February 2023 Filings Reach $780.5M
SLTX recorded $780.52M in February. This represents a 44.7% increase over February 2022, and 51.3% increase year-to-date.
57.5% of premium reported (34.2% of items) is attributable to renewal policies, 35.9% (29.9% of items) to new business, and 6.5% (35.9% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (19,257 items or 68.6% of the 35.9%) and Cancellations (6,569 items or 23.4% of the 35.9%).
The largest increase, Commercial Fire and Allied Lines coverage, rose $97.5M (or 80.7%). Excess/Umbrella Liability, Commercial General Liability, and Commercial Auto Physical Damage coverages also recorded growth, up $77.1M (80.4%), $32.3M (43.6%), and $10.8M (115.8%) respectively. 90.3% of total premium increases can be attributed to these coverages.
Overall transactions reflected growth for February in item counts, up 3.9% when compared to February 2022. A 2.4% decrease in policies filed (50,214) was recorded with average premium per item ($9,968) up 39.3% from February 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were up 2.5% and down 2.9% 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.