Guides
The largest surety companies (2025)
The 25 largest U.S. surety companies by 2025 direct premiums written, from NAIC data, and how contractors and businesses use the ranking.
Surety bonds guarantee that a contractor or business will do what it promised: complete a public works project, pay its subcontractors, follow licensing rules. NAIC counted $11.40 billion in 2025 surety direct premiums written, and the 25 groups below wrote 80.6% of it.
The largest sureties are the bond units of national insurers, alongside specialist surety companies. Size matters more here than in most lines because large contract bonds need a surety whose financial strength and Treasury listing satisfy the project owner.
The top 25
Ranked by 2025 direct premiums written in surety, U.S. states and territories, by insurance group. Share is of the line's national total ($11.40 billion).
| Rank | Insurer group | 2025 premiums | Share |
|---|---|---|---|
| 1 | Travelers | $1.42 billion | 12.48% |
| 2 | Liberty Mutual | $1.33 billion | 11.70% |
| 3 | CNA | $716.4 million | 6.28% |
| 4 | Zurich North America | $694.7 million | 6.09% |
| 5 | Chubb | $604.1 million | 5.30% |
| 6 | Tokio Marine | $402.6 million | 3.53% |
| 7 | Intact Insurance Specialty Solutions | $348.3 million | 3.05% |
| 8 | Fairfax Financial | $305.2 million | 2.68% |
| 9 | Merchants Bonding Co. Group | $294.1 million | 2.58% |
| 10 | The Hartford | $293.0 million | 2.57% |
| 11 | Berkshire Hathaway | $278.9 million | 2.45% |
| 12 | Markel | $255.3 million | 2.24% |
| 13 | Nationwide | $239.2 million | 2.10% |
| 14 | Sompo | $212.8 million | 1.87% |
| 15 | SiriusPoint | $207.8 million | 1.82% |
| 16 | IAT Insurance Group | $207.3 million | 1.82% |
| 17 | Swiss Re Corporate Solutions | $184.7 million | 1.62% |
| 18 | Arch Insurance | $176.5 million | 1.55% |
| 19 | Skyward Specialty | $168.4 million | 1.48% |
| 20 | RLI | $158.8 million | 1.39% |
| 21 | Allianz Commercial | $151.2 million | 1.33% |
| 22 | Old Republic | $145.7 million | 1.28% |
| 23 | W. R. Berkley | $132.0 million | 1.16% |
| 24 | Great American Insurance Group | $130.7 million | 1.15% |
| 25 | Everest | $125.8 million | 1.10% |
The five largest groups wrote 41.9% of the line, and Travelers alone wrote 12.5%.
How much of each leader's business this is
Some of the largest writers are specialists for whom surety is most of what they do; for others it is one line among many. The share below is the line's portion of each group's 2025 premium across the 17 commercial lines in our overall ranking.
| Insurer group | Surety premiums | Share of its commercial premiums |
|---|---|---|
| Travelers | $1.42 billion | 5% |
| Liberty Mutual | $1.33 billion | 7% |
| CNA | $716.4 million | 5% |
| Zurich North America | $694.7 million | 5% |
| Chubb | $604.1 million | 3% |
| Tokio Marine | $402.6 million | 4% |
| Intact Insurance Specialty Solutions | $348.3 million | 18% |
| Fairfax Financial | $305.2 million | 3% |
| Merchants Bonding Co. Group | $294.1 million | 99% |
| The Hartford | $293.0 million | 2% |
Reading the numbers
Direct premiums written are the premiums an insurer booked in the year for policies it issued, before it passed any of the risk to reinsurers. They are the cleanest measure of who sells the most surety coverage, but they move with price as well as volume: in a year of steep rate increases a carrier can climb the table without insuring a single extra business, and a carrier that shrinks a troubled book on purpose will fall. They also say nothing about profit. NAIC publishes loss ratios beside the premiums, and a large writer with a poor loss ratio may be the one raising rates or tightening appetite next year. Finally, group totals hide brands. The policy you buy is issued by one company inside the group, often under a name you will not see in this table; the how to judge a business insurance company guide explains how to check the company actually named on your quote.
What the ranking means for a buyer
Owners of public projects often require a surety listed on the U.S. Treasury's Circular 570 with an underwriting limit large enough for the bond, and many private owners ask for a minimum AM Best rating. Contractors build a relationship with a surety through a specialized bond agent, who presents financial statements, work-in-progress schedules and the company's track record to set a bonding program.
The ranking mixes two different markets. Contract surety (bid, performance and payment bonds for construction) is underwritten like a line of credit, on the contractor's financial strength, experience and backlog, and the largest sureties dominate the big-project end. Commercial surety (license and permit bonds, court bonds, customs and fiduciary bonds) is a high-volume, small-premium business in which many smaller companies compete, often with instant online issuance. A small contractor starting out may find its first bonds through a specialty surety or the SBA Surety Bond Guarantee program before moving to one of the leaders as it grows.
Surety is not insurance for the contractor: if the surety pays a claim, it expects to be repaid under the indemnity agreement. That is why sureties look so closely at the owners' personal finances.
Questions to ask before you choose a carrier
- Is the surety listed on the U.S. Treasury's Circular 570, and is its underwriting limitation large enough for the bonds I need?
- What financial statements will the surety require (CPA-reviewed or audited), and how often?
- Will the owners need to sign a general indemnity agreement, and does it extend to spouses?
- What single-job and aggregate bonding capacity can the surety support for my company?
- How does the surety handle claims and contractor default, and what support does it offer if a project goes wrong?
How this list was built
The figures are direct premiums written in calendar year 2025 for NAIC's surety line, for business in the 50 states, D.C. and U.S. territories, from the NAIC's 2025 Market Share Reports for Property/Casualty Groups and Companies (published August 2026). NAIC reports by insurance group, combining affiliated companies under common ownership as filed with the NAIC in August 2025, so a group may sell under several brand names, and ownership changes since then are not reflected. Direct premiums are what the companies wrote before reinsurance; they measure size, not profitability, service or financial strength. Where a group has a profile on this site its name links to it, with its ratings, contacts and history.
For the overall picture across all commercial lines, see The 100 largest U.S. business insurance companies.
Key takeaways
- U.S. surety direct premiums came to $11.40 billion in 2025 (NAIC).
- The 25 largest groups wrote 80.6% of the line; Travelers was the largest.
- Size measures premium volume, not price, appetite or claims service; check ratings and fit on each profile.
- Groups combine several companies and brands, so the company on your policy may carry a different name.