Hamilton Insurance Group has released its financial results for the second quarter and first half of 2025, reporting increased premiums, investment income, and share repurchases, while also confirming a leadership change within its executive team.
For the quarter ended June 30, Hamilton reported net income of US$187.4 million. Operating income was US$161.8 million. The company recorded an annualized return on average equity (ROAE) of 30.2 % and an annualized operating ROAE of 26.1 %.
Gross premiums written reached US$712 million for the quarter, up 18% compared to the same period in 2024. Net premiums earned totaled US$511.2 million, an increase of 22.1 %. The combined ratio stood at 86.8 %, generating US$67.5 million in underwriting income.
Net investment income was US$148.7 million, including US$87.1 million from the Two Sigma Hamilton Fund and US$61.6 million from fixed income, short‑term, and cash‑equivalent investments. Hamilton also repurchased US$35 million of common shares during the quarter.
The Q2 figures follow a Q1 performance in which Hamilton reported net income of US$81 million for the quarter ended March 31. Gross premiums written rose 16.8 % year over year to US$843.3 million, with notable increases in both international and Bermuda segments contributing to the gains.
CEO Pina Albo said that both underwriting and investment income contributed to the quarter.
“Each of our reporting segments, International and Bermuda, generated strong bottom line underwriting results and meaningful top line growth, reflecting Hamilton’s diversified and well positioned book of business,” Albo said.
For the first six months of the year, Hamilton reported net income of US$268.3 million, or US$2.56 per diluted share. Operating income was US$211.2 million, or US$2.01 per diluted share. The company recorded an annualized ROAE of 22% and an annualized operating ROAE of 17.3 %.
Gross premiums written were US$1.6 billion year to date, a 17.4 % increase from the prior‑year period. Net premiums earned rose 25.6 % to US$1 billion. The combined ratio for the period was 99.1 %, with underwriting income of US$9.2 million.
The company incurred wildfire-related losses in California totaling US$142.8 million, net of reinsurance, and US$16.9 million in reinstatement premiums.
Net investment income reached US$316.1 million, composed of US$190.7 million from the Two Sigma Hamilton Fund and US$125.4 million from fixed income and cash‑equivalent assets. Book value per share stood at US$25.55 as of June 30, an increase of 11.3 % from year-end 2024. Share repurchases for the year totaled US$45.3 million.
The company also announced the appointment of Russ Buckley (pictured above) as group chief risk officer. Buckley will join the executive management team and report to Albo. A start date will be confirmed in the coming weeks.
Buckley will take over from Alex Baker, who has been named CEO of Hamilton Global Specialty effective Sept. 1, pending regulatory approval.
Buckley most recently served as senior vice president and chief actuarial officer at Old Republic Specialty Insurance Underwriters, Inc. He has also held roles at The Hartford, AIG, XL, and Munich Reinsurance Group. He is a Fellow of the Casualty Actuarial Society and has more than three decades of industry experience.
Earlier in the year, Hamilton added Karen Green and David Priebe to its board of directors – both joining as non‑executive directors.
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