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Workers' comp specialists and state funds
- 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 |
|---|---|---|---|---|
| 23 | AmTrust FinancialNew York-based, privately held insurer; the No. 3 U.S. workers' comp writer, also selling BOPs, packages, E&S and MGA programs through agents. | Workers' comp specialists and state funds | $6.25 billion | A- (Excellent) |
| 37 | AF Group (Accident Fund)Lansing, Michigan workers' comp specialist (Accident Fund, United Heartland, CompWest) owned by Blue Cross Blue Shield of Michigan; sale to Enstar pending. | Workers' comp specialists and state funds | $2.73 billion | A (Excellent) |
| 54 | New York State Insurance Fund (NYSIF)New York's state agency fund for workers' comp, disability and paid family leave. It competes with private carriers and must take any employer that applies. | Workers' comp specialists and state funds | $1.60 billion | — |
| 69 | ICW GroupPrivately held San Diego insurer known for workers' comp in 22 states and commercial earthquake cover, now adding E&S excess and California commercial lines. | Workers' comp specialists and state funds | $1.17 billion | A (Excellent) |
| 79 | State Compensation Insurance Fund (State Fund)California's not-for-profit state fund, created in 1914. It competes with private carriers for workers' comp and keeps its door open to any California employer. | Workers' comp specialists and state funds | $962.0 million | — |
| 80 | Texas MutualPolicyholder-owned workers' comp insurer created by Texas lawmakers in 1991. It leads the Texas comp market and is the state's insurer of last resort. | Workers' comp specialists and state funds | $941.9 million | A+ (Superior) |
| 89 | EMPLOYERSReno-based workers' comp specialist for lower-hazard small businesses, sold through agents and online through its Cerity brand; rated A (Excellent) by AM Best. | Workers' comp specialists and state funds | $747.5 million | A (Excellent), stable outlook |
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.