Only 2 personal line carriers ranked among the top 50
NEW
YORK, July 10, 2024 /PRNewswire/ -- The
U.S. Property and Casualty (P&C) Insurance Performance Rankings
published by S&P Global Market Intelligence, an annual ranking
of the 100-largest P&C carriers in the country, found that
commercial insurers outperformed their peers in key metrics
measuring earnings, underwriting profitability, balance sheet
growth and other indicators of success. Commercial insurers
benefited from an underwriting margin that outperformed the
long-term average, despite slowing year-over-year growth in direct
premiums written.
The U.S. Property and Casualty Insurance Performance Rankings
are based on statutory financial results collected and compiled by
S&P Global Market Intelligence. They are determined using 13
financial metrics from 2023 statutory filings grouped into six
buckets: rates of return, underwriting profitability, balance sheet
expansion, investment performance, prior-accident-year reserve
development and premium growth. The categories are given distinct
weightings to calculate performance scores for each of the
100-largest U.S. P&C entities based on 2023 net premiums
written.
Kinsale Capital Group Inc. ranked as the top performing U.S.
property and casualty insurer for the second consecutive year,
scoring particularly highly on the basis of growth in premiums,
assets and policyholders' surplus. Direct premiums written growth
of nearly 42.4% was the highest among the top 100 P&C entities,
and Kinsale's $1.57 billion in 2023
volume marked an increase of 105.2% from only two years prior. The
U.S. subsidiary of Arch Capital Group Ltd. secured the second spot,
while the U.S. subsidiary of FM Global Group ranked third.
"For a second consecutive year, specialty commercial lines
underwriters dominated the U.S. Property and Casualty Insurance
Performance Rankings, benefiting from continued favorable pricing,
terms and conditions on many categories of business," said
Tim Zawacki, insurance sector
strategist at S&P Global Market Intelligence. "Diversity in
product mix and a focus on disciplined underwriting served as
common themes among the top performers."
Only two personal lines carriers ranked among the top 50
performers: The Progressive Corp. and Berkshire Hathaway Inc., the
holding company for private-passenger auto insurer Geico Corp. The
private auto businesses of both Progressive and Berkshire materially outperformed their peers
in 2023 on the basis of their combined ratios in that line.
Berkshire's overall score in the
performance rankings also benefited from an extraordinary level of
net realized capital gains.
Click here for more information on the S&P Global
Market Intelligence U.S. Property and Casualty Insurance
Performance Rankings.
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credit-related and other analyses are statements of opinion as of
the date they are expressed and not statements of fact or
recommendation to purchase, hold, or sell any securities or to make
any investment decisions, and do not address the suitability of any
security.
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SOURCE S&P Global Market Intelligence