December 2023 Filings Reach $1.2B

Jan 2, 2024 | eNews

SLTX recorded $1.24B in December. This represents a 24.9% increase over December 2022, and 25.8% increase year-to-date.

54.6% of premium reported (34.1% of items) is attributable to renewal policies, 42.9% (31.3% of items) to new business, and 2.5% (34.6% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (22,233 items or 67.0% of the 34.6%) and Cancellations (8,485 items or 25.6% of the 34.6%).

The largest increase, Builders’ Risk Property coverage, rose $74.2M (or 1062.9%). Commercial Fire and Allied Lines, Cyber Liability, and Excess/Umbrella Liability coverages also recorded growth, up $50.5M (16.4%), $33.1M (140.6%), and $25.1M (14.5%) respectively. 73.9% of total premium increases can be attributed to these coverages.

Overall transactions reflected growth for December in item counts, up 9.5% when compared to December 2022. A 16.3% increase in policies filed (62,599) was recorded with average premium per item ($12,950) up 14.1% from December 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were up 8.1% and 27.0% 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.