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SPECIAL REPORT

State Specialists

The Demotech Company Classification System Reveals State Specialist Property/Casualty Insurers By Douglas A. Powell

2011 State Specialist Property/Casualty Insurers Company Name State of Speciality

T

he Demotech Company Classification System categorizes insurers into one of 11 categories based on an analysis of data reported by the companies to the National Association of Insurance Commissioners (NAIC). The 11 categories that comprise the system are Nationals, Near Nationals, Super Regionals, Regionals, State Specialists, Coverage Specialists, Strategic Subsidiaries, Risk Retention Groups, Surplus Lines Carriers, Reinsurers and companies with less than $1 million in direct written premium. To be categorized as a State Specialist, a carrier must be an individual, active company reporting data to the NAIC using the P/C annual statement format at Dec. 31, 2010. It must write at least $1 million at Dec. 31, 2010, with 90 percent or more of its premium in one state. Further, it cannot be a surplus lines company, risk retention group or reinsurance company. In total, 814 companies were categorized as State Specialists for 2011. This is approximately 30 percent of the nearly 2,750 companies that reported data at Dec. 31, 2010. continued on page N16

Texas Mutual Insurance Co. Old American County Mutual Fire Insurance Co. SAIF Corporation St. Johns Insurance Co. Inc. Brickstreet Mutual Insurance Co. Farm Bureau Mutual Insurance Co. of Arkansas Inc. American Coastal Insurance Co. Nuclear Electric Insurance Limited Florida Peninsula Insurance Co. Hospitals Insurance Co. Inc. Royal Palm Insurance Co. Pioneer State Mutual Insurance Co. Indiana Farmers Mutual Insurance Co. United Property & Casualty Insurance Co. Louisiana Workers’ Compensation Corp. Adirondack Insurance Exchange Security First Insurance Co. Louisiana Farm Bureau Mutual Insurance Co. Rural Mutual Insurance Co. Mutual Insurance Co. of Arizona American Transit Insurance Co. Homeowners Choice Property and Casualty Insurance Co. Inc. American Steamship Owners Mutual Protection & Indemnity Association Inc. Country-Wide Insurance Co. Missouri Employers Mutual Insurance Co. Kentucky Employers’ Mutual Insurance Authority American Integrity Insurance Co. of Florida Copic Insurance Co. Alliance United Insurance Co. First Protective Insurance Co. Olympus Insurance Co. Bear River Mutual Insurance Co. Southern Oak Insurance Co. New York Schools Insurance Reciprocal Fremont Insurance Co. Luba Casualty Insurance Co. Gulfstream Property and Casualty Insurance Co. Underwriters At Lloyd’s, London Wisconsin Mutual Insurance Co. Underwriters At Lloyd’s, London MDAdvantage Insurance Co. of New Jersey Colorado Farm Bureau Mutual Insurance Co. Louisiana Medical Mutual Insurance Co. Erie and Niagara Insurance Association Academic Health Professionals Insurance Association-a Reciprocal Insurer Interboro Insurance Co. Sterling Insurance Co. Agrinational Insurance Co. Homeowners of America Insurance Co. Lawyers’ Mutual Insurance Co. Fiduciary Insurance Co. of America Inc. Ark Royal Insurance Co. IFA Insurance Co. Dryden Mutual Insurance Co. New York Municipal Insurance Reciprocal School Boards Insurance Co. of Pennsylvania Inc. Wellington Insurance Co. Farmers Union Mutual Insurance Citizens United Reciprocal Exchange Alabama Municipal Insurance Corp. Tri-State Consumer Insurance Co. Peoples Trust Insurance Co. Florida Doctors Insurance Co. Missouri Professionals Mutual Security Mutual Insurance Co. West Virginia Mutual Insurance Co. Germantown Mutual Insurance Co. Farmers Mutual Fire Insurance Co. of Salem County Hamilton Insurance Co. Madison Mutual Insurance Co. Kingstone Insurance Co. Crusader Insurance Co. Unique Insurance Co. Kansas Medical Mutual Insurance Co. Hawaii Employers’ Mutual Insurance Co. Inc. Global Liberty Insurance Co. of New York Ram Mutual Insurance Co. Edison Insurance Co. Farmers Insurance Co. of Flemington

