November 2024 Filings Reach $1.2B

SLTX recorded $1.15B in November. This represents a 2.6% increase over November 2023, and 13.6% increase year-to-date.

56.8% of premium reported (30.5% of items) is attributable to renewal policies, 40.6% (31.7% of items) to new business, and 2.6% (37.8% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (29,884 items or 74.1% of the 37.8%) and Cancellations (8,325 items or 20.6% of the 37.8%).

The largest increase, E&O Liability coverage, rose $13.8M (or 39.8%). Builders’ Risk Property, Homeowners, and Representations and Warranties coverages also recorded growth, up $9.7M (92.0%), $8.2M (42.9%), and $7.1M (85.6%) respectively. 132.6% 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 November 2023.

Overall transactions declined for November in item counts, down 10.4% when compared to November 2023. A 18.7% decrease in policies filed (66,243) was recorded with average premium per item ($10,803) up 14.5% from November 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 49.9% and 13.6% 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.