As the Q2 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the reinsurance industry, including Pelagos Insurance (NYSE: PLGO) and its peers.
This is a cyclical industry, and the sector benefits when there is a '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. The primary headwind remains the immense and concentrated exposure to large-scale catastrophe losses, as the growing impact of climate change challenges traditional risk models and creates significant earnings volatility. Additionally, they face the risk of adverse prior-year reserve development, where claims prove more costly than anticipated, while the eventual influx of new capital from alternative sources threatens to soften the market and compress future returns.
The 5 reinsurance stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 3.8%.
While some reinsurance stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.5% since the latest earnings results.
Pelagos Insurance (NYSE: PLGO)
Founded in Bermuda in 2014 and designed to adapt nimbly to evolving market conditions, Pelagos Insurance (NYSE: PLGO) is a global specialty insurance and reinsurance company focused on creating value through strategic capital allocation, expert risk selection and a network of long-term underwriting partnerships.
Pelagos Insurance reported revenues of $650 million, up 10.3% year on year. This print exceeded analysts’ expectations by 1.6%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ EPS estimates and a miss of analysts’ net premiums earned estimates.
The market seems disappointed with the results as the stock is down 1% since reporting and currently trades at $24.07.
Read our full report on Pelagos Insurance here, it’s free.
Best Q2: Hamilton Insurance Group (NYSE: HG)
Founded in 2013 and operating through three distinct underwriting platforms across four countries, Hamilton Insurance Group (NYSE: HG) operates global specialty insurance and reinsurance platforms across Lloyd's, Ireland, Bermuda, and the United States.
Hamilton Insurance Group reported revenues of $839.6 million, up 13.3% year on year, outperforming analysts’ expectations by 19.9%. The business had an incredible quarter with a beat of analysts’ EPS estimates.
Hamilton Insurance Group pulled off the biggest analyst estimate beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 1.2% since reporting. It currently trades at $35.14.
Is now the time to buy Hamilton Insurance Group? Access our full analysis of the earnings results here, it’s free.
Weakest Q2: AXIS Capital (NYSE: AXS)
Founded in the aftermath of the 9/11 attacks when insurance capacity was scarce, AXIS Capital Holdings Limited (NYSE: AXS) is a global specialty insurer and reinsurer that provides coverage for complex risks across property, liability, professional lines, cyber, and other specialty markets.
AXIS Capital reported revenues of $1.71 billion, up 7.3% year on year, falling short of analysts’ expectations by 3.6%. It was a disappointing quarter as it posted a significant miss of analysts’ net premiums earned estimates and a significant miss of analysts’ EPS estimates.
AXIS Capital delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 16.1% since the results and currently trades at $100.01.
Read our full analysis of AXIS Capital’s results here.
Everest Group (NYSE: EG)
Rebranded from Everest Re in 2023 to reflect its evolution beyond just reinsurance, Everest Group (NYSE: EG) underwrites property and casualty reinsurance and insurance worldwide, serving insurance companies, corporations, and other clients across six continents.
Everest Group reported revenues of $3.96 billion, down 11.8% year on year. This print came in 1.8% below analysts’ expectations. Overall, it was a softer quarter as it also logged a significant miss of analysts’ net premiums earned estimates and a miss of analysts’ book value per share estimates.
The stock is down 3.5% since reporting and currently trades at $380.13.
Read our full, actionable report on Everest Group here, it’s free.
Reinsurance Group of America (NYSE: RGA)
Operating behind the scenes of the insurance industry since 1973, Reinsurance Group of America (NYSE: RGA) provides life and health reinsurance services to insurance companies, helping them manage risk and meet regulatory requirements.
Reinsurance Group of America reported revenues of $6.83 billion, up 20.2% year on year. This number surpassed analysts’ expectations by 2.9%. Overall, it was an exceptional quarter as it also logged a solid beat of analysts’ book value per share estimates and a beat of analysts’ EPS estimates.
Reinsurance Group of America delivered the fastest revenue growth of the whole group. The stock is up 4% since reporting and currently trades at $245.73.
Read our full, actionable report on Reinsurance Group of America 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 Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
