In case you missed it, last week we launched the P&C Commercial Tracker, a weekly carrier-level tracker of the US commercial insurance market. Two layers, sourced and timestamped: the Carrier Directory baseline and the Weekly Moves tracker.
Texas is now live. We mapped the state the same way we mapped Florida and California: admitted carriers, the SLTX eligible surplus lines panel, Lloyd's syndicates, MGAs and programs, TWIA, and the regulatory actors who move the market. Three states, three complete carrier universes, one tracker.
What It Is
A carrier-level tracker of the commercial property and E&S property markets in Florida, California, and Texas. 656 carriers identified so far (170 FL + 198 CA + 288 TX), covering admitted, E&S, Lloyd's, MGA/Program, parametric, Citizens, the California FAIR Plan, and TWIA. Every carrier researched against FL OIR, CA CDI, and TDI filings, SLTX eligible insurer lists, AM Best, Demotech, S&P, FHCF and CA FAIR Plan participant lists, the Surplus Line Association of California, SEC filings, and trade press. Every entry cites 2–5 independent sources. The directory grows weekly as new entrants are identified and gaps are corrected.
There are Two Layers:
The Carrier Directory is the baseline: who writes commercial property in your state, what they target, whether they are expanding, stable, entering, or tightening. Filter by state, market type, account size, or appetite.
The Weekly Moves tracker captures what changed this week: rate filings, appetite shifts, regulatory actions, market entries, and earnings signals. Every move is sourced and timestamped.
What’s most important for us right now is to get your input on how we can make this useful to you. Reply to this email or ping me at [email protected].
What the Data Says
Florida commercial property right now:
American Coastal’s Q1 confirmed rapid softening is here: gross premiums written fell 24.5% year-over-year to $149.4M, with average FL commercial property premiums down 16.6% in March alone. Management used the words “rapidly softening” on the call.
HCI Group posted record Q1 earnings — $5.45 diluted EPS, $326.2M gross premiums earned, 20.1% gross loss ratio — with an $80M buyback in progress. Growth without deterioration.
Heritage Insurance Holdings released Q1 results on May 7, with an earnings call set for May 8. Heritage came into the quarter expecting improved reinsurance pricing and incremental capacity at the June 1 renewal.
AM Best announced it will host a complimentary analytical briefing on the Florida P&C market on May 21 ahead of hurricane season, a signal that stabilization is now the consensus industry narrative heading into 6/1 renewals.
California commercial property right now:
Two DIC wrap programs remain the standard E&S complement to the FAIR Plan: IAT on Acceptance Casualty paper and the Amwins/Vivere program launched in late April, distributed exclusively through wholesale.
State Farm General continues to restrict capacity on commercial and habitational property, with January 2025 LA wildfire reserves now at $5.7B and a 17% homeowners hike approved in March.
CA E&S homeowners policies surpassed 300,000 in 2025 per the Surplus Line Association, the same admitted-to-E&S migration accelerating on the commercial side.
Two structural reform threats remain live for the 2026 session: Senator Wiener’s Affordable Insurance and Recovery Act and the Insurance Market Reform Act ballot initiative amending Prop 103.
Texas commercial property right now:
Palomar is the most aggressive E&S property grower in the state: Q1 Inland Marine and Property GWP up 47%, total GWP up 42.4%, and they just secured $410M of catastrophe reinsurance via the Torrey Pines Re 2026-1 cat bond. Capital and appetite aligned.
Kinsale’s Q1 tells the other side of the TX E&S story: commercial property GWP fell 28.3% as rate decreases and standard carrier competition squeeze the small/mid segment. The soft cycle is hitting TX surplus lines.
Chubb is pulling back on shared and layered E&S property. CEO commentary this quarter said the property market is “softening rapidly,” and Westchester reduced major account and E&S shared layered exposures through non-renewal and more reinsurance.
TWIA sponsored Alamo Re 2026-1, targeting $450M for Texas named storm and severe thunderstorm reinsurance, an annual aggregate indemnity structure that prices TWIA’s coastal book for the market.
Three new Lloyd’s syndicates (2546, 2427, 2126) were added to the SLTX Quarterly Listing of Alien Insurers effective April 1, expanding London market capacity for TX commercial property.
Hail discipline is the defining TX underwriting question: Triple-I confirmed 2025 severe convective storms generated $51B+ in U.S. insured losses for the third consecutive year above $50B, and Texas led 2025 hail losses nationally.
Florida, California, and Texas commercial property are live now. More states coming next across commercial property.
We are temporarily sharing full and free access to our tracker so you can check it out.
Have feedback or requests? We’d love to hear from you. Please reply to this email, or email me at [email protected] and share your thoughts.
Why We Did It
If you place commercial property at a wholesale brokerage, or you sit in product, strategy, or the C-suite at a commercial carrier, you already know the shape of the problem: carriers entering and exiting state markets, rate filings changing appetite overnight, AM Best moving on ratings, reciprocal exchanges spinning up in Florida. Teams stitch it together themselves, across three categories of outside tools: raw filings databases (SERFF, state DOI portals), financial and rating platforms (S&P, AM Best, Demotech), and episodic broker research (Amwins State of the Market, quarterly outlook pieces). Each one answers part of the question. None of them combines the three in a workflow-usable way at the carrier level for commercial property appetite tracking. That’s the gap we’re building against.
If you’re curious, here is our Methodology and Data Dictionary.
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