Hamilton Insurance Group, Ltd.

Previous wording

We are a global specialty insurance and reinsurance company founded in Bermuda in 2013, enhanced by data and technology, focused on producing sustainable underwriting profitability and delivering significant shareholder value. We intend to continue growing our diverse book of business by responding to changing market conditions, prudently managing our capital, and driving sustainable shareholder returns.

Current wording

Hamilton Insurance Group, Ltd. ("Hamilton Group", the "Group" or the "Company") is a global specialty insurance and reinsurance company founded in Bermuda in 2013, enhanced by data and technology, focused on producing sustainable underwriting profitability and delivering significant shareholder value. We intend to continue growing our diverse book of business by responding to changing market conditions, prudently managing our capital, and driving sustainable shareholder returns.

Previous wording

(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 directly comparable GAAP financial measure, also included corporate expenses of $13.0 million, and $11.5 million for the three months ended March 31, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.

Current wording

(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 directly comparable GAAP financial measure, also included corporate expenses of $12.9 million, and $16.3 million for the three months ended June 30, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.

Previous wording

For the three months ended March 31, 2025, TS Hamilton Fund experienced gains in single name equities trading within the equity market neutral vehicles STV, ESTV, and ATV. Gains in single name equities trading were led by the U.S., followed by East Asia. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle (FTV), the relative value macro vehicle (HTV), the scientific discretionary macro vehicle (NTV), and the relative value rates vehicle, (KTV). Gains in macro trading were led by commodities in FTV and equities in HTV.

Current wording

For the three months ended June 30, 2025, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles STV, ESTV and ATV. Gains from single name equities trading were led by the U.S., followed by Europe. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, the scientific discretionary macro vehicle, NTV, and the relative value rates vehicle, KTV. Losses in macro trading were led by currencies in both HTV and FTV.

Previous wording

Gross premiums written increased by $49.1 million, or 15.3%, from $320.8 million for the three months ended March 31, 2024 to $370.0 million for the three months ended March 31, 2025. The increase was primarily driven by growth in both existing and new business in specialty, property, and casualty insurance classes, partially offset by a modest decrease in specialty reinsurance classes.

Current wording

Gross premiums written increased by $33.2 million, or 10.6%, from $311.6 million for the three months ended June 30, 2024 to $344.8 million for the three months ended June 30, 2025. The increase was primarily driven by growth in both existing and new business in property and casualty insurance classes and specialty reinsurance classes.

Previous wording

Net premiums earned increased by $43.8 million, or 22.2%, from $196.8 million for the three months ended March 31, 2024 to $240.6 million for the three months ended March 31, 2025. The increase was primarily driven by growth in our casualty, specialty and property insurance classes. Casualty insurance growth was primarily driven by U.S. excess and surplus lines, mergers & acquisitions, and cyber; specialty insurance growth was primarily driven by accident & health, marine & energy, and fine art & specie; and property insurance growth was primarily driven by property binder business.

Current wording

Net premiums earned increased by $37.6 million, or 17.4%, from $215.6 million for the three months ended June 30, 2024 to $253.2 million for the three months ended June 30, 2025. The increase was primarily driven by growth in our casualty insurance, specialty reinsurance and property insurance classes. Casualty insurance growth was primarily driven by U.S. excess and surplus lines and professional lines; specialty reinsurance growth was primarily driven by surety and treaty reinsurance; and property insurance growth was primarily driven by property binder business.

Previous wording

The acquisition cost ratio for the three months ended March 31, 2025 increased to 26.1%, compared to 24.2% for the three months ended March 31, 2024. The increase was primarily driven by casualty and property insurance classes, primarily due to higher profit commission costs on certain lines of business, partially offset by a decrease in specialty insurance classes.

Current wording

The acquisition cost ratio for the three months ended June 30, 2025 increased to 25.9%, compared to 24.7% for the three months ended June 30, 2024. Theincrease was primarily driven by casualty and property insurance classes and specialty reinsurance classes, primarily due to higher profit commission costs on certain lines of business and a change in business mix.

