Contents

  1. Cover
  2. Editors Desk: Standing The Test Of Time
  3. Contents: Top Global Brokers and Critical Issues Asset Management
  4. Bests Calendar and Executive Changes
  5. Executive Changes: Chief Executive Officer To Retire
  6. Web Traffic Top Brokers and Masthead Forestay
  7. Risk Adviser: PFAS and Investment Opportunity
  8. Regulatory Law: Gun Violence and Civil Liability Insurance Claims
  9. Issues and Answers: Specialty Coverage and Inflation
  10. Specialty Coverage and Flood Resilience
  11. Inflation Supply Chain Disruptions and Claims Impact
  12. Critical Issues and Insurance Asset Management
  13. Life Insurance: Coverage Gap and Underserved Communities
  14. Life Insurance: Ethnic and Financial Diversity
  15. Top Global Brokers and Bests Rankings
  16. Global Brokers Ranking and New Leaders
  17. DUAE Premium Growth and Standing The Test Of Time
  18. Standing The Test Of Time and Property Casualty Insurers
  19. Standing The Test Of Time and Life Health Insurers
  20. Standing The Test Of Time and Bests Ratings
  21. BestMark Rated Insurers and Top US P/C Writers
  22. Bests Rankings and Top US P/C Writers
  23. Bests Rankings and Top US L/H Insurers
  24. Top US L/H Insurers and 2022 Admitted Assets
  25. Top US Canada Public Insurers and 2022 Assets
  26. Top US Canada Public Insurers and 2022 Revenue
  27. Worlds Largest Insurers and Net Premiums Written
  28. Top US Holding Companies and D&O Market
  29. Directors and Officers Liability and Market Segment Report
  30. Underwriting Loss Control: Electric Vehicle Charging Stations
  31. State Rate Filings and Medical Malpractice
  32. Book Store Black Pioneers and App Store Cyberattack Protection
  33. Trending News Underwriting Expense Ratio and Trending Research MPLI
  34. Webinars: Cyber Insurance and Property Risk Assessment
  35. AM Best TV Audio and Bests Credit Rating Actions
  36. Ratings Actions: Americas Life Health and Americas Property/Casualty
  37. Ratings Actions: Americas Property/Casualty and Holding Companies
  38. Ratings Actions: Financial Strength Ratings and Issuer Credit Ratings
  39. Corporate Changes: Mergers Acquisitions and State Actions
  40. Preferred Publisher Program and Global Insurance News
  41. Insurance Professional Resources and Expert Service Providers
  42. Distracted Driving Pet Passengers and Masthead Backstay
  43. Back Cover
 
30-31 30-31
28
LEADERS
THE
9. Alliant Insurance Services Inc.
Revenues:
$3.22 billion
Top Executive:
Thomas W. Corbett, chairman and CEO
Headquarters:
Irvine, CA, USA
Top Lines:
P/C (specialty vertical niches and middle
market); personal lines; employee benefits; retirement
services; underwriting
Developments in 2022:
Continued national
expansion through organic growth, acquisitions and
procurement of top brokerage talent. Grew to encompass more than 9,700
employees throughout the United States. Closed four acquisitions in 2022.
10. Lockton Inc.
Revenues:
$3.10 billion
Top Executive:
Ron Lockton, chairman
Headquarters:
Kansas City, MO, USA
Top Lines:
Risk management (P/C insurance);
employee benefits; affinity programs
Developments in 2022:
Recognized for
award-winning culture: 14th consecutive year,
Business
Insurance
Best Places to Work in Insurance; third
consecutive year, Deloitte/
Wall Street Journal
U.S. Best Managed Private
Companies;
Forbes
Best Employers for Diversity. Continued investment in
cyber, financial services, marine and private risk solutions and new geographies
in Colombia, Oman and Sweden. Began three-year partnership with Tate, a
group of four U.K. galleries—Tate Modern, Tate Britain, Tate Liverpool and Tate
St Ives—allowing Lockton and Tate to promote artis
tic risk-taking, community
engagement and access to art for all.
