2018 (Re)Insurer Stock Price Performance
Feb 17, 2019

In this post, we review the 2018 stock price returns for US property and casualty (re)insurers.

The top 5 performing stocks are shown in the graph below. This group includes two Florida specialists (HCI, UVE), two heavy E&S carriers (ARGO, KINSL), and one stock impacted by M&A (NAVG). All of the companies are on the smaller side with market capitalizations under $2.5b.

If we focus on the largest five P&C stocks (by market cap), we can see that all of them except for PGR were down for the year. CB and TRV were down roughly in line with the S&P 500, which was down around 6% for 2018 (including dividends). ALL was down slightly more than the S&P 500, whereas AIG was down considerably more.

The table below summarizes the 2018 performance for all US listed P&C (re)insurer stocks.

Summary of 2018 P&C (Re)Insurer Stock Performance

ticker

Company

Total return

Market cap ($m)

BOY price

EOY price

Price return

Div yield

% up days

% down days

HCI

HCI Group, Inc.

66.7%

437

31.57

50.81

60.9%

3.6%

55%

44%

NAVG

The Navigators Group, Inc.

43.9%

2,080

48.50

69.49

43.3%

0.4%

50%

43%

UVE

UNIVERSAL INSURANCE HOLDINGS INC

41.3%

1,360

27.30

37.92

38.9%

1.7%

54%

43%

UFCS

United Fire Group, Inc

31.8%

1,360

45.32

55.45

22.4%

7.7%

54%

45%

KNSL

Kinsale Capital Group, Inc.

28.5%

1,280

43.45

55.56

27.9%

0.5%

51%

48%

ARGO

Argo Group International Holdings, Ltd.

28.0%

2,330

53.43

67.25

25.9%

1.7%

50%

48%

NGHC

National General Holdings Corp

23.5%

2,880

19.76

24.21

22.5%

0.8%

51%

47%

FNHC

FedNat Holding Company

22.8%

237

16.50

19.92

20.7%

1.7%

47%

52%

STFC

State Auto Financial Corporation

19.5%

1,490

28.84

34.04

18.0%

1.3%

55%

43%

RLI

RLI Corp.

17.5%

3,120

59.47

68.99

16.0%

1.3%

55%

45%

EMCI

EMC Insurance Group Inc.

16.9%

697

28.19

31.85

13.0%

3.5%

49%

51%

ERIE

Erie Indemnity Company

14.9%

8,640

119.33

133.31

11.7%

2.9%

53%

47%

THG

The Hanover Insurance Group, Inc.

11.6%

4,770

106.71

116.77

9.4%

2.0%

56%

44%

PGR

Progressive Corporation (The)

11.3%

41,560

55.36

60.33

9.0%

2.1%

55%

45%

RNR

RenaissanceRe Holdings Ltd.

11.0%

6,000

121.65

133.70

9.9%

1.0%

51%

49%

CINF

Cincinnati Financial Corporation

9.0%

13,920

73.08

77.42

5.9%

2.9%

53%

45%

Y

Alleghany Corporation

8.8%

9,630

582.72

623.32

7.0%

1.7%

51%

48%

WRB

W.R. Berkley Corporation

8.4%

9,930

70.04

73.91

5.5%

2.7%

52%

47%

SAFT

Safety Insurance Group, Inc.

8.2%

1,370

78.50

81.81

4.2%

3.8%

56%

41%

AXS

Axis Capital Holdings Limited

7.9%

4,680

49.27

51.64

4.8%

2.9%

49%

49%

SIGI

Selective Insurance Group, Inc.

7.4%

3,900

57.45

60.94

6.1%

1.2%

50%

48%

ORI

Old Republic International Corporation

6.4%

6,330

21.07

20.57

-2.4%

9.0%

49%

49%

MCY

Mercury General Corporation

4.3%

2,980

52.08

51.71

-0.7%

5.1%

52%

48%

HALL

Hallmark Financial Services, Inc.

4.2%

185

10.26

10.69

4.2%

0.0%

51%

47%

RE

Everest Re Group, Ltd.

3.0%

8,820

216.47

217.76

0.6%

2.3%

50%

49%

AMSF

AMERISAFE, Inc.

1.8%

1,240

59.80

56.69

-5.2%

7.4%

52%

45%

WTM

White Mountains Insurance Group, Ltd.

1.3%

2,870

848.05

857.69

1.1%

0.1%

49%

50%

NMIH

NMI Holdings Inc

0.6%

1,580

17.75

17.85

0.6%

0.0%

50%

45%

EIG

Employers Holdings Inc

-1.5%

1,490

43.40

41.97

-3.3%

1.9%

49%

47%

KMPR

Kemper Corporation

-2.2%

5,240

68.80

66.38

-3.5%

1.4%

52%

46%

UIHC

United Insurance Holdings Corp.

