The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how NMI Holdings (NASDAQ: NMIH) and the rest of the property & casualty insurance stocks fared in Q2.

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 32 property & casualty insurance stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 2.3% while next quarter’s revenue guidance was 0.9% above.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

NMI Holdings (NASDAQ: NMIH)

Founded in the aftermath of the 2008 housing crisis to bring new capacity to the mortgage insurance market, NMI Holdings (NASDAQ: NMIH) provides mortgage insurance that protects lenders against losses when homebuyers default on their mortgage loans.

NMI Holdings reported revenues of $187.9 million, up 8.1% year on year. This print exceeded analysts’ expectations by 1.5%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS estimates.

Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the second quarter, we again delivered standout operating performance, consistent growth in our high-quality insured portfolio, and record financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. Looking forward, we’re well positioned to continue delivering differentiated growth, returns and value for our shareholders.”

Interestingly, the stock is up 2.7% since reporting and currently trades at $44.60.

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

Best Q2: Essent Group (NYSE: ESNT)

Serving as a crucial bridge between homebuyers and the American dream of homeownership, Essent Group (NYSE: ESNT) provides private mortgage insurance and title services that enable lenders to offer home loans with down payments of less than 20%.

Essent Group reported revenues of $362.7 million, up 13.6% year on year, outperforming analysts’ expectations by 9.7%. The business had a stunning quarter with a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 5.3% since reporting. It currently trades at $68.97.

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

Weakest Q2: Radian Group (NYSE: RDN)

Founded during the housing boom of 1977 and weathering multiple real estate cycles since, Radian Group (NYSE: RDN) provides mortgage insurance and real estate services, helping lenders manage risk and homebuyers achieve affordable homeownership.

Radian Group reported revenues of $580.7 million, up 95.7% 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 6.8% since the results and currently trades at $36.51.

Read our full analysis of Radian Group’s results here.

W. R. Berkley (NYSE: WRB)

Founded in 1967 and operating through more than 50 specialized insurance units across the globe, W. R. Berkley (NYSE: WRB) underwrites commercial insurance and reinsurance through specialized subsidiaries serving industries from healthcare to construction to transportation.

W. R. Berkley reported revenues of $3.72 billion, up 1.2% year on year. This print missed analysts’ expectations by 1.4%. Aside from that, it was a mixed quarter as it also logged a beat of analysts’ EPS estimates but a significant miss of analysts’ book value per share estimates.

The stock is down 6.3% since reporting and currently trades at $68.13.

Read our full, actionable report on W. R. Berkley here, it’s free.

RLI (NYSE: RLI)

Founded in 1965 and named after its original focus on "replacement lens insurance" for contact lens wearers, RLI (NYSE: RLI) is a specialty insurance company that underwrites property, casualty, and surety products through wholesale brokers, independent agents, and carrier partnerships.

RLI reported revenues of $462.2 million, up 4.9% year on year. This number topped analysts’ expectations by 0.9%. Taking a step back, it was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates but a miss of analysts’ book value per share estimates.

The stock is up 7.4% since reporting and currently trades at $63.37.

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

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

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