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AmTrust dropped to fourth-largest US workers' comp insurer in Q3

AmTrust Financial Services Inc. relinquished its position as the third-largest workers' compensation insurer in the U.S. to Zurich Insurance Group AG, according to third-quarter statutory data collected by S&P Global Market Intelligence.

AmTrust reported a year-over-year decline of 8.51% in its workers' comp line, earning $720.7 million in direct premiums in the third quarter. Its direct incurred loss ratio worsened to 65.31% during the period, owing mainly to adverse loss reserve development of $88 million in the workers' comp line, according to a third-quarter earnings call transcript.

During the earnings call, AmTrust CEO Barry Zyskind said the company's "average new workers' comp size did come down as we continued to target and quote a smaller risk," in spite of a policy renewal rate of over 93%. AmTrust had previously reported a 5.69% year-over-year decrease in its workers' comp business in the previous quarter, which was attributed to a soft pricing environment in California.

Zurich recaptured the No. 3 position even though its workers' comp business remained nearly flat compared to the year-ago quarter. While its U.S. commercial lines business showed modest growth, Zurich's consolidated worldwide gross P&C business shrank 2% year over year during the first nine months of 2017. Much of this decline took place in the Europe, Middle East and Africa region.

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SNL Image

SNL offers a variety of tools to analyze underwriting performance of insurance companies.

Click here for a template to review annual underwriting information and market share for P&C insurance companies by lines of business. This information is also available in the U.S. Insurance Statutory Financials database in SNLxl.

Click here for an instructional webinar on how to operate the powerful P&C market share template which allows detailed analysis by lines of business.