Hamilton Insurance Group Ltd
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 27, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Summary Results of Operations
Consolidated Results of Operations
The following is a comparison of selected data for our consolidated results of operations:
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands, except per share amounts) | 2024 | 2023 | 2022 |
| Gross premiums written | $2,422,582 | $1,951,038 | $1,646,673 |
| Net premiums written | $1,921,169 | $1,480,438 | $1,221,864 |
| Net premiums earned | $1,734,729 | $1,318,533 | $1,143,714 |
| Third party fee income(1) | 23,752 | 18,234 | 11,631 |
| Claims and Expenses | |||
| Losses and loss adjustment expenses | 1,010,173 | 714,603 | 758,333 |
| Acquisition costs | 388,931 | 309,148 | 271,189 |
| Other underwriting expenses(2) | 210,013 | 183,165 | 157,540 |
| Underwriting income (loss)(3) | 149,364 | 129,851 | (31,717) |
| Net realized and unrealized gains (losses) on investments | 511,407 | 209,610 | 93,348 |
| Net investment income (loss)(4) | 63,267 | 30,456 | (21,487) |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) | 574,674 | 240,066 | 71,861 |
| Other income (loss), excluding third party fee income(1) | — | 397 | (315) |
| Net foreign exchange gains (losses) | (3,231) | (6,185) | 6,137 |
| Corporate expenses(2) | 61,111 | 76,691 | 20,142 |
| Impairment of goodwill | — | — | 24,082 |
| Amortization of intangible assets | 15,520 | 10,783 | 12,832 |
| Interest expense | 22,616 | 21,434 | 15,741 |
| Income tax expense (benefit) | 8,402 | (25,066) | 3,104 |
| Net income (loss) | 613,158 | 280,287 | (29,935) |
| Net income (loss) attributable to non-controlling interest(5) | 212,729 | 21,560 | 68,064 |
| Net income (loss) attributable to common shareholders | $400,429 | $258,727 | $(97,999) |
| Diluted income (loss) per share attributable to common shareholders | $3.67 | $2.44 | $(0.95) |
| Key Ratios | |||
| Attritional loss ratio - current year | 53.1% | 52.2% | 51.8% |
| Attritional loss ratio - prior year development | 0.0% | (0.8)% | (0.3)% |
| Catastrophe loss ratio - current year | 6.3% | 3.2% | 16.3% |
| Catastrophe loss ratio - prior year development | (1.2)% | (0.4)% | (1.5)% |
| Loss and loss adjustment expense ratio | 58.2% | 54.2% | 66.3% |
| Acquisition cost ratio | 22.4% | 23.4% | 23.7% |
| Other underwriting expense ratio | 10.7% | 12.5% | 12.8% |
| Combined ratio | 91.3% | 90.1% | 102.8% |
| Return on average common shareholders' equity | 18.3% | 13.9% | (5.7)% |
The following table summarizes book value per share and balance sheet data:
| As at December 31, | |||
|---|---|---|---|
| Book Value | 2024 | 2023 | 2022 |
| Tangible book value per common share | $22.03 | $17.75 | $15.30 |
| Change in tangible book value per common share | 24.1% | 16.0% | (4.1)% |
| Book value per common share | $22.95 | $18.58 | $16.14 |
| Change in book value per common share | 23.5% | 15.1% | (5.6)% |
| Balance Sheet Data | |||
| Total assets | $7,796,033 | $6,671,355 | $5,818,965 |
| Total shareholders' equity | $2,328,709 | $2,047,850 | $1,664,183 |
(1) Third party fee income is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to other income (loss), the most comparable GAAP financial measure, also included other income (loss), excluding third party fee income of $Nil, $0.4 million and $(0.3) million for the years ended December 31, 2024, 2023 and 2022, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures' for further details.
(2) Other underwriting expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $61.1 million, $76.7 million, and $20.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures' for further details.
(3) Underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures' for further details.
(4) Net investment income (loss) is presented net of investment management fees.
(5) Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidated Results of Operations—Corporate and Other' for further details.
Operating Highlights
The following significant items impacted the consolidated results of operations for the years ended December 31, 2024, 2023 and 2022:
Gross premiums written Gross premiums written were $2.4 billion, $2.0 billion and $1.6 billion for the years ended December 31, 2024, 2023 and 2022, respectively. The increase in gross premiums written for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by our casualty reinsurance, property reinsurance, specialty reinsurance and casualty insurance business. The growth was a result of new business, increased participations on existing business and a strong rate environment across multiple classes of business. The increase in gross premiums written for the year ended December 31, 2023 compared to the year ended December 31, 2022 was primarily driven by expansion into additional classes, notably casualty reinsurance and specialty insurance, increased participation on existing business and rate increases across multiple classes of business.
Underwriting results The combined ratio was 91.3% and 90.1% for the years ended December 31, 2024 and 2023, respectively. The modest increase was driven by an increase in the catastrophe loss ratio and attritional loss ratio, partially offset by a decrease in the other underwriting expense ratio and acquisition cost ratio. The decrease in the combined ratio from 102.8% for the year ended December 31, 2022 to 90.1% for the year ended December 31, 2023 was driven by lower catastrophe losses as described further below under Losses and Loss Adjustment Expenses.
