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
 
54-55 54-55
50
LEADERS
THE
World’s Largest Insurance
Companies - 2023 Edition
Based on 2021 net nonbanking assets.
Best’s Rankings
2021
Asset
Rank
2020
Asset
RankAMB#Company Name
Country of Domicile
11085014Allianz SE
Germany
25058334Berkshire Hathaway Inc.United States
33058182Prudential Finl, Inc.United States
44086446Ping An Ins (Group) Co of China LtdChina
58052446China Life Ins (Group) CoChina
62085085AXA S.A.France
79086120Legal & Gen Group PlcUnited Kingdom
86058175MetLife, Inc.United States
97090826Nippon Life Ins CoJapan
1010066866Manulife Finl CorpCanada
1111085124Assicurazioni Generali S.p.A.Italy
1214058702Amer Intl Group, Inc.United States
1320085485Life Ins Corp of IndiaIndia
1413095689Japan Post Ins Co., Ltd.Japan
1517086056CNP AssurancesFrance
1615046417Dai-ichi Life Hldgs, Inc.Japan
1716085244Aegon N.V.
Netherlands
1818093310Crédit Agricole AssurancesFrance
1922050910Great-West Lifeco Inc.Canada
2012085909Aviva plcUnited Kingdom
2119090906Natl Mut Ins Fed Agricultural CoopJapan
2223050457Zurich Ins Group LtdSwitzerland
2325061691New York Life Ins CoUnited States
2424090828Meiji Yasuda Life Ins CoJapan
2528058709Lincoln Natl CorpUnited States
(US$ Thousands)
BEST’S REVIEW
•
JULY 
* Percent change is based upon local currency.
Source:
Statement File - Global; data as of Dec. 1, 2022.
2021 Net
Nonbanking
Assets % Change*
1,247,238,1827.2
958,784,0009.7
937,582,000-0.3
936,933,4033.5
900,518,28213.2
846,255,171-3.4
786,066,0582.1
759,708,000-4.5
725,015,0013.3
718,092,3534.2
663,940,8487.6
596,112,0001.6
560,257,00311.0
551,048,287-4.3
547,034,0289.1
540,436,3403.6
531,043,9525.4
502,731,9671.6
493,382,0805.0
483,635,197-25.3
481,733,3880.2
435,826,000-0.8
428,551,0003.5
395,415,1914.8
387,301,0005.8
World’s Largest Insurers
World’s Largest Insurance
Companies - 2023 Edition
Based on 2021 net premiums written.
Best’s Rankings
2021
Premium
Rank
2020
Premium
RankAMB#Company Name
Country of Domicile
2021 Net Premiums
Written % Change*
11058106UnitedHealth Group Inc
1
United States
226,233,00012.3
24051149Centene Corp
1
United States
120,318,00012.1
35058180Elevance Health, Inc.United States
117,373,00012.7
43052446China Life Ins (Group) CoChina
115,116,7311.1
52086446Ping An Ins (Group) Co of China LtdChina
114,695,082-5.7
66070936Kaiser Fndn Group of Health Plans
2
United States
106,442,0073.4
77085085AXA S.A.France
95,678,3812.4
88085014Allianz SEGermany
88,902,2153.0
99085320People's Ins Co (Group) of China LtdChina
84,512,8523.7
1010085124Assicurazioni Generali S.p.A.Italy
80,313,93610.0
1111058052Humana Inc.
