Hamilton Insurance Group, Ltd. (HG)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.0B

Revenue growth

15.5%

Net income, last twelve months

$862.8M

Earnings per share

$5.74

Operating margin

28.3%

Net margin

28.8%

Return on equity

30.3%

Market value

$3.4B

Price to earnings

6.0x

Cash

$717.3M

Debt

$149.8M

Debt to equity

0.05

Shares outstanding

98.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Net income and operating income declined. Net income attributable to common shareholders was $143.8 million, or $1.42 per diluted share, against $187.4 million a year earlier. Operating income was $158.2 million, against $161.8 million.
• Gross premiums written rose 16.7%. Gross premiums written rose 16.7% to $831.0 million, and net premiums earned rose 14.6% to $586.0 million, both compared with the second quarter of 2025.
• Annualized return on equity 20.6%. Annualized return on average common equity was 20.6%, against 30.2% a year earlier. Annualized operating return on average equity was 22.7%, against 26.1%.
• Six-month earnings and operating income. Year-to-date net income was $277.3 million, or $2.73 per diluted share, and operating income was $324.9 million, or $3.20 per diluted share. Year-to-date combined ratio was 92.5%.
• International premiums grew fastest. International gross premiums written rose 21.8% to $420.1 million, and net premiums earned rose 19.5% to $302.6 million, with growth in new and existing casualty and specialty business.
• International combined ratio rose to 97.0%. International combined ratio was 97.0%, against 89.3%, and underwriting income was $9.1 million, against $27.1 million. Catastrophe losses of $33.6 million, driven by the Middle East conflict, were a factor.
• Bermuda combined ratio rose to 93.0%. Bermuda combined ratio was 93.0%, against 84.3%, and underwriting income was $20.0 million, against $40.3 million. Bermuda net premiums written rose 0.2% to $298.9 million.
• Combined ratio rose 8.2 points. Combined ratio was 95.0%, against 86.8%, with the loss and loss adjustment expense ratio at 61.7%, up 8.9 points. Underwriting income was $29.1 million, against $67.5 million.
• Catastrophe losses driven by Middle East. Catastrophe losses, net of reinsurance, were $49.9 million: $45.7 million from the Middle East conflict and $4.2 million from unfavorable prior-year development. The current-year catastrophe loss ratio was 7.8%, against 1.9%.
• Attritional loss ratio rose on business mix. Current-year attritional loss ratio was 53.3%, up 0.3 points, which management attributed to a change in business mix, including more casualty reinsurance. Acquisition cost ratio rose 0.8 points to 24.8%, also on business mix.
• Bermuda prior-year development was unfavorable. Bermuda recorded $13.0 million of unfavorable attritional prior-year development, mainly on certain casualty classes. Group-wide attritional prior-year development was favorable at $0.8 million.
• Other expense ratio fell on tax credits. Other underwriting expense ratio fell 1.5 points to 8.5%, mainly from Bermuda substance-based tax credits and higher net premiums earned.
• Net premiums written up 11.8%. Net premiums written rose 11.8% to $621.7 million, with International up 25.1% and Bermuda up 0.2%. Reinsurance premiums ceded rose to $209.3 million from $155.7 million.
• Bermuda casualty and specialty reinsurance grew. Bermuda gross premiums written rose 11.9% to $411.0 million, driven by new and existing casualty and specialty reinsurance business.

Company events

The newest 8-K filings of 33 held.

Every filing

The newest filings with the SEC of 76 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

269 funds held it at 30 Jun 2026: 138 added and 69 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Berkshire Hathaway Inc. (BRK.B): revenue $384.7B, market value $1.17T
• Chubb Ltd. (CB): revenue $61.8B, market value $136.0B
• Progressive Corp. (PGR): revenue $91.1B, market value $131.2B
• Travelers Companies, Inc. (TRV): revenue $48.9B, market value $80.7B
• Allstate Corp. (ALL): revenue $70.1B, market value $63.6B
• American International Group, Inc. (AIG): revenue $26.6B, market value $41.9B
• Arch Capital Group Ltd. (ACGL): revenue $19.2B, market value $35.0B
• Hartford Insurance Group, Inc. (HIG): revenue $29.0B, market value $34.8B
• Everest Group, Ltd. (EG): revenue $16.8B, market value $28.8B
• Cincinnati Financial Corp. (CINF): revenue $13.3B, market value $27.5B

What the company does

Hamilton Insurance Group, Ltd. is a global specialty insurance and reinsurance company founded in Bermuda in 2013. The company has underwriting operations in London, Dublin, Bermuda and across the United States, and over 600 full-time employees. Insurance makes up 50% of total gross premiums written and reinsurance makes up the other 50%.

