Texas Surplus Lines Premiums Hits $685.5 Million in November

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Texas surplus lines premiums amounted to $685.5 million in November, according to the Surplus Lines Stamping Office of Texas.

Surplus lines premiums total $8.27 billion year-to-date, a 14.8% increase in year-to-date premiums compared to the same period in 2020. This results in an 16.7% ($98 million) increase over November 2020, making it the highest recorded November and17th largest premium in SLTX’s 33-year history. Various lines of business experienced growth over November 2020. The largest increase, Commercial General Liability coverage rose $27.3 million (or 33.7%) while Excess / Umbrella also recorded growth, up $23.8 million (or 20.6%). Roughly 52% of total premium increases can be attributed to these coverages. November 2021 showed a 6.5% increase in overall transactions filed (86,236) over the same period in 2020, resulting in a YTD increase of 0.2%. This same period reflected an 6.2% increase in policies filed (58,411), which results in a 2.2% decrease YTD. November is the 5th month to reflect increases in policy filings and the 6th month for transactions filed. 54.4% of premium reported this month is attributed to renewal policies, accounting for 37.5% of items reported. 38.9% of reported premium (and 30.3% of items) is related to new business, and 6.8% (and 32.2% of items) is a result of non-policy transactions such as endorsements, cancellations, audits, installments, etc.

Source: Surplus Lines Stamping Office of Texas