11. USI Insurance Services LLC
Revenues:
$2.50 billion
Top Executive:
Michael J. Sicard, chairman and CEO
Headquarters:
Valhalla, NY, USA
Top Lines:
Commercial P/C; employee benefits;
personal risk; retirement solutions; programs and
wholesale
Developments in 2022:
Made significant
investments in proprietary solutions platform,
OMNI AI, driving increased expertise and market share across the firm’s
property/casualty, employee benefits, personal risk, retirement programs
and wholesale businesses. Additionally, the company continued large-scale
investments in new talent hiring (including early-career professionals),
strategic acquisitions and advancement of USI’s industry-leading employee
programs and diversity and inclusion initiatives.
12. Howden
Revenues:
$2.35 billion
Top Executive:
David Howden, CEO
Headquarters:
London, England
Top Lines:
Insurance advice across retail, specialty,
risk consulting and employee benefits, reinsurance broking
and advisory (Howden Tiger), underwriting (DUAL).
Developments in 2022:
Howden Broking
successfully integrated Aston Lark, Howden’s U.K. and
Ireland platform. Cemented presence across Europe, where almost half of
the year’s 31 acquisitions were executed. Formed Howden CAP, underlining
commitment to leveraging insurance as capital management tool. Initiated
acquisition of TigerRisk in the U.S. Launched Howden Tiger SabRE, the
largest MGA/Program broking business, with over $6 billion of GWP.
The company’s three minority investors—General Atlantic, CDPQ and Hg
Capital—recently committed to an additional seven years. Developed and
launched first carbon offset insurance product and renewed the world’s first
catastrophe bond for volcanic eruption.
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13. NFP Corp.
Revenues:
$2.21 billion
Top Executive:
Doug Hammond, CEO
Headquarters:
New York, NY, USA
Top Lines:
P/C; benefits and life; wealth
management and retirement
Developments in 2022:
Closed 18 acquisitions in
North America and Europe. Focused on expanding global
presence and adding complementary capabilities across
business lines, driving the addition of exceptional firms, including Newport
Private Wealth (Canada) and Simon Shirley Advisors Ltd. (Ireland), as well as
two acquisitions that advance the growth of MGA/MGU division. Welcomed
experienced experts across specialty property and casualty business, including
the co-leaders of North America Construction and Infrastructure group and the
leader of Energy and Marine practice.
14. Amwins Group Inc.
Revenues:
$2.20 billion
Top Executive:
Scott M. Purviance, CEO
Headquarters:
Charlotte, NC, USA
Top Lines:
Commercial P/C; employee benefits;
niche programs
Developments in 2022:
Became the first
wholesale broker to pass $2 billion in revenue. More
than 7,000 employees worldwide, handling premium
placements in excess of $30 billion annually.
14. AssuredPartners Inc.
Revenues:
$2.20 billion
Top Executive:
Jim Henderson, chairman and CEO
Headquarters:
Orlando, FL, USA
Top Lines:
P/C; employee benefit coverages; risk
management services for various industries including
senior living, real estate, aerospace and transportation.
Developments in 2022:
Closed 44 acquisitions
totaling $125 million. Introduced Accretive, new
wholesale operating unit. Continued to expand in the vertical and specialty
market while introducing the new manufacturing vertical.
16. The Ardonagh Group
Revenues:
$1.76 billion
Top Executive:
David Ross, CEO
Headquarters:
London, England
Top Lines:
Corporate advisory; digital personal lines;
specialty wholesale; reinsurance broking
Developments in 2022:
Global M&A continued
with new platforms in Portugal and Latin America, the
Netherlands and Australia through the acquisitions of
MDS, Léons and Envest, respectively. The integration of Ardonagh Specialty
was largely completed in 2022 following the acquisition of BGC’s insurance
operations in 2021. Specialty will now operate as Price Forbes for open
market broking and Bishopsgate for Programs, with reinsurance capabilities
brought together in Inver Re. Specialty and International now comprise
45% of group income. The year 2022 marked five years since Ardonagh’s
formation.
17. EPIC Insurance Brokers &
Consultants
Revenues:
$947.0 million
Top Executive:
Steve Denton, CEO
Headquarters:
San Francisco, CA, USA
Top Lines:
P/C; workers’ compensation; employee
benefits; specialty; private client
Developments in 2022:
Continued to grow from
a regional player to a national specialty firm with more
than 3,000 employees. The company continued to expand in specialty offerings
Global Brokers Ranking
while maintaining a focus on creating a strong culture where employees thrive
and grow.