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
|---|---|---|---|---|---|---|
| Attritional losses | $921,739 | 53.1% | $818 | 0.0% | $922,557 | 53.1% |
| Catastrophe losses | 108,873 | 6.3% | (21,257) | (1.2)% | 87,616 | 5.1% |
| Total | $1,030,612 | 59.4% | $(20,439) | (1.2)% | $1,010,173 | 58.2% |
| Attritional losses | $688,144 | 52.2% | $(10,443) | (0.8)% | $677,701 | 51.4% |
| Catastrophe losses | 42,076 | 3.2% | (5,174) | (0.4)% | 36,902 | 2.8% |
| Total | $730,220 | 55.4% | $(15,617) | (1.2)% | $714,603 | 54.2% |
| Attritional losses | $592,676 | 51.8% | $(3,216) | (0.3)% | $589,460 | 51.5% |
| Catastrophe losses | 186,260 | 16.3% | (17,387) | (1.5)% | 168,873 | 14.8% |
| Total | $778,936 | 68.1% | $(20,603) | (1.8)% | $758,333 | 66.3% |
Attritional loss ratio - current year for the year ended December 31, 2024 was 53.1%, compared to 52.2% for the year ended December 31, 2023, an increase of 0.9 percentage points. The increase was primarily driven by losses of $37.9 million, or 2.2 points, arising from the Francis Scott Key Baltimore Bridge collapse, which impacted our insurance and reinsurance classes in both our International and Bermuda segments. The attritional loss ratio - current year for the year ended December 31, 2023 was 52.2% compared to 51.8% for the year ended December 31, 2022, an increase of 0.4 percentage points. The modest increase was attributable to certain large loss events in our specialty classes impacting both our International and Bermuda segments.
Attritional loss ratio - prior year for the year ended December 31, 2024 was flat at 0.0%, compared to a favorable 0.8% for the year ended December 31, 2023, an increase of 0.8 percentage points. The increase was primarily driven by unfavorable development in both International and Bermuda casualty and specialty classes, largely offset by favorable development in both International and Bermuda property classes. In addition, casualty business protected by the LPT discussed in Note 7, Reinsurance, benefited from favorable development in the underlying reserves of $15.3 million, which was partially offset by a change in the deferred gain of $9.4 million, for a total net positive earnings impact of $5.9 million. The attritional loss ratio - prior year for the year ended December 31, 2023 was a favorable 0.8% compared to a favorable 0.3% for the year ended December 31, 2022, a decrease of 0.5 percentage points. The decrease was primarily driven by favorable development in both the Bermuda and International specialty classes and International property classes, partially offset by unfavorable development in Bermuda property classes and casualty classes in both our Bermuda and International segments. In addition, casualty business protected by the LPT benefited from $4.2 million in amortization of the associated deferred gain and favorable development in the underlying reserves of $0.8 million, for a total net positive earnings impact of $5.0 million. See Note 7, Reinsurance, in the accompanying audited consolidated financial statements for further discussion of the LPT.
Catastrophe losses - current and prior year development were $87.6 million, $36.9 million and $168.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. Catastrophe losses for the year ended December 31, 2024 were driven by Hurricane Helene ($52.6 million), Hurricane Milton ($37.8 million), the Calgary hailstorms ($12.9 million), and Hurricane Debby ($5.6 million), partially offset by favorable prior year development of $21.3 million. Catastrophe losses for the year ended December 31, 2023 were driven by the Hawaii wildfires ($12.0 million), the wind and thunderstorm events which impacted states in both the Southern and Midwest U.S. during March 2023 ($11.0 million), severe convective storms in June 2023 ($7.6 million), Hurricane Idalia ($6.5 million), and the Vermont floods ($5.0 million), partially offset by favorable prior year development of $5.2 million. Catastrophe losses - current and prior year development for the year ended December 31, 2022 were driven by the Ukraine conflict ($79.6 million), Hurricane Ian ($77.5 million), Australian East Coast floods ($16.6 million), KwaZulu-Natal floods ($8.3 million), and Typhoon Nanmadol ($4.3 million), partially offset by favorable prior year development of $17.4 million.
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $487,186 | $143,655 | $145,238 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other | 87,488 | 96,411 | (73,377) |
| $574,674 | $240,066 | $71,861 | |
| Net income (loss) attributable to non-controlling interest - TSHF | $212,729 | $21,560 | $68,064 |
(1) Prior to non-controlling interest performance incentive allocation
Total net realized and unrealized gains (losses) on investments and net investment income (loss) -TSHF, prior to non-controlling interest, returned income of $487.2 million, $143.7 million and $145.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. This includes the fund's returns, net of investment management fees.
Net investment income, net of non-controlling interest - TSHF, returned income of $274.5 million, $122.1 million and $77.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. This includes the fund's returns, net of investment management fees and performance incentive allocations. The aggregate incentive allocation to which the investment manager is entitled is included in "Net income (loss) attributable to non-controlling interests" in our GAAP financial statements.
TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 16.3%, 7.6% and 4.6% for the years ended December 31, 2024, 2023 and 2022, respectively.
For the year ended December 31, 2024, gains in TS Hamilton Fund were led by single name U.S. equities trading in STV. The TS Hamilton Fund also saw positive contributions to gains from non-U.S. equities trading in ESTV. In ESTV, gains were experienced in all underlying regions. The TS Hamilton Fund also experienced gains from macroeconomic trading in FTV. In FTV, gains were led by equities, credit, and fixed income.
For the year ended December 31, 2023, TS Hamilton Fund generated positive returns in single name equities trading in STV and ESTV, partially offset by losses in macroeconomic trading in FTV. In single name equities trading, STV and ESTV both made positive contributions. Within ESTV, trading was most profitable in Europe, followed by East Asia and Pan-America, while China experienced losses. Within FTV, losses were driven by commodities, fixed income, and equities, partially offset by gains in currencies and credit.
