This directory is based on the research findings of A.M. Best, a rating agency. It provides a quick and easy way to identify the top property and liability insurance companies in the US. The companies featured in this directory are ranked according to their net premiums written in 2019.
State Farm is a property and casualty insurance company that is the largest provider of auto insurance in the United States. It also has the largest number of exclusive agents. These agents are also referred to as captive agents. Only State Farm agents are allowed to sell its insurance.
Aside from its insurance business, State Farm also has a variety of financial services offerings, such as bank and mutual funds. In May 1999, it opened a bank subsidiary, known as State Farm Financial Services, FSB. These are separate from the company’s insurance products.
Aside from its insurance products, State Farm also provides a variety of financial services, such as checking and savings accounts, money market accounts, and home mortgages. These services are available to consumers through its agents or online.
During the 1950s, State Farm conducted a contest among its agents to come up with new ideas to expand its operations. One of the ideas that came up was the creation of an auto finance program. Robert Kent, an agent for State Farm in Chicago, partnered with a bank to launch the program.
State Farm initially rolled out the program to its agents. For 20 years, Robert Kent, the company’s chairman and chief executive officer, received royalties from the partnership. This was the first time that banks and insurance companies partnered.
The company was founded in 1922 by George Mecherle, a farmer who was a member of the company’s board of directors. It was initially focused on providing auto insurance to farmers. It also offered better rates than other companies. It eventually expanded its services by launching other insurance products, such as life insurance and homeowners insurance.
In December 2017, State Farm had about 70,000 employees and 19,000 agents. In 2014, it was estimated that the company had about 80 million policies in the US and Canada. Some of these include auto insurance, fire insurance, life insurance, and bank accounts.
Berkshire Hathaway Inc. is a multinational holding company that is based in Omaha, Nebraska.
The company is a major player in the consumer products industry, with a wide range of products and services, including GEICO, Dairy Queen, BNSF Railway, and Lubrizol. It also owns a significant minority stake in Pilot Flying J. Other notable public companies that it holds include The Coca-Cola Company, American Express, and Bank of America.
In 2016, Berkshire Hathaway purchased various airlines in the US, such as Delta Air Lines, American Airlines, and Southwest Airlines. However, these investments were sold in 2020 following the outbreak of the COVID-19 pandemic. Over the years, the company has maintained a steady annual growth rate of 19.0%. Its large capital base and minimal debt make it one of the most profitable companies in the world.
Chairman and Chief Executive Warren Buffett and Vice Chairman Charlie Munger are the company’s most prominent individuals. During his early years at Berkshire, he mainly focused on long-term investments. However, over the years, he has started to diversify his company’s assets and purchase whole companies.
Aside from these businesses, Berkshire also owns various other companies such as retail, railroads, furniture, and jewelry sales. It also distributes uniforms and various electric and gas utilities.
According to Forbes’ Global 2000 list, which ranks the world’s most prominent companies based on their revenue, Berkshire Hathaway is one of the most prominent organizations in the world.
In 2020, Berkshire’s Class B shares are among the seventh-largest components of the S&P 500 index. The company is known for having the most expensive stock price in history, with the average cost of its Class A shares being around $500,000. This is because it has never split its Class A shares. In 1984, Buffett stated in a letter that he does not intend to distribute any additional shares.
On March 16, 2022, Berkshire Hathaway’s Class A shares reached a record high of $500,000. This has increased the company’s market cap to over $730 billion.
The Progressive Corporation is a property and casualty insurance company that is based in Mayfield Village, Ohio. It is the third-largest property and commercial auto insurer in the US. The company was founded in 1937 by Joseph Lewis and Jack Green. It mainly writes insurance for passenger vehicles, motorcycles, boats, and trailers.
Through its various subsidiaries, Progressive provides various types of insurance products, such as auto insurance and home insurance. It has also expanded its offerings in Australia.
The company was ranked 74th on the 2021 Fortune 500 list of America’s best corporations. It was founded in 1937 by Jack Green and Joseph Lewis. In 1956, it started offering insurance for risky drivers. In 1965, Lewis’ son, Peter, and his mother, Mary, took over the company. They secured a loan of $2.5 million and then bought it back.
In 1987, the company’s written premiums exceeded $1 billion. In 2016, it reached the $20 billion mark. It has been striving to remain innovative in the industry by developing new products and services. One of these is its website, which was the first in the industry to allow customers to purchase insurance policies online. It also pioneered the use of smartphones and tablets to manage their policies.
The company’s Personal Lines division mainly provides insurance for private passenger cars, motorcycles, boats, and trailers. It also offers these products through its direct and independent agency channels.