N14 | INSURANCE JOURNAL-NATIONAL REGION November 7, 2011

2011-11-07 NATIONAL.indd 14

2010 TOTAL DPW

TX TX OR FL WV AR FL DE FL NY FL MI IN FL LA NY FL LA WI AZ NY

596,191 575,100 327,373 257,106 239,951 218,667 203,696 193,280 179,272 174,889 165,538 164,492 159,974 157,870 152,321 150,216 146,207 141,938 141,190 141,092 124,220

FL

116,063

NY NY MO KY FL CO CA FL FL UT FL NY MI LA FL KY WI IL NJ CO LA NY

115,337 112,251 109,670 106,206 105,056 102,682 97,277 96,205 89,748 88,212 80,655 79,331 75,319 74,010 72,777 67,002 64,434 63,977 62,879 53,435 53,231 52,362

NY NY NY VT TX CA NY FL NJ NY NY PA TX ND NJ AL NY FL FL MO NY WV WI NJ TN IL NY CA IL KS HI NY MN FL NJ

52,223 50,168 47,466 47,348 45,726 43,945 43,549 43,142 43,020 42,458 41,121 41,059 40,558 40,499 40,154 38,459 37,912 37,892 37,591 37,369 37,299 35,550 35,099 34,301 33,425 33,392 33,249 32,698 32,388 32,011 31,673 31,334 30,383 30,275 28,409

Company Name State of Speciality

2010 TOTAL DPW

German Mutual Insurance Co. Discovery Insurance Co. First Home Insurance Co. Prepared Insurance Co. Care West Insurance Co. Windhaven Insurance Co. Texas Lawyers’ Insurance Exchange Ascendant Commercial Insurance Inc. Lighthouse Property Insurance Corp. Sterling Casualty Insurance Co. National Automotive Insurance Co. NC Grange Mutual Insurance Co. Agent Alliance Insurance Co. Housing and Redevelopment Insurance Exchange Eveready Insurance Co. Center Mutual Insurance Co. Springfield Insurance Co. Bremen Farmers Mutual Insurance Co. NHRMA Mutual Insurance Co. League of Wisconsin Municipalities Mutual Insurance Conventus Inter-Insurance Exchange CIFG Assurance North America Inc. Idaho Counties Risk Management Program Retailers Casualty Insurance Co. Professional Casualty Association Granada Insurance Co. Marysville Mutual Insurance Co. Seven Seas Insurance Co. Inc. Otsego Mutual Fire Insurance Co. Illinois State Bar Association Mutual Insurance Co. Farmers Union Mutual Insurance Co. Samsung Fire & Marine Insurance Co. Ltd. (US Branch) Mt. Morris Mutual Insurance Co. Harbor Insurance Co. Park Insurance Co. Upland Mutual Insurance Inc. Maya Assurance Co. Michigan Professional Insurance Exchange Interstate Bankers Casualty Co. Peachtree Casualty Insurance Co. Farm Credit System Association Captive Insurance Co. Sawgrass Mutual Insurance Co. US Lloyds Insurance Co. American Risk Insurance Co. Inc. New Jersey Physicians United Reciprocal Exchange Baldwin Mutual Insurance Co. Inc. Midstate Mutual Insurance Co. Northern Mutual Insurance Co. The Responsive Auto Insurance Co. Allegany Co-Op Insurance Co. Southern Mutual Insurance Co. Nevada Mutual Insurance Co. Inc. Mennonite Mutual Insurance Co. Independent Nevada Doctors Insurance Exchange OHA Insurance Solutions Inc. The Farmers Fire Insurance Co. Wayne Cooperative Insurance Co. Avatar Property & Casualty Insurance Co. West Virginia Insurance Co. Usplate Glass Insurance Co. Florida Lawyers Mutual Insurance Co. Direct Auto Insurance Co. Lebanon Mutual Insurance Co. The USA Insurance Co. Fairmont Farmers Mutual Insurance Co. Medical Alliance Insurance Co. Farmers Mutual Fire Insurance Co. of Marble, Pennsylvania German American Farm Mutual Cities & Villages Mutual Insurance Co. Star & Shield Insurance Exchange Finger Lakes Fire and Casualty Co. Spring Valley Mutual Insurance Co. The Members Insurance Co. Oklahoma Attorneys Mutual Insurance Co. The Paramount Insurance Co. Insurance Placement Facility of Pennsylvania Healthcare Underwriters Group of Florida Positive Physicians Insurance Exchange Pennsylvania Physicians Reciprocal Insurers Nations Insurance Co. Bell United Insurance Co.