18. AmeriTrust Group Inc.
Revenues:
$702.0 million
Top Executive:
Lisa Corless, president and CEO
Headquarters:
Lansing, MI, USA
Top Lines:
Workers’ compensation; commercial
package (general liability, property); commercial auto
Developments in 2022:
Announced its
acquisition by AF Group on April 12, 2022.
19. Fanhua Inc.
Revenues:
$403.3 million
Top Executive:
Yinan Hu, chairman and CEO
Headquarters:
Guangzhou, Guangdong, China
Top Lines:
Life insurance; P/C; claims adjustment
Developments in 2022:
Continued to execute
on strategy of professionalization, career-based
development, digitalization and open platform,
dedicated to transforming from a traditional insurance
distributor into a digital technology-based platform company. Significant
progress was made in building up professional empowerment capabilities.
This resulted in significant growth in the company’s agent productivity and
increased contribution from high-performing agents. Acquired an MGA and two
regional leading insurance intermediaries. Despite challenges from the surge of
COVID-19 cases in late 2022, total GWP facilitated by Fanhua grew by 10.3% year
over year to $1.81 billion.
20. CBIZ Inc.
Revenues:
$360.0 million
Top Executive:
Jerome P. Grisko Jr., CEO and
president
Headquarters:
Independence, OH, USA
Top Lines:
Group health benefits; P/C; retirement
plan consulting; payroll; human resources consulting
Developments in 2022:
Experienced strong
organic revenue growth of 8.3%. Among the key drivers
of this growth were strong sales and continued favorable client retention rates.
CBIZ also was awarded 84 workplace awards including designation as a Great
Place to Work for the seventh consecutive year.
(Continued from page 26)
according to
Optis Partners’ North American Agent &
Broker 2022 Year-End Merger & Acquisition Report
.
Another apparent root cause of the slowing M&A
activity was the large volume of sellers in the prior
two years looking to avoid a perceived threat of
rising capital gains rates, the report said.
During the first half of 2022, the deal count was
greater each month than in the prior year, but the
numbers started falling in the second half. Total
transactions in Q4 2022 were 530, 25% less than in
the same period in 2021, and total deals for 2022
were 987—8% lower than the prior year, according
to the report.
Still, there was some notable M&A activity.
Howden’s jump in the rankings, for example, came
as it completed its acquisition of TigerRisk, a deal
with an enterprise value of more than $13 billion.
“We are thrilled to announce that our acquisition
of TigerRisk Partners has completed, and our two
companies finally become one,” the company said in
a LinkedIn post in January.
And earlier this year, AF Group said it
completed its acquisition of commercial insurer and
administration services provider AmeriTrust from
Fosun. AmeriTrust, based in Michigan, placed 18th
in the ranking, moving up one spot from 2021.
“We look forward to the expanded capabilities
and talented team AmeriTrust will add to AF
Group’s … expertise in the property and casualty
space, enabling greater service offerings,” said
Daniel Loepp, president and chief executive officer
of AF parent company Blue Cross Blue Shield of
Michigan, in a statement.
AF Group President and CEO Lisa Corless said
her company, which offers specialty and workers’
compensation insurance services, will broaden
its product line. Last year, AF Group had 1,500
employees, and AmeriTrust had 800, according to a
spokesperson.
New Leaders
In January, Marsh McLennan appointed John Q.
Doyle to succeed Daniel S. Glaser as president and
chief executive officer.
Glaser retired from Marsh McLennan following
a decade of leading the company through what it
called a period of extraordinary growth and change.
Glaser had served as president and CEO since 2013.
Prior to that, Glaser served as group president
and chief operating officer of the company. He
rejoined Marsh McLennan in December 2007 as
chairman and CEO of Marsh, returning to the firm
where he began his career in 1982.
Doyle served as group president and COO of
Marsh McLennan since January 2022, and prior to
that was president and CEO of the company’s risk
advisory and insurance solutions business from 2017
to 2021, the company said.
