2018 (Re)Insurer Stock Price Performance
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. 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% |