For the year ended December 31, 2022, TS Hamilton Fund generated positive returns in single name equities trading in STV, partially offset by losses in macroeconomic trading in FTV. Gains were led by U.S. single name equities in STV, followed by non-U.S. equities in ESTV. In macroeconomic activities, FTV generated positive results in equities trading, partially offset by losses from fixed income trading, commodities trading, and currencies trading.
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other returned income of $87.5 million and $96.4 million and a loss of $73.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2024, the fixed maturity securities trading portfolio produced positive returns as the result of investment yield, partially offset by unrealized losses, primarily arising from U.S. treasury interest rate increases. During the year ended December 31, 2023, the fixed maturity securities trading portfolio produced positive returns as the rate of rising interest rates slowed and reinvested funds generated higher yields. During the year ended December 31, 2022, the negative mark-to-market impact of rising U.S. treasury interest rates and other macroeconomic factors offset investment yield, giving rise to non-credit related net investment losses.
Segment Information
We have determined our reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations. We have identified two reportable business segments - International and Bermuda. Each of our identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker ("CODM"): the Chief Executive Officer of the consolidated group. The CODM's responsibilities include providing leadership to all levels of employees; developing culture, values, and ethos; setting the Company's strategy, vision and direction; and overall responsibility for the success and profitability of the Company, including evaluating segment performance.
The CODM evaluates reportable segment performance based on the segment's respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses, net of third party fee income. General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As we do not manage our assets by reportable segment, investment income and assets are not allocated to reportable segments.
Our core business is underwriting and our underwriting results are reflected in our reportable segments: (1) International, which is comprised of property, casualty, and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty, and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. We consider many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments.
Corporate includes net realized and unrealized gains (losses) on investments, net investment income (loss), other income (loss) not incurred by the reportable segments, net foreign exchange gains (losses), general and administrative expenses not incurred by the reportable segments, impairment of goodwill, amortization of intangible assets, interest expense, and income tax expense (benefit).
International Segment
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Gross premiums written | $1,308,460 | $1,105,522 | $933,241 |
| Net premiums written | $969,605 | $770,399 | $635,773 |
| Net premiums earned | $886,934 | $703,508 | $623,047 |
| Third party fee income | 16,317 | 9,685 | 11,430 |
| Claims and Expenses | |||
| Losses and loss adjustment expenses | 498,023 | 362,137 | 335,484 |
| Acquisition costs | 216,971 | 186,698 | 170,571 |
| Other underwriting expenses | 148,824 | 127,402 | 108,239 |
| Underwriting income (loss) | $39,433 | $36,956 | $20,183 |
| Attritional losses - current year | $474,665 | $373,949 | $317,199 |
| Attritional losses - prior year development | (3,354) | (24,415) | (29,800) |
| Catastrophe losses - current year | 33,913 | 10,686 | 45,118 |
| Catastrophe losses - prior year development | (7,201) | 1,917 | 2,967 |
| Losses and loss adjustment expenses | $498,023 | $362,137 | $335,484 |
| Attritional loss ratio - current year | 53.5% | 53.2% | 50.9% |
| Attritional loss ratio - prior year development | (0.4)% | (3.5)% | (4.8)% |
| Catastrophe loss ratio - current year | 3.9% | 1.5% | 7.2% |
| Catastrophe loss ratio - prior year development | (0.8)% | 0.3% | 0.5% |
| Losses and loss adjustment expense ratio | 56.2% | 51.5% | 53.8% |
| Acquisition cost ratio | 24.5% | 26.5% | 27.4% |
| Other underwriting expense ratio | 14.9% | 16.7% | 15.5% |
| Combined ratio | 95.6% | 94.7% | 96.7% |
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Property | $190,369 | $134,450 | $127,424 |
| Casualty | 554,413 | 490,465 | 463,397 |
| Specialty | 563,678 | 480,607 | 342,420 |
| Total | $1,308,460 | $1,105,522 | $933,241 |
Gross premiums written increased by $202.9 million, or 18.4%, from $1.1 billion for the year ended December 31, 2023 to $1.3 billion for the year ended December 31, 2024, primarily driven by growth in both new and existing business and improved pricing in casualty and property insurance classes and specialty reinsurance and insurance classes.
Gross premiums written increased by $172.3 million, or 18.5%, from $933.2 million for the year ended December 31, 2022 to $1.1 billion for the year ended December 31, 2023, primarily driven by growth and improved pricing across specialty insurance classes, with additional contributions from growth in casualty insurance and specialty reinsurance classes and hardening rates on property insurance classes.
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Property | $149,318 | $104,789 | $111,134 |
| Casualty | 319,536 | 269,921 | 248,588 |
| Specialty | 418,080 | 328,798 | 263,325 |
| Total | $886,934 | $703,508 | $623,047 |
Net premiums earned increased by $183.4 million, or 26.1%, from $703.5 million for the year ended December 31, 2023 to $886.9 million for the year ended December 31, 2024. The increase was driven by growth in our specialty, casualty and property insurance classes, in addition to growth in the specialty reinsurance class. Specialty insurance growth was primarily driven by accident & health, fine art & specie, political violence, and marine & energy; casualty insurance growth was primarily driven by U.S. excess and surplus lines, professional lines, and cyber, partially offset by a decrease in mergers & acquisitions; property insurance growth was primarily driven by property binders and D&F; and specialty reinsurance growth was primarily driven by surety reinsurance and treaty reinsurance.
