June 2026 E&S Stamping Data

Research evidence excerpt

June 2026 E&S Stamping Data

TD SECURITIES (USA) LLC QUICK TAKE: INDUSTRY UPDATE

July 1, 2026

■Insurance: P&C Insurance June 2026 E&S Stamping Data

Andrew Kligerman THE TD COWEN INSIGHT

212 468 8440

The top states by E&S premium published preliminary June 2026 data. Premiums fell (4)% y/

andrew.kligerman@tdsecurities.com

y, which follows (10)% in April and (6)% in May, pressured by property pricing. This implies a

Daniel Bergman 2Q26 decline of (6)%, vs. +3% in 1Q26. Within our coverage, those leveraged to E&S include

617 946 3747 ACGL, ASIC, AXS, KNSL, MKL, broker RYAN, SKWD, and WRB as well as AIG, BRK, CB, and HIG

dan.bergman@tdsecurities.com

on proportionately lower bases.

Alfred Miller

212 468 8453 June 2026 E&S Premiums

alfred.miller@tdsecurities.com

The three largest states in terms of excess & surplus (E&S) stamping office premiums (CA, FL,

Jeff Tong and TX) have published preliminary data for June 2026. Aggregate E&S premiums for these

212 468 8450

states declined (4)% y/y, with growth in TX (+13%) more than offset by declines in CA (-10%)

jeff.tong@tdsecurities.com

and FL (-10%).

Adittya Parthasarathy, CFA

While this (4)% y/y premium decline was an improvement from the (10)% drop in April 2026212 468 8449

adittya.parthasarathy@tdsecurities.com and (6)% fall in May 2026, it fits directionally with the recent trend of a sharp slowdown in E&S

growth. To this end, the three-month rolling average has fallen to a (6)% decline, implying a

tough backdrop for top-line growth among specialty writers in 2Q26.

As background, of the 15 states with surplus lines stamping offices, CA, FL, and TX represent

almost two-thirds of the total E&S premium.

Our Thoughts on the E&S Market

The recent slowdown in E&S growth has been largely driven by weaker pricing, particularly