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E&S Premiums Continue to Fall, According to 2009 Statutory Data from SNL Financial

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Posted on 04 May 10

Excess and surplus insurers endured another year of declining premiums in 2009, writing 7.5% fewer direct premiums versus the prior year, according to SNL Financial's analysis of the U.S. E&S market. The slide comes after significant declines in 2008, when premiums were down 8.6% from 2007.

All of the top 10 E&S insurers by market share saw year-over-year declines in premiums written. American International Group Inc. wrote 15.1% fewer premiums in 2009, but retained its No. 1 position with nearly a quarter of the market share. Rounding out the top three, Zurich Financial Services Ltd. and Nationwide Mutual Group saw declines of 11.2% and 4.6%, respectively.

Although the majority of the top E&S insurers wrote fewer premiums in 2009, Ironshore Inc. boosted its underwriting, up 623% in 2009 compared to 2008, moving the company to No. 20 from No. 65. QBE Insurance Group Ltd. also gained traction in the 2009 rankings, moving to No. 11 from No. 40 year-over-year after increasing its premiums 249%.

"The gap between standard and specialty markets for declines in commercial lines direct premiums narrowed to 2% in 2009, down from 5% in 2008, suggesting that competition in standard lines is catching up to specialty, and the market is getting closer to a bottom," said Jon Wright, Director of Insurance at SNL.

Methodology

SNL ranked the insurers by their 2009 E&S direct premiums written. SNL defined excess and surplus premiums as premiums written in a state where the company was not licensed to write business. The rankings are limited to companies that file NAIC statements. SNL calculated group totals by adding the individual entities' premiums. U.S. totals exclude premiums written by Lloyd's of London, which transacts its U.S. E&S business through licensed surplus lines brokers.

This data is available as part of the SNL Information Service. To find out more, contact sales@snl.com or 866.296.3743.

About SNL Financial

SNL Financial is a leading provider of financial information on more than 3,300 public companies and 50,000 private companies in the business sectors critical to the global economy: Banking, Financial Services, Insurance, Real Estate, Energy and Media & Communications. The SNL information service integrates breaking news, comprehensive data and expert analysis into an electronic database available online and updated around the clock. For more information, visit www.snl.com.


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