Excess and surplus insurers reported declining premiums in 2009, writing 7.5 percent fewer direct premiums versus the prior year, according to SNL Financial's analysis of the U.S. E&S market, the Insurance Journal reported. The slide comes after a decline in 2008 of 8.6 percent from 2007.
The Insurance Journal said all of the top 10 E&S insurers by market share saw year-over-year declines in premiums written and said American International Group Inc. wrote 15.1 percent fewer premiums in 2009, but retained its No. 1 position with nearly a quarter of the market share. Rounding out the top three, Zurich Financial Services Ltd. saw an 11.2 percent decline, and Nationwide Mutual Group saw a decline of 4.6 percent.
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