Looking back on property & casualty insurance stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including Old Republic International (NYSE: ORI) 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 Q3. As a group, revenues beat analysts’ consensus estimates by 14.9%.

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

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 $2.32 billion, up 8.2% year on year. This print exceeded analysts’ expectations by 1.4%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ book value per share estimates and a solid beat of analysts’ revenue estimates.

Interestingly, the stock is up 2.5% since reporting and currently trades at $43.05.

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

Best Q3: Root (NASDAQ: ROOT)

Pioneering a data-driven approach that rewards good driving habits, Root (NASDAQ: ROOT) is a technology-driven auto insurance company that uses mobile apps to acquire customers and data science to price policies based on individual driving behavior.

Root reported revenues of $387.8 million, up 26.9% year on year, outperforming analysts’ expectations by 4.5%. The business had an incredible quarter with a beat of analysts’ EPS and net premiums earned estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 20.7% since reporting. It currently trades at $71.

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

Weakest Q3: Progressive (NYSE: PGR)

Starting as a small auto insurance company in 1937 with a pioneering focus on high-risk drivers, Progressive (NYSE: PGR) is a major auto, property, and commercial insurance provider that offers policies through independent agents, online platforms, and over the phone.

Progressive reported revenues of $22.51 billion, up 14.2% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EPS and book value per share estimates.

As expected, the stock is down 15.7% since the results and currently trades at $202.71.

Read our full analysis of Progressive’s results here.

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 $382.5 million, up 27.1% year on year. This result surpassed analysts’ expectations by 14.3%. It was a stunning quarter as it also recorded an impressive beat of analysts’ net premiums earned and revenue estimates.

The stock is flat since reporting and currently trades at $46.52.

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

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 $3.77 billion, up 10.8% year on year. This number beat analysts’ expectations by 1.7%. Taking a step back, it was a slower quarter as it produced a significant miss of analysts’ book value per share estimates and EPS in line with analysts’ estimates.

The stock is down 7.2% since reporting and currently trades at $68.38.

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

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