OH NC FL FL CA FL TX FL LA CA LA NC NC PA NY ND CA KS IL WI NJ NY ID LA PA FL KS FL NY IL MT NY WI OK NY KS NY MI IL FL CO FL TX TX NJ AL NY MI FL NY GA NV OH NV OH PA NY FL WV FL FL IL PA MS MN IL

27,820 27,791 26,595 25,881 25,045 23,770 23,423 23,274 22,767 22,674 22,276 22,155 21,950 21,590 21,567 21,341 21,256 21,205 20,820 20,784 20,445 20,249 19,657 19,268 18,312 18,070 17,787 17,395 17,258 16,925 16,805 16,773 16,731 16,547 16,231 16,155 16,087 15,986 15,857 15,565 14,498 14,374 14,335 14,189 14,110 14,090 13,716 13,238 13,092 12,811 12,790 12,724 12,638 12,608 12,582 12,468 12,356 12,056 12,033 11,799 11,744 11,731 11,622 11,525 11,077 11,011

PA TX WI FL NY MN NC OK MD PA FL PA PA CA NV

10,843 10,787 10,305 10,232 9,597 9,258 9,235 9,153 8,905 8,859 8,836 8,801 8,779 8,769 8,555

www.insurancejournal.com

11/1/11 2:12 PM

CRUM IJ_Wa


SPECIAL REPORT

State Specialists Demotech, continued from page N14 Company Name State of Speciality

This group wrote about 15 percent of the industry’s direct written premium in 2010. “State Specialists are typically the independent agent’s most reliable and consistent markets. These companies are dedicated to a geographic area, understand it and consistently strive to serve it. Demotech is pleased to provide State Specialists with the attention they deserve,” said Demotech’s President Joseph Petrelli. As space limitations precluded an enumeration of each of the 814 State Specialists, the accompanying list includes the 341 State Specialist insurers that are not affiliated with a group. A full list of State Specialists is available by contacting dpowell@ demotech.com. Powell is a senior financial analyst with Demotech Inc., the official research partner of Insurance Journal. Founded in 1985, Demotech is a Columbus, Ohio-based financial analysis firm that provides services to regional insurance companies, title underwriters and specialty insurance markets. Demotech has been assigning Financial Stability Ratings® (FSRs) to these markets since 1992. FSRs of A or better are accepted by the secondary mortgage marketplace, as well as virtually all mortgage lenders, an increasing number of umbrella insurance markets and some writers of insurance agents errors and omissions insurance. Web site: www.demotech.com.

