July 2024 Filings Reach $1.6B

SLTX recorded $1.6B in July. This represents a 13.5% increase over July 2023, and 11.4% increase year-to-date.

60.0% of premium reported (30.2% of items) is attributable to renewal policies, 36.4% (34.2% of items) to new business, and 3.6% (35.6% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (29,695 items or 70.4% of the 35.6%) and Cancellations (10,185 items or 24.2% of the 35.6%).

The largest increase, Excess/Umbrella Liability coverage, rose $98.5M (or 45.3%). Homeowners’, Commercial Auto Liability, and Commercial General Liability coverages also recorded growth, up $23.2M (131.0%), $22.1M (40.6%), and $20.9M (12.0%) respectively. 86.6% of total premium increases can be attributed to these coverages.

Overall transactions reflected growth for July in item counts, up 17.7% when compared to July 2023. A 21.1% increase in policies filed (76,210) was recorded with average premium per item ($13,503) down 3.6% from July 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 50.7% and up 0.5% 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.