credit / rates affecting interest expense
“The decrease in 2025 from 2024 was primarily attributable to lower interest expense in the Company’s warehouse lending business due to a decline in interest rates.”
FAF 10-K
Confirmed
Property & Casualty Insurance
12 names are moving together; 83% are participating in the current session.
5 observed Confirmed episodes
Co-movement
Observed member paths adjusted against SPY. Shading marks the latest observation window.
Members
| TICKER | Company | Sector | Today | Observed activity |
|---|---|---|---|---|
| HCI | HCI Group, Inc. | Financial Services | -0.1% | 6/20 observed active sessions |
| FAF | First American Corporation (New | Financial Services | +1.1% | Group member |
| FNF | Fidelity National Financial, In | Financial Services | +1.1% | 1/20 observed active sessions |
| STC | Stewart Information Services Co | Financial Services | +1.6% | 3/20 observed active sessions |
| HG | Hamilton Insurance Group, Ltd. | Financial Services | +1.6% | 5/20 observed active sessions |
| SLDE | Slide Insurance Holdings, Inc. | Financial Services | +0.6% | 3/20 observed active sessions |
| BOW | Bowhead Specialty Holdings Inc. | Financial Services | +0.3% | 7/20 observed active sessions |
| SKWD | Skyward Specialty Insurance Gro | Financial Services | +0.8% | 8/20 observed active sessions |
| MCY | Mercury General Corporation | Financial Services | +0.8% | 9/20 observed active sessions |
| UFCS | United Fire Group, Inc | Financial Services | +1.3% | 2/20 observed active sessions |
| THG | Hanover Insurance Group Inc | Financial Services | +1.3% | 7/20 observed active sessions |
| UVE | UNIVERSAL INSURANCE HOLDINGS IN | Financial Services | +1.5% | 5/20 observed active sessions |
Why we believe this
Cohort
12 namesParticipation
83% this sessionObserved history
65 daily buildsFiling coverage
12/12 memberspricing
“At December 31, 2025, the Company’s deferred income taxes were in a net asset position mainly due to deferred tax assets generated by unearned premiums and loss reserve discounting.”
MCY 10-K
credit / rates
“The 2025 Credit Agreement provides for a senior secured revolving credit facility (the “2025 Facility”) in the aggregate principal amount of $ 35 million, which includes a $ 5 million sub-facility for letters of credit, and an accordion feature permitting the Company to request a one-time increase in total commitments of up to $ 15 million, subject to lender participation.”
BOW 10-K
This identity theme becomes less useful if activity narrows to one or two names instead of remaining broad across the cohort.
Connected, outside the group
AXS
HGtext peer · Not moving with the group now
No filing excerpt is available for this relationship.
SIGI
UFCStext peer · Not moving with the group now
No filing excerpt is available for this relationship.
RLI
UFCStext peer · Moving with the group now · 115 min observed
No filing excerpt is available for this relationship.
PLMR
BOWtext peer · Not moving with the group now
No filing excerpt is available for this relationship.
ACGL
BOWtext peer · Not moving with the group now
No filing excerpt is available for this relationship.
History
2026-07-07 → 2026-07-135 observed active sessions · 0% of active names held across the episode
2026-06-24 → 2026-07-026 observed active sessions · 0% of active names held across the episode
2026-05-15 → 2026-05-192 observed active sessions · 42.9% of active names held across the episode
2026-05-06 → 2026-05-072 observed active sessions · 12.5% of active names held across the episode
2026-04-24 → 2026-05-015 observed active sessions · 0% of active names held across the episode