Hamilton Insurance Group Ltd. Overview
Hamilton is a mid-sized Bermuda specialty insurer and reinsurer that has evolved from a 2013 start-up, built around a quantitative investment partnership with Two Sigma, into a diversified underwriting group. In FY2025 it wrote $2.9B of gross premiums. It operates three underwriting platforms. Hamilton Global Specialty covers Lloyd's Syndicate 4000 and the Dublin-based Hamilton Insurance DAC. Hamilton Select is a US excess-and-surplus casualty insurer. Hamilton Re is a Bermuda reinsurer with a US branch. Ada Capital Management adds a third-party capital and fee platform alongside these. The equity story combines underwriting growth (GPW CAGR of ~19% over FY2021–FY2025) with an unusual asset side: about a quarter to a third of cash and investments sits in the Two Sigma Hamilton Fund, a leveraged macro/quant vehicle. That allocation has produced outsized returns but is also more volatile than the investment grade bond books typical of peers. In FY2025 the company earned a record 22.4% ROE. Since mid-2025 it has been managing a softening property market by tilting toward casualty and specialty lines.
Company's own description (latest filings, paraphrased)
In its FY2025 10-K and 2026 proxy, Hamilton describes itself as a Bermuda-headquartered global specialty insurance and reinsurance company founded in 2013. It says it creates shareholder value through several drivers:
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diverse underwriting operations supported by proprietary technology;
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a team of more than 600 full-time employees;
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a strong balance sheet;
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a distinctive investment management relationship with Two Sigma.
It underwrites in London (Lloyd's), Ireland, Bermuda and the United States through three platforms, Hamilton Global Specialty (HGS), Hamilton Select and Hamilton Re, each with its own leadership (2026 DEF 14A; quarterly release boilerplate). The 10-K summary notes that business is sourced primarily through major brokers, including Marsh McLennan, Aon and Arthur J. Gallagher (10-K FY2025 via edgar.tools summary).
Business model
Hamilton earns money in two ways.
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Underwriting margin. It collects premiums (FY2025 GPW $2,923.1M; NPE $2,109.8M) and pays losses, acquisition costs and operating expenses. FY2025 underwriting income was $148.8M on a 92.9% combined ratio (Q4 2025 release).
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Investment return on float and capital. This comes from two portfolios:
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an externally managed investment-grade fixed income book of $3.1B fixed maturities plus $356M short-term at 30 Jun 2026;
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the Two Sigma Hamilton Fund (TSHF), with a fair value of $1,844M at 30 Jun 2026. In FY2025, investment results attributable to Hamilton were $511.8M. Of this, $300.9M came from TSHF and $210.9M from fixed income and cash (Q4 2025 release).
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A third and still small revenue stream is third-party fee income ($26.6M in FY2025). It comes from managing third-party syndicates and consortia (International) and from performance fees earned by Ada Capital Management for managing Ada Re (Bermuda) (Q4 2025 release). The April 2026 casualty sidecar with Sixth Street is intended to enlarge this fee line (press release, 14 Apr 2026).
Revenue model mix
| Revenue component | FY2025 | % of total revenue |
|---|---|---|
| Net premiums earned | 2,109.8 | 72.6% |
| Net realized & unrealized investment gains | 687.1 | 23.6% |
| Net investment income (GAAP line) | 88.0 | 3.0% |
| Other income (third-party fee income) | 26.6 | 0.9% |
| Net FX gains (losses) | -6.0 | -0.2% |
| Total revenues | 2,905.5 | 100% |
The classic product/service/subscription/licensing split does not apply. Hamilton sells risk-transfer contracts: insurance policies and reinsurance treaties, either quota share (proportional) or excess-of-loss (non-proportional). It does not earn licensing revenue. The fee line is the closest analogue to a service revenue stream.
Value-chain position
Hamilton sits in the middle of the commercial P&C value chain:
Primary/specialty insurer: through HGS (open-market Lloyd's and company paper, plus delegated authority and binders) and Hamilton Select (US E&S casualty), selling via wholesale and retail brokers.
Reinsurer: through Hamilton Re, which writes property catastrophe, casualty (mainly quota share) and specialty reinsurance for other insurers, sourced through reinsurance brokers.
Capital manager: through Ada Capital/Hamilton ILS, which channels institutional capital into collateralized retro and cat reinsurance and, from April 2026, into casualty reinsurance via a sidecar.
Reinsurance buyer: it ceded $635.6M (21.7% of GPW) in FY2025 (Q4 2025 release).
Customer types and end-markets
Commercial insureds: (Lloyd's/HIDAC/Hamilton Select): mid-market to large corporates needing property, casualty, marine, energy, political risk, A&H, agriculture and professional lines cover. Specialist lines are documented in the 2019 Pembroke acquisition coverage (Carrier Management, 2019).
Insurance company cedants: (Hamilton Re): primary insurers and Lloyd's syndicates buying property cat, casualty quota share (general liability and professional lines, per the Q4 2025 call) and specialty reinsurance.
Retro buyers and ILS clients: (Ada Re): reinsurers buying collateralized retro, plus industry loss warranty (ILW) and parametric buyers (hamiltongroup.com, Ada Re page).
- Institutional investors, as third-party capital providers (Ada Re investors; Sixth Street).
Independent characterization
Hamilton is best understood as a "hybrid-asset" specialty carrier. Its underwriting franchise is now scaled and profitable: combined ratios were 90.1% in FY2023, 91.3% in FY2024 and 92.9% in FY2025, and the FY2025 figure absorbed $142.8M of California wildfire losses. Its earnings, however, depend more heavily on a single alternative investment manager than any listed peer. In FY2025, gross investment results before Two Sigma's incentive allocation ($775.1M) exceeded underwriting income ($148.8M) by more than five times. Two Sigma's incentive allocation of $263.3M then appeared as non-controlling interest (10-K FY2025; DEF 14A).
