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Comp Trends 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) |
| 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) |
| 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) |
| 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) |
| 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) |
| 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) |
| 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) |
| 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) |
| 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) |
| 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 | — |
| 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) |
| 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) |
| 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) |
| 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) |
| 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) |
| 81 | ProAssuranceBirmingham-based medical malpractice, med-tech products and workers' comp insurer, owned by The Doctors Company since June 2026 after a $1.3 billion takeover. | Medical and professional liability specialists | $927.0 million | A (Excellent) |
| 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 |
| 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) |
| — | 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) |
| — | biBERKBerkshire Hathaway's direct-to-business insurer: comp, BOP, GL, E&O, commercial auto and umbrella quoted and bought online or by phone, no agent needed. | Small business specialists | — | A++ (Superior) |
| — | HuckleberryOnline insurance agency owned by Paychex since 2023. Quotes workers' comp, BOP and GL from carriers such as AmTrust, Chubb and The Hartford. | Small business specialists | — | — |
| — | Pie InsuranceVenture-backed insurtech that writes small business workers' comp on its own A- rated paper in 39 states and D.C., sold online and through 5,000-plus agencies. | Small business specialists | — | A- (Excellent) |
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.