Previous wording

Third party fee income is generated by certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd. and decreased by $3.6 million, from $3.9 million for the three months ended March 31, 2024 to $0.3 million for the three months ended March 31, 2025.

Current wording

Third party fee income is generated by certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd. and decreased by $1.0 million, from $2.2 million for the three months ended June 30, 2024 to $1.2 million for the three months ended June 30, 2025.

Previous wording

The acquisition cost ratio for the three months ended March 31, 2025 increased to 20.9%, compared to 19.5% for the three months ended March 31, 2024. The increase was primarily driven by a change in the mix of business, including more proportional business written in our casualty reinsurance classes.

Current wording

The acquisition cost ratio for the three months ended June 30, 2025 increased to 22.1%, compared to 21.2% for the three months ended June 30, 2024. The increase was primarily driven by achange in business mix, including more proportional business written in our casualty reinsurance classes.

Previous wording

For the three months ended March 31, 2025, TS Hamilton Fund experienced gains in single name equities trading within the equity market neutral vehicles Two Sigma Spectrum Portfolio, LLC ("STV"), Two Sigma Equity Spectrum Portfolio, LLC ("ESTV"), and Two Sigma Absolute Return Portfolio, LLC ("ATV"). Gains in single name equities trading were led by the U.S., followed by East Asia. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, Two Sigma Futures Portfolio, LLC ("FTV"), the relative value macro vehicle, Two Sigma Horizon Portfolio, LLC ("HTV"), the scientific discretionary macro vehicle, Two Sigma Navigator Portfolio, LLC ("NTV"), and the relative value rates vehicle, Two Sigma Kuiper Portfolio, LLC ("KTV"). Gains in macro trading were led by commodities in FTV and equities in HTV.

Current wording

For the three months ended June 30, 2025, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles STV, ESTV and ATV. Gains from single name equities trading were led by the U.S., followed by Europe. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, the scientific discretionary macro vehicle, NTV, and the relative value rates vehicle, KTV. Losses in macro trading were led by currencies in both HTV and FTV.

Previous wording

Foreign exchange losses of $2.5 million and $2.1 million for the three months ended March 31, 2025 and 2024, 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.

Current wording

Foreign exchange losses of $4.5 million and $1.8 million for the three months ended June 30, 2025 and 2024, 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. The foreign exchange losses were primarily driven by the weakening of the U.S. Dollar during the three months ended June 30, 2025.

Previous wording

Amortization of intangible assets of $3.9 million and $3.3 million for the three months ended March 31, 2025 and 2024, 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.

Current wording

Amortization of intangible assets of $4.0 million and $3.3 million for the three months ended June 30, 2025 and 2024, 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.

Previous wording

Interest expense of $5.6 million and $5.7 million for the three months ended March 31, 2025 and 2024, respectively, relates to interest payments and certain administrative fees associated with our term loan and letter of credit facilities. The decrease in interest expense is primarily driven by the decrease in the Secured Overnight Financing Rate ("SOFR") which underlies the floating rate associated with the term loan.

Current wording

Interest expense of $4.7 million and $6.0 million for the three months ended June 30, 2025 and 2024, respectively, relates to interest payments and certain administrative fees associated with our term loan and letter of credit facilities. The decrease in interest expense is primarily driven by the decrease in the Secured Overnight Financing Rate ("SOFR") which underlies the floating rate associated with the term loan.

Previous wording

Income tax expense for the three months ended March 31, 2025 was $3.2 million, compared to $0.6 million for the three months ended March 31, 2024, an increase of $2.6 million. Tax expense 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.

Current wording

Income tax expense (benefit) for the three months ended June 30, 2025 was $2.7 million, compared to $2.5 million for the three months ended June 30, 2024, an increase of $0.2 million. Tax expense 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.