The underwriting mix shows four features:
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The group is roughly balanced between insurance (International) and reinsurance (Bermuda), each ~50% of FY2025 NPE.
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It is tilting toward casualty reinsurance and specialty insurance.
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It is pulling back from property classes where rates have fallen. Property cat rate-on-line dropped 16% at the July 2026 renewals, per JP Morgan/Guy Carpenter.
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The 2026 results show this rotation: H1 2026 International GPW rose 20.7%, while Bermuda net premiums written fell 1.2% (Q2 2026 release).
Strategy
Stated strategy (paraphrased from FY2025/26 disclosures and calls)
Disciplined, margin-first underwriting through the cycle: Management says it entered a "transitioning market" from a position of strength (Q4 2025 release). It is leaning into lines where pricing and terms remain attractive and pulling back where returns miss hurdles (Q4 2025 and Q2 2026 calls).
Diversified three-platform model: HGS, Hamilton Select and Hamilton Re each have dedicated leadership, giving access to diversified business globally (release boilerplate).
Key client strategy: Expanded participations with targeted reinsurance clients (Q4 2025 call).
"Magnet for Talent": business imperative, and an "In good company" culture (DEF 14A).
Third-party capital and fee income growth: Ada Re plus the casualty sidecar (April 2026 release).
Technology and data-enabled underwriting: HARP and related tools. Board-level Technology Committee formed in 2025.
Capital management: Buybacks plus the first special dividend (Feb 2026).
Initiatives in the last 24 months
| Date | Initiative | Description / targets | Source |
|---|---|---|---|
| Jun 2025 | Credit facility refinancing | $150M term loan refinanced; new $450M unsecured credit agreement (letters of credit / revolver) | 10-Q |
| Jun 2025 | Leadership realignment | New Group CUO role created to centralize underwriting governance; platform CEO rotation | 8-K, 17 Jun 2025 |
| 2,025 | Technology Committee of the board | Oversight of technology strategy, governance and cyber | DEF 14A |
| 2,025 | Hamilton Select casualty focus | Platform concentrated solely on casualty classes in 2025 | Q4 2025 call |
| Nov 2025 | Buyback upsizing | +$150M authorization; $186M remaining at the time | Company release; fintool (secondary) |
| Feb 2026 | Special dividend | $2.00/share ($205.8M), paid 30 Mar 2026 | Q4 2025 release |
| Jan 2026 | Group CUO in post | Tim Duffin centralizes underwriting oversight | DEF 14A |
| Apr 2026 | Casualty reinsurance sidecar | Sixth Street capital; ~$300M ceded premium projected over a multi-year term; adds fee income | Company release |
| Apr 2026 | Hamilton ILS leadership | Latarche promoted to SVP Hamilton ILS | Company release |
| Aug 2026 | CEO contract extension | Albo through 2029 | 8-K |
Medium-term targets and guidance
No formal numeric medium-term financial targets: (ROE, combined ratio or growth) were identified in the materials reviewed.
- Management uses the combined ratio as its pay-versus-performance metric (DEF 14A). It has historically guided corporate expenses at about $50M a year (Q2 2024 call, secondary summary). FY2025 corporate expenses were $57.2M.
ESG and sustainability commitments: no quantified targets were identified.
Cost programmes with targets: none disclosed.
Products & Services
Hamilton does not publish a product-level price list or per-product revenue. Pricing for all lines is risk-based premium, either rate-on-line or rate on exposure, set by underwriters and supported by proprietary analytics. The catalog below is compiled from company disclosures, the platform website and acquisition documents.
International Segment — Hamilton Global Specialty (London/Dublin)
| Product line | Description / capabilities | Target customer | Notes / flagship | Source |
|---|---|---|---|---|
| Property insurance (open market & binders) | Direct and facultative commercial property, including property binders via delegated authority | Mid-to-large commercial insureds; coverholders | Former head of property binders promoted to CUO London branch of HIDAC (2020) | Insurance Business 2020; Q4 2025 release |
| Casualty insurance | General and professional liability lines written through Lloyd's and HIDAC | Corporates and professional firms | Key 2025–26 growth class | Q2 2026 release |
| Specialty insurance | Marine, energy, political risk, accident & health, agriculture and specialist lines (portfolio inherited from Pembroke) | Specialty commercial buyers worldwide | One large specialty loss hit Q4 2025 | Carrier Management 2019; Q4 2025 release |
| Specialty reinsurance (within International) | Specialty treaty written from the London platform | Insurers / syndicates | Cited as a growth driver in Q4 2025 | Q4 2025 release |
| Third-party syndicate/consortia management | Management services to third-party syndicates and consortia | Lloyd's capital providers | Generates fee income | Q4 2025 release |
International Segment — Hamilton Select (US E&S)
| Product line | Description | Target customer | Notes | Source |
|---|---|---|---|---|
| E&S casualty | Non-admitted US casualty. The platform focused solely on casualty classes in 2025. | US small/mid commercial insureds via wholesale brokers | Q4 2025 GPW +19% YoY. Richmond, VA office. | Q4 2025 call; DEF 14A |
Bermuda Segment — Hamilton Re
| Product line | Description | Target customer | Notes | Source |
|---|---|---|---|---|
