May 2024 Filings Reach $1.7B

Jun 3, 2024 | eNews

SLTX recorded $1.69B in May. This represents a 25.1% increase over May 2023, and 12.9% increase year-to-date.

62.2% of premium reported (31.6% of items) is attributable to renewal policies, 36.1% (32.1% of items) to new business, and 1.7% (36.3% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (31,643 items or 72.7% of the 36.3%) and Cancellations (8,939 items or 20.5% of the 36.3%).

The largest increase, Commercial Fire and Allied Lines coverage, rose $97.1M (or 17.4%). Excess/Umbrella Liability, Commercial General Liability, and Commercial Allied Lines coverages also recorded growth, up $67.6M (37.4%), $34.7M (22.3%), and $24.3M (44.5%) respectively. 65.9% of total premium increases can be attributed to these coverages.

Overall transactions reflected growth for May in item counts, up 33.2% when compared to May 2023. A 31.4% increase in policies filed (76,289) was recorded with average premium per item ($14,107) down 6.1% from May 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 46.8% and up 10.9% 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.