As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the property & casualty insurance industry, including W. R. Berkley (NYSE: WRB) 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%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 5.6% since the latest earnings results.

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 print fell short of analysts’ expectations by 0.8%. Overall, it was a softer quarter for the company with a significant miss of analysts’ book value per share estimates and EPS in line with analysts’ estimates.

Interestingly, the stock is up 3.5% since reporting and currently trades at $69.23.

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

Best Q4: 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 and revenue estimates.

The market seems content with the results as the stock is up 2.1% since reporting. It currently trades at $65.68.

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 and book value per share estimates.

As expected, the stock is down 6.9% since the results and currently trades at $40.16.

Read our full analysis of Old Republic International’s results here.

Markel Group (NYSE: MKL)

Often referred to as a "mini Berkshire Hathaway" for its three-engine business model of insurance, investments, and wholly-owned businesses, Markel Group (NYSE: MKL) is a specialty insurance company that underwrites complex risks, manages investment portfolios, and owns a diverse collection of operating businesses.

Markel Group reported revenues of $4.01 billion, up 7.6% year on year. This number topped analysts’ expectations by 3.7%. Overall, it was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ net premiums earned estimates.

The stock is down 5.5% since reporting and currently trades at $1,942.

Read our full, actionable report on Markel Group here, it’s free.

Employers Holdings (NYSE: EIG)

With roots in Nevada and a strong concentration in California where 45% of its premiums are generated, Employers Holdings (NYSE: EIG) is a specialty provider of workers' compensation insurance focused on small and select businesses engaged in low-to-medium hazard industries across the United States.

Employers Holdings reported revenues of $170.5 million, down 21.3% year on year. This result came in 21.9% below analysts' expectations. More broadly, it was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates but a significant miss of analysts’ revenue estimates.

Employers Holdings had the weakest performance against analyst estimates and slowest revenue growth among its peers. The stock is down 7.5% since reporting and currently trades at $39.27.

Read our full, actionable report on Employers Holdings here, it’s free

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