The company’s Commercial Auto division provides insurance for commercial vehicles and trucks. It mainly serves businesses through its independent agency channel.
The Other-indemnity segment of the company provides various insurance-related services to community banks and other financial institutions. It also offers claims adjusting and policy issuance services in 25 states. In 2011, Progressive was ranked 164th on the Fortune 500 list.
The Allstate Corporation is an insurance company based in Illinois. It was founded in 1931 and was part of Sears, Roebuck and Co. It was spun off in 1993. It also has operations in Canada.
With revenues of almost $40 billion in 2018, the insurance company known as Allstate is one of the largest corporations in the US. Its current ad campaign, which began in 2004, asks if people are in good hands. The campaign features a pair of large human hands protecting a presumably suburban-looking home.
In 1925, Sears launched a contest to find a new brand name for its car tires. After over two million entries were submitted, the name “Allstate” was chosen. The company’s chairman, Robert Wood, praised the tire’s success in the retail stores and in the catalog.
In 1930, during a bridge game on a train, Carl Odell, an insurance broker, proposed to Wood the idea of creating an insurance company that would be able to sell products through direct mail. Wood then passed the idea to the Sears board of directors.
The company, which was named after the tire brand of Sears, started operating on April 17, 1931. It was able to sell insurance through the Sears catalog and direct mail. This was a strategy that the company had been following in order to maintain its position as a leading insurance firm.
In addition to being the company’s first board chairman, Lessing Rosenwald was also its secretary. In 1933, Richard Roskam, an insurance agent, was able to sell the company’s products at the Century of Progress world’s fair in Chicago. In 1934, the company’s first permanent sales office was opened in a Sears store in Chicago.
It was able to offer various types of insurance products, such as homeowners insurance, commercial auto, renters insurance, and business umbrella. It also had a variety of other products such as boat, personal umbrella, and commercial auto.
The company’s products include various types of insurance, such as life insurance and business succession planning. It also sells long-term care insurance and supplemental health insurance.
The Travelers Companies, Inc. is a property and casualty insurance company. It is also one of the largest providers of personal insurance in the United States through independent agents. It was incorporated in Minnesota and has its main office in Hartford, Connecticut. The company was included in the Dow Jones Industrial Average as of June 8, 2009.
Travelers is a multinational company that has field offices in every state of the US. It also has operations in other countries such as China, Singapore, and Ireland. In 2021, it was one of the Fortune 500’s biggest companies with revenue of $32 billion.
The Travelers Companies, Inc. is a holding company that includes the following subsidiaries: St. Paul Companies, Inc., and Travelers Casualty Property Corporation.
The company was founded in 1853 in St. Paul, Minnesota, to provide insurance to its local customers instead of waiting for claims to be processed by the other insurers on the East Coast. It survived the Great Depression and the 1857 Panic by restructuring itself into a stock company. Travelers then expanded its operations by branching out into different states.
In 1998, Travelers purchased US Fidelity & Guaranty Company, an insurance firm based in Baltimore, Maryland. The acquisition made the company one of the largest property and casualty insurers in the US. It also increased its market share. Due to the economies of scale that the two companies had, they decided to reduce their operations by selling certain units.
In 2007, Travelers agreed to settle a class action lawsuit and end its investigations related to its insurance practices by paying about $76 million to six states. The charges against the company revolved around its arrangements with a broker known as Marsh & McLennan Companies.
An investigation conducted by the Department of Justice revealed that the company might have deceived its customers by making them believe that they were getting competitive commercial insurance rates.
6. USAA Group
The USAA is a Fortune 500 financial services organization that provides various products and services to individuals and families who are members of the US Armed Forces. It has over 13 million members. Its subsidiaries offer insurance, banking, and investing to these individuals and families.
In 1922, USAA was founded in San Antonio by 25 US Army officers who wanted to establish a mutual insurance program to address the issue of military officers not being able to secure auto insurance due to their rank. The company has since expanded its offerings to include banking and insurance services to members of the armed forces and their families. In 2018, it was named one of the Fortune 500’s largest corporations.
The organization was initially called the US Army Automobile Association. Its name was changed to United Service Automobile Association in 1924 after enlisted officers of other military services were allowed to join. The group was formed following a gathering of US Army officers at the Gunter Hotel in Texas on June 20, 1922.
During the 1920s, a dispute between the company’s various factions threatened its long-term viability. After agreeing to hire a leader from outside, the feuding members resolved their differences and named Ernest Hinds as the company’s new general manager.
Aside from its main office in San Antonio, USAA also has several other facilities across the country, such as facilities in Chesapeake, Colorado, Highland Falls, New York, and Texas. It also has offices in Frankfurt and London.
