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Carrier Results 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 |
|---|---|---|---|---|
| 1 | TravelersThe largest U.S. business insurer by 2025 commercial premiums. A++ rated, sold through independent agents, No. 1 in package policies, surety and fidelity. | Global and national commercial carriers | $27.13 billion | A++ (Superior) |
| 2 | ChubbGlobal insurer and the No. 1 U.S. writer of business liability coverage. A++ rated, with Westchester for E&S and online quotes for small firms. | Global and national commercial carriers | $23.25 billion | A++ (Superior) |
| 3 | Liberty MutualBoston-based mutual and No. 3 U.S. business insurer. Leading surety writer, sells small business coverage through independent agents and E&S via Ironshore. | Global and national commercial carriers | $19.93 billion | A (Excellent) |
| 4 | Berkshire HathawayNo. 4 U.S. business insurer through a family of separately run units: BHSI, MedPro, GUARD, biBERK, USLI, RSUI and BHHC. Major units rated A++ by AM Best. | Global and national commercial carriers | $18.64 billion | A++ (Superior) |
| 5 | Zurich North AmericaU.S. arm of Swiss-based Zurich Insurance Group, a broker-driven insurer of mid-size and large companies, strong in workers' comp, surety and construction. | Global and national commercial carriers | $14.62 billion | A+ (Superior) |
| 6 | The HartfordConnecticut insurer founded in 1810, the No. 1 U.S. workers' comp writer and a top small business carrier, with Navigators and Maxum for specialty and E&S. | Global and national commercial carriers | $14.61 billion | A+ (Superior) |
| 7 | AIGGlobal commercial insurer for middle-market, large and multinational companies, led in the U.S. by National Union and Lexington, the E&S arm. Broker-sold. | Global and national commercial carriers | $14.45 billion | A (Excellent) |
| 8 | CNAChicago commercial insurer controlled by Loews, sold through agents and brokers. Strong in professional liability, healthcare, surety and specialty lines. | Global and national commercial carriers | $13.47 billion | A+ (Superior) |
| 9 | Progressive CommercialThe largest U.S. commercial auto insurer, for work vehicles, trucks and tow trucks, sold by agents and online. Most other business lines come from partners. | Personal-lines carriers that also insure businesses | $11.69 billion | A+ (Superior) |
| 10 | W. R. BerkleyGreenwich, Conn., insurer running about 60 specialized units in E&S, specialty, regional and workers' comp lines, sold through agents, brokers and wholesalers. | Specialty and E&S insurers | $10.24 billion | A+ (Superior) |
| 11 | Tokio MarineJapan's Tokio Marine owns Philadelphia Insurance, Tokio Marine HCC and Safety National: niche package, specialty lines and excess workers' comp. | Global and national commercial carriers | $9.53 billion | A++ (Superior) |
| 12 | State FarmThe largest U.S. personal-lines insurer also writes BOPs, commercial auto, contractors and farm policies for small businesses through its own agents. | Personal-lines carriers that also insure businesses | $9.35 billion | A+ (Superior) |
| 13 | Fairfax FinancialToronto-based Fairfax owns Crum & Forster, Allied World, Zenith and Hudson: specialty, excess and surplus lines and workers' comp sold through brokers. | Specialty and E&S insurers | $9.09 billion | A+ (Superior) |
| 14 | NationwideColumbus mutual writing small business, middle market, agribusiness, E&S and program business through independent agents; No. 2 in U.S. farmowners. | Global and national commercial carriers | $8.08 billion | A (Excellent) |
| 15 | MarkelVirginia specialty insurer writing E&S, professional liability, programs, surety and niche small business packages through wholesalers, agents and MGAs. | Specialty and E&S insurers | $7.73 billion | A (Excellent) |
| 16 | Auto-Owners InsuranceLansing, Michigan mutual that sells only through independent agents in 26 states; a top-10 U.S. writer of commercial package, commercial auto and fire. | Regional carriers | $7.64 billion | A+ (Superior) |
| 17 | Old RepublicChicago-based specialty group (NYSE: ORI) behind Great West trucking, Bitco construction, PMA comp and large-deductible programs; No. 4 in U.S. commercial auto. | Global and national commercial carriers | $7.57 billion | A+ (Superior) |
| 18 | Starr Insurance CompaniesPrivately held global specialty insurer based in New York; the No. 1 U.S. writer of commercial fire and aircraft insurance and No. 2 in ocean marine. | Specialty and E&S insurers | $7.29 billion | A (Excellent) |
| 19 | Great American Insurance GroupCincinnati specialty insurer owned by American Financial Group (NYSE: AFG), running 30-plus niche units in comp, trucking, construction, crime and marine. | Specialty and E&S insurers | $7.11 billion | A+ (Superior) |
