Texas surplus lines insurance premium recorded in Texas in February totaled $509.48 million, the Surplus Lines Stamping Office of Texas (SLTX) has reported. With the addition of February premium, the year-to-date total rose to $1.12 billion.
This results in a 1.3% increase in premiums over February 2020, and a 7.7% increase in premiums for the first two months of 2021 when compared to the same period in 2020.
During the month of February, several lines of business portrayed increases when compared to February 2020, with the most notable growth in Excess/Umbrella coverage, which rose $16.98M (or 20.1%). Additionally, Fire/Allied Lines coverage (residential, commercial, and historical codes) also recorded growth, up 13.8% from $128.83M to $146.66M.
With the conclusion of Q1 2021, SLTX will begin a cumulative quarterly analysis of both coverage and filing information.
February 2021 continues to portray a decrease, albeit smaller than in January 2021, in the overall number of transactions filed (73,912) with SLTX. The transactions reflected a 10.7% decrease over the same period in 2020, thus resulting in a 10.9% decrease in the overall transactions filed YTD. This total includes all transactions, such as endorsements, cancellations, and renewals.
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