Texas Premium Up Nearly $300M at Mid-Year
May 2018 was the highest-grossing month for surplus lines premium in Texas, with $681 million recorded. This was the highest ever recorded in SLTX history. Total premium in Texas has increased to $3.06 billion, as of June 30, 2018. This represents a 10.6% increase, with total filings during this time experiencing a marginal increase of 1.7% over the same period in 2017.
The mid-year increase can in part be attributed to growth in directors and officers (D&O) liability insurance and errors and omissions (E&O) insurance. SLTX recorded $47 million in 2018 D&O coverage, a 74% growth over $27 million in 2017. E&O coverage increased 6% to $159 million. Additionally, fire and allied lines recorded a 15% growth, while general liability showed an 11% increase.
Overall, SLTX projections show that Texas appears to be on track for growth and continued health in the specialty market through 2018 and into the future.