NMI Holdings NMIH reported third-quarter 2020 operating net income per share of 47 cents, which beat the Zacks Consensus Estimate by 27%. The bottom line declined 33.8% year over year.The third-quarter performance was aided by strength of the purchase mortgage market and the refinance market resulting in new business opportunity. This helped the mortgage insurer deliver record new insurance written.However, the impact of additional claims and claims expenses incurred on higher default experience in connection with the COVID-19 pandemic limited the upside.NMI Holdings Inc Price, Consensus and EPS Surprise NMI Holdings Inc price-consensus-eps-surprise-chart | NMI Holdings Inc QuoteOperational UpdateNMI Holdings recorded total operating revenues of $108 million, which increased 5.9% year over year on higher net premiums earned (up 7%) and net investment income (up 5.8%). Revenues beat the Zacks Consensus Estimate by 0.3%.Primary insurance-in-force increased 16% to $104.5 billion.New insurance written was $18.5 billion, up 31% year over year.Net underwriting and operating expenses totaled $34 million, down 5% year over year. Insurance claims and claim expenses were $15.7 million, marking about six-fold increase and reflecting higher default experience attributable to the COVID-19 pandemic.Loss ratio was 15.9%, which deteriorated 1310 basis points year over year.Financial UpdateBook value per share, a measure of net worth, grew 20% to $15.42 as of Sep 30, 2020 from the year-ago quarter end.NMI Holdings had $1.9 billion in cash and investments, up 68% year over year.Annualized adjusted return on equity was 12.6%Total PMIERs available assets were $1.7 billion and net risk-based required assets totaled $991 million at quarter end.Zacks RankNMI Holdings currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other P&C InsurersOf the insurance industry players that have reported third-quarter results so far, The Progressive Corporation PGR, The Travelers Companies TRV and RLI Corp. RLI beat the respective Zacks Consensus Estimate for earnings.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report RLI Corp. (RLI): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report NMI Holdings Inc (NMIH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research