Previous wording

Gross premiums written Gross premiums written were $843.3 million and $721.9 million for the three months ended March 31, 2025 and 2024, respectively. The increase in gross premiums written was primarily driven by our casualty and property reinsurance classes and specialty, property and casualty insurance classes, partially offset by a decrease in our specialty reinsurance classes. The increase was as a result of growth in both new and existing business and an increase in reinstatement premiums for the three months ended March 31, 2025.

Current wording

Gross premiums written Gross premiums written were $1.6 billion and $1.3 billion for the six months ended June 30, 2025 and 2024, respectively. The increase in gross premiums written was primarily driven by our casualty and property reinsurance classes and property, casualty and specialty insurance classes. The increase was as a result of growth in both new and existing business and an increase in reinstatement premiums for the six months ended June 30, 2025.

Previous wording

Underwriting results The combined ratio was 111.6% and 91.5% for the three months ended March 31, 2025 and 2024, respectively. The increase was primarily driven by an increase in the catastrophe loss ratio and a modest increase in the acquisition cost ratio, partially offset by a decrease in the attritional loss ratio and a decrease in the other underwriting expense ratio.

Current wording

Underwriting results The combined ratio was 99.1% and 87.9% for the six months ended June 30, 2025 and 2024, respectively. The increase was primarily driven by an increase in the catastrophe loss ratio and the acquisition cost ratio, partially offset by a decrease in the attritional loss ratio and the other underwriting expense ratio.

Previous wording

Attritional loss ratio - current year for the three months ended March 31, 2025 was 51.9% compared to 57.2% for the three months ended March 31, 2024, a decrease of 5.3 percentage points. The decrease was primarily driven by the absence of large losses for the three months ended March 31, 2025, compared to $37.9 million of losses arising from the Francis Scott Key Baltimore Bridge collapse, which impacted our insurance and reinsurance classes in both our International and Bermuda segments for the three months ended March 31, 2024.

Current wording

Attritional loss ratio - current year for the six months ended June 30, 2025 was 52.5% compared to 54.3% for the six months ended June 30, 2024, a decrease of 1.8 percentage points. The decrease was primarily driven by the reduced impact of large losses for the six months ended June 30, 2025, compared to losses of $37.9 million arising from the Francis Scott Key Baltimore Bridge collapse, which impacted our insurance and reinsurance classes in both our International and Bermuda segments for the six months ended June 30, 2024, partially offset by a change in business mix, including an increase incasualty reinsurance business in our Bermuda segment.

Previous wording

Attritional loss ratio - prior year for the three months ended March 31, 2025 was a favorable 2.9% compared to an unfavorable 3.1% for the three months ended March 31, 2024, a decrease of 6.0 percentage points. The attritional loss ratio - prior year for the three months ended March 31, 2025 was primarily driven by favorable development in both our International and Bermuda specialty and property classes. In addition, casualty business protected by the loss portfolio transfer ("LPT") discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $1.0 million, which was partially offset by a change in the deferred gain of $0.5 million, for a total net positive earnings impact of $0.5 million. The attritional loss ratio - prior year for the three months ended March 31, 2024 was driven by unfavorable development in specialty classes in both our International and Bermuda segments, primarily related to two specific large losses, partially offset by various smaller reserve releases across classes as a result of reduced loss estimates and benign claims experience. In addition, casualty business protected by the LPT benefited from $0.9 million in amortization of the associated deferred gain, partially offset by unfavorable development in the underlying reserves of $0.1 million, for a total net positive earnings impact of $0.8 million.

