Top Boiler & Machinery Insurers in Massachusetts & New England

Boiler Machinery 2025 | Agency Checklists

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%