5 Best Property & Casualty Insurance Stocks to Buy

In this article, we will be taking a look at the 5 best property & casualty insurance stocks to buy. To see more of these stocks, you can take a look at the 10 Best Property & Casualty Insurance Stocks to Buy.

5. Everest Re Group Ltd. (NYSE:RE)

Number of Hedge Fund Holders: 41

Everest Re Group Ltd. (NYSE:RE) is a reinsurance company based in Hamilton, Bermuda. It provides property and casualty reinsurance through its Reinsurance Operations segment.

Elyse Greenspan, an analyst at Wells Fargo, holds an Overweight rating on Everest Re Group Ltd. (NYSE:RE) shares as of May 3.

The average price target placed on Everest Re Group Ltd. (NYSE:RE) shares is $446.4, with a high forecast of $477. The stock was trading at $359.94 on May 25. This gives it an upside potential of 24.02%.

Everest Re Group Ltd. (NYSE:RE) was found among the 13F holdings of 41 hedge funds in the first quarter of 2023. Their total stake value was $1.03 billion.

ClearBridge Investments, an investment management company, mentioned the company in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“Everest Re Group, Ltd. (NYSE:RE), in the financials sector, is a reinsurance and property and casualty insurer that has been improving operations and reducing risk. The reinsurance market has transitioned to a very “hard” market in the wake of hurricane Ian and structurally rising reinsurance losses. The demand for reinsurance is estimated to be up over $30 billion, with capital supply down by over $50 billion, which indicates that reinsurance pricing is set to increase 30% to 70% globally in 2023, creating an extremely positive fundamental driver for Everest Re. As a result, Everest Re should enjoy earnings growth in 2023 that is largely insulated from macro risks, and we were able to capitalize on the stock trading close to book value before the reality of this supply/demand mismatch was reflected in the price.”

4. W.R. Berkley Corporation (NYSE:WRB)

Number of Hedge Fund Holders: 44 

W.R. Berkley Corporation (NYSE:WRB) is an insurance holding company offering property and casualty insurance products. It is based in Greenwich, Connecticut.

RBC Capital’s Mark Dwelle holds an Outperform rating on W.R. Berkley Corporation (NYSE:WRB) shares as of April 21.

W.R. Berkley Corporation (NYSE:WRB) generated revenues of $2.49 billion in the fiscal first quarter of 2023. This represents a growth of 10.78% year-over-year.

There were 44 hedge funds long W.R. Berkley Corporation (NYSE:WRB) in the first quarter. Their total stake value was $624 million.

Madison Investments, an investment advisor, mentioned the company in its first-quarter 2023 investor letter. Here’s what the firm said:

“The bottom five contributors for the quarter were Ross Stores, W. R. Berkley Corporation (NYSE:WRB), Gartner, Glacier Bancorp, and Carlisle. W.R. Berkley is firing on all cylinders – its insurance underwriting profits are growing strongly, and the very short duration it’s maintained in its bond investment portfolio is starting to pay off as it is reinvesting at higher yields.”

3. Chubb Limited (NYSE:CB)

Number of Hedge Fund Holders: 45

Chubb Limited (NYSE:CB) is a provider of insurance and reinsurance products within the property and casualty insurance industry.

An Overweight rating was reiterated on Chubb Limited (NYSE:CB) shares on April 27 by Tracy Benguigui, an analyst at Barclays.

Wall Street analysts have placed an average price target of $237.25 on Chubb Limited (NYSE:CB) shares, with a high forecast of $260. The shares were trading at $191.56 on May 25, giving the stock an upside potential of 23.87%. The company also beat analyst revenue estimates by $23.5 million with its revenue of $9.42 billion in the first quarter.

In total, 45 hedge funds held stakes in Chubb Limited (NYSE:CB) in the first quarter. Their total stake value was $1.9 billion.

2. The Allstate Corporation (NYSE:ALL)

Number of Hedge Fund Holders: 49

The Allstate Corporation (NYSE:ALL) provides property and casualty, and other insurance products. It is based in Northbrook, Illinois.

Joshua Shanker, an analyst at BofA, holds a Buy rating on The Allstate Corporation (NYSE:ALL) shares as of May 18.

The Allstate Corporation (NYSE:ALL) was trading at $111.15 on May 25. Analysts have placed an average price target of $20.81 on the shares. This gives the stock an upside of 20.84%.

Our hedge fund data for the first quarter shows 49 funds long The Allstate Corporation (NYSE:ALL), with a total stake value of $692 million.

Diamond Hill Capital, an investment management company, mentioned The Allstate Corporation (NYSE:ALL) in its first-quarter 2023 investor letter. Here’s what the firm said:

“Elsewhere in financials, the stocks of two of our insurance holdings – AIG and The Allstate Corporation (NYSE:ALL) – came under pressure we believe due to the negative sentiment in the sector generally. These businesses are very different from banks, and we continue to have strong conviction in their ability to grow intrinsic value over the long term. In fact, Allstate is a new position that we added to the portfolio in Q1. It is one of the largest providers of auto and homeowners’ insurance in the United States. Allstate has a strong brand and significant scale advantages over smaller peers. Recent results have been pressured by rising claims costs across the industry; however, we believe that price changes instituted by the company will drive improvement to more normalized levels over the next couple of years.”

1. Berkshire Hathaway Inc. (NYSE:BRK-B)

Number of Hedge Fund Holders: 108

Berkshire Hathaway Inc. (NYSE:BRK-B) is a financial company based in Omaha, Nebraska. It provides property, casualty, life, accident, and health insurance and reinsurance, among more.

UBS analyst Brian Meredith holds a Buy rating on Berkshire Hathaway Inc. (NYSE:BRK-B) shares as of May 8.

In the first quarter of 2023, Berkshire Hathaway Inc. (NYSE:BRK-B) generated revenues of $85.39 billion, representing a growth of 20.59%. The company’s EPS was $3.69, beating estimates by $0.20.

Berkshire Hathaway Inc. (NYSE:BRK-B) had 108 hedge funds long its stock in the first quarter. Their total stake value was $12.6 billion.

See also 11 Best Insurance Brokerage Stocks To Buy Now and 20 Biggest Reinsurance Companies in the World.