BR
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29
Go to : 1
30
LEADERS
THE
Market Conditions Drive Delegated Underwriting Authority
Enterprise Premium Growth
I
n the U.S., direct premiums written
generated by managing general agents
have grown substantially in recent years
and were up 13.8% in 2022, to $67.6
billion, following an even larger 17.0%
increase in 2021, to $59.3 billion. The
premium amounts sourced through MGAs
vary significantly by insurer. Some insurers
leverage MGAs to source new business but
only around the margins, typically for less
than 5% of their overall premiums. Others,
especially insurers focused on specialty
commercial insurance, use a hybrid model,
with some programs managed by in-house
underwriters and others by MGAs (typically
accounting for a higher percentage of overall
premiums written). In these relationships,
insurance carriers rely on MGAs for
most, if not all, of their distribution and
underwriting.
AM Best’s estimates of the premiums
written by P/C insurers through MGAs are
derived from aggregation of the premium
data reported in Note 19 of the “Notes
to Financial Statements” in the National
Association of Insurance Commissioners
annual statement filed by each insurance
company. This data, however, is limited by
current industry reporting requirements. NAIC
regulations require companies to report only
premiums for individual MGAs whose annual
premiums represent 5% or more of the company’s
annual policyholder surplus.
Over the past few years, tightening in different
segments of the commercial lines market drove
higher premium growth, attributable to DUAEs,
particularly with respect to general liability,
professional liability, umbrella and excess liability,
and commercial auto coverage. Hardening market
conditions in earlier years drove business to the
surplus lines market, which increased the premiums
written by DUAEs, given that MGAs are an
important distribution channel for surplus lines
business. In 2022, pricing on liability lines other
than commercial auto liability had a diminishing
Best’s Rankings
Top 20 P/C Managing General Agents – 2023 Edition
Ranked by 2022 direct premiums written.
(US$ Millions)
RankCompany Name
2022
DPW
2021
DPW
1Maguire Insurance Agency, Inc.
4,0673,836
2Evolution Risk Advisors, Inc. F/K/A: Universal Risk Advisors, Inc. 1,8461,671
3AGA Service Company
1,6861,086
4Starr Specialty
1,094835
5Rain and Hail L.L.C.
1,0602,965
6PROAG Management, Inc.
932727
7Frontline Insurance Managers, Inc.
884690
8Summit Consulting, LLC
710698
9Heritage MGA, LLC
699652
10Hagerty Insurance Agency, Inc.
679584
11Florida Peninsula Managers, LLC
657467
12Travelers Texas MGA, Inc.
657517
13Arrowhead General Insurance Agency, Inc.
618573
14AMRISC, LLC
610607
15HCC Global Financial Products, LLC
566484
16Fidelity Warranty Services, Inc.
561582
17Tower Hill Risk Management, LLC
5020
18Slide MGA, LLC
4820
19AMWINS Specialty Casualty Solutions, LLC
468121
20Starr Technical Risks, Agency, Inc.
463429
Note: The DPW totals aggregated for this exhibit are AM Best’s best estimates
from Note 19 of P/C insurance company annual NAIC statements. MGA premiums
included in Note 19 reflect only the premiums equal to 5% or more of the
insurance company’s annual policyholders’ surplus.
Sources: AM Best data and research.
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effect on overall premium growth. However, DUAE-
produced market premiums did not decline, because
MGAs working with recent start-up specialty
commercial carriers helped fuel the top-line revenue
growth of those entities.
The growth of volatile risks such as more
frequent and severe weather-related events in the
U.S. supported the double-digit increase for the
DUAE market in 2021 and 2022. Challenges due
to secondary perils allow DUAEs to play a vital
role in matching those risks and insurers. Newer
surplus lines insurers, including fronting and hybrid
fronting companies formed over the past five or six
years, have gained traction, with MGAs helping to
fuel that momentum.
Source: Best’s Market Segment Report,
Insurance Market Embraces
Delegated Underwriting Authority Enterprise Model
, April 27, 2023.
Global Brokers Ranking
Standing the Test
of Time – 2023 Edition
In this edition, 167 insurers maintained a Best’s Financial Strength Rating of A
or higher for at least 50 years, including 22 for at least 100 years.
by Anthony Bellano
P
ioneer woodmen cleared forests to help build
homes and secure futures for their families. It was
this spirit that Joseph Cullen Root tapped into
when he founded an insurance company in 1890 with
the goal of clearing financial burdens for families and
helping to secure their futures.
