San Ramon, Calif. – September 16, 2026 -- California's surplus lines sector now writes roughly $24 billion in annual premium, with Lloyd's holding an 18% share of the state's excess & surplus (E&S) market in 2025, according to a new on-the-record discussion released by the Surplus Line Association of California (SLACAL).
The conversation, the inaugural episode of SLACAL's Executive Forum video series, features SLACAL CEO & Executive Director Benjamin J. McKay and Lloyd's Americas President Marc Lipman, moderated by SLACAL Chief Industry & Regulatory Officer David Kodama Jr.
McKay Calls California's Coverage Gap a Wildfire Crisis, Not an Insurance Failure
McKay argues that persistent coverage shortages in California stem from escalating wildfire exposure rather than structural flaws in the insurance market itself. He ties the state's regulatory environment directly to Proposition 103, which he says has shaped pricing and availability dynamics in the admitted market ever since its passage, pushing more risk into the surplus lines channel.
Lipman Rejects the 'Dumping Ground' Label for Surplus Lines
Lipman challenges the long-standing industry perception of surplus lines as insurance's "dumping ground,