Commercial Insurers Captured 22 of Top 25 Spots in S&P Global Market Intelligence U.S. Property and Casualty Industry Performance Rankings

Rhea-AI Summary

The annual U.S. Property and Casualty (P&C) Insurance Performance Rankings by S&P Global Market Intelligence revealed that commercial insurers dominated the top spots among the 100-largest P&C carriers. Kinsale Capital Group led for the second year, with significant growth in premiums, assets, and policyholders' surplus. Arch Capital Group and FM Global Group secured the second and third positions, respectively. Commercial insurers excelled in earnings, underwriting profitability, and balance sheet expansion, despite a slowdown in direct premiums written. Only two personal lines carriers, Progressive and Berkshire Hathaway, made it into the top 50, driven by superior private auto insurance performance.

Positive

• Kinsale Capital Group showed a 42.4% growth in direct premiums written and a 105.2% increase in volume over two years.
• Commercial insurers dominated the top 25 spots, benefiting from favorable pricing and terms.
• Arch Capital Group and FM Global Group ranked second and third, respectively, showing strong performance in key metrics.

Negative

• Only two personal lines carriers ranked among the top 50, indicating weaker performance for this segment.

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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.

S&P Global Market Intelligence's opinions, quotes, and 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.

About S&P Global Market Intelligence

At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence.

Media Contact:

Katherine Smith
S&P Global Market Intelligence
P. +1 781 301 9311
E. katherine.smith@spglobal.com or press.mi@spglobal.com

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SOURCE S&P Global Market Intelligence

FAQ

What are the key highlights of the S&P Global Market Intelligence U.S. Property and Casualty Insurance Performance Rankings?

The rankings show commercial insurers dominating the top 25 spots, with Kinsale Capital Group leading for the second consecutive year due to significant growth in premiums, assets, and policyholders' surplus.

Which company topped the S&P Global Market Intelligence U.S. Property and Casualty Insurance Performance Rankings?

Kinsale Capital Group ranked as the top performer for the second consecutive year, driven by a 42.4% growth in direct premiums written and a 105.2% increase in volume over two years.

How did commercial insurers perform in the S&P Global Market Intelligence rankings?

Commercial insurers captured 22 of the top 25 spots, excelling in earnings, underwriting profitability, and balance sheet expansion, despite a slowdown in direct premiums written.

Which personal lines carriers made it into the top 50 of the S&P Global Market Intelligence rankings?

Only two personal lines carriers, Progressive and Berkshire Hathaway, ranked among the top 50, driven by strong combined ratios in their private auto businesses.

What factors contributed to the high rankings of Kinsale Capital Group in the S&P Global Market Intelligence performance metrics?

Kinsale Capital Group's high ranking was due to a 42.4% growth in direct premiums written and a 105.2% increase in volume over two years, along with strong asset and policyholder surplus growth.