Florida Surplus Lines Market Nears $9.4B at Midyear as Policy Volume Continues to Climb

Florida’s surplus lines market closed the first six months of 2026 with $9.36 billion in premium, representing a 6% decrease compared to the same period in 2025. At the same time, policy count continued to move in the opposite direction, reaching 982,627 policies year-to-date, a 15% increase over the first six months of 2025. 

This continues the trend that emerged near the close of 2025: a market increasingly driven by policy volume rather than premium growth. The year-to-date average cost per policy was $9,525, down from $11,608 during the first six months of 2025, an 18% decrease. 

For the second quarter, premium closed at $5.35 billion, reflecting a 10% decrease from Q2 2025. Policy count for the quarter totaled 554,724, up 18% year-over-year.  

June followed the same pattern. Premium totaled $1.88 billion for the month, down 10% year-over-year, while policy count reached 204,624, an 18% increase from June 2025.

“The first six months of 2026 point to a surplus lines market that remains active but is operating under different conditions than what we’ve seen in previous years,” said FSLSO Executive Director Mark Shealy. “Policy volume continues to rise, while average cost per policy has moved lower. Insureds and agents are still relying on the surplus lines market, but the story is no longer simply about premium growth. It is also about volume, availability, new capacity entering portions of the market and how pricing is adjusting across certain lines of business.” 

NEW BUSINESS AND RENEWALS | June 2026 vs June 2025

NEW BUSINESS AND RENEWALS | Q2 2026 vs Q2 2025

New business and renewals shifted slightly from the prior year. In June 2026, new business represented 41% of filings, down from 42% in June 2025. Renewals increased from 58% to 59% over the same period. Q2 reflected a similar mix, with new business at 40% and renewals at 60%. 

The shift is modest, but it aligns with the broader market story. As the market moves away from rapid premium expansion, renewals continue to make up a slightly larger share of activity, reinforcing a trend toward retention and steady placement volume. 

Top 10 Lines of Business

Line-of-business results reinforced the broader market trend: premium movement was mixed, but policy activity remained strong across several major coverage categories. Despite the overall decline in premium, most of the top 10 lines of business posted year-over-year premium increases in June. Commercial Property and Commercial Package were the only top 10 lines to report June premium decreases. 

Commercial Property remained the dominant line by premium volume, totaling $3.36 billion through the first six months of 2026. However, that represented a 20% decrease compared to the same period in 2025. At the same time, policy count increased 24% to 193,032 policies. The average cost per policy fell from $26,865 during the first six months of 2025 to $17,388 in 2026, a 35% decrease. 

Q2 followed a similar pattern, with premium totaling $2.14 billion, down 25% from Q2 2025, while policy count rose 31% to 117,614. June results followed the same direction. Commercial Property premium totaled $692.94 million for the month, down 33% year-over-year, while policy count increased 30% to 45,531. 

Excess Commercial General Liability posted positive first-half growth, with premium totaling $795.99 million, a 10% increase over the first six months of 2025. Policy count also increased 16% to 23,347 policies. However, average cost per policy declined 5%, moving from $35,912 to $34,094. 

Q2 and June results also remained positive. Q2 premium totaled $430.79 million, up 11% over Q2 2025, while policy count increased 17% to 12,526 policies. In June, premium increased 30% year-over-year to $155.42 million, while policy count rose 26% to 4,630. 

Homeowners HO-3 continued to be a key point of discussion in Florida’s surplus lines market during the first six months of 2026. First-half premium totaled $419.85 million, up 29% compared to the same period in 2025. Policy count more than doubled, increasing 111% to 113,084 policies. Even with the premium increase, average cost per policy declined 39%, falling from $6,064 during the first six months of 2025 to $3,713 in 2026. 

Q2 and June results followed the same pattern. Q2 premium reached $240.89 million, up 24% from Q2 2025, while policy count increased 104% to 66,876 policies. In June, premium totaled $88.25 million, a 21% year-over-year increase, while policy count rose 111% to 24,770.  

Cyber Liability remains a line to watch, particularly amid ongoing discussions around pricing adequacy. Through the first six months of 2026, Cyber Liability premium totaled $156.34 million, down 11% compared to the same period in 2025. Policy count increased 6% to 15,728, while average cost per policy declined 17%, falling from $11,914 during the first six months of 2025 to $9,940 in 2026. 

Q2 results showed a more pronounced decline in premium. Premium totaled $75.32 million for the quarter, down 28% from Q2 2025, while policy count increased 12% year-over-year to 8,681. As a result, the average cost per policy fell to $8,676 for the quarter, a 36% decrease from Q2 2025.

Top 10 Insurers

The insurer data reflected the broader market trend. First-half results showed policy volume increasing among several of the market’s top insurers, even as premium movement varied and average cost per policy declined among the insurers highlighted below. For Q2, seven of the top 10 insurers posted year-over-year premium decreases, while policy count moved in the opposite direction, with all but one of the top 10 insurers reporting policy volume increases. 

Underwriters at Lloyd’s, London remained the largest insurer by premium volume, totaling $1.71 billion through the first six months of 2026, a 4% decrease compared to the same period in 2025, and policy count increased 10% to 206,861. June and Q2 results followed the same pattern. Lloyd’s reported $364.78 million in June premium, down 1% year-over-year, while policy count rose 14% to 45,221. For Q2, premium totaled $1.04 billion, down 8% from Q2 2025, while policy count increased 15% to 117,665. 

MS Transverse Specialty Insurance Company also reflected the broader shift between premium and policy volume. First-half premium totaled $361.87 million, down 21% from the first six months of 2025, while policy count increased 43% to 39,572. In June, premium totaled $76.41 million, down 26% year-over-year, while policy count increased 26% to 10,323. Q2 premium totaled $224.03 million, down 23% from Q2 2025, while policy count increased 53% to 25,496. 

Evanston Insurance Company posted first-half premium growth, totaling $192.24 million, a 6% increase compared to the same period in 2025, and policy count increased 15% to 38,305. June premium totaled $33.95 million, up 7% year-over-year, while policy count increased 15% to 7,551. Q2 followed a similar pattern, with premium up 4% to $101.36 million and policy count up 13% to 20,484. 

Scottsdale Insurance Company also posted first-half premium growth, totaling $161.18 million, up 3% compared to the first six months of 2025, and policy count increased 30% to 32,926. June results remained positive, with premium up 5% year-over-year to $31.01 million and policy count up 37% to 6,502. Q2 premium totaled $87.18 million, up 3%, while policy count increased 31% to 17,986.

June 2026 Wrap-Up

At midyear, Florida’s surplus lines market remains active, but the composition of that activity continues to shift. Premium volume is down compared to 2025, yet policy counts are rising across the broader market, key lines of business and most top insurers. The result is a market defined less by premium expansion and more by increased filing volume and lower average cost per policy, with corresponding shifting pricing dynamics across major segments. 

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