June 2024 Filings Reach $1.5B

SLTX recorded $1.55B in June. This represents a 3.7% increase over June 2023, and 11.0% increase year-to-date.

61.2% of premium reported (30.1% of items) is attributable to renewal policies, 37.6% (37.0% of items) to new business, and 1.2% (32.9% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (27,232 items or 71.2% of the 32.9%) and Cancellations (8,608 items or 22.5% of the 32.9%).

The largest increase, Commercial Fire and Allied Lines coverage, rose $40.5M (or 6.8%). Builders’ Risk Property, Commercial Package, and Residential Package coverages also recorded growth, up $25.7M (212.6%), $22.1M (34.8%), and $10.6M (500.1%) respectively. 180.0% 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 June 2023.

Overall transactions reflected growth for June in item counts, up 16.2% when compared to June 2023. A 18.6% increase in policies filed (77,969) was recorded with average premium per item ($13,324) down 10.8% from June 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 10.9% and up 0.8% 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.