In May 2021, USAA announced that it would be adding about 750 employees to its workforce in Charlotte, North Carolina. It will be leasing 90,000 square feet in a new building in the South End. The company’s employees will start moving into the building at the end of 2021.
The insurance company, known as Chubb Limited, is based in Zrich, Switzerland. It is a global provider of property and casualty insurance, as well as life and health insurance.
The insurance division of The Chubb Corporation is a global player that provides various types of property and casualty insurance, as well as life and health insurance, to individuals and businesses in 55 countries and territories. It also offers various forms of reinsurance.
In 2018, the group had total assets of $174 billion and a gross written premium of $30.8 billion. It is a member of the S&P 500 index and has strong financial strength ratings from both Standard & Poor’s and A.M. Best.
For its financial strength, the company has been rated by both Standard & Poor’s and Moody’s. Both of these agencies rate its US-based subsidiaries and its senior debt as “A1” and “A+,” respectively.
On July 1, 2015, the insurance division of The Chubb Corporation was acquired by ACE, which was a holding company for various insurance companies. The combined company, which became known as The Chubb Corporation, started its operations in January 2016. It has committed to maintaining the company’s headquarters in Warren, New Jersey.
The company’s US-based subsidiaries, ACE USA and ACE Agriculture, offer various types of property and casualty insurance. These two companies also provide accident and health insurance. Through its wholesale brokers, the company also offers commercial P&C insurance.
Through its subsidiary, ACE Bermuda, the company offers various types of insurance products and services. These include property, liability, and political risk coverages.
The company’s private risk services division provides high-quality insurance coverages through its independent agents and brokers. Its commercial risk services division provides small business insurance.
Through its various channels, such as retail brokers and agents, the company offers various types of insurance products and services. It also provides accident and health insurance through its subsidiary, ACE Global Markets. In the US, the company’s North American subsidiary, Combined Insurance, provides supplemental health and personal accident insurance through captive agents.
On July 1, 2015, the company announced that it would acquire The Chubb Corporation in a cash and stock deal valued at $28.3 billion. After the deal closed, the combined company was based in Zurich. Evan Greenberg, who was the CEO of ACE, became the chairman and chief executive officer of the new company. John Finnegan, the chairman and chief executive officer of The Chubb Corporation, became the executive vice chairman of the North America External Affairs division of the company.
The combined company’s board of directors was expanded to 18 members, with four of them coming from The Chubb. Following the acquisition, the new company’s name was changed to The Chubb Corporation. The deal was approved by both the companies’ shareholders and regulators.
The Nationwide Mutual Insurance Company is a group of companies that provide various types of insurance and financial services in Ohio. It has regional headquarters in multiple cities, such as Des Moines, Iowa; San Antonio, Texas; Raleigh, North Carolina; and Westerville, Ohio. As of 2019, the company has approximately 25,391 employees. It was named one of the 2019 Fortune 500 Best Companies to Work For.
Before it was acquired by Nationwide Mutual in 2009, the financial services company was a part of the group that was floated on the stock exchange. It had owned the majority of its common stock.
During the 1920s, farmers in Ohio were paying the same rates for their car insurance as city drivers. The state’s farm bureau then decided to establish its own insurance company to reflect the driving habits of its members. On April 10, 1926, the company was granted a license to operate in the state. It also received a $10,000 loan from the Ohio Farm Bureau Federation.
At that time, in Ohio, a person had to pledge to become a policyholder in order to start a financial services company. The first agents to start working for Farm Bureau Mutual were able to recruit over a thousand customers on April 14, 1926. The company’s first product was automobile insurance, which was only available to members of the Ohio Farm Bureau.
In 2008, the company became the title sponsor of the National Association for Stock Car Auto Racing’s (NASCAR) Nationwide Series. In September 2013, it announced that it would no longer be sponsoring the series.
American International Group, Inc. is a multinational insurance and financial services company that operates in over 80 countries and jurisdictions. It has approximately 49,600 employees globally. The company’s core businesses are life and retirement, general insurance, and a technology-enabled subsidiary.
The American International Group (AIG) is a global insurance company that provides various types of insurance and financial services. Its commercial, personal, and international insurance operations are respectively known as General Insurance and Life & Retirement.
American International Group is a multinational insurance company that has its corporate headquarters in New York. It also has offices in various countries. In 2018, it was ranked 60th on the Fortune 500 list. In 2016, it was the 87th-largest publicly-traded company in the world. On December 31, 2017, it had a total shareholder equity of $65.2 billion.
In 2007, the US government agreed to provide a financial bailout of approximately $180 billion to American International Group. The bailout was triggered by the company’s failure to properly address the issue of unhedged insurance. In 2012, the company was able to repay the US government about $205 billion.
