U.S. Insurance Undervalued based on future growth

Principal Financial Group

Market Cap: US$16.8b

Provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide.

Fidelity National Financial

Market Cap: US$15.5b

Provides various insurance products in the United States.

Everest Group

Market Cap: US$13.9b

Through its subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally.

CNA Financial

Market Cap: US$11.9b

An insurance holding company, primarily provides commercial property and casualty insurance products in the United States and internationally.

Reinsurance Group of America

Market Cap: US$11.7b

Provides reinsurance and financial solutions.

Lincoln National

Market Cap: US$7.0b

Through its subsidiaries, operates multiple insurance and retirement businesses in the United States.

Mercury General

Market Cap: US$3.8b

Engages in writing personal automobile insurance in the United States.

Oscar Health

Market Cap: US$3.5b

Operates as a healthcare technology company in the United States.

Hagerty

Market Cap: US$3.4b

Provides insurance services for collector cars and enthusiast vehicles in the United States.

Brighthouse Financial

Market Cap: US$2.7b

Provides annuity and life insurance products in the United States.

Slide Insurance Holdings

Market Cap: US$2.3b

Engages in underwriting single family and condominium policies in the property and casualty industry in the United States.

SiriusPoint

Market Cap: US$2.3b

Provides multi-line reinsurance and insurance products and services worldwide.

Hamilton Insurance Group

Market Cap: US$2.2b

Through its subsidiaries, operates as specialty insurance and reinsurance company in Bermuda and internationally.

Stewart Information Services

Market Cap: US$1.8b

Through its subsidiaries, provides title insurance and real estate transaction related services in the United States and internationally.

Horace Mann Educators

Market Cap: US$1.7b

Operates as an insurance holding company in the United States.

HCI Group

Market Cap: US$1.6b

Engages in the property and casualty insurance, insurance management, reinsurance, real estate, and information technology businesses in the United States.

Ategrity Specialty Insurance Company Holdings

Market Cap: US$936.6m

Through its subsidiaries, provides excess and surplus lines insurance and reinsurance products to small and medium-sized businesses in the United States.

Universal Insurance Holdings

Market Cap: US$651.3m

Operates as an integrated insurance holding company in the United States.

Heritage Insurance Holdings

Market Cap: US$623.1m

Through its subsidiaries, provides personal and commercial residential insurance products.

Waterdrop

Market Cap: US$600.4m

Through its subsidiaries, provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance companies in the People’s Republic of China.

Crawford

Market Cap: US$461.8m

Provides claims management and outsourcing solutions for carriers, brokers, and corporations in the United States, the United Kingdom, Europe, Canada, Australia, Asia, and Latin America.

Global Indemnity Group

Market Cap: US$439.5m

Through its subsidiaries, provides specialty property and casualty insurance, and reinsurance products in the United States.

Kingstone Companies

Market Cap: US$215.9m

Through its subsidiary, provides property and casualty insurance products in the United States.

Citizens

Market Cap: US$196.1m

An insurance holding company, provides life insurance products in the United States and internationally.