So while the name he chose might seem
misleading—the company has no wood-making
legacy—the Woodmen of the World Life Insurance
Society has lived up to Root’s vision.
Anthony Bellano
is an associate editor. He can be reached at
anthony.bellano@ambest.com
.
This year, WoodmenLife joins 166 other companies
that have maintained a Best’s Financial Strength Rating
of A or higher for at least 50 years. The 15th edition
of “Standing the Test of Time” includes 130 property/
casualty and 37 life/health insurance companies. Of
those, 22 P/C carriers maintained an A rating or higher
for at least 100 years. This is the first year AM Best has
recognized this milestone, which was reached by many
nationally known brands, along with companies such as
Fireman’s Fund that were once standalone insurers that
are now part of larger organizations.
Sixty-five property/casualty and 19 life/health carriers
BEST’S REVIEW
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31
Standing the Test of Time
Photo by Casey Montague/AM Best
mailto:anthony.bellano@ambest.com
32
LEADERS
THE
Property/Casualty Insurers
Rated A or Higher for 100 Years
AMB#Company Name
First
Year
Rated
A or
Better
Since
Consecutive
Years Rated
A or BetterRating
000149Munich Reinsurance America Inc19221923100A+
0004
14
Germantown Mutual Ins Co
19221923100A
002085Great Northern Insurance Co19231923100A++
002179Fireman’s Fund Insurance Co19181924100A+
000320Pharmacists Mutual Ins Co
19221922101A
000347Westport Insurance Corp
19221922101A+
000371Farmers Mutual Ins Co of NE19221922101A
000387Fidelity and Deposit Co of MD19221922101A+
000465Hartford Steam Boiler I & I
19221922101A++
000796Quincy Mutual Fire Ins Co
19221922101A+
002128Continental Casualty Company19221922101A
002230Hartford Accident & Indem Co19221922101A+
002394Peerless Insurance Company19221922101A
002097Euler Hermes NA Insurance Co.19221922102A+
002162Amica Mutual Insurance Co
19221922102A+
002235Twin City Fire Insurance Co
19161921102A+
002055Merrimack Mutual Fire Ins Co19201920103A
002129Natl Fire Ins Co of Hartford
19071914109A
002213Great American Insurance Co19081908115A+
002084Federal Insurance Company19071907116A++
002231Hartford Fire Insurance Co
19071907116A+
002363New Hampshire Insurance Co19071907116A
Source: AM Best data and research. Ratings as of May 19, 2023.
Property/Casualty Insurers
Rated A or Higher for 75 Years
AMB#Company Name
First
Year
Rated
A or
Better
Since
Consecutive
Years Rated
A or BetterRating
000540Kentucky Farm Bureau Mutual1949194975A
000
3
54Farm Bureau Prop & Cas Ins Co1946194677A
003263Swiss Reinsurance America Corp1945194578A+
002034American Home Assurance Co1906194479A
002086Vigilant Insurance Company1943194380A++
002131Transportation Insurance Co1941194182A
000348Erie Insurance Exchange
1928193984A+
002022American Family Mutual Ins Co1931193984A
(Continued on page 33)
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•
JULY 
have maintained an A rating for at least
75 years, including Kentucky Farm
Bureau Mutual Insurance Co., which
joined that list this year. Seven other
companies joined WoodmenLife on the
list of insurers that have maintained an
A rating or higher for at least 50 years:
Oklahoma Surety Co., American Family
Home Insurance Co., Safeco National
Insurance Co., Erie Insurance Co., and
Firemen’s Insurance Co. of Washington,
D.C., on the property/casualty side,
and life/health insurers Everlake Life
Insurance Co. and United American
Insurance Co.
Fraternal Society Life
Insurance
WoodmenLife is a membership-driven
society, and its members are involved in
the company’s community engagement
efforts. WoodmenLife offers a diversified
portfolio of permanent and term life
and fixed and variable annuity products,
according to its AM Best business profile.
It manages the risk profile of its product
suite by lowering guaranteed crediting
rates on the universal life and fixed
annuity products, as well as repricing
products when appropriate.