Net premiums earned increased by $80.5 million, or 12.9%, from $623.0 million for the year ended December 31, 2022 to $703.5 million for the year ended December 31, 2023, reflecting growth in our specialty insurance business, primarily as the result of increases in political risks and political violence from our war and terror product, as well as growth in marine and personal accident lines, and growth in our casualty insurance business, including professional lines.
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Third party fee income | $16,317 | $9,685 | $11,430 |
Third party fee income increased by $6.6 million, or 68.5%, from $9.7 million for the year ended December 31, 2023 to $16.3 million for the year ended December 31, 2024. The increase was primarily due to favorable terms of a renewed syndicate management arrangement and an increase in consortium fees.
Third party fee income decreased by $1.7 million or 15.3%, from $11.4 million for the year ended December 31, 2022 to $9.7 million for the year ended December 31, 2023. The decrease was primarily driven by a reduction in the number of third party syndicates under management and the discontinuation of certain consortium arrangements.
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
|---|---|---|---|---|---|---|
| Attritional losses | $474,665 | 53.5% | $(3,354) | (0.4)% | $471,311 | 53.1% |
| Catastrophe losses | 33,913 | 3.9% | (7,201) | (0.8)% | $26,712 | 3.1% |
| Total | $508,578 | 57.4% | $(10,555) | (1.2)% | $498,023 | 56.2% |
| Attritional losses | $373,949 | 53.2% | $(24,415) | (3.5)% | $349,534 | 49.7% |
| Catastrophe losses | 10,686 | 1.5% | 1,917 | 0.3% | 12,603 | 1.8% |
| Total | $384,635 | 54.7% | $(22,498) | (3.2)% | $362,137 | 51.5% |
| Attritional losses | $317,199 | 50.9% | $(29,800) | (4.8)% | $287,399 | 46.1% |
| Catastrophe losses | 45,118 | 7.2% | 2,967 | 0.5% | 48,085 | 7.7% |
| Total | $362,317 | 58.1% | $(26,833) | (4.3)% | $335,484 | 53.8% |
Year Ended December 31, 2024 versus Year Ended December 31, 2023
The loss ratio for the year ended December 31, 2024 was 56.2%, compared to 51.5% for the year ended December 31, 2023, an increase of 4.7 percentage points. The increase was primarily driven by higher current year catastrophe and attritional losses and a lower contribution from favorable prior year development.
Attritional loss ratio - current year for the year ended December 31, 2024 was 53.5% compared to 53.2% for the year ended December 31, 2023, an increase of 0.3 percentage points. The increase was primarily driven by losses of $11.8 million, or 1.3 points, arising from the Baltimore Bridge collapse.
Attritional loss ratio - prior year for the year ended December 31, 2024 was a favorable 0.4% compared to a favorable 3.5% for the year ended December 31, 2023, an increase of 3.1 percentage points. The favorable attritional loss ratio - prior year for the year ended December 31, 2024 was primarily driven by favorable development in our property insurance and reinsurance classes, partially offset by unfavorable development in specialty insurance classes, impacted by two large losses, and casualty insurance, impacted by one specific large loss. In addition, casualty business protected by the LPT discussed in Note 7, Reinsurance, benefited from favorable development in the underlying reserves of $15.3 million, which was partially offset by a change in the deferred gain of $9.4 million, for a total net positive earnings impact of $5.9 million.
Catastrophe losses - current year and prior year of $26.7 million for the year ended December 31, 2024 were driven by Hurricane Helene ($19.6 million), Hurricane Milton ($12.8 million), and Hurricane Debby ($1.5 million), partially offset by favorable prior year development of $7.2 million. Catastrophe losses - current year and prior year of $12.6 million for the year ended December 31, 2023 were driven by the Vermont floods ($4.5 million), Hurricane Idalia ($2.9 million), Hawaii wildfires ($2.8 million), and other wind events ($0.5 million), in addition to unfavorable prior year development of $1.9 million.
Year Ended December 31, 2023 versus Year Ended December 31, 2022
The loss ratio for the year ended December 31, 2023 was 51.5%, compared to 53.8% for the year ended December 31, 2022, a decrease of 2.3 percentage points. The decrease was primarily driven by a lower level of catastrophe losses for the year ended December 31, 2023.
Attritional loss ratio - current year for the year ended December 31, 2023 was 53.2% compared to 50.9% for the year ended December 31, 2022, an increase of 2.3 percentage points. The increase in the current year attritional loss ratio primarily arose from three specific large losses in our specialty classes compared to fewer comparable events in the prior year.
Attritional loss ratio - prior year for the year ended December 31, 2023 was a favorable 3.5% compared to a favorable 4.8% for the year ended December 31, 2022, an increase of 1.3 percentage points. We experienced favorable prior year development for the year ended December 31, 2023 of $24.4 million, primarily driven by property and specialty classes. This compared to favorable prior year development for the year ended December 31, 2022 of $29.8 million across most classes of business. In addition, casualty business protected by the LPT benefited from $4.2 million in amortization of the associated deferred gain and favorable development in the underlying reserves of $0.8 million, for a total net positive earnings impact of $5.0 million. See Note 7, Reinsurance, for further discussion of the LPT.