| 20 | AXA XLAXA's commercial and specialty division, built on XL Group (bought 2018); writes liability, excess, property and specialty lines for mid-size and large firms. | Global and national commercial carriers | $6.76 billion | A+ (Superior) |
| 21 | Allianz CommercialAllianz's commercial arm (formerly AGCS, absorbing Fireman's Fund); large corporate property, casualty, marine, aviation and specialty cover through brokers. | Global and national commercial carriers | $6.61 billion | A+ (Superior) |
| 22 | Cincinnati InsuranceOhio insurer sold only through independent agents in 46 states; known for three-year commercial packages, local field claims staff and its own E&S company. | Regional carriers | $6.32 billion | A+ (Superior) |
| 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) |
| 24 | Farmers InsurancePolicyholder-owned personal-lines group managed by Zurich's Farmers Group; sells small-business package, auto and workers' comp through Farmers agents. | Personal-lines carriers that also insure businesses | $5.87 billion | A (Excellent) |
| 25 | Arch InsuranceU.S. arm of Bermuda-based Arch Capital; specialty, E&S and (since buying Allianz's book in 2024) middle market P&C through brokers, MGAs and programs. | Specialty and E&S insurers | $5.61 billion | A+ (Superior) |
| 26 | FMPolicyholder-owned property insurer (formerly FM Global) for large and midsize companies, known for engineering-led loss prevention and member credits. | Global and national commercial carriers | $5.19 billion | A+ (Superior) |
| 27 | Selective InsuranceNew Jersey super-regional selling commercial package, auto, comp and bonds through independent agents in 38 states, plus E&S nationwide via MUSIC. | Regional carriers | $4.82 billion | A+ (Superior) |
| 28 | SompoBermuda-based commercial arm of Japan's Sompo Holdings (formerly Endurance): casualty, property, professional lines, surety and crop through brokers. | Specialty and E&S insurers | $4.66 billion | A+ (Superior) |
| 29 | The HanoverWorcester, Mass., agency carrier (est. 1852) writing small and midsize business packages, comp and auto, plus specialty lines, in 44 states and D.C. | Regional carriers | $4.21 billion | A (Excellent) |
| 30 | Erie InsurancePolicyholder-owned reciprocal in Erie, Pa., selling small business packages, auto and comp through local agents in 12 states and D.C.; No. 1 in J.D. Power 2026. | Regional carriers | $3.96 billion | A (Excellent) |
| 31 | Munich ReThe German reinsurer's U.S. arm: Munich Re Specialty's E&S, public entity, surety and program business, plus HSB equipment breakdown and NEXT. | Reinsurer-owned commercial insurers | $3.94 billion | A+ (Superior) |
| 32 | MSIG USAU.S. commercial arm of Japan's MS&AD: property, casualty, marine and financial lines for mid-size and multinational firms, plus MS Transverse fronting. | Global and national commercial carriers | $3.42 billion | A+ (Superior) |
| 33 | AllstateThe big personal auto and home insurer has pulled back from Allstate-brand commercial policies; it now sells commercial auto through National General. | Personal-lines carriers that also insure businesses | $3.24 billion | A+ (Superior) |
| 34 | AXIS CapitalBermuda-based specialty insurer selling E&S casualty and property, professional, management, cyber and construction lines to mid-size and large U.S. firms. | Specialty and E&S insurers | $3.23 billion | A (Excellent) |
| 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) |
| 36 | EverestBermuda-based reinsurer (NYSE: EG) that sold its retail commercial book to AIG in 2025; U.S. business now comes via E&S, program and specialty units. | Reinsurer-owned commercial insurers | $2.77 billion | A+ (Superior) |
| 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) |
| 38 | AcuitySheboygan, Wisconsin mutual selling through independent agents in 30-plus states; a major trucking insurer, rated A+ by both AM Best and S&P. | Regional carriers | $2.57 billion | A+ (Superior) |
| 39 | WestfieldOhio regional founded in 1848, selling commercial, farm and surety coverage through independent agents, plus E&S and Lloyd's capacity via Westfield Specialty. | Regional carriers | $2.48 billion | A (Excellent) |
| 40 | Core SpecialtyCincinnati specialty insurer built from StarStone U.S. in 2020; writes E&S and admitted casualty, property, Lancer auto, comp and bonds via brokers. | Specialty and E&S insurers | $2.47 billion | A (Excellent) |
| 41 | American Family InsuranceWisconsin mutual known for home and auto; insures small businesses and farms through AmFam agents and Main Street America's independent agents. | Personal-lines carriers that also insure businesses | $2.43 billion | A (Excellent) |