1
United States
79,822,0007.6
1213058334Berkshire Hathaway Inc.United States
71,569,00010.3
1312020013State Farm Group
2
United States
71,116,2710.2
1414086577Munich Reins CoGermany
64,689,0019.1
1515070080CVS Health Corp Group
2
United States
62,154,39510.1
1616085485Life Ins Corp of IndiaIndia
56,603,1266.1
1717090598China Pacific Ins (Group) Co LtdChina
53,663,2991.3
1819069154Health Care Service Corp Group
2
United States
46,681,2933.9
1925058454Progressive CorpUnited States
46,405,20014.4
2028058312The Allstate CorpUnited States
45,821,00018.2
2126050457Zurich Ins Group LtdSwitzerland
44,807,00010.4
2221085068HDI V.a.G.Germany
44,231,38910.3
2324051114Liberty Mutual Hldg Co Inc.United States
43,679,0007.5
2422046417Dai-ichi Life Hldgs, Inc.Japan
43,411,11311.9
2518090826Nippon Life Ins CoJapan
43,266,8923.4
(US$ Thousands)
* Percent change is based upon local currency.
1
Premiums shown are earned premiums.
2
AM Best consolidation; U.S. companies only
Source:
Statement File - Global; data as of Dec. 1, 2022.
BEST’S REVIEW
•
JULY 
51
52
LEADERS
THE
Best’s Rankings
Top 25 US Holding Companies - 2023 Edition
Ranked by Assets ($ Thousands)
RankAMB#Company Name
1058334Berkshire Hathaway Inc.
2
0
58182Prudential Financial, Inc.
3058175MetLife, Inc.
4058702American International Group, Inc.
5058101Corebridge Financial, Inc.
6058709Lincoln National Corporation
7055931Jackson Financial Inc.
8058179Principal Financial Group, Inc.
9051409Equitable Holdings, Inc.
10058106UnitedHealth Group Incorporated
11046498Brighthouse Financial, Inc.
12050799Pacific Mutual Holding Company
13051114Liberty Mutual Holding Company Inc.
14050542Ameriprise Financial, Inc.
15050817Voya Financial Inc.
16044026The Cigna Group
17058003Aflac Incorporated
18058470The Travelers Companies, Inc.
19058180Elevance Health, Inc. (previously known as Anthem, Inc.)
20058312The Allstate Corporation
21059780Genworth Financial, Inc.
22058089Reinsurance Group of America, Inc.
23051149Centene Corporation
24050177Loews Corporation
25058454Progressive Corporation
Note: Prior year amounts may reflect restatement (amounts immaterial).
Source:
Holding Companies database.
Ranked by Revenue ($ Thousands)
RankAMB#Company Name
1058106UnitedHealth Group Incorporated
2
0
58334Berkshire Hathaway Inc.
3044026The Cigna Group
4058180Elevance Health, Inc. (previously known as Anthem, Inc.)
5051149Centene Corporation
6058052Humana Inc.
7058175MetLife, Inc.
8058182Prudential Financial, Inc.
9058702American International Group, Inc.
10058312The Allstate Corporation
11051114Liberty Mutual Holding Company Inc.
12058454Progressive Corporation
13058470The Travelers Companies, Inc.
14051101Molina Healthcare, Inc.
15058101Corebridge Financial, Inc.
16058707Hartford Financial Services Group, Inc.
17058003Aflac Incorporated
18058709Lincoln National Corporation
19058179Principal Financial Group, Inc.
20058089Reinsurance Group of America, Inc.
21055931Jackson Financial Inc.
22050542Ameriprise Financial, Inc.
23050177Loews Corporation
24051409Equitable Holdings, Inc.
25050799Pacific Mutual Holding Company
Note: Prior year amounts may reflect restatement (amounts immaterial).
Source:
Holding Companies database.
