TSLA Annual Meeting Points to Growth, Progress
The Texas Surplus Lines Association (TSLA) welcomed insurance professionals from across the state to Austin for its annual meeting on November 10-11, 2019. The meeting began on Sunday with networking opportunities for industry members and a welcome reception. Monday’s schedule included speaker programs, a TSLA business meeting, and a Texans Under 40 community service project.
Speakers included insurance veterans who all pointed to growth in the market and noted that the industry is evolving through the use of technology.
As part of Monday’s session, Jamie Walker, Financial Regulation Division Deputy Commissioner at the Texas Department of Insurance (TDI), provided an update on the state of the agency. Walker noted that more than 2,000 insurers wrote more than $180 billion in admitted and surplus lines insurance premiums in Texas in 2018. She also detailed initiatives implemented by Insurance Commissioner Kent Sullivan, which include updating best practices, modernization efforts, and a plain language campaign.
TSLA General Counsel Keith Strama presented a political update and shared information on surplus lines bills that passed through the Texas Legislature during the recent legislative session. Kelly Hancock, Chair of the Texas Senate Business and Commerce Committee, also gave a legislative address.
Rosemarie Marshall, who serves as Secretary of the SLTX Board of Directors, spoke on behalf of SLTX and shared market data relating to the Texas surplus lines insurance market. Surplus lines premium in Texas reached $5.9 billion through October 2019 and more than 928,000 filings have been recorded through this time. Additionally, surplus lines flood and cyber liability premiums recorded through the first ten months of 2019 have already surpassed totals recorded in all of 2018.
Other speakers included Maureen Brown, Senior Vice President and Operations Lead for Munich Reinsurance of America, Inc., who spoke on the risks and rewards of ride sharing, and Enya He, Lloyd’s of London Regional Director, US South Central Region, who presented on the future of Lloyd’s. According to He, over the past five years, Lloyd’s gross written premium has increased by about $6 billion, to $47.6 billion in 2018. Though Lloyd’s has a record of profitable growth, underwriting profits have been in decline since 2013.
TSLA’s 2020 Mid-Year Meeting will be held July 19-22, 2020, in Westlake Village, California. Registration is not yet open, but more information can be found on the TSLA website.