Thursday, February 02, 2012

Stamping Offices: Premiums Increased in 2011

The 14 stamping offices in the United States processed $19.3 billion in surplus lines premium in 2011, an increase of 4.1% over the prior year, according to a report issued by the Surplus Lines Stamping Office of Texas (SLSOT).

However the SLSOT noted that excluding data from New York, which processed a large amount of prior-year filings, total premium for the remaining 13 offices reflected an increase of $88 million, or just 0.6%. Total number of items processed by the stamping offices was 3.1 million, a decrease of 3.4% from 2010.

New York registered the largest percentage increase (22.4%) of all the stamping office states, followed by Washington (13.0%), Pennsylvania (11.8%) and Minnesota (11.2%). Six states reported declines in premiums, including Florida, Idaho, Illinois, Mississippi, Nevada, and Texas.

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