The excess and surplus market in the US continued to grow over the first quarter of 2014, bringing in heightened premium as half of the top 30 writers posted double-digit increases. Now, according to new SNL data, producers working with the market through a wholesaler know the relative size of each carrier they deal with.
The rankings were based on data analysis from the Schedule T section of statutory statements, SNL Financial said. Schedule T reveals how much a company wrote in a state where it is neither licensed nor admitted.
According to the data, the following 10 carriers represent the biggest market players in the E&S space:
10. Fairfax Financial Holdings—$186.1 million, -4.74% change
9. Berkshire Hathaway Inc.—$190.7 million, +48% change
8. CNA Financial Corp.—$195.1 million, -8.11% change
7. Ironshore Inc.—$201.7 million, +36.05% change
6. ACE Ltd.—$230.3 million, +12.17% change
5. Markel Corp.—$267.9 million, +4.35% change
4. Zurich Insurance Group—$277.2 million, -4.07% change
3. W.R. Berkley Corp.—$344.6 million, +15.9% change
2. Nationwide Mutual Group—$408.7 million, +15.1% change
1. American International Group (AIG)—$980 million, -4% change
Berkshire Hathaway offered the biggest changes, with a 48% growth in premium that secured it a new spot in the top 10 list. Much of this growth was thanks to its subsidiary, National Fire & Marine Insurance Co., which wrote $116.9 million in direct E&S premium last quarter—a result 94.3% higher year over year.
The firm has already announced its intentions to grow in the E&S market, and SNL noted its major jump is not particularly surprising.
One move to watch out for, however, is the reported sale of Western World Insurance Group, which could mean the entrance of a new top competitor—Validus Holdings. The Bermuda-based reinsurer considers the US E&S market “prime territory.”
Meanwhile, both AIG and
QBE saw declines.
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