Catastrophe losses - current year and prior year of $12.6 million for the year ended December 31, 2023 were driven by the Vermont floods ($4.5 million), Hurricane Idalia ($2.9 million), Hawaii wildfires ($2.8 million), and other wind events ($0.5 million), in addition to unfavorable prior year development of $1.9 million. Catastrophe losses - current year and prior year of $48.1 million for the year ended December 31, 2022 were primarily driven by the Ukraine conflict ($22.5 million), Hurricane Ian ($15.3 million), the KwaZulu-Natal floods ($4.6 million), and the Australian East Coast floods ($2.7 million), in addition to unfavorable prior year development of $3.0 million.
| ($ in thousands) · Acquisition Costs · % of Net Premiums Earned | ||||||||
|---|---|---|---|---|---|---|---|---|
| For the Years Ended December 31, | For the Years Ended December 31, | |||||||
| 2024 · 2023 · 2022 · 2024 · 2023 · 2022 · '24 vs '23point r · '23 vs '22point r | ||||||||
| Property | $48,623 | $34,968 | $39,606 | 32.6% | 33.4% | 35.6% | (0.8) | (2.2) |
| Casualty | 46,401 | 49,994 | 53,768 | 14.5% | 18.5% | 21.6% | (4.0) | (3.1) |
| Specialty | 121,947 | 101,736 | 77,197 | 29.2% | 30.9% | 29.3% | (1.7) | 1.6 |
| Total | $216,971 | $186,698 | $170,571 | 24.5% | 26.5% | 27.4% | (2.0) | (0.9) |
The acquisition cost ratio for the year ended December 31, 2024 was 24.5%, compared to 26.5% for the year ended December 31, 2023, a decrease of 2.0 percentage points. The decrease was primarily driven by specialty, casualty and property insurance classes as a result of a change in business mix, reduced profit commission costs and favorable ceded commission income.
The acquisition cost ratio for the year ended December 31, 2023 was 26.5% compared to 27.4% for the year ended December 31, 2022, a decrease of 0.9 percentage points. The decrease was primarily driven by higher volumes of business written in casualty insurance and property insurance classes that benefit from favorable overriding commission offset or lower acquisition costs, and other changes in the business mix.
Other Underwriting Expenses and Other Underwriting Expense Ratios
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Other underwriting expenses | $148,824 | $127,402 | $108,239 |
| Other underwriting expense ratio | 14.9% | 16.7% | 15.5% |
Other underwriting expenses are general and administrative costs incurred by our reportable segments.
Other underwriting expenses were $148.8 million for the year ended December 31, 2024, an increase of $21.4 million, or 16.8%, compared to $127.4 million for the year ended December 31, 2023. The increase was primarily driven by increases in headcount as we continued to build out underwriting teams supporting the corresponding increase in premium volume, and certain growth related professional and IT costs.
Other underwriting expenses were $127.4 million for the year ended December 31, 2023, an increase of $19.2 million, or 17.7%, compared to $108.2 million for the year ended December 31, 2022. The increase was primarily driven by increases in headcount as we built out underwriting teams supporting the corresponding increase in premium volume and certain variable performance based compensation costs.
The other underwriting expense ratios for the years ended December 31, 2024, 2023 and 2022 remained stable over the same period at 14.9%, 16.7% and 15.5%, respectively, as a result of the growth in our premium base.
Bermuda Segment
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Gross premiums written | $1,114,122 | $845,516 | $713,432 |
| Net premiums written | $951,564 | $710,039 | $586,091 |
| Net premiums earned | $847,795 | $615,025 | $520,667 |
| Third party fee income | 7,435 | 8,549 | 201 |
| Claims and Expenses | |||
| Losses and loss adjustment expenses | 512,150 | 352,466 | 422,849 |
| Acquisition costs | 171,960 | 122,450 | 100,618 |
| Other underwriting expenses | 61,189 | 55,763 | 49,301 |
| Underwriting income (loss) | $109,931 | $92,895 | $(51,900) |
| Attritional losses - current year | $447,074 | $314,195 | $275,477 |
| Attritional losses - prior year development | 4,172 | 13,972 | 26,584 |
| Catastrophe losses - current year | 74,960 | 31,390 | 141,142 |
| Catastrophe losses - prior year development | (14,056) | (7,091) | (20,354) |
| Losses and loss adjustment expenses | $512,150 | $352,466 | $422,849 |
| Attritional loss ratio - current year | 52.7% | 51.1% | 52.9% |
| Attritional loss ratio - prior year development | 0.5% | 2.3% | 5.1% |
| Catastrophe loss ratio - current year | 8.9% | 5.1% | 27.1% |
| Catastrophe loss ratio - prior year development | (1.7)% | (1.2)% | (3.9)% |
| Losses and loss adjustment expense ratio | 60.4% | 57.3% | 81.2% |
| Acquisition cost ratio | 20.3% | 19.9% | 19.3% |
| Other underwriting expense ratio | 6.3% | 7.7% | 9.4% |
| Combined ratio | 87.0% | 84.9% | 109.9% |
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Property | $423,747 | $318,297 | $309,051 |
| Casualty | 524,711 | 402,731 | 262,795 |
| Specialty | 165,664 | 124,488 | 141,586 |
| Total | $1,114,122 | $845,516 | $713,432 |
Gross premiums written increased by $268.6 million, or 31.8%, from $845.5 million for the year ended December 31, 2023 to $1.1 billion for the year ended December 31, 2024. The increase was primarily driven by new business, expanded participations and rate increases in casualty and property reinsurance classes. Specialty reinsurance also increased, primarily driven by new business and non-recurring reinstatement premiums.
Gross premiums written increased by $132.1 million or 18.5% from $713.4 million for the year ended December 31, 2022 to $845.5 million for the year ended December 31, 2023. The increase was driven by new business, volume growth and rate increases in casualty reinsurance and property insurance classes of business, partially offset by non-recurring specialty reinsurance reinstatement premiums recorded in the prior year and the strategic decision to exit certain property reinsurance business.