-3.5%

710

17.43

16.62

-4.6%

1.2%

52%

46%

JRVR

James River Group Holdings, Ltd.

-4.6%

1,220

39.52

36.54

-7.5%

3.2%

53%

46%

TIPT

Tiptree Inc.

-5.6%

227

6.05

5.59

-7.6%

2.2%

43%

41%

NODK

NI Holdings, Inc.

-6.0%

335

16.74

15.73

-6.0%

0.0%

45%

50%

KINS

Kingstone Companies, Inc

-6.1%

183

19.25

17.69

-8.1%

2.2%

43%

52%

MKL

Markel Corporation

-7.0%

14,020

1,116.31

1,038.05

-7.0%

0.0%

52%

48%

TRV

The Travelers Companies, Inc.

-7.1%

33,940

131.98

119.75

-9.3%

2.3%

51%

48%

CB

Chubb Limited

-7.2%

61,170

142.30

129.18

-9.2%

2.2%

52%

48%

AIZ

Assurant, Inc.

-7.7%

6,090

99.23

89.44

-9.9%

2.4%

49%

50%

L

Loews Corporation

-8.3%

14,530

49.89

45.52

-8.8%

0.5%

53%

47%

ACGL

Arch Capital Group Ltd.

-9.2%

12,750

29.43

26.72

-9.2%

0.0%

51%

47%

GBLI

Global Indemnity Limited

-9.5%

543

41.16

36.23

-12.0%

2.8%

48%

50%

NGHCP

National General Holdings Corp

-11.4%

47

25.16

20.12

-20.0%

10.8%

46%

49%

AFG

American Financial Group, Inc.

-11.6%

8,760

106.77

90.53

-15.2%

4.3%

53%

46%

HMN

Horace Mann Educators Corporation

-12.1%

1,600

43.75

37.45

-14.4%

2.7%

49%

49%

CNA

CNA Financial Corporation

-13.5%

12,090

52.42

44.15

-15.8%

2.7%

51%

47%

ICCH

ICC Holdings, Inc.

-15.0%

44

16.06

13.65

-15.0%

0.0%

22%

31%

HRTG

Heritage Insurance Holdings, Inc.

-15.5%

393

17.69

14.72

-16.8%

1.5%

44%

53%

ESGR

Enstar Group Limited

-16.1%

3,870

199.70

167.57

-16.1%

0.0%

45%

53%

ALL

Allstate Corporation (The)

-17.3%

31,330

101.92

82.63

-18.9%

2.0%

53%

45%

HIG

Hartford Financial Services Group, Inc. (The)

-17.8%

17,500

55.27

44.45

-19.6%

2.3%

48%

50%

DGICA

Donegal Group, Inc.

-17.9%

385

17.29

13.65

-21.1%

4.0%

46%

51%

DGICB

Donegal Group, Inc.

-19.6%

342

15.22

11.80

-22.5%

3.7%

18%

20%

PTVCA

Protective Insurance Corporation

-24.1%

326

22.98

17.00

-26.0%

2.6%

32%

33%

PRA

ProAssurance Corporation

-24.2%

2,390

55.85

40.56

-27.4%

4.4%

49%

48%

UNAM

Unico American Corporation

-24.9%

32

8.50

6.38

-24.9%

0.0%

28%

34%

PTVCB

Protective Insurance Corporation

-26.4%

342

23.20

16.65

-28.2%

2.6%

38%

51%

TPRE

Third Point Reinsurance Ltd.

-31.9%

1,050

14.15

9.64

-31.9%

0.0%

38%

48%

AIG

American International Group, Inc.

-32.0%

37,440

59.50

39.41

-33.8%

2.7%

49%

50%

CNFR

Conifer Holdings, Inc.

-39.1%

38

5.75

3.50

-39.1%

0.0%

38%

41%

KFS

Kingsway Financial Services, Inc.

-42.6%

59

5.00

2.87

-42.6%

0.0%

35%

48%

PIH

1347 Property Insurance Holdings, Inc.

-44.2%

27

7.20

4.02

-44.2%

0.0%

38%

50%

SG

Sirius International Insurance Group, Ltd.

-46.2%

1,610

24.72

13.30

-46.2%

0.0%

40%

48%

BCRH

Blue Capital Reinsurance Holdings Ltd.

-50.5%

64

12.05

5.50

-54.4%

8.4%

40%

49%

GLRE

Greenlight Reinsurance, Ltd.

-57.8%

414

20.45

8.62

-57.8%

0.0%

37%

55%

AFH

Atlas Financial Holdings, Inc.

-61.7%

106

21.15

8.09

-61.7%

0.0%

36%

54%

OXBR

Oxbridge Re Holdings Limited

-71.4%

6

2.20

0.63

-71.4%

0.0%

37%

47%

MHLD

Maiden Holdings, Ltd.

-74.5%

109

6.85

1.65

-75.9%

6.1%

47%

45%