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 $2.5b.
If we focus on the largest five P&C stocks (by market cap), we can see that all of them except for PGR were down for the year. CB and TRV were down roughly in line with the S&P 500, which was down around 6% for 2018 (including dividends). ALL was down slightly more than the S&P 500, whereas AIG was down considerably more.
The table below summarizes the 2018 performance for all US listed P&C (re)insurer stocks.
Summary of 2018 P&C (Re)Insurer Stock Performance |
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ticker |
Company |
Total return |
Market cap ($m) |
BOY price |
EOY price |
Price return |
Div yield |
% up days |
% down days |
HCI |
HCI Group Inc. Common Stock |
66.7% |
7,567,908,000 |
31.57 |
50.81 |
60.9% |
3.6% |
55% |
44% |
UVE |
UNIVERSAL INSURANCE HOLDINGS INC Common Stock |
41.7% |
9,133,730,000 |
27.30 |
37.92 |
38.9% |
2.0% |
54% |
43% |
UFCS |
United Fire Group Inc. Common Stock |
31.8% |
8,713,192,000 |
45.32 |
55.45 |
22.4% |
7.7% |
54% |
45% |
ARGO |
Argo Group International Holdings Ltd. |
29.2% |
1,751,464,000 |
52.78 |
67.25 |
27.4% |
1.4% |
50% |
48% |
KNSL |
Kinsale Capital Group Inc. Common Stock |
28.5% |
34,505,398,000 |
43.45 |
55.56 |
27.9% |
0.5% |
51% |
48% |
RLI |
RLI Corp. Common Stock (DE) |
19.0% |
22,529,770,000 |
59.47 |
68.99 |
16.0% |
2.6% |
55% |
45% |
ERIE |
Erie Indemnity Company Class A Common Stock |
14.9% |
245,283,206,000 |
119.33 |
133.31 |
11.7% |
2.9% |
53% |
47% |
THG |
Hanover Insurance Group Inc |
11.6% |
84,053,200,000 |
106.71 |
116.77 |
9.4% |
2.0% |
56% |
44% |
PGR |
Progressive Corporation (The) Common Stock |
11.3% |
521,993,000,000 |
55.36 |
60.33 |
9.0% |
2.1% |
55% |
45% |
RNR |
RenaissanceRe Holdings Ltd. Common Stock |
10.8% |
28,497,808,000 |
121.65 |
133.70 |
9.9% |
0.8% |
51% |
49% |
CINF |
Cincinnati Financial Corporation Common Stock |
9.0% |
893,683,400,000 |
73.08 |
77.42 |
5.9% |
2.9% |
53% |
45% |
WRB |
W.R. Berkley Corporation Common Stock |
8.4% |
763,595,909,000 |
31.13 |
32.85 |
5.5% |
2.7% |
52% |
47% |
SAFT |
Safety Insurance Group Inc. Common Stock |
8.2% |
15,852,415,000 |
78.50 |
81.81 |
4.2% |
3.8% |
56% |
41% |
AXS |
Axis Capital Holdings Limited Common Stock |
7.9% |
5,298,624,000 |
49.27 |
51.64 |
4.8% |
2.9% |
49% |
49% |
SIGI |
Selective Insurance Group Inc. Common Stock |
7.4% |
3,116,785,000 |
57.45 |
60.94 |
6.1% |
1.2% |
50% |
48% |
MCY |
Mercury General Corporation Common Stock |
4.3% |
82,780,090,000 |
52.08 |
51.71 |
-0.7% |
5.1% |
52% |
48% |
HALL |
Hallmark Financial Services Inc. Common Stock |
4.2% |
925,772,000 |
102.60 |
106.90 |
4.2% |
0.0% |
51% |
47% |
IGIC |
International General Insurance Holdings Ltd. Ordinary Share |
2.4% |
8,972,698,000 |
9.57 |
9.80 |
2.4% |
0.0% |
20% |
16% |
RE |
Everest Re Group Ltd. Common Stock |
2.3% |
494,068,800,000 |
216.47 |
217.76 |
0.6% |
1.7% |
50% |
49% |
WTM |
White Mountains Insurance Group Ltd. Common Stock |
1.3% |
61,775,107,000 |
848.05 |
857.69 |
1.1% |
0.1% |
49% |
50% |
NMIH |
NMI Holdings Inc. Class A Common Stock |
0.6% |
189,222,000 |
17.75 |
17.85 |
0.6% |
0.0% |
50% |
45% |
EIG |
Employers Holdings Inc Common Stock |
-1.5% |
17,269,712,000 |
43.40 |
41.97 |
-3.3% |
1.9% |
49% |
47% |
KMPR |
Kemper Corporation |
-2.2% |
92,586,007,000 |
68.80 |
66.38 |
-3.5% |
1.4% |
52% |
46% |
UIHC |
United Insurance Holdings Corp. Common Stock |
-3.5% |
2,537,692,000 |
17.43 |
16.62 |
-4.6% |
1.2% |
52% |
46% |
ESGRP |
Enstar Group Limited Depositary Shares Each Representing 1/1000th of an interest in Preference Shares |
-4.4% |
NA |
25.20 |
23.40 |
-7.1% |
3.0% |
46% |
48% |
JRVR |
James River Group Holdings Ltd. Common Shares |