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Property | $308,444 | $220,659 | $233,426 |
| Casualty | 413,993 | 290,035 | 175,647 |
| Specialty | 125,358 | 104,331 | 111,594 |
| Total | $847,795 | $615,025 | $520,667 |
Net premiums earned increased by $232.8 million, or 37.8% from $615.0 million for the year ended December 31, 2023 to $847.8 million for the year ended December 31, 2024, primarily driven by new business, volume growth and rate increases in our casualty and property reinsurance classes. The most significant drivers of this increase were general liability, professional lines and property treaty and quota share classes.
Net premiums earned increased by $94.4 million, or 18.1%, from $520.7 million for the year ended December 31, 2022 to $615.0 million for the year ended December 31, 2023, reflecting growth in net premiums written in our casualty reinsurance classes, driven by continued growth across the majority of our casualty reinsurance classes, primarily general liability and professional liability. This was partially offset by strategic withdrawals from certain property reinsurance classes of business and non-recurring reinstatement premiums recorded in the prior year.
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Third party fee income (expense) | $7,435 | $8,549 | $201 |
Third party fee income of $7.4 million for the year ended December 31, 2024 decreased by $1.1 million or 13.0%, compared to $8.5 million for the year ended December 31, 2023 and was generated by certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd.
Third party fee income of $8.5 million for the year ended December 31, 2023 increased by $8.3 million, compared to $0.2 million for the year ended December 31, 2022. The increase was primarily driven by certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd.
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
|---|---|---|---|---|---|---|
| Attritional losses | $447,074 | 52.7% | $4,172 | 0.5% | $451,246 | 53.2% |
| Catastrophe losses | 74,960 | 8.9% | (14,056) | (1.7)% | 60,904 | 7.2% |
| Total | $522,034 | 61.6% | $(9,884) | (1.2)% | $512,150 | 60.4% |
| Attritional losses | $314,195 | 51.1% | $13,972 | 2.3% | $328,167 | 53.4% |
| Catastrophe losses | 31,390 | 5.1% | (7,091) | (1.2)% | 24,299 | 3.9% |
| Total | $345,585 | 56.2% | $6,881 | 1.1% | $352,466 | 57.3% |
| Attritional losses | $275,477 | 52.9% | $26,584 | 5.1% | $302,061 | 58.0% |
| Catastrophe losses | 141,142 | 27.1% | (20,354) | (3.9)% | 120,788 | 23.2% |
| Total | $416,619 | 80.0% | $6,230 | 1.2% | $422,849 | 81.2% |
Year Ended December 31, 2024 versus Year Ended December 31, 2023
The loss ratio for the year ended December 31, 2024 was 60.4%, compared to 57.3% for the year ended December 31, 2023, an increase of 3.1 percentage points. The increase was primarily driven by both a higher current year catastrophe loss ratio and current year attritional loss ratio, partially offset by a favorable prior year development loss ratio.
Attritional loss ratio - current year for the year ended December 31, 2024 was 52.7% compared to 51.1% for the year ended December 31, 2023, an increase of 1.6 percentage points. The increase was primarily driven by losses of $26.1 million, or 3.1 points, arising from the Baltimore Bridge collapse.
Attritional loss ratio - prior year for the year ended December 31, 2024 was an unfavorable 0.5% compared to an unfavorable 2.3% for the year ended December 31, 2023, a decrease of 1.8 percentage points. The unfavorable attritional loss ratio - prior year for the year ended December 31, 2024 was primarily driven by unfavorable development in certain casualty reinsurance classes, partially offset by favorable development in property reinsurance and insurance classes. This compared to unfavorable attritional loss prior year development for the year ended December 31, 2023 of $14.0 million, primarily driven by unfavorable development in property and casualty classes of business, partially offset by favorable development in specialty classes of business.
Catastrophe losses - current year and prior yearof $60.9 million for the year ended December 31, 2024 were driven by Hurricane Helene ($33.0 million), Hurricane Milton ($25.0 million), the Calgary hailstorms ($12.9 million), and Hurricane Debby ($4.1 million), partially offset by favorable prior year development of $14.1 million. Catastrophe losses - current year and prior year of $24.3 million for the year ended December 31, 2023 were primarily driven by wind and thunderstorm events which impacted states in both the Southern and Midwest U.S. during March 2023 ($11.0 million), the Hawaii wildfires ($9.2 million), severe convective storms in June 2023 ($7.1 million), Hurricane Idalia ($3.6 million) and various flood events ($0.5 million), partially offset by favorable prior year development of $7.1 million.
Year Ended December 31, 2023 versus Year Ended December 31, 2022
The loss ratio for the year ended December 31, 2023 was 57.3%, compared to 81.2% for the year ended December 31, 2022, a decrease of 23.9 percentage points. The decrease was primarily driven by a lower level of catastrophe losses in the current year.
Attritional loss ratio - current year for the year ended December 31, 2023 was 51.1% compared to 52.9% for the year ended December 31, 2022, a decrease of 1.8 percentage points. The decrease in the current year attritional loss ratio was primarily driven by a generally lower level of current year attritional losses, partially offset by certain specific losses affecting casualty and property insurance and casualty and specialty reinsurance classes.
Attritional loss ratio - prior year for the year ended December 31, 2023 was an unfavorable 2.3% compared to an unfavorable 5.1% for the year ended December 31, 2022, a decrease of 2.8 percentage points. We experienced unfavorable prior year development for the year ended December 31, 2023 of $14.0 million, primarily driven by unfavorable development in property and casualty classes of business, partially offset by favorable development in specialty classes of business. This compared to unfavorable attritional loss prior year development for the year ended December 31, 2022 of $26.6 million, primarily driven by unfavorable development across discontinued casualty classes of business.
