E&S Stamping Office Data - June 2026: Continued Pressure

Research evidence excerpt

E&S Stamping Office Data - June 2026: Continued Pressure

Update

July 13, 2026 02:16 PM GMT

Morgan Stanley & Co. LLCMInsurance - Property & Casualty | North America Bob Jian Huang

Equity Analyst

E&S Stamping Office Data - Bob.Huang@morganstanley.comDaniel Lee, ACAS +1 212 761-6136

Research Associate

Daniel.Lee4@morganstanley.com +1 212 761-0219

June 2026: Continued Pressure Siddhant Shah

Sid.Shah@morganstanley.com +1 212 761-2603

Stamping office premiums fell ~4% YoY in CA, FL, and TX in the

Insurance - Property & Casualty

month. The implied trailing 3-month pricing remains negative, North America

suggesting slightly lower specialty market growth. That said, this Industry View Attractive

appears to be better than the prior two months.

Stamping office premiums decreased: Stamping office premiums in California,

Florida, and Texas decreased by ~4% YoY in the month ( Exhibit 1 ). This was another

decline after last month's YoY decrease. One key theme continues to be slowing

property insurance pricing and a mix shift into casualty. The data shows near-term

pressure in implied pricing across the three states, which could slow growth for

specialty brokers and carriers. Longer term, we believe the pressure should be

related to the broader pricing environment. The shift towards the admitted market

is likely to continue, causing some pressure on excess and surplus (E&S) premiums.

The industry still faces headwinds such as social inflation and increasing natural

catastrophes, and we expect the long-term secular shift from admitted to E&S

markets to continue. This is partly offset by strong profitability and excess capital in

the near to medium term.

Exhibit 1: Stamping Office Premiums for California, Florida, and Texas

CA, FL, & TX E&S

Premium ($m) Premium YoY % [RHS]

7,000 35%