NU Online News Service, May 10, 2:25 p.m. EDT
Nineteen property and casualty insurers have cracked this year’s Fortune 500 list, one less than the number of P&C companies on the 2010 list.
Berkshire Hathaway was the highest-ranking company listed under the P&C insurance industry in 2011. It ranked 7 overall on the Fortune 500 list. According to the list, Berkshire Hathaway’s 2010 revenue increased 21.1 percent over 2009 to $136.2 billion. The company’s 2010 profits increased 61 percent to $13 billion.
Last year, Berkshire Hathaway ranked 11 overall on the list and was first in the P&C insurance industry.
American International Group Inc. ranked second in the P&C insurance industry in 2011—the same as last year—and 17 on the Fortune 500 list overall. The company’s 2010 revenue is listed at $104.4 billion, a 1.2 percent increase over 2009. Profits in 2010 are listed at $7.8 billion.
Last year, AIG was 16 overall on the Fortune 500 list.
State Farm Insurance Cos. remained third among P&C insurers and ranked 37 overall, compared to 34 in 2010. State Farm is one of two mutual companies listed separately from stock P&C companies.
The other mutual company is Auto-Owners Insurance, which fell to 425 overall on the list from 418 a year ago. Other mutual insurers, such as Liberty Mutual Insurance Group, are listed with the stock companies because they report fiscal data according to Generally Accepted Accounting Principles.
The two remaining top five companies in the P&C insurance industry switched spots compared to last year’s list. Liberty Mutual is now ranked fourth among P&C insurance companies and 82 overall, and Allstate is ranked fifth among insurers and 89 overall. Last year, Allstate ranked 68 overall and Liberty Mutual ranked 71.
First American Corp., which ranked 15 among stock and mutual P&C insurers last year and 361 overall, did not appear on this year’s list. All other insurers on last year’s list cracked the Fortune 500 this year, and no new P&C insurers were added.
Travelers took over the sixth spot among P&C insurers from Hartford Financial Services, which slipped to seventh. Travelers was 106 overall, down from 98, and Hartford Financial Services was 117, down from 97.
The remaining insurers, in order from 8 to 19, were Nationwide, United Services Automobile Association, Progressive, Loews, Chubb, Assurant, American Family Insurance Group, Fidelity National Financial, Auto-Owners, Erie Insurance Group, W.R. Berkley and American Financial Group.
The 2011 list is based off of 2010 numbers. The Fortune 500 list is compiled by Fortune magazine and ranks U.S. companies by gross revenues.