Ted Pierce, executive director of the Surplus Line Association of California, released the association’s 2003 six month totals for processed surplus line premium, revealing a 44 percent increase over the 2002 premium total for the same period.
The $2,377,068,232 in 2003 premium is attributed to the continued impact of the hard market. The Association processed a total of 179,737 insurance policies in the last 6-months compared to 151,516 processed in 2002.
“The Surplus Line Association has been very busy the past 6-months processing record levels of California surplus line premium data due to an obvious continuation of the hard market,” Pierce said.
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