Group 1: Market Overview - The start of 2026 has seen significant volatility in software stocks due to investor concerns about AI disrupting their businesses [1] - Despite the downturn in some high-profile stocks, the S&P 500 has managed a gain of about 2% year to date [1] Group 2: Investment Portfolio Insights - Top holdings for the company include Apple and Berkshire Hathaway, which are viewed as strong investments despite not matching market returns so far this year [2] - These investments are seen as a contrast to the speculative hype surrounding AI, providing a balanced portfolio [2] Group 3: Berkshire Hathaway Analysis - Berkshire Hathaway is down about 4% year to date, making it a more attractive buy compared to the beginning of the year [5] - The company has a significant cash position totaling about $378 billion, which is 36% of its total market capitalization, leading to a wait-and-see approach from the market [6] - Shares are trading at about 1.5 times their book value, indicating potential attractiveness for investors [7] - The conglomerate owns high-quality assets, including a diverse range of businesses and significant equity stakes in companies like American Express and Coca-Cola [7] - While earnings from the insurance business are cyclical, the company is well-positioned for long-term growth in earnings and book value [8]

Market Performance - The Tel Aviv Stock Exchange experienced a rise, with the Tel Aviv 35 Index increasing by 1.14% to a new record of 4,049.32 points [1] - The Tel Aviv 125 Index rose by 1.11% to 4,040.13 points, and the BlueTech Global Index increased by 0.23% to 709.77 points [1] - The All Bond corporate bond index saw a slight increase of 0.08% to 423.31 points [1] - Total turnover in equities reached NIS 4.66 billion, while bonds totaled NIS 4.14 billion [1] Currency Exchange Rates - The shekel-dollar exchange rate was set 0.194% higher at NIS 3.101/$, while the shekel-euro rate decreased by 0.398% to NIS 3.679/€ [2] Notable Stock Movements - Teva Pharmaceutical Industries Ltd. saw the largest increase on the Tel Aviv 35 Index, rising by 6.93% [3] - Other notable gainers included Migdal Insurance and Financial Holdings, which rose by 4.43%, and Harel Insurance, Investments and Financial Services, which increased by 6.03% [3] - Shufersal Ltd. rose by 4.35%, and Tower Semiconductor Ltd. increased by 2.37% [3] Banking Sector Performance - Bank Hapoalim led the market with a rise of 1.39% on the highest trading turnover [4] - Other banks such as Bank Leumi, Mizrahi Tefahot Bank, and Israel Discount Bank also saw increases of 0.64%, 1.19%, and 1.28% respectively [4] Declining Stocks - Nova Ltd. experienced the largest decline on the Tel Aviv 35 Index, falling by 7.6% [4] - Camtek saw a decrease of 5.21%, while Next Vision and Elbit Systems Ltd. both fell by 1.18% [4]

Zurich Insurance Group AG disclosed a 1.5% stake in Beazley Plc, about two weeks after the UK specialty insurer rejected the industry giant’s latest takeover approach.The Swiss company now holds about 8.87 million shares of the London-listed firm, or 1.47% of Beazley’s equity, according to a statement on Monday. It started disclosing its purchases in the stock from Jan. 19. Beazley’s shares were trading up 3.6% at 1,174 pence as of 1:19 p.m. in London.The move comes after Beazley rejected Zurich’s latest pr ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Cincinnati Financial (CINF) reports results for the quarter ended December 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on Fe ...

Core Viewpoint - The market anticipates a year-over-year decline in earnings for CNA Financial despite an increase in revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - CNA Financial is expected to report quarterly earnings of $1.20 per share, reflecting a -4% change year-over-year, while revenues are projected to be $3.5 billion, up 5% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analysts' assessments [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates a positive Earnings ESP of +11.67% for CNA Financial, suggesting analysts have recently become more optimistic about the company's earnings prospects [12]. Historical Performance - In the last reported quarter, CNA Financial exceeded the expected earnings of $1.25 per share by delivering $1.50, resulting in a surprise of +20.00% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Investment Considerations - While a positive earnings surprise can influence stock movement, other factors may also play a significant role in determining stock performance [15]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 indicates a likelihood of beating the consensus EPS estimate [12][10].

