July 14, 2025
Market rank update: SFM continues growth in core states
Recently released reports on workers’ compensation market share show that SFM continues to garner more business in its core states.
The 2024 figures were issued by SNL Financial in April. SNL, a data analytics firm within the S&P Global organization, issues an annual insurance industry study that compares market share and ranks carriers within each state of operation.
SFM’s carrier ranking in its top five states, based on 2024 written premium:
- Minnesota – 1
- South Dakota – 3
- Iowa – 6
- Nebraska – 7
- Wisconsin – 10
At the same time, SFM’s 2024 market rank also increased in its three newest states: Kansas, Indiana and Tennessee.
“We’re growing, and the good news is we’re really growing in all eight of our core states, but we’re also growing profitably and selectively in those states,” said Mike Happe, Senior Vice President and Chief Marketing Officer. “The nationwide work comp market volume actually declined last year, so it’s promising to see that we’re maintaining that upward trajectory.”
SFM hit a new milestone by making the top 10 in Wisconsin, and SFM’s 2024 market rank increased by four spots in Kansas, eight in Indiana and 11 in Tennessee.
“Today, nearly half of SFM’s business is from outside of Minnesota. SFM is proud of our sustained success in recent years, especially in our newer markets,” Happe said. “In addition to maintaining the lead we’ve held in Minnesota for over 20 years, it’s fantastic to see strong growth coming from our other core states.”
Meanwhile, SFM continues to look for opportunities to pick up business that’s being displaced or facing challenges in the market.
“Especially in our newer states, agents are getting to know us and appreciate the advantages we offer,” said Mark Lewis, Team Business Leader. “We’re seeing excellent results as SFM’s reputation for unmatched customer service continues to spread throughout our newer markets.”