Catastrophe losses - current year and prior year of $24.3 million for the year ended December 31, 2023 were primarily driven by wind and thunderstorm events which impacted states in both the Southern and Midwest U.S. during March 2023 ($11.0 million), the Hawaii wildfires ($9.2 million), severe convective storms in June 2023 ($7.1 million), Hurricane Idalia ($3.6 million) and various flood events ($0.5 million), partially offset by favorable prior year development of $7.1 million. Catastrophe losses - current year and prior year of $120.8 million for the year ended December 31, 2022 were primarily driven by Hurricane Ian ($62.2 million), the Ukraine conflict ($57.1 million), Australian East Coast floods ($13.9 million), Typhoon Nanmadol ($4.3 million) and KwaZulu-Natal floods ($3.7 million), partially offset by favorable prior year development of $20.4 million.
| Acquisition Costs · % of Net Premiums Earned | ||||||||
|---|---|---|---|---|---|---|---|---|
| For the Years Ended December 31, · For the Years Ended December 31, | ||||||||
| ($ in thousands) | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | '24 vs '23point r | '23 vs '22point r |
| Property | $38,896 | $26,947 | $36,686 | 12.6% | 12.2% | 15.7% | 0.4 | (3.5) |
| Casualty | 103,388 | 68,615 | 35,643 | 25.0% | 23.7% | 20.3% | 1.3 | 3.4 |
| Specialty | 29,676 | 26,888 | 28,289 | 23.7% | 25.8% | 25.3% | (2.1) | 0.5 |
| Total | $171,960 | $122,450 | $100,618 | 20.3% | 19.9% | 19.3% | 0.4 | 0.6 |
The acquisition cost ratio for the year ended December 31, 2024 increased to 20.3%, compared to 19.9% for the year ended December 31, 2023. The modest increase was primarily driven by a change in the mix of business, including more proportional business written in our casualty reinsurance and property reinsurance classes.
The acquisition cost ratio for the year ended December 31, 2023 increased to 19.9%, compared to 19.3% for the year ended December 31, 2022, reflecting the impact of higher reinstatement premiums earned by specialty reinsurance classes in the prior period and a change in business mix in casualty insurance and reinsurance classes.
Other Underwriting Expenses and Other Underwriting Expense Ratios
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Other underwriting expenses | $61,189 | $55,763 | $49,301 |
| Other underwriting expense ratio | 6.3% | 7.7% | 9.4% |
Other underwriting expenses are general and administrative costs incurred by our reportable segments.
Other underwriting expenses were $61.2 million for the year ended December 31, 2024, an increase of $5.4 million, or 9.7%, compared to $55.8 million for the year ended December 31, 2023. The increase was primarily driven by an increase in salary and compensation costs, an increased headcount as we continued to build out underwriting teams supporting the corresponding increase in premium volume, and professional fees.
Other underwriting expenses were $55.8 million for the year ended December 31, 2023, an increase of $6.5 million, or 13.1%, compared to $49.3 million for the year ended December 31, 2022. The increase was primarily driven by increases in certain variable performance based compensation costs.
The other underwriting expense ratios for the years ended December 31, 2024, 2023 and 2022 decreased over the same period at 6.3%, 7.7% and 9.4% as a result of the growth in premium base and certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd.
Corporate and Other
The components of total net realized and unrealized gains (losses) on investments and net investment income (loss) are as follows:
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $487,186 | $143,655 | $145,238 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other | 87,488 | 96,411 | (73,377) |
| $574,674 | $240,066 | $71,861 | |
| Net income (loss) attributable to non-controlling interest - TSHF | $212,729 | $21,560 | $68,064 |
(1) Prior to non-controlling interest performance incentive allocation
Total net realized and unrealized gains (losses) on investments and net investment income (loss) -TSHF, prior to non-controlling interest, returned income of $487.2 million, $143.7 million and $145.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. This includes the fund's returns, net of investment management fees.
Net investment income, net of non-controlling interest - TSHF, returned income of $274.5 million, $122.1 million and $77.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. This includes the fund's returns, net of investment management fees and performance incentive allocations. The aggregate incentive allocation to which the investment manager is entitled is included in "Net income (loss) attributable to non-controlling interests" in our GAAP financial statements.
TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 16.3%, 7.6% and 4.6% for each of the years ended December 31, 2024, 2023 and 2022, respectively.
For the year ended December 31, 2024, gains in TS Hamilton Fund were led by single name U.S. equities trading in STV. The TS Hamilton Fund also saw positive contributions to gains from non-U.S. equities trading in ESTV. In ESTV, gains were experienced in all underlying regions. The TS Hamilton Fund also experienced gains from macroeconomic trading in FTV. In FTV, gains were led by equities, credit, and fixed income.
For the year ended December 31, 2023, TS Hamilton Fund generated positive returns in single name equities trading in STV and ESTV, partially offset by losses in macroeconomic trading in FTV. In single name equities trading, STV and ESTV both made positive contributions. Within ESTV, trading was most profitable in Europe, followed by East Asia and Pan-America, while China experienced losses. Within FTV, losses were driven by commodities, fixed income, and equities, partially offset by gains in currencies and credit.
For the year ended December 31, 2022, TS Hamilton Fund generated positive returns in single name equities trading in STV, partially offset by losses in macroeconomic trading in FTV. Gains were led by U.S. single name equities in STV, followed by non-U.S. equities in ESTV. In macroeconomic activities, FTV generated positive results in equities trading, partially offset by losses from fixed income trading, commodities trading, and currencies trading.
