December 2024 Filings Reach $1.4B

SLTX recorded $1.43B in December. This represents a 15.6% increase over December 2023, and 13.8% increase year-to-date.

58.5% of premium reported (30.0% of items) is attributable to renewal policies, 40.9% (35.8% of items) to new business, and 0.6% (34.2% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (24,022 items or 61.6% of the 34.2%) and Cancellations (12,222 items or 31.4% of the 34.2%).

The largest increase, Excess/Umbrella Liability coverage, rose $77.1M (or 38.9%). Commercial Fire and Allied Lines, Commercial General Liability, and Oil & Gas Property coverages also recorded growth, up $75.8M (21.1%), $53.5M (38.3%), and $16.8M (1,212.7%) respectively. 115.8% of total premium increases can be attributed to these coverages. The total growth for the top 4 coverages mentioned exceed 100% of the total premium growth for the month due to coverages that experienced premium decline from December 2023.

Overall transactions reflected growth for December in item counts, up 18.9% when compared to December 2023. A 19.6% increase in policies filed (74,894) was recorded with average premium per item ($12,585) down 2.8% from December 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 39.9% and up 45.3% respectively.

Texas surplus lines premiums continue to trend with existing hard-market conditions, including results of changes to diligent effort requirements (TX87 SB1367). SLTX continues to monitor the Texas surplus lines market and share data and analysis as recorded or completed.