How the business is organised

The three platforms are grouped into two reporting segments, International and Bermuda. International covers business written out of the company's Lloyd's syndicate and subsidiaries based in the United Kingdom, Ireland and the United States, and includes the Hamilton Global Specialty and Hamilton Select platforms. Bermuda consists of the Hamilton Re platform, made up of Hamilton Re and Hamilton Re US.

Each segment has its own Chief Executive Officer, who reports to the Chief Executive Officer of the consolidated group. The group Chief Executive Officer is the chief operating decision maker and judges segment performance by underwriting income or loss. Investment income and assets are not allocated to the segments, because the company does not manage its assets by segment.

What it sells

Hamilton Global Specialty focuses mainly on commercial specialty and casualty insurance for medium to large-sized accounts, and on specialty reinsurance. It writes through Lloyd's Syndicate 4000 and Hamilton Insurance DAC. The filing says Syndicate 4000 generates a significant portion of its premium from the U.S. Excess & Surplus ("E&S") market.

Hamilton Select is the company's U.S. domestic E&S carrier. It writes casualty insurance for small to mid-sized clients in the hard-to-place niche of that market. Non-admitted insurers can cover hard-to-place risks because they have flexibility of rate and form.

Hamilton Re writes property, casualty and specialty reinsurance on a global basis. It also offers high excess Bermuda market specialty insurance, mainly for large U.S. commercial risks. Hamilton Re US writes casualty and specialty reinsurance on a global basis.

How premiums are written

- Fixed premium insurance policies, 26.7%. Some of this is written through managing general agents, which are third parties with authority to bind risks on the company's behalf. - Line slip or proportional insurance, 23.6%. - Proportional reinsurance, 27.9%. - Excess of loss reinsurance, 21.8%.

Under proportional reinsurance the company shares in the cedant's premiums and losses and pays the cedant a commission. Under excess of loss contracts it is exposed to losses above a set amount, and many of these contracts include automatic reinstatement of coverage after a loss.

Fixed premium policies and excess of loss contracts earn premium evenly over the contract term, typically 12 months. Line slip, proportional insurance and proportional reinsurance business is generally earned over 24 months.

The company also buys reinsurance. Ceded premiums were 21.7% of gross premiums written. It uses quota share, excess of loss and facultative arrangements, and its reinsurance business buys retrocessional cover. It sponsored a catastrophe bond issued by Easton Re Ltd. for named storm risk in the United States and earthquake risk in the United States and Canada, with a risk period from 1 January 2024 to 31 December 2026.

How it invests

The company runs two separate portfolios. One is a fixed maturities and short-term investments trading portfolio, aimed mainly at preserving capital and having liquidity available for claims. All of it is rated investment grade, with an average credit quality of Aa3 and an expected average duration of 3.4 years.

The other is an investment in the Two Sigma Hamilton Fund, a dedicated fund managed by Two Sigma. Fixed maturities were 52% of total cash and investments, and investments in Two Sigma funds were 26%. The commitment to the fund has a current period ending on 30 June 2028.

Ratings and capital

- Hamilton Re, Ltd.: A from AM Best, A- from Fitch and A from Kroll Bond Rating Agency. - Hamilton Insurance DAC: A from AM Best and A- from Fitch. - -

Syndicate 4000 benefits from the ratings of the Lloyd's market.

Hamilton Insurance Group, Ltd. is a holding company with no operations of its own. Its cash flows depend on dividends and other permitted distributions from its subsidiaries, which are limited by the laws of the jurisdictions where they operate. The company uses letter of credit facilities to provide collateral to reinsureds and to support capital requirements at Lloyd's.

Class A and Class B shares carry one vote per share, and Class C shares have no voting rights except as required by law. Holders of Class A and Class B shares are limited to voting 9.5% of total combined voting power.

Other income sources

The company earns third party fee income. In the Bermuda segment this comes from performance based management fees recognized by Ada Capital Management Limited for services to Ada Re, Ltd. In the International segment it came from managing a third party syndicate until that management was novated to another Lloyd's managing agency effective 1 July 2025.

*From Hamilton Insurance Group's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1593275/000159327526000021/hg-20251231.htm)*

From the company's 10-K.