The Chubb Group ofInsurance Companies and FM Global were the big winners in the first“Risk Manager Choice Awards,” based on a survey of 411 corporateinsurance buyers run by the Flasp?hler Research Group, inpartnership with National Underwriter.

When asked which commercial insurance providers they believe are“best overall,” 46.1 percent of the entire survey base namedChubb–the most among 50 choices offered. Chubb was cited by 49.0percent of those placing more than $5 million in commercialpremiums, as well as by 45.9 percent of those placing below $5million–topping both categories.

Zurich (41.3 percent) and The Travelers (41.1 percent) finishedsecond and third overall, respectively. However, Travelers (43.5percent) topped Zurich (40.1 percent) among buyers placing lessthan $5 million in premiums; Travelers (39.2 percent) finishedbelow both Zurich (44.4 percent) and ACE USA (43.1 percent) amongbigger buyers. (Respondents could cite more than one carrier.)

On individual lines of business, Chubb topped the Risk ManagerChoice list among all buyers of directors and officers insuranceand employment practices liability coverage.

FM Global–a specialty carrier offering fewer lines ofbusiness–finished sixth on the “best overall” ratings, cited by26.3 percent of respondents. However, what FM Global does, it doesvery well in the eyes of risk managers familiar with theinsurer.

Indeed, in rating carriers onindividual lines of business, FM Global came out on top as the RiskManager Choice for buyers of all sizes on commercial property andbusiness interruption coverage–the company's two prime areas ofbusiness.

FM Global is well known for its aggressive risk management andsafety programs, as well as its Research Campus, where a team ofengineers work with clients to help prevent losses from happeningin the first place.

In addition, in a separate section of the survey, FM Global wasmost highly rated in all seven “evaluation and selection factors”buyers consider important when placing coverage–underwritingcapabilities, financial value, financial security, clientorientation, expertise and market knowledge, timely service andclaims-handling.

FM Global, based in Johnston, R.I., scored over “7,” andfrequently was rated close to an “8″ for all of the evaluationcategories–with 7 or higher “seen as truly excellent,” according toRick Flasp?hler, president of the Kansas City, Mo.-based researchfirm.

Chubb finished second or third in all seven evaluation andselection criteria, while Travelers made the top-five in allcategories.

For each category, respondentswere asked to rate–on a scale of one to nine, with nine being thebest–those carriers with which they were familiar on the factorsthey considered important. Therefore, “there is no 'noise' in thisdata that is present in typical surveys, where respondents rateevery carrier on every factor,” explained Mr. Flaspohler.

In other results:

o Liberty Mutual was rated best among all buyers of workers'compensation insurance.

o Travelers was top-ranked among all risk managers buyingcommercial auto and surety bonds, and was tied with Chartis (thenew brand for the commercial insurance companies of AIG) on generalliability coverage.

o Chartis also came out on top among all buyers of errors andomissions as well as commercial umbrella liability coverage.

o Travelers ranked highest among buyers spending less than $5million in premiums annually on marine and terrorism insurance,with Lloyd's topping the list overall, as well as among the biggestbuyers, for both lines of business.

o Zurich was top-rated among all risk managers surveyed forconstruction insurance.

o Lloyd's was cited as the top market among all buyers ofmedical malpractice coverage.

In an interesting “what if” question, respondents were askedwhich commercial insurance providers among those they know–butdon't currently use–they would consider using in the future.

Nearly one-quarter (23.8 percent) cited Liberty Mutual, while21.5 percent named Travelers, 21.1 percent picked FM Global, 20.7percent chose Zurich and 20.3 percent tapped Allianz.

The Web-based survey, conducted by the Flasp?hler Research Groupbetween July 20 and Aug. 10, drew an experienced response base,with nearly half of the risk managers handling insurance purchasesfor a decade or more, and over three-quarters executing thatresponsibility for more than five years.

Nearly 42 percent of respondents spent $5 million or more incommercial insurance premiums annually, while 63.5 percent placeover $2 million each year.

The respondents took their time, with an average survey lengthof 26 minutes.