Core Viewpoint - Reliance Global Group, Inc. has reported significant growth in Personal Lines Property and Casualty (P&C) written premium through its RELI Exchange platform, indicating strong operational momentum and the effectiveness of its expanding agency partner network [1][2][3]. Group 1: Financial Performance - Personal Lines P&C written premium increased from approximately $11.47 million in 2024 to approximately $15.6 million in 2025, representing a 36% year-over-year increase [3]. - This growth in written premium is a substantial majority of RELI Exchange's total Personal Lines premium, serving as a meaningful indicator of production trends [3]. Group 2: Agency Network Expansion - Since acquiring RELI Exchange in 2022, the company has expanded its agency partner network from approximately 65 to approximately 300 partners, driven organically through expanded distribution [4]. - The growth of the agency partner network is directly contributing to increased production and premium volumes within the RELI Exchange platform [5]. Group 3: Strategic Initiatives - The company believes that the scalability of RELI Exchange, supported by a stable foundation of revenue and cash flow, positions it to pursue transformative opportunities through its EZRA International Group platform [6][11]. - EZRA International Group focuses on identifying and acquiring high-growth technology companies, complementing the core insurance business and supporting long-term shareholder value creation [11].

Core Insights - Aflac Incorporated (AFL) is scheduled to report its fourth-quarter 2025 results on February 4, 2026, with earnings estimated at $1.71 per share and revenues at $4.48 billion [1] Earnings Estimates - The fourth-quarter earnings estimate has decreased by $0.01 over the past month, but still reflects a year-over-year increase of 9.6%. Quarterly revenues are projected to grow by 3.8% year-over-year [2] - For the full year 2025, Aflac's revenue estimate stands at $17.72 billion, indicating a decline of 0.6% year-over-year, while the EPS estimate is $7.63, suggesting a growth of 5.8% year-over-year [3] Earnings Prediction Model - The current model does not predict an earnings beat for Aflac, as it has an Earnings ESP of -3.12% and a Zacks Rank of 4 (Sell) [4] Factors Influencing Q4 Results - Aflac is expected to report Q4 EPS of $1.71 on $4.48 billion revenue, indicating 9.6% earnings growth and 3.8% sales growth. Net earned premiums are anticipated to rise by 3%, with U.S. revenues increasing by 5.1% and Japan by 1% [7] - The total benefit to premium ratio for Aflac Japan is projected at 64.7, down from 66.5 a year ago, with a 3.4% growth in pre-tax adjusted earnings. However, the U.S. benefit to premium ratio is expected to rise to 48.9 from 46.3, with a projected 7.1% decline in pre-tax adjusted earnings [9] - Aflac's net investment income is expected to decline by 5% year-over-year, which may offset some positive factors, making an earnings beat uncertain [10] Peer Performance - Marsh & McLennan reported Q4 adjusted EPS of $2.12, exceeding estimates by 7.6% due to growth in Risk and Insurance Services [11] - Aon reported Q4 adjusted earnings of $4.85 per share, surpassing estimates by 1.9%, driven by organic revenue growth and high retention rates [12] - Hartford Insurance reported Q4 adjusted operating earnings of $4.06 per share, exceeding estimates by 27.9%, supported by higher net investment income and improved loss ratios [13]

