10. AXA SA
Direct premiums written (2023): $1.96 billion
9. Liberty Mutual
Direct premiums written (2023): $2.31 billion
8. STARR Insurance Companies
Direct premiums written (2023): $2.71 billion
7. Nationwide
Direct premiums written (2023): $2.84 billion
6. Chubb
Direct premiums written (2023): $3.18 billion
5. W.R. Berkley Corporation
Direct premiums written (2023): $3.61 billion
4. Markel
Direct premiums written (2023): $3.68 billion
3. Fairfax Financial
Direct premiums written (2023): $4.04 billion
2. AIG
Direct premiums written (2023): $4.96 billion
1. Berkshire Hathaway
Direct premiums written (2023): $8.39 billion
For the fifth year in a row, excess and specialty (E&S) insurance lines premiums grew by at least double digits in 2023, reports S&P Global. However, the yearly rate of growth that peaked in 2021 at 32.3% slowed in both 2022 and 2023 to 20.1% and 14.5%, respectively.
S&P Global reports that E&S premiums made up 9.2% of total direct written premium in the U.S. in 2023 – an increase from 8.8% in 2022. They predict that softening market conditions in some significant E&S lines could lead market gains to slow even more in 2024.
Of the E&S premium written in 2023, 52.5% was within various casualty or liability coverages, including medical professional liability, product liability and other liability (claims-made and occurrence). Specialty property lines, including allied lines, commercial multi-peril (non-liability), fire and homeowners comprised 31.7% of 2023 E&S premium. About 5.4% of E&S premium fell under commercial auto coverages, including commercial auto no-fault, commercial auto physical damage and other commercial auto liability.
For the entirety of 2023, E&S premiums in the United States totaled $86.47 billion, up from $75.51 billion in 2022.
In the slideshow above, we’ll look at the ten insurers that dominated the excess and specialty lines space in the U.S. last year, according to data from S&P Global’s latest market report.
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2024 Wholesale & Specialty Insurance Market Update 
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