A Firm Foundation: How Insurance Supports the Economy

Surplus lines by state

The surplus lines market, a group of highly specialized insurers exists to provide coverage that is not available through licensed insurers in the standard insurance market. Each state has surplus lines regulations and each surplus lines company is overseen for solvency by its home state. A number of states maintain lists of eligible surplus lines companies and some keep a list of those that are not eligible to do business in that state. In addition, depending on the state, the surplus lines agent or broker, who must be licensed, is responsible for checking the eligibility of the company.

For the many thousands of businesses that rely on some level of surplus line protection to keep their doors open, surplus lines is an important segment of the market.

Top 25 U.S. Surplus Lines Groups By Direct Premiums Written, 2022

($000)

Rank Group Direct premiums written Percent of total
U.S. surplus lines market
  Lloyd's Market (1) $15,482,880 15.7%
1 Berkshire Hathaway Insurance Group 6,903,760 7.0
2 American International Group 4,536,819 4.6
3 Markel Corporation Group 3,835,872 3.9
4 Fairfax Financial (USA) Group 3,783,062 3.8
5 W. R. Berkley Insurance Group 3,213,665 3.3
6 Nationwide Group 2,785,549 2.8
7 Chubb INA Group 2,780,635 2.8
8 Liberty Mutual Insurance Companies 2,254,098 2.3
9 XL Reinsurance America Group 2,030,901 2.1
10 Sompo Holdings U.S. Group 1,823,881 1.9
11 Starr International Group 1,821,426 1.8
12 AXIS U.S. Operations 1,577,992 1.6
13 Tokio Marine U.S. PC Group 1,500,711 1.5
14 Zurich Insurance U.S. PC Group 1,343,725 1.4
15 Arch Insurance Group 1,338,455 1.4
16 CNA Insurance Companies 1,250,983 1.3
17 QBE North America Insurance Group 1,227,653 1.2
18 Everest Re U.S. Group 1,175,218 1.2
19 Trisura US Insurance Group 1,172,170 1.2
20 Munich-American Companies 1,126,378 1.1
21 Kinsale Insurance Co. 1,102,092 1.1
22 Great American P&C Insurance Group 1,082,312 1.1
23 Hartford Insurance Group 1,039,714 1.1
24 James River Group 971,335 1.0
25 Travelers Group  968,761 1.0
  Total, top 25 $52,647,167 53.5%
  Total, top 25 and Lloyd's $68,130,047 69.2%
  Total U.S. surplus lines market $98,487,878 100.0%

(1) Because Lloyd's Market company structure differs from traditional insurance companies, AM Best does not include it in the ranking in this chart.

Source: ©AM Best – used with permission.

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