November 2022 Filings Exceed $1.04B
SLTX recorded over $1.04B in November, promoting the year-to-date total to $10.6B. This represents a 51.5% increase over November 2021, and 28.1% increase year-to-date.
59.7% of premium reported (33.2% of items) attributes to renewal policies, 32.8% (30.6% of items) to new business, and 7.5% (36.2% of items) is concluded from non-policy transactions. Furthermore, non-policy transactions are stemmed from Premium Endorsements (21,725 items or 71.2% of the 36.2%) and Cancellations (6,856 items or 22.5% of the 36.2%).
The largest increase, Commercial Fire/Allied Line coverage, rose $131.7M (84.3%). Excess / Umbrella, Builder’s Risk – Property and Commercial Package (Property+GL) coverages also recorded growth, up $84.4M (60.6%), $25.6M (334.2%), and $25.4M (109.5%) respectively. 75.6% of the total premium increases can be attributed to these coverages.
Overall transactions decreased 2.4% in November 2022 when compared to November 2021. An 8.1% decrease in policies filed (53,688) were recorded with average premium per item ($12,336) up 55.2% from November 2021. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 27% and 12.2% 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.