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other returned income of $87.5 million and $96.4 million and a loss of $73.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2024, the fixed maturity securities trading portfolio produced positive returns as the result of investment yield, partially offset by unrealized losses, primarily arising from U.S. treasury interest rate increases. During the year ended December 31, 2023, the fixed maturity securities trading portfolio produced positive returns as the rate of rising interest rates slowed and reinvested funds generated higher yields. During the year ended December 31, 2022, the negative mark-to-market impact of rising U.S. Treasury interest rates and other macroeconomic factors offset investment yield, giving rise to non-credit related net investment losses.
Other Income (Loss)
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Other income (loss), excluding third party fee income | $— | $397 | $(315) |
Other income (loss), excluding third party fee income, consists of varying insignificant items in each period.
Net Foreign Exchange Gains (Losses)
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Net foreign exchange gains (losses) | $(3,231) | $(6,185) | $6,137 |
Our functional currency is the U.S. Dollar. We may conduct routine underwriting operations or invest a portion of our cash and other investable assets in currencies other than U.S. Dollars. Consequently, we may incur foreign exchange gains and losses in our results of operations.
Foreign exchange losses of $3.2 million and $6.2 million and gains of $6.1 million for the years ended December 31, 2024, 2023 and 2022, respectively, were primarily driven by the remeasurement of insurance-related assets and liabilities denominated in British Pounds, Euro, Japanese Yen, and Australian and Canadian Dollars.
Corporate Expenses
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Corporate expenses | $61,111 | $76,691 | $20,142 |
Corporate expenses for the years ended December 31, 2024, 2023 and 2022, were $61.1 million, $76.7 million and $20.1 million, respectively, and typically consist of certain executive and Board compensation costs and professional fees.
Corporate expenses for the year ended December 31, 2024 were $61.1 million compared to $76.7 million for the year ended December 31, 2023, a decrease of $15.6 million. The decrease was primarily driven by $9.2 million of Value Appreciation Pool ("VAP") expense recorded for the year ended December 31, 2024, compared to $30.4 million of VAP expense recorded for the year ended December 31, 2023, partially offset by certain variable performance based compensation costs, an increased headcount and an increase in professional fees and insurance costs associated with operating as a public company.
Corporate expenses for the year ended December 31, 2023 were $76.7 million compared to $20.1 million for the year ended December 31, 2022, an increase of $56.6 million. The increase was primarily driven by $30.4 million of share based compensation expense related to the VAP. An additional $4.2 million of expense was recorded as an adjustment to retained earnings in "Share compensation expense" in the second quarter of 2023, for a total year to date VAP expense of $34.5 million at December 31, 2023. The remainder of the increase was primarily driven by certain variable performance based compensation costs.
Impairment of Goodwill
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Impairment of goodwill | $— | $— | $24,082 |
In the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment charges of $Nil, $Nil and $24.1 million, respectively, primarily arising from the annual goodwill impairment assessment. As of December 31, 2024 and 2023, there was $Nil goodwill recorded on the balance sheet.
Amortization of Intangible Assets
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Amortization of intangible assets | $15,520 | $10,783 | $12,832 |
Amortization of intangible assets of $15.5 million, $10.8 million and $12.8 million for the years ended December 31, 2024, 2023 and 2022, respectively, relates to internally developed software and intangible assets acquired in a business combination. The increase in amortization expense is primarily driven by the incremental expense associated with additional technology projects.
Interest Expense
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Interest expense | $22,616 | $21,434 | $15,741 |
Interest expense of $22.6 million, $21.4 million and $15.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, relates to interest payments and certain administrative fees associated with our term loan and letter of credit facilities. The movement in interest expense is primarily driven by the increase in the Secured Overnight Financing Rate ("SOFR"), which underlies the floating rate associated with the term loan.
Income Tax Expense (Benefit)
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Income tax expense (benefit) | $8,402 | $(25,066) | $3,104 |
The Company's subsidiaries and branches operate in jurisdictions that are subject to tax, specifically, the United Kingdom, Ireland and the United States. Our effective income tax rate may therefore fluctuate significantly, depending on the relative contribution of each jurisdiction to pre-tax income or loss within the Company in any given period.
Hamilton Group and its Bermuda domiciled subsidiaries were not subject to income tax in Bermuda in 2023 and prior. On December 27, 2023, Bermuda enacted a 15% corporate income tax that generally became effective on January 1, 2025. The legislation defers the effective tax date until 2030 for Bermuda companies that meet certain requirements. The Company expects to meet those requirements to remain exempt until 2030. The legislation included a provision referred to as the economic transition adjustment, which is intended to provide a fair and equitable transition into the tax regime with respect to which the Company has recorded a deferred tax asset.
Income tax expense of $8.4 million for the year ended December 31, 2024 is primarily driven by withholding taxes on investment income from TS Hamilton Fund and income tax expense on earnings from our London, Dublin, and U.S. operations, partially offset by a decrease in valuation allowance.
Income tax benefit of $25.1 million for the year ended December 31, 2023 is primarily driven by the economic transition adjustment discussed above, partially offset by withholding taxes on investment income from the TS Hamilton Fund and income tax expense on earnings from our U.K. operations which was offset by a decrease in valuation allowance.
Income tax expense of $3.1 million for the year ended December 31, 2022, is primarily driven by withholding taxes on investment income from the TS Hamilton Fund and an increase in valuation allowance, partially offset by an income tax benefit from losses in our U.K., U.S. and Ireland operations.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.