NU’s annual rankings, based on data from SNL Financial, offer an overall look at the P&C insurance industry’s performance in 2014, with intel on net premiums written, percentage growth and combined ratios for both companies and groups.
Among the biggest gainers in the Top 10 companies was American Family Mutual, which posted 19% growth and cracked the Top 10 this year (up from No. 15 in 2013’s standings).
Lexington Insurance Co.’s sharp 62.4% increase in NPW is mostly explained by a one-time combination of AIG’s non-admitted and admitted capital pools in 2014. Lexington’s share of that larger combined pool led to the increase in NPW reported, but the carrier also is growing in areas in which it is investing, such as in programs and its large limits property book—where AIG is bolstering its engineering expertise.
National Indemnity Co., meanwhile, reported 371.7% growth, which is attributed to a loss portfolio transfer and a quota share with companies affiliated to parent company Berkshire Hathaway’s motor insurer Geico.
4.5% average growth
The average combined ratio among the top 100 insurance groups in 2014 increased ever so slightly to 97.09 (from 96.63 in 2013), while averaging 4.5% growth—still a respectable showing but not entirely difficult to achieve, given the lack of major natural catastrophes to spur a market shift of real significance.
The list of Top 10 groups remained nearly the same year-over-year, with only Progressive Corp. and AIG trading places at No. 6 and No. 7, respectively.
(Click on images to enlarge)
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Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
