January 2023 Filings Exceed $1.08B
SLTX recorded $1.08B in January which represents a 56.5% increase over January 2022.
57.2% of premium reported (36.4% of items) attributes to renewal policies, 37.3% (29% of items) to new business, and 5.5% (34.6% of items) is concluded from non-policy transactions. The majority of non-policy transactions were comprised of Premium Endorsements (19,400 items or 70.8% of the 34.6%)
The largest increase, Commercial Fire / Allied Lines coverage, rose $116.3M (or 67.5%). Excess / Umbrella, Cyber Liability, and Commercial General Liability coverages also recorded growth, up $108.2M (88.4%), $34.9 (158.6%), and $28.3M (27.6%) respectively. 73.6% of total premium increases can be attributed to these coverages.
Overall transactions also reflected growth for January in item counts, up 6.6% when compared to January 2022. A 6.4% increase in policies filed (51,808) was recorded with average premium per item ($13,651) up 46.8% from January 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 10.3% and 5.7% 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.