Texas Surplus Lines Hits Premium of $509.48M in February
SLTX has recorded $509.48M in Texas surplus lines premium during the month of February, and a total of $1.12B year-to-date. This results in a 1.3% increase in premiums over February 2020, and a 7.7% increase in YTD premiums when compared to the same period in 2020. We assume that the diminished increase in February 2021 premiums is most likely related to Winter Storm Uri.
During the month of February, several lines of business portrayed increases when compared to February 2020, with the most notable growth in Excess / Umbrella coverage, which rose $16.98M (or 20.1%). Additionally, Fire / Allied Lines coverage (residential, commercial, and historical codes) also recorded growth, up 13.8% from $128.83M to $146.66M. Please note that these calculations are for a single-month period and do not necessarily indicate a market trend. With the conclusion of Q1 2021, SLTX will begin a cumulative quarterly analysis of both coverage and filing information.
February 2021 continues to portray a decrease, albeit smaller than in January 2021, in the overall number of transactions filed (73,912) with SLTX. The transactions reflected a 10.7% decrease over the same period in 2020, thus resulting in a 10.9% decrease in the overall transactions filed YTD. This total includes all transactions, such as endorsements, cancellations, and renewals.
SLTX will continue to monitor the Texas surplus lines market, as well as the national market, and share additional data as it is recorded.