| 42 | Argo Group and Farm Family (Clearbrook)Brookfield's U.S. P&C arm: Argo specialty casualty, E&S, garage and Rockwood comp through brokers, plus Farm Family farm and small business cover. | Specialty and E&S insurers | $2.21 billion | A- (Excellent) for Argo companies; A (Excellent) for Farm Family Insurance Group |
| 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) |
| 44 | EMC InsuranceDes Moines mutual founded in 1911, selling commercial property, auto, liability, workers' comp and surety bonds through independent agents in over 40 states. | Regional carriers | $2.17 billion | A (Excellent) |
| 45 | QBE North AmericaU.S. arm of Australia's QBE, writing specialty casualty, financial lines, construction, large-account property, programs, A&H and crop via brokers and agents. | Specialty and E&S insurers | $2.05 billion | A (Excellent) |
| 46 | Intact Insurance Specialty SolutionsU.S. specialty arm of Canada's Intact Financial (formerly OneBeacon), writing surety, marine, A&H, tech, entertainment and management liability via brokers. | Specialty and E&S insurers | $1.94 billion | A+ (Superior) |
| 48 | Kinsale InsuranceRichmond, Va., E&S-only insurer founded in 2009, writing hard-to-place casualty, property and professional risks for small and midsize firms via wholesalers. | Specialty and E&S insurers | $1.93 billion | A (Excellent) |
| 50 | RLIPeoria, Illinois specialty insurer writing E&S and niche admitted casualty, property, trucking and surety through brokers and agents; rated A++ by AM Best. | Specialty and E&S insurers | $1.83 billion | A++ (Superior) |
| 51 | West Bend InsuranceWisconsin regional founded in 1894 that sells business insurance in 14 states and surety bonds nationwide through independent agents only. | Regional carriers | $1.75 billion | A (Excellent) |
| 52 | Utica NationalUpstate New York mutual founded in 1914, known for school, volunteer fire department and insurance agents' E&O programs, sold through independent agents. | Regional carriers | $1.64 billion | A (Excellent) |
| 55 | Ascot GroupBermuda specialty insurer majority-owned by CPP Investments; its U.S. arm writes E&S and excess casualty, professional lines, surety, marine and comp. | Specialty and E&S insurers | $1.58 billion | A (Excellent) |
| 59 | Clear Blue Insurance GroupA fronting carrier group whose four insurers issue policies for MGA programs in trucking, contractors, auto dealers and habitational risks. | Program carriers and fronting insurers | $1.48 billion | A- (Excellent) |
| 61 | GNY (Greater New York Mutual)New York mutual founded in 1914 that writes package policies for apartment, co-op, office, restaurant and light industrial risks in 16 states and D.C. | Regional carriers | $1.36 billion | A+ (Superior) |
| 62 | TrisuraToronto-listed specialty insurer whose Oklahoma City-based U.S. arm issues policies for MGA programs and is building a U.S. surety business. | Program carriers and fronting insurers | $1.34 billion | A- (Excellent) |
| 64 | FCCI Insurance GroupSarasota-based mutual founded in 1959 as a contractors' comp fund; writes commercial P&C in 20 states and D.C. and surety in 45, through independent agents. | Regional carriers | $1.27 billion | A (Excellent) |
| 65 | Applied UnderwritersOmaha-based, founder-owned insurer known for its EquityComp and SolutionOne comp programs, now writing specialty liability, auto and aviation coverage. | Specialty and E&S insurers | $1.25 billion | A- (Excellent) |
| 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) |
| 67 | UFG InsuranceCedar Rapids, Iowa, commercial insurer founded in 1946, selling packages, auto, comp and surety through about 850 independent agencies; Nasdaq: UFCS. | Regional carriers | $1.18 billion | A- (Excellent) |
| 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) |
| 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 |
| 71 | James RiverNasdaq-listed E&S casualty writer for small and mid-size accounts, sold only through wholesalers, plus Falls Lake admitted comp; rated A-, negative outlook. | Specialty and E&S insurers | $1.13 billion | A- (Excellent), negative outlook |
| 72 | Western NationalMinnesota mutual selling commercial package, auto, comp, niche programs and surety through independent agents in the Upper Midwest, Northwest and Alaska. | Regional carriers | $1.09 billion | A+ (Superior) |
| 73 | HDI GlobalU.S. arm of Germany's Talanx/HDI: broker-placed property, casualty and specialty for mid-size and large companies, rated A+ by AM Best. | Reinsurer-owned commercial insurers | $1.07 billion | A+ (Superior) |
