As the Q4 earnings season wraps, let’s dig into this quarter’s best and worst performers in the property & casualty insurance industry, including Assured Guaranty (NYSE: AGO) and its peers.

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%.

While some property & casualty insurance stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.3% since the latest earnings results.

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 print exceeded analysts’ expectations by 39.6%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates and a solid beat of analysts’ net premiums earned estimates.

“At year end 2025, Assured Guaranty again reached record highs in our key shareholder value metrics,” said Dominic Frederico, President and CEO.

Assured Guaranty pulled off the biggest analyst estimates beat and fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 3.8% since reporting and currently trades at $83.36.

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

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.

The market seems content with the results as the stock is up 3.4% since reporting. It currently trades at $66.55.

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

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, exceeding analysts’ expectations by 1.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a significant miss of analysts’ book value per share estimates.

As expected, the stock is down 5.7% since the results and currently trades at $40.66.

Read our full analysis of Old Republic International’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 1.5% year on year. This result came in 0.8% below analysts' expectations. It was a softer quarter as it also recorded a significant miss of analysts’ book value per share estimates and EPS in line with analysts’ estimates.

The stock is up 3% since reporting and currently trades at $68.87.

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

Skyward Specialty Insurance (NASDAQ: SKWD)

Founded in 2006 to serve markets where standard insurance coverage falls short, Skyward Specialty Insurance (NASDAQ: SKWD) provides customized commercial property, casualty, and health insurance solutions for underserved or specialized market niches.

Skyward Specialty Insurance reported revenues of $385.6 million, up 26.7% year on year. This number surpassed analysts’ expectations by 1.3%. It was an exceptional 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 4.6% since reporting and currently trades at $45.01.

Read our full, actionable report on Skyward Specialty Insurance here, it’s free.

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