Texas Surplus Lines Hits Premium of $613.58M in January
SLTX has recorded $613.58M in Texas surplus lines premium during January. Additionally, the month’s recorded premium has been the highest reported when compared to January’s of previous years, with an increase of 13.6% when compared to 2020 statistics.
Many lines of business increased over the end of the first month, with notable growth in Oil & Gas coverages (incl. Property, Liab, and Package), Commercial Auto Liability, and Cyber Liability, up 30.7%, 40.8, and 42.9%, respectively. Excess / Umbrella coverage also recorded growth, up 34.8% from $98.5 million to $132.7 billion. The six coverages identified here, represent an overall increase of $134.6 million to $182.6 million or 35.7% over the same period in 2020. Roughly 65% of total premium increases from January 2021 over January 2020 can be attributed to these six coverages. Please note that these calculations are for a single-month period and do not necessarily indicate a market trend.
As with other months in 2020, January 2021 continues to reflect a decrease in the overall number of transactions filed (74,911) with SLTX with an 11.1% decrease over the same period in 2020. 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.