| Property catastrophe reinsurance | Excess-of-loss cat treaty | Primary insurers, globally | Being cut back where pricing misses hurdles (2026) | Q2 2026 release & call |
| Casualty reinsurance | Mainly quota share on general liability and professional lines | US/international casualty writers | Main 2025 growth engine (Bermuda Q4 2025 GPW +27%). Partly ceded to the 2026 sidecar. | Q4 2025 call; sidecar release |
| Specialty reinsurance | Specialty treaty classes | Insurers / syndicates | Growing in 2026 | Q2 2026 release |
| Bermuda property & casualty insurance | Insurance written from Bermuda | Large commercial insureds | Property insurance declined in Q2 2026 on rate pressure | Q2 2026 release |
Bermuda Segment — Ada Capital Management / Hamilton ILS
| Product line | Description | Target customer | Notes | Source |
|---|---|---|---|---|
| Property catastrophe retrocession | Fully collateralized retro | Reinsurers | Ada Re assuming risk since 1 Jan 2021 | hamiltongroup.com |
| Property catastrophe treaty | Collateralized cat treaty | Insurers | Complements Hamilton Re's rated balance sheet | hamiltongroup.com |
| Cat on D&F | Catastrophe cover on direct and facultative portfolios | Insurers / MGAs | — | hamiltongroup.com |
| ILW and parametric | Industry loss warranties and parametric covers | Reinsurers, corporates | — | hamiltongroup.com |
| Casualty reinsurance sidecar (2026) | Multi-year casualty quota-share capacity via Ada Re; ~$300M projected ceded premium; Sixth Street provides capital and asset strategy | Ceded from Hamilton's casualty reinsurance book | Aon Securities was structuring/placement agent. Counsel were Willkie Farr and Carey Olsen. | Company release 14 Apr 2026; Bermuda Re Magazine |
Technology platforms (internal, not sold)
HARP (Hamilton Analytics & Risk Platform): proprietary pricing and portfolio management system, used by Hamilton Re and Ada Re (Bernews 2020; Ada Re page).
Timeflow, MINT, Hamilton Insights: named proprietary tools listed in the S-1/DRS. Specific functions are not detailed in the materials reviewed.
Financial Narrative
Notes: - FY2021 = 12 months to 30 Nov 2021; FY2022–FY2025 = calendar years.
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Concepts like "gross profit," "EBITDA," "working capital," "capex," "current ratio" and "cash conversion cycle" are not meaningful for a P&C insurer. Insurance-appropriate equivalents are shown, and the conventional items are flagged.
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Sources: FY2025 10-K multi-year statements (via edgar.tools XBRL extraction), Q4 2025 release, Q4 2023 release/call. EPS for FY2021–FY2023 is from Macrotrends (secondary aggregator).
Per-share data (USD)
FY2023 BVPS is derived from the reported 23.5% FY2024 increase. The $2.00 special dividend was declared in February 2026 and falls in FY2026. FY2021–FY2023 EPS is from Macrotrends (secondary).
Margins and growth (%)
FY2022 combined ratio is derived from the reported FY2022 underwriting loss of $31.7M on NPE of $1,144M. Other ratios are analyst calc.
CAGRs, FY2021→FY2025 (analyst calc.): GPW 19.2%; NPE 22.3%; total revenue 21.5%. GPW grew 5.1x from FY2018 ($571M) to FY2025 (DEF 14A).
Investment result decomposition: notes and sources
Sources: Q4 2023 release ($218.3M); FY2024 derived; Q4 2025 release; DEF 14A for fees and incentive allocation.
Balance sheet
Goodwill is not separately disclosed in the summary balance sheet; only "intangible assets" is shown. At 30 Jun 2026: total assets $10,264M, total investments $5,315M (TSHF $1,844M), cash $717M, reserves $4,783M, equity $2,851M, term loan $150M (Q2 2026 release).
Cash flow
Capex is not separately disclosed; small "other" investing outflows of $9–19M a year may include fixed assets. Discrepancy note: FY2025 buybacks are $93.4M in the earnings release versus $113M in the cash flow statement. The gap is plausibly due to settlement timing or withholding and is not reconciled in materials reviewed. 2026 YTD: $205.8M special dividend paid; $41.8M of buybacks in H1 2026.
Ratios
ROIC, current ratio, net debt/EBITDA and cash conversion cycle are not meaningful for an insurer. Net debt is negative in every year, so net debt/EBITDA is below zero.
Quarterly progression
Q1 and Q3 2025 values are derived as the difference between half-year/full-year and reported quarterly figures. Q3 2025 ROE of ~21% is from secondary summaries of the Q3 2025 release.
Trend commentary
Underwriting scale-up (FY2021–FY2025): GPW doubled. The FY2023 combined ratio inflected to 90.1% after FY2022's 102.8%, helped by the hard market of 2023–24 and a pivot from property cat to casualty and specialty. FY2024 and FY2025 held near 91–93% despite heavy catastrophe years, including Hurricane Milton (Q4 2024 cat ratio 11.9%) and the California wildfires in 2025. Expense discipline helped: the other-UW expense ratio fell from 10.7% to 9.2%, aided by Bermuda substance-based tax credits that offset G&A.
Mix drift: The acquisition cost ratio rose 1.6 points in FY2025 to 24.0% and a further 1.4 points in H1 2026 to 25.1%. The causes are more proportional casualty reinsurance (higher ceding commissions) and profit commissions. The current-year attritional loss ratio is also rising (FY2025 54.4%; H1 2026 53.9%, +1.4 points) for the same mix reasons. Ex-cat margins are therefore compressing even as headline results remain strong.
Investment-driven earnings: FY2024–FY2025 net income was dominated by TSHF gains. Two Sigma's incentive take ($213M in FY2024, $263M in FY2025) shows how strong fund returns were. It also illustrates that roughly 30% of fund profits plus a 25% excess-profit kicker go to the manager. The FY2022 loss came from unrealized fixed-income losses as rates rose; TSHF returns were positive that year (Q4 2023 call).
