Bermuda-based re/insurer Hamilton Insurance Group continues its winning streak from the first half, reporting net income of US$136.2 million for the third quarter ended Sept. 30.
Operating income for the quarter was US$123.1 million. The company posted an annualized return on average equity of 20.9% and an annualized operating return on average equity of 18.9% for the period.
Gross premiums written reached US$698.8 million, up 26.3% from the third quarter of 2024. Net premiums earned totaled US$523.0 million, marking a 16.5% increase year-over-year. The combined ratio for the quarter was 87.8%, while underwriting income stood at US$64.1 million.
Net investment income for the third quarter was US$97.6 million, with US$54.2 million from the Two Sigma Hamilton Fund and US$43.4 million from fixed income, short-term, and cash and cash equivalents. The company repurchased US$40.5 million in common shares during the quarter.
For the year to date, Hamilton reported net income of US$404.5 million and operating income of US$334.3 million. The annualized return on average equity was 21.6%, and the annualized operating return on average equity was 17.9%.
Gross premiums written for the year reached US$2.3 billion, a 20% increase over the same period in 2024, while net premiums earned rose 22.4% to US$1.5 billion.
The combined ratio for the year to date was 95.2%. Underwriting income was US$73.3 million. The company reported losses from California wildfires of US$142.8 million, net of reinsurance, and US$16.9 million in reinstatement premiums.
Net investment income for the year to date was US$413.7 million, including US$244.9 million from the Two Sigma Hamilton Fund and US$168.8 million from fixed income, short-term, and cash and cash equivalents. Book value per share increased by 17.9% to US$27.06 compared to Dec. 31, 2024. Hamilton repurchased US$85.8 million in common shares during 2025.
CEO Pina Albo (pictured above) commented, “Hamilton’s strong quarterly performance, highlighted by net income of US$136 million and an annualized return on average equity of 21%, resulted in 6% growth in book value per share for the quarter and 18% for the year to date. I am very pleased with Hamilton’s financial results for the third quarter of 2025, as they demonstrate a strong synergy between underwriting and investment performance.”
In the third quarter, gross premiums written increased by US$145.4 million to US$698.8 million, with the Bermuda Segment rising by US$91.0 million, or 39.9%, and the International Segment by US$54.4 million, or 16.7%.
Net premiums written increased by US$101.1 million to US$579.0 million, with the Bermuda Segment up US$64.8 million and the International Segment up US$36.3 million. Net premiums earned increased by US$74.2 million to US$523.0 million, with the Bermuda Segment contributing US$47.1 million and the International Segment US$27.1 million.
The attritional loss ratio, net of reinsurance, was 55.4%, up 2.2 points from the prior year, mainly due to a large loss in Bermuda specialty and property reinsurance and a shift in business mix. Net favorable prior year reserve development, net of reinsurance, was US$11.2 million, largely from property and specialty classes.
Catastrophe losses, net of reinsurance, were nil for the quarter. The acquisition cost ratio rose by 1.2 points, and the other underwriting expense ratio increased by 0.7 points compared to the same period in 2024.
Last month, Hamilton Insurance Group announced two new chair appointments within its Hamilton Global Specialty underwriting platform. Dymphna Lehane was named chair of Hamilton Managing Agency in the United Kingdom, effective November 1, and will also serve as independent non-executive director of Hamilton Insurance DAC in Ireland.
Karen Forte was appointed chair of Hamilton Insurance DAC, effective January 1, 2026, pending regulatory approval, and will continue as chair of the Audit Committee at Hamilton Managing Agency. These appointments are part of a broader leadership transition as the company continues to evolve its governance structure. Source
The company also reported that Peter Haynes, who has served as chair of Hamilton Managing Agency since 2015 and Hamilton Insurance DAC since 2020, will retire on December 31, 2025. Haynes’ tenure included guiding the company through significant growth and changes in governance.
