Texas surplus lines premium sets new November record, up 14.8% YTD

The Surplus Lines Stamping Office of Texas (SLTX) recorded $685.5mn in premium in November, setting a record for that month and bringing the year-to-date total to $8.27bn, up 14.8 percent over the first 11 months of 2020.

SLTX said the $685.5mn of premium in November was up 16.7 percent, or $98mn, over the same month in 2020. It was the highest level of premium ever recorded in a November and the 17th largest monthly premium total in SLTX’s 33-year history.

The line with the largest increase in November was commercial general liability coverage, which rose $27.3mn or 33.7 percent. Excess/umbrella was up $23.8mn or 20.6 percent.

These two lines accounted for 52 percent of total premium increases.

Overall transactions filed were up 6.5 percent in November 2021, to 86,236, over the same period in 2020. This resulted in a year to date increase of 0.2 percent.

Policies filed increased 6.2 percent in November to 58,411, which resulted in a 2.2 decrease year to date.

Renewal policies accounted for 54.4 percent of premium in November and 37.5 percent of items reported. New business accounted for 38.9 percent of reported premium and 30.3 percent of items. Non-policy transactions accounted for 6.8 percent of premium and 32.2 percent.

“Texas surplus lines premiums will continue to trend with existing hard-market conditions throughout the year,” SLTX commented.