Capital: Equity rose from $1.66B (FY2022) to $2.82B (FY2025) while the group returned $150M (2024) and ~$113M (2025) in buybacks. A special dividend followed in 2026. Debt has stayed flat at $150M, so financial leverage is negligible (5% debt/equity).
2026 inflection: H1 2026 combined ratio improved to 92.5% from 99.1%, as catastrophe losses fell ($49.9M versus about $190M). Q2 2026 nonetheless deteriorated year on year (95.0% versus 86.8%). Middle East conflict losses and adverse casualty prior-year development were the drivers. Sell-side consensus for Q3 2026 EPS is $0.67, down ~49% year on year (Zacks via Yahoo Finance, Oct 2026). Drivers are not disclosed; possible explanations include lower assumed TSHF returns or catastrophe activity.
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View Subscription PlansFinancial Detail
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
International GPW (USD Mn) | — | 1,308.5 | 1,517.1 |
Bermuda GPW (USD Mn) | — | 1,114.1 | 1,406.1 |
Group GPW (USD Mn) | 1,951.0 | 2,422.6 | 2,923.1 |
International NPW (USD Mn) | — | 969.6 | 1,132.1 |
Bermuda NPW (USD Mn) | — | 951.6 | 1,155.5 |
International NPE (USD Mn) | — | 886.9 | 1,055.4 |
Bermuda NPE (USD Mn) | — | 847.8 | 1,054.4 |
International underwriting income (USD Mn) | — | 39.4 | 52.2 |
Bermuda underwriting income (USD Mn) | — | 109.9 | 96.6 |
Group underwriting income (USD Mn) | 129.9 | 149.4 | 148.8 |
International combined ratio (%) | — | 95.6 | 95.0 |
Bermuda combined ratio (%) | — | 87.0 | 90.9 |
Group combined ratio (%) | 90.1 | 91.3 | 92.9 |
Segment Revenue
| Metric | International | Bermuda | Group |
|---|---|---|---|
GPW YoY growth (%) | 15.9 | 26.2 | 20.7 |
NPE YoY growth (%) | 19.0 | 24.4 | 21.6 |
Share of group GPW (%) | 51.9 | 48.1 | 100 |
Share of group NPE (%) | 50.0 | 50.0 | 100 |
Share of underwriting income (%) | 35.1 | 64.9 | 100 |
Underwriting margin, UW income / NPE (%) | 4.9 | 9.2 | 7.1 |
Loss & LAE ratio (%) | 54.1 | 65.2 | 59.7 |
Acquisition cost ratio (%) | 26.2 | 21.9 | 24.0 |
Other UW expense ratio (%) | 14.7 | 3.8 | 9.2 |
Catastrophe loss ratio, current year (%) | 2.9 | 13.9 | 8.4 |
Revenue by Segment and Revenue by Segment (%) (Half-Yearly)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
International GPW (USD Mn) | 714.8 | 863.0 |
Bermuda GPW (USD Mn) | 840.6 | 908.2 |
International NPW (USD Mn) | 487.1 | 610.3 |
Bermuda NPW (USD Mn) | 673.1 | 665.1 |
International UW income (USD Mn) | 27.9 | 16.1 |
Bermuda UW income (USD Mn) | -18.7 | 70.6 |
International combined ratio (%) | 94.4 | 97.3 |
Bermuda combined ratio (%) | 103.6 | 87.4 |
Income Statement
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross premiums written (USD Mn) | 1,447 | 1,647 | 1,951 | 2,423 | 2,923 |
Reinsurance premiums ceded (USD Mn) | 361 | 425 | 471 | 501 | 636 |
Net premiums written (USD Mn) | 1,085 | 1,222 | 1,480 | 1,921 | 2,288 |
Net premiums earned (USD Mn) | 943 | 1,144 | 1,319 | 1,735 | 2,110 |
Net realized and unrealized investment gains (USD Mn) | 352 | 93 | 210 | 511 | 687 |
Net investment income, GAAP line (USD Mn) | -43 | -21 | 30 | 63 | 88 |
Total investment result, GAAP (USD Mn) | 309 | 72 | 240 | 575 | 775 |
Other income (USD Mn) | 21 | 11 | 19 | 24 | 27 |
Total revenues (USD Mn) | 1,334 | 1,233 | 1,571 | 2,330 | 2,906 |
Losses and LAE (USD Mn) | 641 | 758 | 715 | 1,010 | 1,259 |
Acquisition costs (USD Mn) | 229 | 271 | 309 | 389 | 507 |
General and administrative expenses (USD Mn) | 172 | 178 | 260 | 271 | 279 |
Amortization of intangibles (USD Mn) | 13 | 13 | 11 | 16 | 16 |
Interest expense (USD Mn) | 15 | 16 | 21 | 23 | 20 |
Total expenses (USD Mn) | 1,071 | 1,260 | 1,316 | 1,708 | 2,081 |
Pre-tax income (USD Mn) | 262 | -27 | 255 | 622 | 825 |
Income tax expense or benefit (USD Mn) | 12 | 3 | -25 | 8 | -15 |
Net income incl. NCI (USD Mn) | 250 | -30 | 280 | 613 | 840 |
NCI, i.e. Two Sigma incentive allocation (USD Mn) | 62 | 68 | 22 | 213 | 263 |
Net income to common shareholders (USD Mn) | 188 | -98 | 259 | 400 | 577 |
Underwriting income, non-GAAP (USD Mn) | — | -32 | 130 | 149 | 149 |
Operating income, non-GAAP (USD Mn) | — | — | — | 415 | 503 |
EBITDA proxy: pre-tax + interest + amortization (USD Mn, analyst calc.) | 290 | 2 | 287 | 661 | 861 |
Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Diluted EPS (USD) | 1.82 | -0.95 | 2.44 | 3.67 | 5.55 |
Basic EPS (USD) | — | — | — | 3.81 | 5.75 |
Operating EPS, diluted (USD) | — | — | — | 3.80 | 4.84 |
Book value per share, year end (USD) | — | — | 18.58 | 22.95 | 28.50 |
Ordinary dividends per share (USD) | 0 | 0 | 0 | 0 | 0 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Combined ratio (%) | — | 102.8 | 90.1 | 91.3 | 92.9 |
Loss and LAE ratio (%) | — | — | — | 58.2 | 59.7 |
Acquisition cost ratio (%) | — | — | — | 22.4 | 24.0 |
Other underwriting expense ratio (%) | — | — | — | 10.7 | 9.2 |
Underwriting margin, UW income / NPE (%) | — | -2.8 | 9.8 | 8.6 | 7.1 |
Pre-tax margin on total revenue (%) | 19.6 | -2.2 | 16.2 | 26.7 | 28.4 |
EBITDA-proxy margin (%) | 21.7 | 0.2 | 18.3 | 28.4 | 29.6 |
Net margin, common NI / total revenue (%) | 14.1 | -7.9 | 16.5 | 17.2 | 19.8 |
GPW growth YoY (%) | — | 13.8 | 18.5 | 24.2 | 20.7 |
Total revenue growth YoY (%) | — | -7.6 | 27.4 | 48.3 | 24.7 |
Retention, NPW / GPW (%) | 75.0 | 74.2 | 75.9 | 79.3 | 78.3 |
Key Financials
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Gross GAAP investment result (USD Mn) | 240 | 575 | 775 |
Less Two Sigma incentive allocation (USD Mn) | 22 | 213 | 263 |
Net investment result to Hamilton, non-GAAP (USD Mn) | 218 | 362 | 512 |
of which TSHF returns (USD Mn) | — | — | 301 |
of which fixed income, short-term and cash (USD Mn) | — | — | 211 |
TSHF management fee (USD Mn) | 45.2 | 46.9 | 52.6 |
Balance Sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Fixed maturity and short-term investments (USD Mn) | 1,546 | 2,260 | 2,875 | 3,439 |
Investment in Two Sigma funds (USD Mn) | 741 | 851 | 939 | 1,588 |
Total investments (USD Mn) | 2,286 | 3,112 | 3,814 | 5,027 |
Cash and equivalents (USD Mn) | 1,100 | 795 | 996 | 1,062 |
Restricted cash (USD Mn) | 131 | 106 | 104 | 110 |
Premiums receivable (USD Mn) | 523 | 658 | 772 | 940 |
Reinsurance recoverable on unpaid losses (USD Mn) | 1,178 | 1,161 | 1,171 | 1,376 |
Intangible assets (USD Mn) | 87 | 91 | 93 | 87 |
Total assets (USD Mn) | 5,819 | 6,671 | 7,796 | 9,572 |
Reserve for losses and LAE (USD Mn) | 2,856 | 3,030 | 3,532 | 4,415 |
Unearned premiums (USD Mn) | 718 | 911 | 1,122 | 1,377 |
Term loan, long-term debt (USD Mn) | 150 | 150 | 150 | 150 |
Short-term debt (USD Mn) | 0 | 0 | 0 | 0 |
Total liabilities (USD Mn) | 4,155 | 4,623 | 5,467 | 6,749 |
Shareholders' equity (USD Mn) | 1,664 | 2,048 | 2,329 | 2,822 |
Net debt, debt minus unrestricted cash (USD Mn, analyst calc.) | -950 | -645 | -846 | -912 |
Tangible equity (USD Mn, analyst calc.) | 1,577 | 1,957 | 2,236 | 2,735 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 227 | 191 | 283 | 759 | 842 |
Free cash flow proxy, = OCF (USD Mn) | 227 | 191 | 283 | 759 | 842 |
Share repurchases (USD Mn) | 7 | 2 | 2 | 150 | 113 |
Common dividends paid (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Withdrawal of NCI, Two Sigma incentive (USD Mn) | 62 | 68 | 22 | 213 | 263 |
Contributions to Two Sigma funds (USD Mn) | 1,870 | 2,465 | 2,555 | 2,481 | 2,715 |
Redemptions from Two Sigma funds (USD Mn) | 2,114 | 2,592 | 2,592 | 2,874 | 2,654 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, company-reported (%) | — | — | 13.9 | 18.3 | 22.4 |
Operating ROE, company-reported (%) | — | — | — | 18.9 | 19.5 |
ROA, common NI / average assets (%, analyst calc.) | — | — | 4.1 | 5.5 | 6.6 |
Debt / equity (%) | — | 9.0 | 7.3 | 6.4 | 5.3 |
Interest coverage, (pre-tax + interest) / interest (x) | 18.5 | -0.7 | 13.1 | 28.5 | 41.8 |
Reserves / equity (x) | — | 1.72 | 1.48 | 1.52 | 1.56 |
NPW / equity, operating leverage (x) | — | 0.73 | 0.72 | 0.82 | 0.81 |
Asset turnover, total revenue / average assets (x) | — | — | 0.25 | 0.32 | 0.33 |
Change in BVPS (%) | — | — | — | 23.5 | 24.2 |
Income Statement and Margin Analysis (%)
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
GPW (USD Mn) | 843.3 | 712.0 | 698.8 | 669.0 | 940.1 | 831.0 |
NPE (USD Mn) | 498.9 | 511.2 | 523.0 | 576.7 | 570.5 | 586.0 |
Underwriting income (USD Mn) | -58.3 | 67.5 | 64.1 | 75.5 | 57.6 | 29.1 |
Combined ratio (%) | 111.6 | 86.8 | 87.7 | 87.0 | 89.8 | 95.0 |
Net income to common (USD Mn) | 80.9 | 187.4 | 136.2 | 172.2 | 133.5 | 143.8 |
Diluted EPS (USD) | 0.77 | 1.79 | — | 1.69 | 1.31 | 1.42 |
