HG · Hamilton Insurance Group, Ltd.

Hamilton Insurance Group delivered a strong first quarter in 2026, marking a significant turnaround in underwriting performance. The company reported net income of $133.5 million, or $1.31 per diluted share, a substantial increase from $80.9 million in the same period last year. Operating income, a non-GAAP measure excluding net realized and unrealized gains/losses on fixed maturity investments and foreign exchange impacts, reached $166.7 million, translating to an impressive 24.1% annualized operating return on average equity.

The improvement was driven by a swing to underwriting profitability, with underwriting income of $57.6 million compared to a loss of $58.3 million in Q1 2025. The combined ratio improved to 89.8% from 111.6%, reflecting the absence of significant catastrophe losses in the current quarter compared to $150.5 million in the prior year period. Gross premiums written grew 11.5% to $940.1 million, supported by growth in both the International and Bermuda segments, as the company maintained underwriting discipline and focused on business meeting return thresholds.

Investment results remained robust, with total net investment return of $93.6 million, primarily derived from the Two Sigma Hamilton Fund ($93.1 million). The fixed income portfolio maintained high credit quality with an average rating of A1. During the quarter, the company returned capital to shareholders through a special dividend of $2.00 per share ($205.8 million) and repurchased $19.7 million of common shares. Book value per share decreased 3.8% from year-end 2025 to $27.42, largely reflecting the impact of the special dividend, while book value per share plus accumulated dividends increased 3.2%.