February 2024 Filings Reach $946.2M

Mar 1, 2024 | eNews

SLTX recorded $946.17M in February. This represents a 21.2% increase over February 2023, and 10.0% increase year-to-date.

57.3% of premium reported (30.5% of items) is attributable to renewal policies, 38.9% (28.4% of items) to new business, and 3.8% (41.1% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (30,210 items or 76.2% of the 41.1%) and Cancellations (7,369 items or 18.6% of the 41.1%).

The largest increase, Commercial Fire and Allied Lines coverage, rose $66.6M (or 30.5%). Commercial Package, Commercial General Liability, and Other Credit coverages also recorded growth, up $27.0M (107.0%), $16.1M (15.1%), and $14.2M (690.8%) respectively. 74.8% of total premium increases can be attributed to these coverages.

Overall transactions reflected growth for February in item counts, up 23.1% when compared to February 2023. A 13.0% increase in policies filed (56,764) was recorded with average premium per item ($9,816) down 1.5% from February 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 17.2% and up 12.0% 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.