WoodmenLife wasn’t Root’s first
attempt at starting a company. Initially,
he formed the Modern Woodmen of
America in 1883. He chose to have
“woodmen” in the name because he felt
they symbolized what his company was
trying to do—serve individuals who have
a greater need than others to sustain their
lifestyle in the event of tragedy.
“The urban legend is that … he had
a grander vision, and he couldn’t get the
board there to adopt that,” said Patrick
Dees, outgoing president and chief
executive officer at WoodmenLife. “So he
left and formed Woodmen of the World.”
What Root brought with him to the
new company was the mission statement
of “united, hardworking Americans
to secure their financial futures while
Standing the Test of Time
Go to : 35
strengthening community and country.”
It’s why he wanted the company to be
a fraternal benefits society. Fraternal
benefits societies were formed in the early
1800s to help families after the passing of
their breadwinner.
“We operate on that dual track of
not only making viable, competitive
insurance products for consumers, but
we have a shared values system where
those members of our organization
also care about contributing to the
betterment of family, community and
country,” Dees said.
This is one of the things that attracts
membership, even from those who don’t
intend to engage in volunteer efforts,
incoming president and current Executive
Vice President and Chief Operating
Officer Denise McCauley said.
“The fact that we give back is
what’s unique about the organization,”
said McCauley, who will become the
organization’s first female president and
CEO when Dees retires on Oct. 1. “The
values are absolutely what attracts me to
WoodmenLife.”
Since the early days, members
have gotten together in their local
communities to come up with ideas—
such as park cleanups, beautification
and painting projects—they can engage
in to help their neighbors. As of 2022,
WoodmenLife volunteers had donated
$234,620 and 59,177 pounds of food
to help with food insecurity, according
to the company’s website. The company
also donated 3,383 U.S. flags valued at
$71,024, and 2,640 specialty flags—such
as military and state flags—valued at
$50,765 in 2022.
Over the past 20 years, it’s also
developed direct-to-member benefits
that include a relationship with the
online discount platform PerkSpot,
scholarship programs, student loan
awards and legacy benefits. The
company has even embraced a distinct
image, welcoming peregrine falcons to
Property/Casualty Insurers
Rated A or Higher for 75 Years
002276Economy Fire & Casualty Co1922193984A
002477State Farm Fire & Casualty Co1939193984A++
002361Illinois National Insurance Co1926193786A
003152Otsego Mutual Fire Ins Co1926193886A+
000700New York Central Mutual Fire1925193687A
002182National Surety Corporation1922193787A+
000974Western Surety Company1922193588A
002054Cambridge Mutual Fire Ins Co1923193588A
002035Insurance Co of the State PA1907193489A
002351National Union Fire Ins Co PA1907193489A
002381Ohio Farmers Insurance Co1911193589A
000384Federated Mutual Insurance Co1920193490A+
000694New Jersey Manufacturers Ins1922193490A+
002382Westfield Insurance Company1930193490A
003260Mutual Assurance Society of VA1922193390A
000558Lititz Mutual Insurance Co1932193291A
002176American Automobile Ins Co1915193391A+
002249COUNTRY Mutual Insurance Co1931193192A+
000826Selective Ins Co of America1930193093A+
002229Hartford Casualty Ins Co1930193093A+
002287American States Insurance Co1930193093A
002358Nationwide Mutual Ins Co1929192994A+
002446First National Ins Co of Amer1929192994A
002479State Farm Mutual Auto Ins Co1927192994A++
002349AIG Property Casualty Company1907192895A
002385Pacific Indemnity Company1928192895A++
000228CSAA Insurance Exchange1927192796A
000918Tri-State Ins Co of Minnesota1927192796A+
000934United Services Auto Assn1927192796A++
002198General Reinsurance Corp1925192896A++
002232Hartford Underwriters Ins Co1926192697A+
002447General Ins Co of America1926192697A
002452St. Paul Fire & Marine Ins Co1926192697A++
000662Montgomery Mutual Ins Co1922192598A
002360Granite State Insurance Co1907192598A
(Continued from page 32)
AMB#Company Name
Fir
s
t
Year
Rated
A or
Better
Since
Consecutive
Years Rated
A or BetterRating
Source: AM Best data and research. Ratings as of May 19, 2023.
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