Next Insurance is updating its workers’ compensation program in Texas with a filing that keeps rates unchanged while aligning with lower industry benchmarks.

The company is adopting updated loss costs from National Council on Compensation Insurance effective July 1, 2026, but is holding its own pricing steady by leaving loss cost multipliers unchanged.

The rating structure remains consistent across tiers, with multipliers ranging from 0.88 for ultra preferred risks to 2.64 for ultra non-standard, reinforcing a segmented pricing approach tied to risk quality.

What stands out is the stage of the program. The filing shows no in-force premium or policyholders in Texas, pointing to a book that has yet to scale. The only prior rate action referenced is an introductory filing effective October 1, 2025, positioning this as an early-phase rollout rather than an established portfolio.

Expense assumptions also remain steady, with a combined expense and profit load of 43.2% and a target underwriting margin just under 8%.