North Country Insurance Co. Capitol Insurance Co. Farmers Union Mutual Insurance Co. Manufacturing Technology Mutual Insurance Co. Chautauqua Patrons Insurance Co. Physicians Insurance Co. McMillan Warner Mutual Insurance Co. Casualty Corp. of America Inc. Associated Mutual Insurance Cooperative Kansas Mutual Insurance Co. Halifax Mutual Insurance Co. Battle Creek Mutual Insurance Co. American Fellowship Mutual Insurance Co. Physicians’ Insurance Program Exchange Texas Hospital Insurance Exchange Physicians Professional Indemnity Association Dealers Choice Mutual Insurance Inc. Georgia Mutual Insurance, a Stock Co. CEM Insurance Co. Nazareth Mutual Insurance Co. Farmers Mutual Fire Insurance Co. Kensington Insurance Co. ARECA Insurance Exchange Southern Eagle Insurance Co. Farmers Mutual of Tennessee Waco Fire & Casualty Reamstown Mutual Insurance Co. Lawyers Mutual Insurance Co. of Kentucky Mid-Hudson Co-Operative Insurance Co. Elephant Insurance Co. Leatherstocking Cooperative Insurance Co. Union Mutual Insurance Co. Synergy Insurance Co. Districts Mutual Insurance American Millennium Insurance Co. Healthcare Underwriters Group Mutual of Ohio Healthcare Underwriters Group of Kentucky Callicoon Co-Operative Insurance Co. First Benefits Insurance Mutual Inc. Ohio Bar Liability Insurance Co. Broome Co-Operative Insurance Co. Oswego County Mutual Insurance Co. Fulmont Mutual Insurance Co. Georgia Dealers Insurance Co. Alaska Timber Insurance Exchange Farmers Mutual Insurance Co. Central Co-Operative Insurance Co. Comptrust AGC Mutual Captive Insurance Co. First Mutual Insurance Co. Hospitality Mutual Insurance Co. Delta Lloyds Insurance Co. of Houston, Texas Interstate Auto Insurance Co. Inc. Victory Insurance Co. Inc. Laundry Owners Mutual Liability Insurance Association Texas Builders Insurance Co. Workers Compensation Exchange Alliance Mutual Insurance Co. Manitowoc Mutual Insurance Co. Hartland Mutual Insurance Co. Maple Valley Mutual Insurance Co. Wisconsin Lawyers Mutual Insurance Co. AGIC Inc. Juniata Mutual Insurance Co. Americas Insurance Co. Merced Mutual Insurance Co. Health Care Insurance Reciprocal Bedford Grange Mutual Insurance Co. Genesee Patrons Cooperative Insurance Co. Wisconsin Municipal Mutual Insurance Co. Ontario Insurance Co. Freedom Advantage Insurance Co. Trans City Casualty Insurance Co. Springfield Fire & Casualty Co. Preferred Auto Insurance Co. Inc. Briar Creek Mutual Insurance Co. Farmers Mutual Fire Insurance Co. of McCandless Township Health Care Mutual Captive Insurance Co. Texas Medical Insurance Co. Capacity Insurance Co. Missouri Valley Mutual Insurance Co. Farmers and Merchants Mutual Fire Insurance Co. Madison Mutual Insurance Co. Great Lakes Mutual Insurance Co. Building Industry Insurance Association Inc. Gem State Insurance Co. Midrox Insurance Co. Normandy Harbor Insurance Co. Inc. California Mutual Insurance Co. Community Mutual Insurance Co. Sheffield Insurance Co. National Home Warranty Inc. Sunderland Marine Mutual Insurance Co. Ltd.

N16 | INSURANCE JOURNAL-NATIONAL REGION November 7, 2011

2011-11-07 NATIONAL.indd 16

2010 TOTAL DPW

NY PA AR MI NY FL WI OK NY KS NC NE MI PA TX MO NC GA TX PA OK NY AK FL TN GA PA KY NY VA NY OK NC WI NJ OH KY NY NC OH NY NY NY GA AK WV NY GA NC MA TX MD MT PA TX ID NC WI ND WI WI FL PA LA CA MN PA NY WI NY PA AZ IL TN PA

8,429 8,416 8,360 8,332 8,157 8,113 8,103 8,010 7,625 7,624 7,520 7,454 7,364 7,328 7,327 7,323 7,259 7,176 7,159 7,136 7,115 7,048 7,031 7,025 6,909 6,859 6,735 6,650 6,398 6,350 6,344 6,316 6,312 6,171 6,047 6,039 6,022 6,015 5,938 5,841 5,670 5,484 5,477 5,426 5,365 5,363 5,324 5,318 5,250 5,172 5,156 5,107 5,094 5,037 4,952 4,844 4,841 4,823 4,822 4,808 4,740 4,725 4,717 4,692 4,682 4,667 4,542 4,473 4,379 4,378 4,304 4,282 4,266 4,254 4,234

PA GA TX FL SD MI NY MI VA ID NY FL CA NY TN NV AK

4,233 4,232 4,216 4,211 3,976 3,954 3,777 3,767 3,751 3,748 3,713 3,654 3,654 3,629 3,553 3,551 3,516

