HG · Hamilton Insurance Group, Ltd.

Hamilton Insurance Group, Ltd., through its subsidiary Hamilton Re, Ltd., has materially restructured its investment relationship with the Two Sigma Hamilton Fund, LLC. The new Investment Agreement, effective April 1, 2026, establishes a clear capital commitment framework, requiring Hamilton Re to use reasonable best efforts to maintain an investment of at least $1.8 billion or 60% of the Group's net tangible assets, whichever is lower. This replaces the previous Commitment Agreement dated July 1, 2023, as amended, which governed the investment relationship prior to this filing.

A significant change for investors is the introduction of a two-tier withdrawal structure. Capital exceeding the Minimum Commitment Amount (Sub-Series A) offers greater liquidity with quarterly withdrawals requiring 55 days' notice. In contrast, capital at or below the minimum threshold (Sub-Series B) is subject to stricter terms, requiring six months' notice and limiting withdrawals to 1/12th of the balance per month. This structure effectively locks in a substantial portion of capital (up to $1.8 billion) with longer redemption timelines while providing flexibility for excess capital. The agreement also formalizes allocation targets of 70% equity and 30% macro strategies, providing transparency on how the committed capital will be deployed. The termination of the Prior Commitment Agreement and the execution of this new agreement represent a comprehensive renegotiation of terms, likely aimed at balancing Hamilton's capital management needs with the Fund's stability requirements.