As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the property & casualty insurance industry, including Radian Group (NYSE: RDN) 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 31 property & casualty insurance stocks we track reported a mixed Q3. As a group, revenues along with next quarter’s revenue guidance were in line with analysts’ consensus estimates.

While some property & casualty insurance stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.1% since the latest earnings results.

Radian Group (NYSE: RDN)

Founded during the housing boom of 1977 and weathering multiple real estate cycles since, Radian Group (NYSE: RDN) provides mortgage insurance and real estate services, helping lenders manage risk and homebuyers achieve affordable homeownership.

Radian Group reported revenues of $628.1 million, up 108% year on year. This print exceeded analysts’ expectations by 0.6%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS estimates.

“Radian delivered an excellent third quarter, with strong contributions from both our Mortgage Insurance and Specialty Insurance businesses. Total revenue more than doubled year-over-year with the addition of Inigo, and the strategic rationale for the acquisition is already showing up in our results,” said Radian CEO Mike Weinbach. “With two strong insurance businesses, disciplined underwriting, and significant financial flexibility, we’re focused on executing and creating long-term value for shareholders.”

Radian Group achieved the fastest revenue growth among its peers. The results were likely priced in, however, and the stock is flat since reporting. It currently trades at $36.53.

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

Best Q3: Assurant (NYSE: AIZ)

With roots dating back to 1892 when it was founded by a Civil War veteran, Assurant (NYSE: AIZ) provides specialized insurance products and services that protect major consumer purchases like mobile devices, vehicles, homes, and appliances.

Assurant reported revenues of $3.55 billion, up 9.7% year on year, outperforming analysts’ expectations by 2.4%. The business had an impressive quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ net premiums earned estimates.

The market seems happy with the results as the stock is up 7.1% since reporting. It currently trades at $317.18.

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

Weakest Q3: 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 $900.7 million, up 13% year on year, falling short of analysts’ expectations by 1.3%. It was an underwhelming quarter as it posted a significant miss of analysts’ EPS estimates.

As expected, the stock is down 12.6% since the results and currently trades at $45.93.

Read our full analysis of Stewart Information Services’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 $4.16 billion, up 5.7% year on year. This result surpassed analysts’ expectations by 10%. Taking a step back, it was a softer quarter as it produced a significant miss of analysts’ EPS estimates and a significant miss of analysts’ book value per share estimates.

Markel Group achieved the biggest analyst estimate beat in the group. The stock is up 4.8% since reporting and currently trades at $1,933.

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

Trupanion (NASDAQ: TRUP)

Born from a vision to help pet owners avoid economic euthanasia when faced with expensive veterinary bills, Trupanion (NASDAQ: TRUP) provides medical insurance for cats and dogs through data-driven, vertically-integrated products priced specifically for each pet's unique characteristics.

Trupanion reported revenues of $405.6 million, up 10.5% year on year. This number topped analysts’ expectations by 0.8%. It was a solid quarter as it also logged a beat of analysts’ EPS estimates.

The stock is up 2.2% since reporting and currently trades at $35.49.

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

Market update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.