Annualized ROE (%) | — | 30.2 | 21.0 | 25.1 | 19.3 | 20.6 |
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View Subscription PlansRevenue by Region
| Region (domicile of underwriting platform) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
International: UK, Ireland, US (USD Mn) | — | 1,308.5 | 1,517.1 |
Bermuda (USD Mn) | — | 1,114.1 | 1,406.1 |
Total GPW (USD Mn) | 1,951.0 | 2,422.6 | 2,923.1 |
Growth metric (%)
| Growth metric (%) | FY2025 | H1 2026 |
|---|---|---|
International GPW growth (%) | 15.9 | 20.7 |
Bermuda GPW growth (%) | 26.2 | 8.0 |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
Price (19 Oct 2026, intraday) | $35.94 | StockAnalysis |
IPO price (Nov 2023) | $15.00 | Renaissance Capital |
Return since IPO (~35 months) | ≈ +140% (price only; analyst calc.) | Analyst calc. |
1-year price return | ≈ +54% (to $36.19) | edgar.tools |
3-year return | Approximates since-IPO return (listing < 3 years) | — |
5-year return | Not applicable (listed Nov 2023) | — |
52-week range | $22.66 – $37.31 | StockAnalysis; GuruFocus |
Beta | 0.47 | StockAnalysis |
TSR, $100 invested (proxy window to FY2025) | $186 versus $152.78 for the peer group | DEF 14A via edgar.tools |
Metric | FY2023 | FY2024 |
Book value per share (USD) | 18.58 | 22.95 |
Valuation Multiples
| Multiple | HG | Basis |
|---|---|---|
Price / book | 1.24x | BVPS $28.91 (30 Jun 2026) |
Price / tangible book | 1.28x | TBVPS ≈ $28.07 ((equity − intangibles) / shares) |
P/E (TTM) | ≈ 6.0–6.2x | TTM net income ≈ $585.7M (Q3 2025–Q2 2026, partly derived) |
EV / sales | ≈ 1.0x | EV ≈ $2.98B (market cap + $150M debt − $717M cash); TTM revenue ≈ $2.99B. Not meaningful for insurers. |
Dividend yield | ≈ 5.6–5.7% (trailing, from the $2.00 special only) | Gotrade quote ~5.7% |
Action by Date
| Date | Action | Amount |
|---|---|---|
May 2024 | Privately negotiated repurchase from Blackstone | $109.5M |
Aug 2024 | Authorization | $150M |
FY2024 | Total repurchases (cash flow) | $150M |
Nov 2025 | Authorization increase | +$150M (to $186M remaining) |
FY2025 | Repurchases | $93.4M (release) / $113M (cash flow) |
H1 2026 | Repurchases | $41.8M ($19.7M Q1; $22.1M Q2) |
30 Jun 2026 | Remaining authorization | ~$137M (Q2 2026 call) |
Credit Ratings
| Agency | Entity | Rating | Outlook | Date |
|---|---|---|---|---|
AM Best | Hamilton Re, Ltd.; Hamilton Insurance DAC | FSR A (Excellent); ICR "a" | Stable | Upgraded 30 Apr 2024 |
S&P | Group / subsidiaries | No rating identified | — | — |
Moody's | Group / subsidiaries | No rating identified | — | — |
Fitch | Group / subsidiaries | No rating identified | — | — |
Lloyd's market ratings | Syndicate 4000 (benefits from Lloyd's market-level ratings) | — | — | — |
Capital Instruments
| Instrument | Amount | Terms / maturity |
|---|---|---|
Unsecured term loan (Wells Fargo arranger; dated 10 Jun 2025) | $150M drawn | — |
Unsecured credit agreement (Hamilton Group / Hamilton Re; 10 Jun 2025) | $450M | LOC and revolver; drawn amounts not disclosed in excerpts |
Citibank Europe LOC (uncommitted, secured) | $250M capacity | Increased Nov 2024 |
BMO LOC (secured) | $50M | — |
UBS LOC (secured) | $100M | — |
FAL LOC facility (Syndicate 4000) | — | Amended Oct 2024 |
“—” = not publicly disclosed.
Analyst Conclusions
Management guidance
Formal quantitative guidance: none.
Qualitative stance: - prioritize margin quality over volume;
-
grow casualty and specialty insurance and casualty reinsurance;
-
shrink property where pricing is inadequate;
-
expand fee income through Ada Re and the casualty sidecar;
-
continue disciplined capital return. Sources: Q2 2026 release and call; Q4 2025 release.
Consensus expectations
-
Q3 2026 EPS consensus is $0.67, versus ~$1.32 implied for Q3 2025 (Zacks).
-
Street price target is ~$38 (6% upside).
Bull case
-
Compounding book value at a discount to growth. BVPS plus dividends grew 8.5% in H1 2026, after +24% in FY2025 and +23.5% in FY2024. At ~1.24x book and ~6x TTM earnings, the market is pricing in significant mean reversion.
-
Mix rotation protects margins. Casualty and specialty growth (International +20.7%) offsets property softening. The sidecar lets Hamilton grow casualty with less capital while earning fees, which should lift ROE quality.