In 2013, American International Group sued the Federal Reserve Bank of York. The company wanted to maintain its right to sue the bank for alleged violations of its contractual obligations related to the handling of mortgage-related claims. The specific issue that the court addressed was the amount of money that the Fed transferred through Maiden Lane transactions, which were created in 2008.
In response, the company argued that the transaction prevented it from recovering its losses from the insured banks. On May 28, 2013, it decided to withdraw its case against Bank of America. This occurred due to the actions of the US government, which allowed the company to continue with its other case.
In May 2013, a judge in Los Angeles ruled that about $7.3 billion of the insurance claims that were related to the mortgage portfolio of Countrywide and Merrill Lynch were not assigned. In 2014, the two parties settled the case. As a part of the settlement, Bank of America agreed to pay $665 million to American International Group.
The Farmers Insurance Group is a property and casualty insurance company that provides various types of insurance and financial services to its customers. It has over 48,000 independent agents and over 20,000 employees. The company’s trade name is also known as Farmers, which means “farmers.” Its three reciprocal insurance companies are Fire Insurance, Truck Insurance, and Farmers.
The activities of Farmers Insurance Group’s non-claims division are managed by an attorney who is a part of Zurich Insurance Group.
Thomas Leavey and John Tyler met when Tyler moved to California. They believed that farmers and ranchers were entitled to lower insurance premiums due to their better driving records. During the 1920s, many states in the US started their own insurance companies and cooperatives in order to provide their customers with better prices.
In 1985, Tyler Leavey and his father, Jack, started a property and casualty insurance company that focused on serving the rural communities in South Dakota. They noticed that the insurance industry was not serving the needs of these communities.
In 2011, the company announced that it would sponsor a football stadium in Los Angeles. The stadium, which was supposed to be located near the Staples Center, was estimated to cost $700 million. The deal was for 30 years, and it was expected to start with $20 million.
The company’s proposed football stadium, which was supposed to be called Farmers Field, was eventually canceled after the owner of the Los Angeles Rams announced that he would build a new stadium.
Farmers was the primary sponsor of the No. 5 Chevrolet SS car of driver Kasey Kahne for the Monster Energy Cup Series from 2012 to 2017. In 2014, the company introduced a new hashtag on the car. Before that, it had also partnered with Mark Martin and Travis Kvapil.
The first victory for the company’s No. 5 car came in 2012 at the Coca-Cola 600. Through its website, Farmers promotes its relationship with the racing organization. After the 2017 season, the company decided to end its partnership with the National Association of Stock Car Auto Racing. The partnership between the two organizations had produced six wins in the last six years.
The Hartford is a financial services company based in the US. It is a Fortune 500 company and is known for its property-casualty and insurance operations. Its earnings are mainly driven by its group benefits and mutual funds.
The Hartford is a property and liability insurance company that is among the 13 largest in the US. It mainly sells its products through its network of agents and independent brokers. For over 25 years, it has been providing insurance coverage to AARP members.
The Hartford was founded in 1810 in Connecticut. It was established by a group of local merchants. They had a working capital of $15,300.
The company has survived some of the most significant disasters in American history. In 1841, Eliphalet Terry, the president of The Hartford, used his personal wealth to cover the company’s damage claims following the fire that ravaged New York’s financial district.
The company’s logo features a male elk, which was referred to as hart by the medieval hunting term. The seal of the city of Hartford also features a mature male deer. The origins of the word Hartford can be traced back to the ford where the harts cross.
In 2020, The Hartford agreed to transfer its renewal rights for the Navigators Europe book to a subsidiary of the Italian insurance company, Castle Underwriting Europe. This book mainly covers the Dutch naval freight, inland hull, and liability sectors.
In 2019, The Hartford acquired Navigators, a provider of specialty insurance products. The company now has 22 vertical markets and offices in Europe, Asia, and the United Kingdom.
In 2012, The Hartford announced that it would focus on its property and casualty insurance and group benefits businesses.
In 2004, The Hartford acquired the group benefits division of Chicago-based CNA Financial. This division was based in Illinois.
In 2000, The Hartford was able to acquire the shares of Hartford Life. This was the company’s first major acquisition.
In 1995, The Hartford became an independent company following the spin-off of ITT. It was renamed after it was listed on the New York Stock Exchange.
In 1970, ITT Corporation purchased The Hartford for $1.4 billion, making it the largest corporate takeover in the history of the US. The combined company was known as ITT-Hartford Group.
The Hartford was founded in 1913 to provide a wide range of insurance products. Some of these include auto-liability, business-interruption, and accident insurance.