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Surplus lines premium growth slows as E&S stays central
Surplus lines premium rose to $143.3 billion in 2025, up 10.4%, outpacing the broader US property and casualty market’s 5.1% growth, even as property business retreated from recent highs.
The US excess and surplus lines market is moving into a more competitive phase heading into 2027, as property business pulls back from recent highs while casualty and other specialty classes continue to support wholesale brokering, according to the Wholesale & Specialty Insurance Association CEO Brady Kelley, speaking to Insurance Business.
Kelley said surplus lines premium reached $143.3 billion in 2025, up 10.4%, compared with broader US property and casualty market growth of 5.1%. He attributed the divergence to a changing business mix as admitted carriers regain appetite in some areas and competition intensifies across specialty lines.
Insurance Business reports that Kelley described E&S as a core component of the US property and casualty market, with business flow into E&S continuing as standard market underwriting appetite changes. He also pointed to data from the 15 US states with surplus lines stamping offices showing non-professional liability as the largest E&S segment at midyear, accounting for 39.6% of premium.
Kelley made the comments ahead of the 2026 WSIA Annual Marketplace, scheduled for October 11 to 14 in San Diego, California.