Current wording

Attritional loss ratio - prior year for the six months ended June 30, 2025 was a favorable 1.7% compared to an unfavorable 1.3% for the six months ended June 30, 2024, a decrease of 3.0 percentage points. The attritional loss ratio - prior year for the six months ended June 30, 2025 was primarily driven by favorable development in both our Bermuda and International specialty and property classes, partially offset by unfavorable development in certain Bermuda casualty classes. In addition, casualty business protected by the LPT discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $3.9 million, which was partially offset by a change in the deferred gain of $2.7 million, for a total net positive earnings impact of $1.2 million. The attritional loss ratio - prior year for the six months ended June 30, 2024 was primarily driven by unfavorable development in specialty classes in both our International and Bermuda segments, primarily related to two specific large losses, partially offset by favorable development in our International property insurance and reinsurance classes. In addition, casualty business protected by the LPT benefited from a $1.9 million change in the associated deferred gain, partially offset by unfavorable development in the underlying reserves of $0.3 million, for a total net positive earnings impact of $1.6 million.

Previous wording

Catastrophe losses - current year and prior year development were $150.5 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively. Catastrophe losses for the three months ended March 31, 2025 were as a result of the California wildfires of $159.7 million, partially offset by favorable prior year development of $9.2 million. Catastrophe losses for the three months ended March 31, 2024 included $Nil current year losses and $0.2 million of unfavorable prior year development.

Current wording

Catastrophe losses - current year and prior year development were $152.0 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively. Catastrophe losses for the six months ended June 30, 2025 were driven by the California wildfires ($159.7 million) and severe convective storms ($9.9 million), partially offset by favorable prior year development of $17.6 million. Catastrophe losses for the six months ended June 30, 2024 included $Nil current year losses and an insignificant movement on prior year.

Previous wording

For the three months ended March 31, 2024, gains in TS Hamilton Fund were led by macroeconomic trading in FTV. Within FTV, equities, commodities, fixed income, currencies, and credit all made positive contributions to returns, in decreasing order. TS Hamilton Fund also received positive contributions from single name equities trading. In single name equities trading, gains were led by U.S. equities within STV, followed by non-U.S. equities within ESTV. Within ESTV, East Asia, Europe, Pan-America, and China all made positive contributions to returns, in decreasing order.

Current wording

For the six months ended June 30, 2024, gains in TS Hamilton Fund were led by macroeconomic trading in FTV. Within FTV, gains were achieved in equities, fixed income, commodities, and currencies while losses were experienced in credit. TS Hamilton Fund also saw gains from single name equities trading within STV and ESTV. In single name equities trading, gains were led by U.S. equities within STV, followed by non-U.S. equities within ESTV. Within ESTV, East Asia, Europe, China, and Pan-America all made positive contributions to gains.

Previous wording

Third party fee income increased by $0.7 million, or 20.8%, from $3.6 million for the three months ended March 31, 2024 to $4.3 million for the three months ended March 31, 2025. The increase was primarily due to an increase in consortium fees and syndicate management fees.

Current wording

Third party fee income increased by $0.8 million, or 10.5%, from $7.4 million for the six months ended June 30, 2024 to $8.2 million for the six months ended June 30, 2025. The increase was primarily due to an increase in syndicate management fees. Effective July 1, 2025, the management of the third party syndicate was novated from Hamilton Managing Agency to another Lloyd's managing agency. This ends the Company's management of third party syndicates.

Previous wording

Attritional loss ratio - current year for the three months ended March 31, 2025 was 52.1% compared to 56.0% for the three months ended March 31, 2024, a decrease of 3.9 percentage points. The decrease was primarily driven by the absence of large losses for the three months ended March 31, 2025, compared to $11.8 million of losses arising from the Baltimore Bridge collapse, which impacted our insurance and reinsurance classes for the three months ended March 31, 2024.

Current wording

Attritional loss ratio - current year for the six months ended June 30, 2025 was 52.0% compared to 54.2% for the six months ended June 30, 2024, a decrease of 2.2 percentage points. The decrease was primarily driven by the absence of specific large losses for the six months ended June 30, 2025, compared to losses of $11.8 million arising from the Baltimore Bridge collapse, which impacted our insurance and reinsurance classes for thesix months ended June 30, 2024.

