Texas surplus lines premium up 5.9% in February

The Surplus Lines Stamping Office of Texas (SLTX) recorded $539.6mn in surplus lines premium during February, a 5.9 percent increase over February 2021, with the level of increase far below the 12.6 percent year-over-year increase recorded in January.

SLTX noted that February historically is often the lowest month for premium submissions within each annual reporting period. Premium had only increased 1.3 percent in February 2021 compared with the same period in the prior year.

In February this year, renewal policies made up 51.5 percent of the premium reported in February while accounting for 36.8 percent of items reported.

Some 44.4 percent of premium reported and 31.5 percent of items related to new business, while 4.1 percent of premium and 31.7 percent of items were from non-policy transactions such as endorsements, cancellations, audits and installments.

Most lines of business experienced growth over this same period in 2021. Commercial auto liability grew $16.1mn, or 86.0 percent, and professional liability grew $11.5mn, or 87.5 percent. These two lines accounted for 92 percent of the $30mn total premium increases in February.

Overall transactions were 75,378 items, a 2 percent increase over February 2021.

SLTX recorded $690.9mn in premium during January, a 12.6 percent increase on the same month last year.

That followed a 14.9 percent full-year 2021 growth in surplus lines premium in the state.