Reinsurance News

Top US P&C underwriters saw robust premium growth in 2021

18th July 2022 - Author: Luke Gallin

The top 10 U.S. property & casualty (P&C) underwriters, based on net premiums written, remained unchanged in 2021 when compared with the previous years, while Munich Re Americas moved four places to 15th, making it the highest ranked reinsurer on the list.

worlds-largest-us-pc-insurers-2021Our directory of the Top 100 U.S. P&C insurance companies is based on research data from AM Best, with carriers ranked by net premiums written (NPW) in 2021.

The data reveals that the top 13 at year-end 2021 is the same as in 2020, with all firms but Farmers Insurance Group reporting NPW growth over the year.

While State Farm held on to the top spot for another year, with growth of 6.1% resulting in 2021 NPW of $69.7 billion, its lead did shrink following growth of almost 21% at Berkshire Hathaway to NPW of $68.3 billion for the year.

Progressive Insurance, Allstate, and Liberty Mutual complete the top five, with NPW of $46.6 billion, $38.6 billion, and $36.1 billion, respectively. In sixth place is Travelers with growth of 7.1% resulting in 2021 NPW of $29.8 billion, followed by USAA in seventh with NPW of $24.6 billion, and Chubb in eighth with NPW of $21.7 billion in 2021.

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Nationwide grew its NPW by almost 5% to $18.8 billion, enabling it to remain inside the top 10, while Farmers actually saw a contraction in NPW of nearly 11% to $15.9 billion, but remained in 10th place.

In terms of reinsurers, Munich Re’s U.S. arm witnessed impressive NPW expansion of 38.6% in 2021, taking premiums to $9.8 billion for the year, which moved the firm to 15th on the list.

The next highest ranked reinsurer is Everest Re US Group, which remained in 20th place like in 2020, despite recording growth of 16.1% to NPW of $7.7 billion. Swiss Re moved down one place to 33rd on the list with NPW of $4.1 billion, as XL Reinsurance America moved from 35th in 2020 to 39th in 2021, with NPW of $3.1 billion.

At the same time, PartnerRe gained one place and moved to 46th on the list, with NPW growth of almost 9% to $2.3 billion, while SCOR lost one place, ending 2021 in 47th position, with NPW of almost $2.3 billion.

AXIS US recorded NPW growth of almost 14% in 2021, ending the year at $2.28 billion in 48th place. RenaissanceRe US saw strong NPW growth of 37.5% in 2021 to more than $1 billion, which saw the firm move from 96th place in 2020 to 82nd on the list for 2021.

CoreSpecialty is also worth a mention, as the company’s NPW grew by a significant 181% to $1.5 billion, taking the firm to 65th on the list, compared with 125th a year earlier.

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