Insurance — Property & Casualty

ACGL Arch Capital

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $36.91

ACGLN Arch Capital Group Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $36.91

ACGLO Arch Capital Group Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $36.91

ACIC American Coastal Insurance Corporation

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ACT Enact Holdings Inc.

We are a leading private mortgage insurance company serving the United States housing finance market since 1981 with a mission to help people buy a house and keep it their home.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AFG American Financial Group

American Financial Group is an insurance holding company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AFGB American Financial Group, Inc.

American Financial Group, Inc. is an insurance holding company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AFGC American Financial Group, Inc.

American Financial Group, Inc. is an insurance holding company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AFGD American Financial Group, Inc.

American Financial Group, Inc. is an insurance holding company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AFGE American Financial Group, Inc.

American Financial Group, Inc. is an insurance holding company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AGO Assured Guaranty

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AIG American International Group

AIG is a property-casualty insurer. It sells policies — mostly to businesses, with some to individuals — that promise to pay when an insured thing goes wrong, from a damaged building to a lawsuit. It takes premiums in up front, invests that money while it waits for claims to come due, and aims to keep more in premiums than it pays out in losses and the cost of running the business.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $56.94 · dividend paid 8 of 8 yrs, never cut

AII American Integrity Insurance Group Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AIZ Assurant

We are a premier global protection company that partners with the world's leading brands to safeguard and service connected devices, homes and automobiles.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $124 · dividend paid 10 of 10 yrs, never cut

AIZN Assurant, Inc.

We are a premier global protection company that partners with the world's leading brands to safeguard and service connected devices, homes and automobiles.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $124 · dividend paid 10 of 10 yrs, never cut

ALL Allstate Corp.

Allstate sells insurance — it collects premiums up front in exchange for a promise to pay claims later, mostly to households protecting cars and homes, alongside commercial coverage and some life and annuity lines. It reaches buyers through its own exclusive agents, independent agents, and a direct channel, and it also earns commissions placing other carriers' property-casualty, life, annuity, and lender-placed products. The money is made two ways: an underwriting profit when premiums collected exceed claims and expenses paid, and investment income earned on the premiums it holds before claims come due.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $106 · dividend paid 10 of 10 yrs, never cut

AMSF AMERISAFE Inc.

AMERISAFE, Inc. is a specialty provider of workers' compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $46.78 · dividend paid 10 of 10 yrs, cut at least once

ASIC Ategrity Specialty Insurance Company Holdings

Ategrity Specialty Insurance Company Holdings is a specialty property and casualty insurance holding company dedicated exclusively to the excess and surplus market for small to medium-sized businesses across the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AXS Axis Capital Holdings Limited

AXIS is a global specialty underwriter and provider of insurance and reinsurance solutions with operations in Bermuda, the United States, Europe, Singapore, and Canada.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BNT BROOKFIELD WEALTH SOLUTIONS LTD.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 1 of 5 yrs, never cut

BOW Bowhead Specialty Holdings Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BRK-A Berkshire Hathaway Inc.

Berkshire Hathaway is a holding company. It owns insurance businesses outright and puts the premiums it holds before claims come due — the float — to work as investable capital, and it owns whole operating companies in railroad, energy, manufacturing, services, and retail and wholesale distribution, alongside large stakes in public companies. It earns money two ways: the profits of the businesses it controls, and the return on the capital it invests.

Owner earnings 2016–2025 $23.7B$36.5B$27.6B$28.6B$26.8B$26.2B$26.5B$36.7B$17.7B$32.5B

Retained capital Retained $438.4B of earnings over 2016–2025; annual owner earnings fell $322M, $-0.00 per $1 retained.

Balance sheet net position not read (debt under-captured)

BRK-B Berkshire Hathaway Inc.

Berkshire Hathaway is a holding company. It owns insurance businesses outright and puts the premiums it holds before claims come due — the float — to work as investable capital, and it owns whole operating companies in railroad, energy, manufacturing, services, and retail and wholesale distribution, alongside large stakes in public companies. It earns money two ways: the profits of the businesses it controls, and the return on the capital it invests.

Owner earnings 2016–2025 $23.7B$36.5B$27.6B$28.6B$26.8B$26.2B$26.5B$36.7B$17.7B$32.5B

Retained capital Retained $438.4B of earnings over 2016–2025; annual owner earnings fell $322M, $-0.00 per $1 retained.

