Hamilton Insurance Group, following its recent debut on the New York Stock Exchange, has announced net income of $43.6 million for the third quarter in its first earnings report as a publicly traded company.
Hamilton reported a combined ratio of 92.6% for the third quarter. This figure reflects the company’s operational efficiency, with a lower combined ratio indicating improved underwriting profitability. The company’s performance was supported by strong results in both its International and Bermuda segments, which reported combined ratios of 97.7% and 86.9%, respectively.
For the first nine months of the year, Hamilton reported net income of USD 132 million and a combined ratio of 90.2%. These results were attributed to the significant transformation of Hamilton’s business, underscoring the company’s focus on underwriting profitability.
The company reported an annualised return on average equity of 9.8%. Gross written premiums totalled $474.1 million, an increase of 18.3% over the previous year.
Hamilton’s underwriting income was $24.9 million, with catastrophe losses of $7.2 million. The company’s net investment income was $46.3 million. This included a return on the Two Sigma Hamilton Fund of $51.3 million, or 3.1%, a loss on the fixed income portfolio of $7.8 million, or -0.5%, and other investment income of $2.8 million.
Pina Albo, Hamilton’s CEO, commented on the significance of the company’s transition to a public company, particularly following the completion of its initial public offering on 14 November. She expressed satisfaction with the company’s performance in its first quarter as a public company.
Albo also outlined Hamilton’s strategy for the future, noting the company’s intention to take advantage of current market conditions, supported by the recently raised capital. Hamilton’s underwriting platforms in Bermuda, Lloyd’s and the US are focused on specialty insurance and reinsurance, providing significant opportunities for business expansion and strengthening relationships with key clients and intermediaries.
Elsewhere in reinsurance, global specialty re/insurer SiriusPoint and ProVerity Underwriters have announced a new strategic partnership to enhance their presence in the professional indemnity market.
