Hamilton Insurance Group Stock Earnings Reports

Hamilton reported a strong Q3 2025 with net income of $136 million (annualized ROAE 21%) driven by both underwriting and investment performance. Underwriting produced a combined ratio of 87.8% and underwriting income of $64 million, while investment income was $98 million (including a strong Two Sigma Hamilton Fund contribution). Gross premiums written grew 26% in the quarter (20% YTD) with growth across Bermuda (40%), International (17%) and U.S. E&S/Hamilton Select (26%), driven largely by casualty and select specialty classes. Management emphasized disciplined underwriting and portfolio diversification—leaning into attractive casualty and specialty opportunities while being selective in competitive property accounts. Reinsurance January 1 renewals are expected to see continued rate pressure in upper property cat layers but attractive absolute pricing; casualty reinsurance growth is expected to moderate. The Two Sigma fund outperformed expectations year-to-date (13% through nine months; ~14% through Oct 31) and fixed income yields improved (new money yield ~4.2%). Book value per share rose to a record $27.06 (+6% Q/Q, +18% YTD). Capital actions include $40 million of share repurchases in Q3 and an additional $150 million authorization (total remaining ~$186 million). Management reiterated focus on sustainable underwriting profitability, reserve discipline, and opportunistic capital deployment.