA Ins Grp 3.72 74.28 400 357 36.86 36.61
8 Frankenmuth Grp 3.26 77.54 350 340 14.79 15.54
9 Liberty Mut Grp 2.76 80.30 297 276 5.57 7.46
10 Selective Ins Grp 2.69 82.99 289 268 40.70 40.80
STATE TOTAL 100.00% 100.00% 10,761 11,111 10.16% 10.32%

Rhode Island Boiler & Machinery Insurance Marketplace

Rank Insurance Group Market Share % Cumulative Market Share % Direct Written Premium Direct Premiums Earned Loss Ratio % Loss & CC
Ratio %
1 FM Global Grp 38.29 38.29 4,325 3,237 N/A N/A
2 Chubb Ltd Grp 8.82 47.12 997 1,024 N/A N/A
3 Travelers Grp 8.50 55.62 960 796 22.40 23.96
4 Selective Ins Grp 6.18 61.79 698 665 9.60 9.60
5 Zurich Ins Grp 5.93 67.72 670 765 N/A N/A
6 American Intl Grp 4.94 72.66 558 515 63.15 63.93
7 Heritage Ins Holdings Grp 2.94 75.61 332 378 19.53 20.64
8 EMC Ins Co Grp 2.32 77.93 262 300 2.98 3.02
9 Liberty Mut Grp 2.20 80.13 249 241 26.94 28.91
10 WR Berkley Corp Grp 2.12 82.25 239 202 0.26 0.26
STATE TOTAL 100.00% 100.00% 11,294 10,053 4.57% 4.67%

Vermont Boiler & Machinery Insurance Marketplace

Rank Insurance Group Market Share % Cumulative Market Share % Direct Written Premium Direct Premiums Earned Loss Ratio % Loss & DCC Ratio %
1 FM Global Grp 21.23 21.23 1,568 2,102 8.63 8.86
2 WR Berkley Corp Grp 14.10 35.33 1,042 980 1.67 1.94
3 Travelers Grp 10.55 45.89 779 772 14.97 16.55
4 Zurich Ins Grp 8.04 53.93 594 702 0.82 1.04
5 American Intl Grp 7.55 61.48 558 400 42.13 42.47
6 Frankenmuth Grp 5.29 66.77 391 392 61.96 62.13
7 Chubb Ltd Grp 4.01 70.78 296 246 189.67 187.40
8 AXA Ins Grp 3.50 74.29 259 214 3,392.72 3,400.25
9 Cincinnati Fin Grp 3.13 77.42 231 218 469.11 483.64
10 Nationwide Corp Grp 2.71 80.12 200 195 1.23 1.19
State Total 100.00% 100.00% 7,386 7,638 123.32% 124.34%

Links to other Market Share Reports