Texas surplus lines premiums hit $702mn in October: SLTX
The Surplus Lines Stamping Office of Texas (SLTX) posted $702.3mn in premiums in October, a 14.7% YTD increase.
Year on year, premiums grew by 11.6% ($73M), marking the 14th-largest premium in SLTX’s 33-year history and the highest ever for the month of October.
Several lines of business showed significant growth year on year, with excess/umbrella increasing by 14.6%, commercial general liability 15.8%, and contingency liability 233.6%.
The month of October also showed a 4.5% decrease in overall transactions filed over the same period in 2020, resulting in a YTD drop of 0.3%.
Further, 56% of premiums reported this month was attributed to renewal policies, accounting for 37.6% of items reported.
Nearly 39% of premiums reported (27.3% of items) is related to new business, while 5.2% (35.1% of items) is a result of non-policy transactions such as endorsements, cancellations, audits and installments.
In a release, SLTX said it expected Texas surplus lines to continue to trend with the existing hard-market conditions throughout the year.
It added that it would continue monitoring the Texas surplus lines market and share additional data and analysis.
In September, AM Best said the US surplus lines market recorded 17.5% growth in direct written premium (DWP) in 2020, the largest year-on-year premium increase since 2003.
The ratings agency said DWP rose to $66mn, up from $54mn in 2019.