2022 Total Assets
948,452,000
689,917,000
666,611,000
526,634,000
364,217,000
335,437,000
311,058,000
292,239,600
253,468,000
245,705,000
225,580,000
199,324,000
160,316,000
158,468,000
147,652,000
143,932,000
131,017,000
115,717,000
102,772,000
97,957,000
86,442,000
84,706,000
76,870,000
75,494,000
75,465,000
2021 Total Assets % Change
958,784,000-1.1%
937,582,000-26.4%
759,708,000-12.3%
596,112,000-11.7%
416,212,000-12.5%
387,301,000-13.4%
375,559,000-17.2%
304,657,200-4.1%
292,262,000-13.3%
212,206,00015.8%
259,840,000-13.2%
209,486,000-4.9%
156,043,0002.7%
175,910,000-9.9%
171,262,000-13.8%
154,889,000-7.1%
157,542,000-16.8%
120,466,000-3.9%
97,460,0005.5%
99,440,000-1.5%
99,171,000-12.8%
92,175,000-8.1%
78,375,000-1.9%
81,626,000-7.5%
71,132,3006.1%
2022 To
tal Revenue
324,162,000
234,190,000
181,683,000
156,595,000
145,856,000
93,107,000
69,898,000
59,573,000
56,437,000
51,412,000
50,074,000
49,289,700
36,884,000
31,974,000
26,679,000
22,362,000
19,502,000
18,784,000
17,491,600
16,258,000
14,551,000
14,347,000
14,044,000
14,017,000
13,360,000
2021 Total Revenue %
Change
287,597,00012.7%
354,745,000-34.0%
174,274,0004.3%
138,639,00013.0%
126,801,00015.0%
83,596,00011.4%
71,080,000-1.7%
71,340,000-16.5%
55,101,0002.4%
50,588,0001.6%
48,200,0003.9%
47,423,7003.9%
34,816,0005.9%
27,771,00015.1%
26,497,0000.7%
22,390,000-0.1%
22,106,000-11.8%
19,230,000-2.3%
14,262,70022.6%
16,658,000-2.4%
11,907,00022.2%
13,443,0006.7%
14,657,000-4.2%
15,501,000-9.6%
13,936,000-4.1%
BEST’S REVIEW
•
JULY 
Top 25 US Holding Companies
AM Best’s Briefing: D&O Liability Market Softens
Amid Rising Competition, Capital Supply
After a period of hard market conditions, 2022 was a year of transition.
by David Pilla
T
he directors and officers liability market began
to soften in 2022 following three years of
improving conditions. And a further softening
is evident this year, raising questions about the line’s
profitability amid rising competitive pressure and
dampened demand.
D&O prices declined in the first quarter with a
larger selection of market participants and capital
chasing a shrinking pool of business, said Danny
Hojnowski, senior vice president, head of U.S.
D&O, errors and omissions and cyber, TransRe,
during an AM Best briefing on challenges and
opportunities facing the D&O market.
Hojnowski was joined by fellow panelists Uri
Dallal, managing director, Aon, and David Blades,
associate director, AM Best, for the May
AM Best’s
David Pilla
is news editor. He can be reached at
david.pilla@ambest.com
.
Briefing – Directors & Officers Sector: Premiums
Decrease for the First Time in a Decade
.
Capacity has increased as new players come in
and appetites evolve, said Dallal, confirming that the
trend of larger markets and capital chasing shrinking
premiums persisted in the first quarter of the year.
Indeed, 2022 was a year of transition—for both
public and private D&O markets—after harder
market conditions seen over the previous two years,
Blades said.
Renewal pricing reached a peak in 2020 with
increases continuing in 2021, he said.
“By 2022, we saw things start to moderate and a
definite deceleration in those rate increases,” Blades
said. “As the months wore on, you got closer to
the year-end, and we heard about more and more
renewals getting closer to flat renewals or very small
increases in comparison to what you saw 12 or 24
months earlier.”
BEST’S REVIEW
•
JULY 
53
What AM Best Says
mailto:david.pilla@ambest.com
He said additional capacity from new market
entrants and established competitors looking to
grow their books led to heightened competition
that put downward pressure on pricing, which in
turn resulted in less-restrictive policy terms and
conditions. “All those factors went into what we saw
in the marketplace in 2022,” Blades said.
Dallal said the dearth of initial public offerings
and a lack of expectations coming out of the special
purpose acquisition company market are partly to
blame for the increased competition tied to lower
rates, which have come down in each of the four
quarters in 2022, according to Aon’s research.
