September 2024 Filings Reach $1.4B

SLTX recorded $1.43B in September. This represents a 35.7% increase over September 2023, and 14.3% increase year-to-date.

51.9% of premium reported (29.5% of items) is attributable to renewal policies, 42.9% (33.5% of items) to new business, and 5.2% (37.0% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (32,143 items or 74.2% of the 37.0%) and Cancellations (9,016 items or 20.8% of the 37.0%).

The largest increase, Excess/Umbrella Liability coverage, rose $173.5M (or 110.0%). Commercial Fire and Allied Lines, Builders’ Risk Property, and Commercial Auto Liability coverages also recorded growth, up $71.8M (23.6%), $18.8M (108.2%), and $17.2M (29.8%) respectively. 75.0% of total premium increases can be attributed to these coverages.

Overall transactions reflected growth for September in item counts, up 19.6% when compared to September 2023. A 17.8% increase in policies filed (73,872) was recorded with average premium per item ($12,168) up 13.5% from September 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 35.9% and up 3.6% 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.