| 74 | Encova InsuranceColumbus, Ohio mutual formed from Motorists and BrickStreet; workers' comp in 26 states and D.C. and business packages in 22, sold by independent agents. | Regional carriers | $1.04 billion | A (Excellent) |
| 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) |
| 76 | SECURA InsuranceWisconsin mutual founded in 1900 that sells business, nonprofit, special-event and farm insurance in 13 states through independent agents. | Regional carriers | $1.03 billion | A (Excellent) |
| 77 | KemperChicago nonstandard auto insurer whose Kemper Auto Commercial unit insures vehicles of contractors and small businesses in eight states via independent agents. | Personal-lines carriers that also insure businesses | $1.01 billion | A- (Excellent) |
| 78 | AmerisureMichigan mutual founded in 1912 that insures mid-sized construction, manufacturing and healthcare firms nationwide through select independent agencies. | Regional carriers | $984.2 million | A (Excellent) |
| 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) |
| 82 | Frankenmuth InsuranceMichigan regional mutual founded in 1868. It sells package, auto, comp and surety coverage for businesses through independent agents in 16 states. | Regional carriers | $920.0 million | 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) |
| 84 | PalomarLa Jolla specialty insurer known for earthquake and DIC property, now growing in contractor casualty, inland marine, surety, crop and fronting. | Specialty and E&S insurers | $890.2 million | A (Excellent), stable outlook (Palomar Specialty and Palomar Excess and Surplus; First Indemnity of America A-, positive) |
| 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 |
| 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 |
| 91 | SiriusPointBermuda specialty insurer and reinsurer whose U.S. business is written mostly through MGAs and program administrators on its admitted and E&S paper. | Specialty and E&S insurers | $719.5 million | A (Excellent), stable outlook |
| 92 | SCORFrench reinsurer whose U.S. primary arm writes large corporate risks through brokers and program and E&S business through MGAs, on GSNIC and GSINDA paper. | Reinsurer-owned commercial insurers | $711.6 million | A (Excellent), stable outlook |
| 93 | COUNTRY FinancialBloomington, Illinois insurer founded by farmers in 1925; sells farm, small business and workers' comp coverage through its own reps in 19 states. | Personal-lines carriers that also insure businesses | $691.8 million | A+ (Superior), stable outlook |
| 94 | Shelter InsuranceMissouri mutual selling auto, home, farm and small business policies through exclusive agents in 14 states; Haulers and AmShield use independent agents. | Personal-lines carriers that also insure businesses | $680.0 million | A (Excellent) |
| 95 | MagMutualAtlanta-based physician-owned mutual that insures doctors, medical groups and hospitals for malpractice; online quoting for physicians, rated A (Excellent). | Medical and professional liability specialists | $677.2 million | A (Excellent) |
| 96 | NJM Insurance GroupWest Trenton, N.J., mutual founded in 1913 to write workers' comp. It sells comp, commercial auto, BOP and package policies in six Mid-Atlantic states. | Regional carriers | $653.0 million | A+ (Superior) |
| 97 | Donegal Insurance GroupPennsylvania regional founded in 1889: a mutual plus its Nasdaq-listed affiliate. It sells BOP, package, auto and comp through independent agents in 21 states. | Regional carriers | $649.1 million | A (Excellent) |
| 98 | Mercury InsuranceCalifornia auto and home insurer founded in 1961. It writes commercial auto in four states and California BOPs, through independent agents. | Personal-lines carriers that also insure businesses | $628.2 million | A (Excellent) |
| — | Allied WorldFairfax-controlled Bermuda specialty insurer writing excess casualty, D&O, healthcare, environmental and property for midsize and large U.S. accounts. | Specialty and E&S insurers | — | A+ (Superior) |
| — | Berkshire Hathaway GUARD Insurance CompaniesBerkshire Hathaway's agent-sold small and mid-sized business insurer in Wilkes-Barre, PA: workers' comp, BOPs, commercial auto, GL and umbrella. A+ AM Best. | Small business specialists | — | A+ (Superior) |
| — | Berkshire Hathaway Specialty InsuranceBerkshire Hathaway's Boston-based specialty arm, launched in 2013: property, casualty, D&O, E&O, healthcare liability, surety and marine through brokers. | Specialty and E&S insurers | — | A++ (Superior) |
| — | Crum & ForsterFairfax's Morristown specialty carrier: admitted and E&S casualty, construction, property, surety and accident and health, sold through agents and wholesalers. | Specialty and E&S insurers | — | A+ (Superior) |
| — | 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.