The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how property & casualty insurance stocks fared in Q4, starting with Old Republic International (NYSE: ORI).

Property & Casualty (P&C) insurers protect individuals and businesses against financial loss from damage to property or from legal liability. This is a cyclical industry, and the sector benefits when there is 'hard market', characterized by strong premium rate increases that outpace loss and cost inflation, resulting in robust underwriting margins. The opposite is true in a 'soft market'. Interest rates also matter, as they determine the yields earned on fixed-income portfolios. On the other hand, P&C insurers face a major secular headwind from the increasing frequency and severity of catastrophe losses due to climate change. Furthermore, the liability side of the business is pressured by 'social inflation'—the trend of rising litigation costs and larger jury awards.

The 33 property & casualty insurance stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 2.9%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 6.4% since the latest earnings results.

Weakest Q4: Old Republic International (NYSE: ORI)

Founded during the Roaring Twenties in 1923 and weathering nearly a century of economic cycles, Old Republic International (NYSE: ORI) is a diversified insurance holding company that provides property, liability, title, and mortgage guaranty insurance through its various subsidiaries.

Old Republic International reported revenues of $2.36 billion, up 9.5% year on year. This print exceeded analysts’ expectations by 1.6%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ EPS estimates and a significant miss of analysts’ book value per share estimates.

Unsurprisingly, the stock is down 7.7% since reporting and currently trades at $39.79.

Read our full report on Old Republic International here, it’s free.

Best Q4: First American Financial (NYSE: FAF)

Tracing its roots back to 1889 when California was experiencing its first major real estate boom, First American Financial (NYSE: FAF) provides title insurance, settlement services, and risk solutions for residential and commercial real estate transactions across the United States and internationally.

First American Financial reported revenues of $2.05 billion, up 21.6% year on year, outperforming analysts’ expectations by 15.2%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $64.79.

Is now the time to buy First American Financial? Access our full analysis of the earnings results here, it’s free.

Trupanion (NASDAQ: TRUP)

Born from a vision to help pet owners avoid economic euthanasia when faced with expensive veterinary bills, Trupanion (NASDAQ: TRUP) provides medical insurance for cats and dogs through data-driven, vertically-integrated products priced specifically for each pet's unique characteristics.

Trupanion reported revenues of $376.9 million, up 11.7% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EPS estimates.

As expected, the stock is down 18.7% since the results and currently trades at $26.13.

Read our full analysis of Trupanion’s results here.

HCI Group (NYSE: HCI)

Starting as a Florida "take-out" insurer that assumed policies from the state-backed Citizens Property Insurance Corporation, HCI Group (NYSE: HCI) provides property and casualty insurance, primarily homeowners coverage, while leveraging proprietary technology to improve underwriting and claims processing.

HCI Group reported revenues of $246.2 million, up 52.1% year on year. This number surpassed analysts’ expectations by 3.8%. Overall, it was an incredible quarter as it also logged a solid beat of analysts’ book value per share estimates and a beat of analysts’ EPS estimates.

The stock is down 4.2% since reporting and currently trades at $156.56.

Read our full, actionable report on HCI Group here, it’s free.

Assured Guaranty (NYSE: AGO)

Serving as a financial safety net for over $11 trillion in debt service payments since its founding in 2003, Assured Guaranty (NYSE: AGO) provides credit protection products that guarantee scheduled payments on municipal bonds, infrastructure projects, and structured finance obligations.

Assured Guaranty reported revenues of $277 million, up 77.6% year on year. This result beat analysts’ expectations by 39.6%. It was an incredible quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ net premiums earned estimates.

Assured Guaranty scored the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is down 4.7% since reporting and currently trades at $82.53.

Read our full, actionable report on Assured Guaranty here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.