Source: Beth Musselwhite, Reinsurance News

Ranked by 2023 total net premiums written (NPW), State Farm retains the top position in AM Best’s rankings of the top US Property and Casualty (P&C) underwriters, with its total NPW rising by a significant 19.1% to reach $92.6 billion in the year.

Our directory of the Top 100 U.S. Property & Casualty Insurance Companies is based on research data from rating agency A.M. Best.

State Farm’s total US P&C NPW is $15.4 billion ahead of second-place Berkshire Hathaway, which saw total NPW of $77.2 billion, maintaining its position from the 2022 rankings.

Progressive Insurance Group also maintained its third ranking and saw the biggest percentage increase in its total P&C NPW within the top 20, jumping 20.4% to roughly $61.5 billion

Among the top 20 companies, rankings largely remained the same, with the first 16 maintaining their positions from the previous year. Only Munich Re’s American insurance business (Munich-American Holding Corp. Cos.) fell out of the top 20, dropping from rank 17 to 21 due to a 6.2% decrease in P&C NPW, totaling $8.6 billion. Conversely, re/insurer Everest entered the top 20, rising from rank 21 to 19, with approximately $9.3 billion in total NPW.

Notably, several re/insurers made it into the top 100, including Everest Re, Munich Re, Swiss Re, PartnerRe, SCOR, and RenaissanceRe.

Swiss Re experienced the biggest decrease, falling from rank 33 to 56 with a substantial 43.7% decrease, bringing its total US P&C NPW to about $2.4 billion.

This year’s rankings welcomed four newcomers to the top 100: Western National Insurance, Trupanion Insurance, Safety Group, and Skyward Specialty Insurance, which jumped 17 places to rank 99 due to a staggering 34.8% increase, reaching $911 million.

In contrast, Radian Group, Enact Mortgage Insurance, Coaction Specialty Insurance, and James River all dropped out of the top 100 in 2023, each seeing less than a 1% increase in total P&C NPW.