Balance sheet net position not read (debt under-captured)

CB Chubb Ltd.

Chubb is an insurer. It sells property and casualty coverage to businesses and to individuals, along with accident and health and life insurance, across many countries, and it reaches customers through independent agents and brokers. It takes in premiums up front, invests the money it holds against future claims, and earns from the gap between what it collects, what it pays out, and what those investments return.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CINF Cincinnati Financial Corporation

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

CNA CNA Financial Corporation

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $46.96 · dividend paid 10 of 10 yrs, cut at least once

DGICA Donegal Group Inc.

Donegal Group Inc., or DGI, is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty insurance in 21 Mid-Atlantic, Midwestern, Southern and Southwestern states.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

DGICB Donegal Group Inc.

Donegal Group Inc., or DGI, is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty insurance in 21 Mid-Atlantic, Midwestern, Southern and Southwestern states.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

EG Everest Group

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

EIG Employers Holdings Inc

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

ESGR Enstar Group

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $735M

ESNT Essent Group Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $56.37 · dividend paid 7 of 10 yrs, never cut

FAF First American Fin

The Company, through its subsidiaries, is engaged in the business of providing title insurance, settlement services and other financial services and risk solutions through its title insurance and services segment and its home warranty segment.

Owner earnings 2016–2025 $390M$498M$675M$806M$971M$1.1B$610M$166M$679M$763M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $15M, $0.01 per $1 retained.

Balance sheet Modest net debt, $158M · buybacks at an average near $55.11 · dividend paid 10 of 10 yrs, never cut

FNF Fidelity National Fin

We are a leading provider of title insurance, escrow and other title-related services, including trust activities, trustee sales guarantees, recordings and reconveyances and home warranty and transaction services to the real estate and mortgage industries.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$156M

GBLI Global Indemnity Group, LLC

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

GLRE Greenlight Capital Re Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

HCI HCI Group Inc.

We provide various homeowners' property and casualty insurance products for properties located in the State of Florida, which is our primary market, as well as in other states in the northeast and southeast regions of the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

HG Hamilton Insurance Group Ltd. Class B

We are a global specialty insurance and reinsurance company founded in Bermuda in 2013.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

HIG The Hartford Insurance Group Inc.

The Hartford Insurance Group Inc. sells diverse and innovative products through multiple distribution channels to individuals and businesses and is considered a leading property & casualty and employee group benefits insurer.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $75.69 · dividend paid 10 of 10 yrs, never cut

HIPO Hippo Holdings Inc.

Hippo Holdings Inc. is a technology-native insurance holding company that, through its subsidiaries, delivers a broad range of insurance products to customers via its owned and partner MGAs which generated $1.1 billion of gross written premium in 2025.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

HMN Horace Mann Educators Corporation

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

HRTG Heritage Insurance Holdings Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $8.72 · dividend paid 8 of 10 yrs, cut at least once

IGIC International General Insurance Holdings Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 9 yrs, cut at least once

ITIC Investors Title Company

ITIC and NITIC offer primary title insurance coverage to owners and mortgagees of real estate and assume reinsurance of title insurance risks from other title insurance companies.

Owner earnings 2016–2025 $21M$18M$23M$19M$32M$50M$34M$5M$27M$27M

Retained capital Retained $119M of earnings over 2016–2025; annual owner earnings fell $1M, $-0.01 per $1 retained.

Balance sheet Net cash, debt-free, +$90M · dividend paid 10 of 10 yrs, cut at least once

JRVR James River Group Holdings Inc.

James River Group Holdings, Inc. owns and operates a group of specialty property and casualty insurance companies focused on underwriting small and middle market casualty risks within the U.S. excess and surplus lines market.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, cut at least once

KG Kestrel Group Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

KMPB Kemper Corporation

Kemper is an insurance holding company that offers complementary insurance products, through its subsidiaries, including personal and commercial automobile insurance to consumers in targeted markets and industries.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $71.68 · dividend paid 9 of 9 yrs, never cut

KMPR Kemper

Kemper is an insurance holding company that offers complementary insurance products, through its subsidiaries, including personal and commercial automobile insurance to consumers in targeted markets and industries.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $71.68 · dividend paid 9 of 9 yrs, never cut

KNSL Kinsale Capital Group Inc.

