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Niche and affinity insurers
- Global and national commercial carriers 15
- Regional carriers 20
- Personal-lines carriers that also insure businesses 9
- Specialty and E&S insurers 31
- Workers' comp specialists and state funds 7
- Medical and professional liability specialists 3
- Niche and affinity insurers 9
- Small business specialists 12
- Cyber specialists 3
- Program carriers and fronting insurers 6
- Reinsurer-owned commercial insurers 5
| # | Insurer | Type | Commercial premiums (2025) | AM Best |
|---|---|---|---|---|
| 35 | Federated InsuranceMinnesota mutual founded in 1904 that sells property, casualty, life and bonds directly to businesses in select industries, backed by 500+ trade associations. | Niche and affinity insurers | $3.16 billion | A+ (Superior) |
| 43 | Sentry InsuranceWisconsin mutual founded in 1904 that insures manufacturers, dealers, truckers and large employers, plus Hortica and specialty programs; owns The General. | Niche and affinity insurers | $2.21 billion | A+ (Superior) |
| 66 | TruStage (CUMIS)The credit union movement's own insurer, formerly CUNA Mutual Group; CUMIS writes bonds, D&O, cyber and property for credit unions plus specialty programs. | Niche and affinity insurers | $1.20 billion | A (Excellent) |
| 70 | Church MutualWisconsin specialist that insures more than 50,000 churches plus nonprofits, schools and camps; rated A (Excellent) with a negative outlook since 2024. | Niche and affinity insurers | $1.14 billion | A (Excellent), negative outlook |
| 75 | Farm Bureau Financial ServicesIowa-based Farm Bureau insurer and the largest U.S. farmowners writer, selling farm, ranch and small-business coverage in eight states through exclusive agents. | Niche and affinity insurers | $1.03 billion | A (Excellent) |
| 83 | Brotherhood MutualFort Wayne insurer for churches, Christian schools, colleges, camps and mission groups since 1917. Rated B++ by AM Best after a 2024 downgrade. | Niche and affinity insurers | $918.8 million | B++ (Good) |
| 90 | GuideOne InsuranceWest Des Moines insurer of churches, other religious organizations and human services nonprofits, plus program business; A- (Excellent) with a negative outlook. | Niche and affinity insurers | $743.4 million | A- (Excellent), negative outlook |
| 100 | American Coastal InsuranceSt. Petersburg insurer of Florida condo associations, HOAs, apartment complexes and assisted living facilities, sold only through two MGAs since 2007. | Niche and affinity insurers | $612.6 million | — |
| — | Philadelphia Insurance CompaniesTokio Marine's PHLY writes package, auto and management liability for 120-plus niches, from nonprofits and HOAs to gyms, camps and special events. | Niche and affinity insurers | — | A++ (Superior) |
Ranked by 2025 U.S. commercial lines direct premiums written: NAIC 2025 market share data for 17 commercial lines (states and U.S. territories), summed by insurance group. A group's premium in a line where it is outside NAIC's top 125 is not counted. Seven groups are left out because a business cannot buy from them or their premium in these lines is mostly consumer coverage: USAA, CSAA, the Ohio Bureau of Workers' Compensation, Florida's Citizens, the Texas FAIR Plan and windstorm pool, Assurant and Generali. Brands without a rank are well-known companies inside these groups or outside the top 100.