-
Excess capital and optionality. Debt is negligible (5% of equity), the AM Best "A" rating is in place, and ~$137M of buyback authority remains. A repeat special dividend is possible if catastrophe activity stays benign; a light 2026 hurricane season was forecast.
Bear case
-
Investment-earnings dependence. FY2025 TSHF gains ($300.9M after fees) were twice underwriting income. A weak Two Sigma year would cut EPS sharply. The Q3 2026 consensus decline hints at that sensitivity.
-
Softening market plus mix-driven margin compression. Property rates fell 16% at mid-year. Acquisition and attritional ratios are rising (H1 2026 attritional 53.9%, acquisition 25.1%), and the Q2 2026 combined ratio was 95.0%. Underwriting income could shrink even if catastrophes stay benign.
-
Long-tail reserve risk. The growth engine is US casualty quota share, where social inflation is acute. Adverse development has already appeared (Bermuda: $23.0M in H1 2026). A reserve charge would undermine the "conservative reserving" narrative that underpinned the 2024 upgrade.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| 29–30 Oct 2026 | Q3 2026 results: catastrophe losses, TSHF quarterly return, casualty prior-year development, buyback pace |
| Nov–Dec 2026 | 1 Jan 2027 renewal commentary: property cat pricing and casualty terms |
| Feb 2027 | FY2026 results; decision on another special dividend |
| Q1–Q2 2027 | AM Best annual review; DEF 14A (any new Two Sigma terms, compensation design) |
| 1 Jul 2027 | Annual renewal point of the TSHF Commitment Agreement's rolling three-year term (non-renewal notice risk, or terms reset) |
| Ongoing | Sidecar deployment versus the ~$300M target; Ada fee income; Hamilton Select growth; founder-linked holder sales after the Class A→B conversions |
Concluding analyst verdict
Hamilton has completed one of the more successful re-inventions in the Bermuda market. In seven years it has gone from a $571M, loss-making, investment-led reinsurer to a $2.9B diversified specialty group with three consecutive years of combined ratios near 90–93%. Over the same period it earned an AM Best upgrade to A, generated a record 22.4% ROE in FY2025, and paid its first special dividend. Management is credible and has industry pedigree. The CEO's term now runs through 2029, and the June 2025 leadership rotation gives the platforms experienced, home-grown leaders. The balance sheet is lightly levered and liquid, and capital return is now part of the story.
The investment case, however, rests on two assumptions the market is right to discount. The first is that Two Sigma keeps producing high returns that justify its fee load. In FY2025, gross fund-related income exceeded $560M before the manager took $263M. The second is that the pivot from property into US casualty quota share and specialty insurance proves well priced and adequately reserved. Early 2026 evidence is mixed. Headline combined ratios remain healthy, but rising acquisition and attritional ratios, Middle East conflict losses and adverse casualty development suggest the underlying underwriting margin peaked in 2024–25.
At about 1.24x book and 6x trailing earnings, HG trades at a discount to high-quality Bermuda peers. That discount is consistent with its earnings volatility, its governance structure and its manager concentration. Our verdict is constructive but not compelling: a "hold with positive bias." Upside depends on demonstrating stable sub-95% combined ratios through the softening cycle and scaling fee income. A disciplined capital return policy would add further support. The key downside triggers are a Two Sigma drawdown or a casualty reserve charge. The Q3 2026 print on 29 October will be the next test of both underwriting quality and investment sensitivity.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Age | With Hamilton since / tenure in role | Prior roles | Education |
|---|---|---|---|---|---|
Giuseppina (Pina) Albo | Group CEO & Director | 63 | CEO since Jan 2018; contract extended to 31 Dec 2029 (Aug 2026) | 25 years at Munich Re, including Member of the Board of Executive Management (P&C Europe and LatAm) and President of Reinsurance Division, Munich Re America; started as a lawyer in Toronto; RGA board member | BA (Winnipeg); JD (Osgoode Hall); Maîtrise en Droit (Aix-Marseille III) |
Craig Howie | Group CFO & CIO | 62 | Group CFO since 2021 | EVP & CFO, Everest Re (2012–2020); 23+ years at Munich Re America; started at EY | BS Accounting (Drexel); MBA (Villanova); CPA |
Adrian Daws | CEO, Hamilton Re | 45 | Joined 2015; CEO HGS 2020–25; CEO Hamilton Re from 2025 | Active Underwriter of Syndicates 4000 and 3334; Head of Specialty, CNA Hardy | — |
Alex Baker | CEO, Hamilton Global Specialty | 45 | Joined 2016; Group CRO Nov 2022–2025; CEO HGS from 2025 | Chief Actuary, Chubb Lloyd's Managing Agency (2013–16); Chaucer; PwC | MMath (Oxford); FIA |
Timothy Duffin | Group Chief Underwriting Officer | 50 | Joined 2012; Group CUO from Jan 2026; CUO Hamilton Re 2017–2025 | Platinum Underwriters; Aon retro broker | BA (Oxford Brookes); ACII |