Company Name State of Speciality Indemnity National Insurance Co. Agents Mutual Insurance Co. Tank Owner Members Insurance Co. Retailers Mutual Insurance Co. Transit Mutual Insurance Corporation of WI Utah Business Insurance Co. Inc. Petroleum Marketers Management Insurance Co. Synergy Comp Insurance Co. Doctors Direct Insurance Inc. Ethio-American Insurance Co. Inc. Safe Insurance Co. Little Black Mutual Insurance Co. Penncommonwealth Casualty of America Corp. Arrow Mutual Liability Insurance Co. US Insurance Co. of America Northern Plains Insurance Co. Friends Cove Mutual Insurance Co. CBIA Comp Services Inc. Carolina Farmers Mutual Insurance Co. Piedmont Mutual Insurance Co. National Direct Insurance Co. Wilmington Insurance Co. Hay Creek Mutual Insurance Co. United Frontier Mutual Insurance Co. New Mexico Property and Casualty Co. National Heritage Insurance Co. Geneva Insurance Co. Whitecap Surety Co. United Casualty and Surety Insurance Co. American Alliance Casualty Co. Galen Insurance Co. Garden State Indemnity Co. Inc. Road Contractors Mutual Insurance Co. Farmers Mutual Insurance Co. Washington County Co-Op Insurance Co. Town and Country Mutual Insurance Co. Mound Prairie Mutual Insurance Co. Integra Insurance Inc. Vasa-Spring Garden Mutual Insurance Co. Pan Handle Farmers Mutual Insurance Co. of West Virginia Bloomfield Mutual Insurance Co. Quality Casualty Insurance Co. Inc. Heartland Mutual Insurance Co. Mt Carroll Mutual Insurance Co. Mutual Insurance Co. of Lehigh County First Jersey Casualty Insurance Co. Inc. United Business Insurance Co. (a Mutual Captive) Alamance Farmers Mutual Insurance Co. Great Plains Casualty Inc. Ellington Mutual Insurance Co. Western Mutual Fire Insurance Co. Centre County Mutual Fire Insurance Co. British American Insurance Co. Palmetto Surety Corp. Lincoln Mutual Insurance Co. Hannahstown Mutual Insurance Co. Tift Area Captive Insurance Co. Otsego County Patrons Co-Operative Fire Relief Association Primeone Insurance Co. Farmers’ Mutual Insurance Co. Benefit Security Insurance Co. TPA Captive Insurance Co. Farmington Mutual Insurance Co. Black Diamond Insurance Co. Indiana Old National Insurance Co. Commonwealth Mutual Insurance Co. of America Distributors Insurance Co. First Surety Corp. Conemaugh Valley Mutual Insurance Co. Professional Insurance Exchange Transit General Insurance Co. Slavonic Mutual Fire Insurance Association Club Insurance Co. Wall Rose Mutual Insurance Co. Mower County Farmers Mutual Insurance Co. Legal Mutual Liability Insurance Society of Maryland Farmers & Mechanics Mutual Insurance Association of Cecil County Inc. Peninsular Surety Co. Yel County Insurance Physicians Insurance Mutual Professional Aviation Insurance Reciprocal Medmal Direct Insurance Co. Bondex Insurance Co. Canonsburg Mutual Fire Insurance Co. Clearfield County Grange Mutual Fire Insurance Co. Farmers Mutual Fire Insurance Co. of Branch County Columbia Federal Insurance Co. Grange Mutual Fire Insurance Co. Atlantic Bonding Co. Inc.

2010 TOTAL DPW

KY AR TX MI WI UT IA PA IL GA WV WI PA MA IL SD PA CT NC NC NV DE MN NY NM IL IN MN MA IL MO NJ TN KS NY AR MN MN MN

3,497 3,470 3,429 3,381 3,358 3,332 3,321 3,250 3,249 3,248 3,245 3,199 3,195 3,153 3,145 3,136 3,112 3,090 3,088 3,076 3,057 3,054 3,021 3,017 3,004 2,982 2,901 2,892 2,878 2,745 2,658 2,610 2,565 2,556 2,542 2,499 2,483 2,439 2,425

WV MN AL MN IL PA NJ GA NC IA WI MN PA TX SC NC PA GA

2,416 2,416 2,402 2,393 2,385 2,355 2,320 2,301 2,293 2,221 2,207 2,159 2,143 1,994 1,895 1,809 1,774 1,714

NY MI MI IL GA WI NV IN MD TN WV PA UT IL TX OH PA MN MD

1,700 1,698 1,694 1,649 1,627 1,575 1,544 1,498 1,481 1,471 1,469 1,441 1,416 1,400 1,397 1,395 1,389 1,379 1,368

MD FL FL MO NV FL NJ PA PA MI DC PA MD

1,326 1,234 1,198 1,182 1,167 1,141 1,137 1,121 1,095 1,084 1,045 1,031 1,025

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10/31/11 10:27 AM

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The Demotech Company Classification System Reveals State Specialist Property/Casualty Insurers