June 2023 Filings Reach $1.5B
SLTX recorded $1.49B in June. This represents a 24.2% increase over June 2022, and 28.5% increase year-to-date.
63.2% of premium reported (37.8% of items) is attributable to renewal policies, 35.4% (28.0% of items) to new business, and 1.4% (34.2% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (22,578 items or 65.9% of the 34.2%) and Cancellations (8,542 items or 24.9% of the 34.2%).
The largest increase, Commercial Fire and Allied Lines coverage, rose $153.6M (or 34.7%). Representations and Warranties, Commercial Allied Lines, and Commercial General Liability coverages also recorded growth, up $35.8M (210.1%), $35.7M (164.1%), and $34.0M (26.6%) respectively. 89.0% of total premium increases can be attributed to these coverages.
Overall transactions reflected growth for June in item counts, up 5.9% when compared to June 2022. A 1.4% increase in policies filed (65,745) was recorded with average premium per item ($14,936) up 17.3% from June 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were up 3.6% and 17.2% 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.