April 2024 Filings Reach $1.6B

SLTX recorded $1.58B in April. This represents a 19.2% increase over April 2023, and 9.1% increase year-to-date.

61.4% of premium reported (31.7% of items) is attributable to renewal policies, 36.2% (31.8% of items) to new business, and 2.4% (36.5% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (29,866 items or 73.9% of the 36.5%) and Cancellations (8,030 items or 19.9% of the 36.5%).

The largest increase, Commercial Fire and Allied Lines coverage, rose $159.1M (or 31.2%). Commercial Package, Excess/Umbrella Liability, and Commercial General Liability coverages also recorded growth, up $41.7M (144.6%), $38.9M (18.1%), and $19.9M (13.4%) respectively. 102.1% of total premium increases can be attributed to these coverages. The total growth for the top 4 coverages mentioned exceed 100% of the total premium growth for the month due to coverages that experienced premium decline from April 2023.

Overall transactions reflected growth for April in item counts, up 6.6% when compared to April 2023. A 3.2% decrease in policies filed (70,354) was recorded with average premium per item ($14,257) up 11.8% from April 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 4.4% and up 1.2% 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.