Increasing competition also has led to reluctance
in shedding market share, as rates are still above
where they had been before the market hardened
beginning in 2018, he said.
Blades said AM Best believes the jury is still out
on the ultimate profitability of business that’s been
written in recent years, especially the maturity of the
2019 to 2021 accident years.
According to Hojnowski, rates had actually been
softening since 2013, in overall professional lines
that included D&O and errors and omissions, as
third-party capital entered the property market and
pushed traditional reinsurers into longer-tail lines.
Rates had gone up until there was a reversal at Jan. 1
renewals, he said.
The market remains one of supply and demand,
and in the public D&O market the supply of
capacity is outpacing demand, he said.
Regulatory and company information revealed
that loss ratios were ticking up by 2021, but not all
companies had big rate increases. Accounts that were
loss leaders with multiple claims attracted the focus
of underwriters, Blades said. Class-action claims
accounted for quite a bit of the attention for a while.
Generally, when the number of federal securities
class-action litigation filings rise, D&O rates go up,
said Blades. Those filings reached record levels from
2017 to 2019, but afterward they trended down,
contributing to lower rate increases.
Defense costs for class actions continue to
increase and erode retentions, however, making up
a significant portion of insurers’ costs, Dallal said.
Large settlements persist, and bankruptcies are a
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Where:
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on the state of the Canadian insurance market.
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What AM Best Says
23.MK074G
mailto:conferenceinformation@ambest.com
tel:19084392200
https://web.ambest.com/about/events/am-best-hosted-events/2023/canada-insurance-market-briefing-toronto-2023/
https://web.ambest.com/about/events/am-best-hosted-events/2023/canada-insurance-market-briefing-toronto-2023/
“By 2022, we saw things start to
moderate. … As the months wore
on, you got closer to the year-
end, and we heard about more
and more renewals getting closer
to flat renewals or very small
increases in comparison to what
you saw 12 or 24 months earlier.”
David Blades
AM Best
growing concern for many in the market.
It took a couple of years for rates to catch up with
the claims activity as a result of the increased class-
action filings, he added.
AM Best Market Segment Report
After two years of hard market conditions, the
U.S. D&O insurance market stabilized toward the
end of 2022, as pricing increases moderated and
renewal pricing was flat on average, according to a
new AM Best report.
Heading into 2022, D&O liability coverage
was one of the property/casualty lines most under
pressure. The May Best’s Market Segment Report
entitled
US D&O: Increased Capacity, Declining
Demand Lead to Softer Pricing
notes that this came
on the heels of higher rates and aggressive pricing
increases in 2020 and 2021, which attracted
additional capacity, much of it from surplus lines
insurers.
According to the AM Best report, nine of the
top 10 D&O liability underwriters saw their direct
premiums written decline in 2022. Four of the top
15 saw their DPW fall by double digits.
The regional banking problems in the United
States may have an effect on D&O rates trends,
according to Dallal. As the regional banking crisis
unfolds, Aon expects pressure on D&O rates,
particularly with firms that are having difficulty with
liquidity and available credit, he said.
However, Hojnowski said it’s too soon to tell
whether the banking crisis will have an impact on
the D&O market. Financial institutions coverage
may see an uptick in rates more broadly, but that
could depend on whether there’s a full-blown crisis.
He said he would be surprised if the issue bled
into commercial D&O. However, he noted that
social inflation and class actions can factor into
higher claims costs even as the market softens.
Dallal said he doesn’t see a lot of slippage in
D&O terms and conditions, but there is uncertainty
about paying for litigation defense or regulatory
concerns, such as those related to U.S. Securities and
Exchange Commission inquiries about the “murky”
line where coverage may be triggered. D&O buyers
don’t like volatility, so they want clarity about what
is covered, he said.
AM Best TV
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to watch
AM Best’s Briefing – Directors & Officers
Sector: Premiums Decrease for the First
Time in a Decade
.
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