Let’s dig into the relative performance of NMI Holdings (NASDAQ: NMIH) 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 2.2%.

While some property & casualty insurance stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.2% since the latest earnings results.

NMI Holdings (NASDAQ: NMIH)

Founded in the aftermath of the 2008 housing crisis to bring new capacity to the mortgage insurance market, NMI Holdings (NASDAQ: NMIH) provides mortgage insurance that protects lenders against losses when homebuyers default on their mortgage loans.

NMI Holdings reported revenues of $183.5 million, up 5.9% year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with revenue in line with analysts’ estimates but a narrow beat of analysts’ EPS estimates.

Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the first quarter, we again delivered strong operating performance, consistent growth in our high-quality insured portfolio, and standout financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. Looking forward, we’re well positioned to continue delivering differentiated growth, returns and value for our shareholders.”

Unsurprisingly, the stock is down 6% since reporting and currently trades at $36.41.

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

Best Q1: Mercury General (NYSE: MCY)

Founded in 1961 and maintaining a network of over 6,300 independent agents across the country, Mercury General (NYSE: MCY) is an insurance company that primarily sells automobile insurance policies through independent agents in 11 states, with a strong focus on California.

Mercury General reported revenues of $1.54 billion, up 10.5% year on year, outperforming analysts’ expectations by 5.4%. The business had an incredible quarter with a beat of analysts’ EPS and net premiums earned estimates.

However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $98.11.

Is now the time to buy Mercury General? 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’ revenue and EPS estimates.

Fidelity National Financial delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 7.5% since the results and currently trades at $47.46.

Read our full analysis of Fidelity National Financial’s results here.

The Hanover Insurance Group (NYSE: THG)

Founded in 1852 during a time when fire insurance was crucial for protecting businesses and homes, The Hanover Insurance Group (NYSE: THG) provides property and casualty insurance products through independent agents, serving individuals, small businesses, and mid-sized companies.

The Hanover Insurance Group reported revenues of $1.70 billion, up 5.1% year on year. This print lagged analysts’ expectations by 1%. Taking a step back, it was a mixed quarter as it also produced a beat of analysts’ EPS estimates but a significant miss of analysts’ book value per share estimates.

The stock is up 4.9% since reporting and currently trades at $186.29.

Read our full, actionable report on The Hanover Insurance Group here, it’s free.

MGIC Investment (NYSE: MTG)

Founded in 1957 when the modern mortgage insurance industry was in its infancy, MGIC Investment (NYSE: MTG) provides private mortgage insurance that protects lenders when homebuyers default on their loans, enabling borrowers to purchase homes with smaller down payments.

MGIC Investment reported revenues of $297.1 million, down 3% year on year. This number missed analysts’ expectations by 1%. It was a slower quarter as it also logged a slight miss of analysts’ revenue estimates and a narrow beat of analysts’ EPS estimates.

The stock is down 11.7% since reporting and currently trades at $25.72.

Read our full, actionable report on MGIC Investment 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.

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.