Core Viewpoint - Radian Group Inc. has completed the acquisition of Inigo Limited, marking its transition from a U.S. private mortgage insurer to a global multi-line specialty insurer, enhancing its product expertise and capital deployment capabilities [1][2][4]. Acquisition Details - The acquisition was finalized for a purchase price of $1.67 billion, with Inigo's estimated tangible equity at year-end 2025 being $1.16 billion, resulting in a net purchase price multiple of approximately 1.4 times tangible equity [4]. - The transaction was funded through Radian's available liquidity and excess capital from its mortgage insurance subsidiary, Radian Guaranty [4]. Financial Impact - The acquisition is projected to deliver mid-teens percentage accretion to Radian's earnings per share and approximately 200 basis points accretion to return on equity in 2026 [5]. - Radian anticipates that the transaction will double its total annual revenue and provide flexibility for capital deployment across various insurance lines [5]. Operational Integration - Inigo will operate as a standalone business unit in London, maintaining its management structure, brand identity, and culture [2]. - The leadership team from Inigo, including CEO Richard Watson, will continue to manage the business, leveraging Radian's financial strength and operational scale [2][3]. Strategic Focus - Radian's CEO emphasized that the acquisition aligns with the company's strategic focus on growth and diversification while leveraging its core strengths in underwriting, risk management, and capital allocation [2][3]. - Inigo's CEO highlighted the shared commitment to customer focus and data-driven decision-making, enhancing the combined entity's market position [3].

Core Insights - Giverny Capital Asset Management's portfolio returned 0.01% in Q4 2025, underperforming the S&P 500's 2.66% return, and YTD returns were 12.58% compared to the Index's 17.88% [1] - The firm faced challenges due to its underweight in large technology stocks and overweight in smaller niche leaders, despite strong earnings growth and capital returns from portfolio companies [1] - The market's focus on AI investments has overshadowed the actual benefits of portfolio companies, leading to performance issues [1] Company Focus: TWFG, Inc. - TWFG, Inc. (NASDAQ:TWFG) is an independent distribution platform for personal and commercial insurance products, with a market capitalization of $1.4 billion [2] - As of January 30, 2026, TWFG's stock closed at $24.99, with a one-month return of -11.88% and a 52-week loss of 15.80% [2] - Giverny Capital added to its position in TWFG during Q4 2025, highlighting its operating platform for independent insurance agents, which allows agents to access multiple carriers and back office support [3] - TWFG is majority-owned by its founder, making its shares illiquid, and the company is considered small in the investment landscape [3] Hedge Fund Interest - TWFG, Inc. was held by 12 hedge fund portfolios at the end of Q3 2025, a decrease from 21 in the previous quarter, indicating reduced interest among hedge funds [4] - While TWFG is acknowledged as a potential investment, the firm believes that certain AI stocks present greater upside potential and lower downside risk [4]

Group 1: Giverny Capital Asset Management Performance - Giverny Capital Asset Management's portfolio returned 0.01% in Q4 2025, underperforming the S&P 500 which returned 2.66% [1] - Year-to-date, the fund achieved a return of 12.58%, compared to 17.88% for the S&P 500 [1] - The firm faced challenges in Q4 2025 and the calendar year, primarily due to underweighting in large technology companies and overweighting in smaller niche leaders [1] Group 2: Kinsale Capital Group, Inc. Overview - Kinsale Capital Group, Inc. (NYSE:KNSL) is a property and casualty insurance company founded in 2009 [2] - The one-month return for Kinsale Capital Group was -0.29%, and its shares declined by 12.09% over the past 52 weeks [2] - As of January 30, 2026, Kinsale's stock closed at $395.88 per share, with a market capitalization of $9.224 billion [2] Group 3: Kinsale Capital Group Competitive Advantage - Giverny Capital Asset Management has been adding to its position in Kinsale Capital Group during periods of weakness, indicating confidence in the company [3] - Kinsale is recognized for its efficient underwriting of low-cost property and casualty insurance for small and medium-sized clients [3] - The company utilizes advanced technology to quickly assemble data, allowing it to quote most policy submissions faster than competitors, with underwriters able to handle about 10 submissions per day compared to the industry average of 2-3 [3] - Kinsale maintains the lowest expense structure within its peer group, enhancing its competitive advantage [3]