Previous wording

Catastrophe losses - current year and prior year were $29.0 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively. Catastrophe losses of $29.0 million for the three months ended March 31, 2025 were driven by the California wildfires. Catastrophe losses for the three months ended March 31, 2024 included $Nil current year losses and $0.2 million of unfavorable prior year development.

Current wording

Catastrophe losses - current year and prior year were $30.2 million and $0.2 million for thesix months ended June 30, 2025 and 2024, respectively. Catastrophe losses for the six months ended June 30, 2025 were driven by the California wildfires ($29.0 million) and severe convective storms ($1.6 million), partially offset by favorable prior year development of $0.4 million. Catastrophe losses for the six months ended June 30, 2024 were driven by modest unfavorable prior year development of $0.2 million.

Previous wording

The other underwriting expense ratios for the three months ended March 31, 2025 and 2024 decreased from 14.0% to 13.0% as a result of the growth in premium base.

Current wording

The other underwriting expense ratios for the six months ended June 30, 2025 and 2024 decreased from 14.0% to 13.6%, primarily as a result of growth in the premium base.

Previous wording

Gross premiums written increased by $72.2 million, or 18.0%, from $401.1 million for the three months ended March 31, 2024 to $473.3 million for the three months ended March 31, 2025. The increase was primarily driven by growth in both new and existing business in casualty and property reinsurance classes, including certain non-recurring reinstatement premiums related to the California wildfires. This was partially offset by a decrease in specialty reinsurance classes as a result of certain non-recurring reinstatement premiums for the three months ended March 31, 2024.

Current wording

Gross premiums written increased by $147.8 million, or 21.3%, from $692.8 million for the six months ended June 30, 2024 to $840.6 million for the six months ended June 30, 2025. The increase was primarily driven by growth in both new and existing business in casualty and property reinsurance classes, including certain non-recurring reinstatement premiums related to the California wildfires.

Previous wording

Net premiums earned increased by $69.9 million, or 37.1%, from $188.5 million for the three months ended March 31, 2024 to $258.4 million for the three months ended March 31, 2025. The increase was primarily driven by new business and volume growth in our casualty and property reinsurance classes. The most significant drivers of this increase were general liability, professional liability, and property treaty and quota share business. Property reinsurance classes also increased as a result of certain non-recurring reinstatement premiums related to the California wildfires.

Current wording

Net premiums earned increased by $124.7 million, or 31.8%, from $391.6 million for the six months ended June 30, 2024 to $516.3 million for the six months ended June 30, 2025. The increase was primarily driven by new business and volume growth in our casualty, property and specialty reinsurance classes. The most significant drivers of this increase were general liability, professional liability, property treaty and quota share business and financial lines. Property reinsurance classes also increased as a result of certain non-recurring reinstatement premiums related to the California wildfires.

Previous wording

Attritional loss ratio - current year for the three months ended March 31, 2025 was 51.8% compared to 58.4% for the three months ended March 31, 2024, a decrease of 6.6 percentage points. The decrease was primarily driven by the absence of large losses for the three months ended March 31, 2025, compared to $26.1 million of losses arising from the Baltimore Bridge collapse, which impacted our insurance and reinsurance classes for the three months ended March 31, 2024.

Current wording

Attritional loss ratio - current year for the six months ended June 30, 2025 was 53.0% compared to 54.3% for the six months ended June 30, 2024, a decrease of 1.3 percentage points. The decrease was primarily driven by the reduced impact of specific large losses for the six months ended June 30, 2025, compared to losses of $26.1 million arising from the Baltimore Bridge collapse, which impacted our insurance and reinsurance classes for the six months ended June 30, 2024, partially offset by a change in business mix, including an increase in casualty reinsurance business.

