Hamilton Insurance Group, Ltd.

Hamilton reported second-quarter 2026 net income of $144 million and annualized return on average equity of 21%. Earnings per diluted share were $1.42, and annualized operating return on average equity was 23% on operating income of $158 million, or $1.56 per diluted share. The group combined ratio was 95.0% versus 86.8% a year ago, with underwriting income of $29 million versus $67 million last year; the loss ratio was 61.7% versus 52.8%, and the expense ratio was 33.3% versus 34.0%. Gross premiums written grew 17% in the quarter, and first-half premium growth was 14% to $1.8 billion from $1.6 billion. Investment income was $141 million versus $149 million in the prior-year quarter. On the segment side, International had $420 million of GPW, underwriting income of $9 million, and a 97.0% combined ratio; Bermuda had $411 million of GPW, underwriting income of $20 million, and a 93.0% combined ratio. Management kept full-year expectations unchanged for low-double-digit premium growth and attritional loss ratios of 54.5% for International, 55% for the group, and 56% for Bermuda.

Pina Albo said the quarter reflected Hamilton’s strategy working across a competitive market: stay selective, preserve margin quality, and grow only where risk-adjusted returns remain attractive. She emphasized that property remains under price pressure, casualty pricing is still supported by inflation trends, and specialty has opened up some opportunities after Middle East-related losses. She also framed Hamilton Select as a strategic third leg of the company, saying the AM Best upgrade and expanded E&S appetite should broaden opportunities over time, with more visible growth expected in 2027.

Craig Howie highlighted the quarter’s financial strength but also the effect of cat losses and reserve actions. He cited $50 million of catastrophe losses, including $46 million from the Middle East conflict, and said the Bermuda segment took a modest $16 million casualty reserve charge, which he described as about 0.8% of net casualty reserves and about 0.5% of total net reserves. He noted investment income of $141 million, a fixed-income portfolio yield to maturity of 4.7%, duration of 4.0 years, and a new-money yield of 4.6%, while the 2 Sigma Hamilton Fund returned $115 million or 5.1% in the quarter. Capital management remained active, with $22 million of buybacks in the quarter, $42 million year to date, and $137 million still available under authorization; book value per share was $28.91, or $30.91 adjusted for accumulated dividends, up 8.5% from year-end 2025.

Analysts focused on whether full-year attritional loss ratio guidance or growth targets had changed, but management said they had not, reiterating the same full-year ratios and low-double-digit growth outlook. Questions also centered on casualty reinsurance growth and the $16 million reserve charge; management said the reserve action was modest, came from its own review, and was consistent with its philosophy of reacting quickly to adverse trends while being slow to release reserves. Several questions probed Hamilton Select’s expansion and potential spin-off, and management said Select is strategically important, not being considered for separation, and should expand gradually as new products, underwriting talent, and distribution relationships are added. Management also addressed Middle East-related losses and said they are managing the exposure carefully with outward protection in place, while also seeing improved pricing in affected lines such as marine and political violence.