August 2024 Filings Reach $1.5B

SLTX recorded $1.51B in August. This represents a 15.7% increase over August 2023, and 12.0% increase year-to-date.

55.0% of premium reported (29.0% of items) is attributable to renewal policies, 41.6% (31.8% of items) to new business, and 3.4% (39.2% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (35,151 items or 76.1% of the 39.2%) and Cancellations (8,631 items or 18.7% of the 39.2%).

The largest increase, Excess/Umbrella Liability coverage, rose $74.0M (or 38.9%). Commercial Fire and Allied Lines, Builders’ Risk Property, and Representations and Warranties coverages also recorded growth, up $39.1M (9.1%), $37.6M (89.3%), and $15.1M (182.4%) respectively. 81.1% of total premium increases can be attributed to these coverages.

Overall transactions reflected growth for August in item counts, up 3.1% when compared to August 2023. A 3.9% decrease in policies filed (71,500) was recorded with average premium per item ($12,823) up 12.2% from August 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 28.5% and 18.4% 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.