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Travelers Cos. Inc. was the largest workers compensation insurer in the nation last year, followed by Hartford Financial Services Group Inc. and American International Group Inc., according to market-share data released by the National Association of Insurance Commissioners.
Travelers nabbed the top spot for the second year in a row, with $4.32 billion in direct written workers comp premiums in 2014, or about 7.9% of the workers comp market share, data by Washington-based NAIC shows.
Up from No. 3, Hartford had $3.21 billion in direct written comp premiums, or roughly 5.9% of the market share, according to the data.
AIG moved into the third spot on the list from No. 4, with $2.71 billion in direct written comp premiums, or nearly 5% of the market share, data shows.
Meanwhile, Liberty Mutual Holding Co. Inc., which on Tuesday reported lower premiums for its workers comp segment in 2014, dropped from No. 2 to No. 4, according to NAIC's data. Liberty had $2.66 billion in direct written premiums last year, or about 4.9% of the market share.
Rounding out the top 5 is Zurich Insurance Group Ltd., with $2.60 billion in direct written premiums, or about 4.8% of the market share. Zurich was also in the fifth spot in 2013.
The report is based on filings received by Monday. It will be refreshed daily through Friday and on each subsequent Monday this month, NAIC said in a statement.
A focus on “deliberate underwriting actions and solid investment results” boosted profits and premiums in 2014 for Liberty Mutual Holding Co., though the insurer’s workers compensation business declined last year.