-4.6% |
259,968,000 |
39.52 |
36.54 |
-7.5% |
3.2% |
53% |
46% |
ESGRO |
Enstar Group Limited Depository Shares 7.00% Perpetual Non-Cumulative Preference Shares Series E |
-5.4% |
NA |
24.60 |
23.28 |
-5.4% |
-0.0% |
42% |
42% |
NODK |
NI Holdings Inc. Common Stock |
-6.0% |
8,441,267,000 |
16.74 |
15.73 |
-6.0% |
0.0% |
45% |
50% |
MKL |
Markel Corporation Common Stock |
-7.0% |
792,020,500,000 |
1,116.31 |
1,038.05 |
-7.0% |
0.0% |
52% |
48% |
TRV |
The Travelers Companies Inc. Common Stock |
-7.1% |
253,127,516,000 |
131.98 |
119.75 |
-9.3% |
2.3% |
51% |
48% |
CB |
Chubb Limited Common Stock |
-7.2% |
627,926,250,000 |
142.30 |
129.18 |
-9.2% |
2.2% |
52% |
48% |
AIZ |
Assurant Inc. Common Stock |
-7.7% |
57,316,103,000 |
99.23 |
89.44 |
-9.9% |
2.4% |
49% |
50% |
L |
Loews Corporation Common Stock |
-8.3% |
443,120,709,000 |
49.89 |
45.52 |
-8.8% |
0.5% |
53% |
47% |
ACGL |
Arch Capital Group Ltd. Common Stock |
-9.2% |
661,306,334,000 |
29.43 |
26.72 |
-9.2% |
0.0% |
51% |
47% |
GBLI |
Global Indemnity Group LLC Class A Common Stock (DE) |
-9.5% |
2,385,324,000 |
41.16 |
36.23 |
-12.0% |
2.8% |
48% |
50% |
CNA |
CNA Financial Corporation Common Stock |
-10.0% |
175,713,937,000 |
52.42 |
44.15 |
-15.8% |
6.8% |
51% |
47% |
AFG |
American Financial Group Inc. Common Stock |
-11.6% |
124,948,412,000 |
106.77 |
90.53 |
-15.2% |
4.3% |
53% |
46% |
HMN |
Horace Mann Educators Corporation Common Stock |
-12.1% |
49,254,710,000 |
43.75 |
37.45 |
-14.4% |
2.7% |
49% |
49% |
ACGLO |
Arch Capital Group Ltd. Depositary Shares Each Representing 1/1000th Interest in a Share of 5.45% Non-Cumulative Preferred Shares Series F |
-14.1% |
NA |
25.09 |
20.33 |
-19.0% |
6.0% |
45% |
52% |
ICCH |
ICC Holdings Inc. Common Stock |
-15.0% |
953,566,000 |
16.06 |
13.65 |
-15.0% |
0.0% |
22% |
31% |
HRTG |
Heritage Insurance Holdings Inc. Common Stock |
-15.5% |
289,624,000 |
17.69 |
14.72 |
-16.8% |
1.5% |
44% |
53% |
FGFPP |
FG Financial Group Inc. 8.00% Cumulative Preferred Stock |
-16.0% |
NA |
24.40 |
19.27 |
-21.0% |
6.4% |
43% |
38% |
ESGR |
Enstar Group Limited Ordinary Shares |
-16.1% |
81,781,710,000 |
199.70 |
167.57 |
-16.1% |
0.0% |
45% |
53% |
CNFRL |
Conifer Holdings Inc. 6.75% Senior Unsecured Notes due 2023 |
-16.3% |
NA |
25.10 |
21.00 |
-16.3% |
0.0% |
10% |
22% |
ALL |
Allstate Corporation (The) Common Stock |
-17.3% |
360,086,972,000 |
101.92 |
82.63 |
-18.9% |
2.0% |
53% |
45% |
HIG |
Hartford Financial Services Group Inc. (The) Common Stock |
-17.8% |
446,751,500,000 |
55.27 |
44.45 |
-19.6% |
2.3% |
48% |
50% |
DGICA |
Donegal Group Inc. Class A Common Stock |
-17.9% |
8,864,454,000 |
17.29 |
13.65 |
-21.1% |
4.0% |
46% |
51% |
DGICB |
Donegal Group Inc. Class B Common Stock |
-19.6% |
8,864,454,000 |
15.22 |
11.80 |
-22.5% |
3.7% |
18% |
20% |
PRA |
ProAssurance Corporation Common Stock |
-24.2% |
5,067,043,000 |
55.85 |
40.56 |
-27.4% |
4.4% |
49% |
48% |
UNAM |
Unico American Corporation Common Stock |
-24.9% |
94,144,000 |
8.50 |
6.38 |
-24.9% |
0.0% |
28% |
34% |
SPNT |
SiriusPoint Ltd. Common Shares |
-31.9% |
16,112,797,000 |
14.15 |
9.64 |
-31.9% |
0.0% |
38% |
48% |
CNFR |
Conifer Holdings Inc. Common Stock |
-39.1% |
141,155,000 |
5.75 |
3.50 |
-39.1% |
0.0% |
38% |
41% |
FGF |
FG Financial Group Inc. Common Stock (NV) |
-44.2% |
498,814,000 |
7.20 |
4.02 |
-44.2% |
0.0% |
38% |
50% |
GLRE |
Greenlight Capital Re Ltd. Class A Ordinary Shares |
-57.8% |
3,709,691,000 |
20.45 |
8.62 |
-57.8% |
0.0% |
37% |
55% |
OXBR |
Oxbridge Re Holdings Limited Ordinary Shares |
-71.4% |
104,283,000 |
2.20 |
0.63 |
-71.4% |
0.0% |
37% |
47% |
MHLD |
Maiden Holdings Ltd. |
-74.5% |
5,456,931,000 |
6.85 |
1.65 |
-75.9% |
6.1% |
47% |
45% |