Let’s dig into the relative performance of Markel Group (NYSE: MKL) and its peers as we unravel the now-completed Q1 property & casualty insurance earnings season.
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 32 property & casualty insurance stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 1.9%.
Thankfully, share prices of the companies have been resilient as they are up 7.9% on average since the latest earnings results.
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 $3.55 billion, flat year on year. This print fell short of analysts’ expectations by 2.5%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ net premiums earned and EPS estimates.
Interestingly, the stock is up 2.3% since reporting and currently trades at $1,953.
Read our full report on Markel Group here, it’s free.
Best Q1: Stewart Information Services (NYSE: STC)
Founded in 1893 during America's westward expansion when property records were often disputed, Stewart Information Services (NYSE: STC) provides title insurance and real estate services, helping homebuyers, sellers, and lenders verify property ownership and protect against title defects.
Stewart Information Services reported revenues of $781.3 million, up 27.7% year on year, outperforming analysts’ expectations by 4.6%. The business had an incredible quarter with a beat of analysts’ EPS estimates.
Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 3.3% since reporting. It currently trades at $66.06.
Is now the time to buy Stewart Information Services? Access our full analysis of the earnings results here, it’s free.
Weakest Q1: Fidelity National Financial (NYSE: FNF)
Issuing more title insurance policies than any other company in the United States, Fidelity National Financial (NYSE: FNF) provides title insurance and escrow services for real estate transactions while also offering annuities and life insurance through its F&G subsidiary.
Fidelity National Financial reported revenues of $3.23 billion, up 18.2% year on year, falling short of analysts’ expectations by 10.7%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates.
Fidelity National Financial delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 7.6% since the results and currently trades at $47.39.
Read our full analysis of Fidelity National Financial’s results here.
Palomar Holdings (NASDAQ: PLMR)
Founded in 2013 to fill gaps in catastrophe insurance markets, Palomar Holdings (NASDAQ: PLMR) is a specialty insurance provider that offers property and casualty insurance products in underserved markets, with a focus on earthquake coverage.
Palomar Holdings reported revenues of $278.9 million, up 59.7% year on year. This print topped analysts’ expectations by 5.8%. More broadly, it was a mixed quarter as it also recorded a solid beat of analysts’ net premiums earned and book value per share estimates.
The stock is up 14% since reporting and currently trades at $126.29.
Read our full, actionable report on Palomar Holdings here, it’s free.
Travelers (NYSE: TRV)
Tracing its roots back to 1853 when it insured travelers against accidents on steamboats and railroads, Travelers (NYSE: TRV) provides a wide range of commercial and personal property and casualty insurance products to businesses, government units, associations, and individuals.
Travelers reported revenues of $11.88 billion, flat year on year. This number came in 3.6% below analysts’ expectations. Overall, it was a softer quarter as it also logged a significant miss of analysts’ net premiums earned and book value per share estimates.
The stock is up 10.4% since reporting and currently trades at $330.35.
Read our full, actionable report on Travelers here, it’s free.
Market Update
Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?
These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.
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