Anita Kuchma | CEO, Hamilton Select | 62 | — | — | — |
Russell Buckley | Group Chief Risk Officer | 60 | Joined 2025 | Chief Actuarial Officer, Old Republic Specialty; The Hartford; AIG; XL; Munich Re America | BS Math (Scranton); FCAS |
Gemma Carreiro | Group General Counsel, Secretary & DPO | 44 | Since 2017 | PartnerRe; Conyers Dill & Pearman | BA Law (Napier); PG Dip Law |
Brian Deegan | Group Chief Accounting Officer | 48 | Joined 2020; CAO since 2021 | Tokio Millennium Re; Lancashire | BComm, MAcc (UCD); FCA Ireland |
Daniel Fisher | Group Head of HR, Communications & Culture | 56 | Since 2018 | ISDA; Munich Re (13 years); KPMG | BA (LSE); MSc (Manchester) |
Raymond Karrenbauer | Group Chief Information Officer | 57 | — | — | — |
Jonathan Levenson | Group Treasurer | 58 | — | — | — |
Directors' Remuneration
| Executive | FY2023 total (SCT) | FY2024 total (SCT) | FY2025 total (SCT) | FY2025 compensation actually paid |
|---|---|---|---|---|
Pina Albo, CEO (USD Mn) | 12.79 | 8.64 | 8.98 | 24.79 |
Other NEOs, average compensation actually paid (USD Mn) | 3.49 | 4.46 | 5.42 | — |
Board of Directors
| Director | Age | Since | Independent | Committees (as of 24 Mar 2026) | Background |
|---|---|---|---|---|---|
David A. Brown (Chair) | 68 | 2013 | Yes | Compensation | Ex-CEO Flagstone Re; ex-CEO Centre Solutions; ex-EY partner |
Pina Albo | 63 | 2018 | No (CEO) | — | Group CEO |
Bradley Cooper | 59 | 2024 | No (Hopkins Holdings designee) | Underwriting & Risk; Investment | Managing Partner, Capital Z Partners |
John J. Gauthier | 64 | 2023 | Yes | Compensation (Chair); Investment | Ex-CIO Allied World; RGA board |
Karen Ann Green | 58 | 2025 | Yes | Audit; Compensation; Underwriting & Risk | Ex-CEO Aspen UK; Admiral, Standard Life boards |
Anu (Henna) Karna | 49 | 2023 | Yes | Technology (Chair); Nominating & Governance | Ex-Google Global Insurance GM; ex-AXA XL CDO |
Neil Patterson | 62 | 2024 | Yes (financial expert) | Audit (Chair); Nominating & Governance; Technology | Retired Chairman, KPMG Bermuda |
Marvin Pestcoe | 65 | 2020 | Yes (financial expert) | Underwriting & Risk (Chair); Investment; Technology | Ex-CEO Langhorne Re; PartnerRe; FCAS |
David Priebe | 67 | 2025 | Yes (financial expert) | Audit; Underwriting & Risk; Technology | Ex-Chairman, Guy Carpenter |
Marc Roston | 56 | Feb 2026 | Yes (Magnitude designee) | Underwriting & Risk; Investment | Stanford senior research scholar; DFW Capital |
Everard Barclay Simmons | 53 | 2023 | Yes | Investment (Chair); Audit; Technology | Ex-Chair Butterfield Bank; ex-Goldman Sachs |
Therese Vaughan | 69 | 2024 | Yes | Compensation; Underwriting & Risk | Ex-CEO NAIC; ex-Iowa Insurance Commissioner; Verisk board |
Peter W. Wilson | 66 | 2026 nominee | Yes | Proposed: Underwriting & Risk; Nominating & Governance; Technology | Ex-CEO AXIS Insurance; ex-CNA Specialty; ex-QBE board |
Stephen W. Pacala (departing) | — | 2013–May 2026 | Yes | Nominating & Governance (Chair) | Retired at the 2026 AGM; successor as committee chair not disclosed |
Major Shareholders
| Holder | Class A | Class B | % total voting power (pre-cutback) | % of total shares (A+B+C) |
|---|---|---|---|---|
Magnitude-affiliated funds | 0 | 15,096,940 | 17.91% | 15.14% |
Hopkins Holdings, LLC | 8,760,039 | 200,000 | 10.63% | 8.99% |
Sango Hoken Holdings, LLC | 8,560,039 | 0 | 10.16% | 8.59% |
Wellington Management Group (13G/A, 31 Mar 2025) | 0 | 4,658,454 | 5.53% | 4.67% |
Pina Albo (incl. trust) | 0 | 1,151,086 | 1.37% | 1.15% |
All directors and executive officers (25 persons) | 0 | 3,008,562 | 3.57% | 3.02% |
Competitive Landscape
Competitors by Segment
| Segment | Competitors (named) | Basis of competition |
|---|---|---|
Bermuda reinsurance (property cat, casualty, specialty) | RenaissanceRe, Everest Group, Arch Capital, AXIS Re, PartnerRe, Conduit Re, Lancashire (reinsurance segment), Fidelis (reinsurance) | Capacity, ratings (A or better), lead-line capability, cedant relationships |
Lloyd's / London specialty insurance | Beazley, Hiscox, Lancashire, AXIS (Global Markets / Lloyd's), Fidelis (insurance, MGU-sourced), Markel International, Chaucer | Underwriting expertise, Lloyd's licences, delegated authority distribution |
US E&S casualty | Kinsale, RLI, W.R. Berkley E&S units, Markel, Skyward Specialty, AXIS North America | Broker relationships, appetite, pricing in a still-firm casualty E&S market |
Third-party capital / ILS | Nephila, Fermat, RenaissanceRe Capital Partners, Arch/Everest sidecars, Lancashire Capital Management | Investor returns; access to underwriting |
Peer Comparison FY2025
| Metric | Hamilton (HG) | AXIS Capital (AXS) | Fidelis (FIHL) | Lancashire (LRE) |
|---|---|---|---|---|
GPW (USD Mn) | 2,923 | 9,600 | 4,718 | 2,259 |
GPW growth (%) | 20.7 | 7.0 | 7.1 | 5.1 |
Combined ratio (%) | 92.9 | 89.8 | 94.8 | 93.1 |
Net income to common (USD Mn) | 577 | 979 | 226 | 293 |
BVPS growth (%) | 24.2 | 18.0 | — | 20.9 |