Kinsale is a property and casualty insurance company that focuses exclusively on the excess and surplus lines market in the U.S., where we can use our underwriting expertise to write coverages for hard-to-place risks.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

KWY Kingsway Corporation

Kingsway Corporation owns and operates a collection of high-quality B2B and B2C services companies that are asset-light, growing, and that have recurring revenues.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

L Loews Corp.

Revenue is led by CNA (81%) and Boardwalk Pipelines (13%), with 2 more segments behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $54.82 · dividend paid 10 of 10 yrs, never cut

LMND Lemonade Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MBI MBIA Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MCY Mercury General

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

MHLA Maiden Holdings, Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MHNC Maiden Holdings, Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MKL Markel Group Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MTG MGIC Investment Corporation

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $17.58 · dividend paid 7 of 10 yrs, never cut

NMIH NMI Holdings Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $29.24

NODK NI Holdings Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $15.35 · dividend paid 2 of 10 yrs, cut at least once

ORI Old Republic International

Old Republic International Corporation is a Chicago-based holding company engaged in the business of insurance underwriting and related services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

PGR Progressive Corp.

Progressive sells insurance to ordinary people, mostly car insurance with some home and property coverage, sold both straight to the customer and through agents. It collects premiums up front, pays claims later, and invests the money it holds in between. So it earns two ways: the underwriting spread between premiums taken in and claims and costs paid out, and the income on the pile of customer money it gets to hold while it waits to pay.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

PLGO Pelagos Insurance Capital Limited

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

PLMR Palomar Holdings Inc.

We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $69.16

PRA ProAssurance Corporation

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 4 yrs, cut at least once

PRCH Porch Group Inc.

Porch is a leader in the home software-as-a-service space, serving approximately 24 thousand companies across industries essential to the home-buying process—home inspectors, title companies, mortgage providers, and more.

Owner earnings 2019–2025 ($30M)($49M)($36M)($20M)$33M($32M)$66M

Retained capital not read

Balance sheet Heavy net debt, $336M

RDN Radian Group Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $26.32 · dividend paid 5 of 5 yrs, never cut

RLI RLI Corp

We offer insurance coverages in the specialty admitted and excess and surplus markets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

RNR RenaissanceRe

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ROOT Root Inc.

Root is a technology insurance company founded on the idea that car insurance rates should be based primarily on driving behaviors, not demographics.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SAFT Safety Insurance Group Inc.

We are a leading provider of private passenger automobile, commercial automobile, and homeowners insurance in Massachusetts.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

SIGI Selective Insurance

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $93.24 · dividend paid 8 of 8 yrs, never cut

SIGIP Selective Insurance Group Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $93.24 · dividend paid 8 of 8 yrs, never cut

SKWD Skyward Specialty Insurance Group Inc.

We are a growing specialty insurance company delivering commercial insurance products and solutions on a non-admitted and admitted basis, predominantly in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SLDE Slide Insurance Holdings Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SPNT SiriusPoint Ltd.

SiriusPoint is a global specialty underwriter of insurance and reinsurance, headquartered in Bermuda.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

STC Stewart Information Services Corporation

Stewart Information Services Corporation is a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family.

Owner earnings 2016–2025 $105M$92M$74M$149M$261M$350M$144M$45M$95M$132M

Retained capital Retained $683M of earnings over 2016–2025; annual owner earnings grew $897K, $0.00 per $1 retained.

Balance sheet Modest net debt, $277M · dividend paid 10 of 10 yrs, never cut

THG Hanover Insurance Group

Hanover Insurance Group is a holding company organized as a Delaware corporation in 1995.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $29.97 · dividend paid 10 of 10 yrs, cut at least once

TIPT Tiptree Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $6.48 · dividend paid 10 of 10 yrs, cut at least once

TRUP Trupanion Inc.

Revenue is Subscription business (69%) and Other business (31%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $60.57

TRV Travelers Companies

Travelers is a holding company that, through its subsidiaries, sells commercial and personal property and casualty insurance — coverage against damage, loss, and liability — to businesses, government units, associations, and individuals. It collects premiums up front, pays claims as they come due, and earns money two ways: on the gap between premiums taken in and claims paid out, and on the money held in between. It reaches customers through independent agents and brokers, agency aggregators and carrier-based agencies, and direct.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

UFCS United Fire Group Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

UVE UNIVERSAL INSURANCE HOLDINGS INC

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

WRB W.R. Berkley

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $18.05 · dividend paid 4 of 4 yrs, never cut

WTM White Mountains Insurance Group Ltd.

White Mountains Insurance Group Ltd. is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and affiliates.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied