American International Group (AIG) and Nationwide Mutual are the top writers of U.S. excess and surplus (E&S) business but Berkshire Hathaway Inc. has climbed to become the eighth largest writer in just two years.
A new SNL report shows Berkshire Hathaway grew its direct premiums written by 48.2 percent in 2014 over 2013. This came following a 38.6 percent jump in 2013, when Berkshire ranked 13th in the U.S. market.
Among the top 10 E&S writers, AIG, Zurich and Fairfax lost market share in the year over year comparison, according to the SNL data.
Berkshire Hathaway Specialty Å˽ðÁ«´«Ã½Ó³» was formed in April 2013. BHSI writes commercial property, casualty, health care professional liability, executive and professional lines, surety and travel insurance.
Within the U.S., Berkshire’s two largest E&S writers that file with the NAIC are National Fire & Marine Å˽ðÁ«´«Ã½Ó³» Co. and General Star Indemnity Co. These entities together wrote about 83.4 percent of the group’s total E&S premiums. These two units specialize almost exclusively in E&S.
Lexington Å˽ðÁ«´«Ã½Ó³» is part of AIG and Nationwide Mutual owns Scottsdale.
Related:
- SNL’s Top 30 E&S Writers: Berkshire On Fire with 40% Growth in 2013
- SNL: E&S Premiums Up in 2012; Top 30 Carriers Ranked
Topics USA Excess Surplus AIG
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