Previous wording

Attritional loss ratio - prior year for the three months ended March 31, 2025 was a favorable 2.2%, compared to an unfavorable 3.2% for the three months ended March 31, 2024, a decrease of 5.4 percentage points. The favorable attritional loss ratio - prior year for the three months ended March 31, 2025 was primarily driven by favorable development in specialty and property reinsurance classes, partially offset by modest unfavorable development in certain casualty reinsurance classes.

Current wording

Attritional loss ratio - prior year for the six months ended June 30, 2025 was a favorable 0.1% compared to an unfavorable 1.3% for the six months ended June 30, 2024, a decrease of 1.4 percentage points. The favorable attritional loss ratio - prior year for the six months ended June 30, 2025 was primarily driven by favorable development in specialty and property reinsurance classes and casualty and property insurance classes, partially offset by unfavorable development in certain casualty reinsurance classes including discontinued lines of business and additional information on certain large losses.

Previous wording

The other underwriting expense ratio for the three months ended March 31, 2025 and 2024 increased from 4.4% to 5.3%, primarily as a result of reduced performance based management fees, partially off-set by growth in the premium base.

Current wording

The other underwriting expense ratio for the six months ended June 30, 2025 and 2024 increased from 5.3% to 5.6%, primarily as a result of reduced performance based management fees, partially offset by growth in the premium base.

Previous wording

Corporate expenses for the three months ended March 31, 2025 were $13.0 million, compared to $11.5 million for the three months ended March 31, 2024, an increase of $1.5 million. The increase was primarily driven by certain variable performance based compensation costs, partially offset by a lower Value Appreciation Pool expense.

Current wording

Corporate expenses for the six months ended June 30, 2025 were $25.8 million, compared to $27.8 million for the six months ended June 30, 2024, a decrease of $1.9 million. The decrease was primarily driven by lower VAP expenses and professional fees, partially offset by an increase in certain variable performance based compensation costs.

Previous wording

Book value per common share was $23.59 at March 31, 2025, a $0.64 or 2.8% increase from the Company’s book value per common share of$22.95 at December 31, 2024. The increase was primarily driven by the Company’s net income attributable to common shareholders of $80.9 million, partially offset by the net increase in common shares outstanding. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.

Current wording

Book value per common share was $25.55 at June 30, 2025, a $2.60 or 11.3% increase from the Company’s book value per common share of$22.95 at December 31, 2024. The increase was primarily driven by the Company’s net income attributable to common shareholders of $268.3 million and the accretive impact of share repurchases. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.

Previous wording

Tangible book value per common share was $22.69 at March 31, 2025, a $0.66 or 3.0% increase from the Company’s tangible book value per common share of$22.03 at December 31, 2024. The increase in tangible book value per common share was primarily driven by the Company’s net income attributable to common shareholders of $80.9 million, partially offset by the net increase in common shares outstanding. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.

Current wording

Tangible book value per common share was $24.65 at June 30, 2025, a $2.62 or 11.9% increase from the Company’s tangible book value per common share of $22.03 at December 31, 2024. The increase in tangible book value per common share was primarily driven by the Company’s net income attributable to common shareholders of $268.3 million and the accretive impact of share repurchases. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.

Previous wording

ROACE was 3.4% for the three months ended March 31, 2025, compared to 7.4% for the three months ended March 31, 2024. The decrease was primarily driven by the lower net income attributable to common shareholders for the three months ended March 31, 2025.

Current wording

ROACE was 11.0% for the six months ended June 30, 2025, compared to 13.4% for the six months ended June 30, 2024. The decrease was driven by the lower net income attributable to common shareholders reported for the six months ended June 30, 2025.

Previous wording

At March 31, 2025 and December 31, 2024, total cash and investments was $5.1 billion and $4.9 billion, respectively. However, a significant portion of the total cash and investments balances held were invested in TS Hamilton Fund as collateral for the investments held by the underlying trading vehicles, as shown in the tables under the "TS Hamilton Fund" discussion.

Current wording

At June 30, 2025 and December 31, 2024, total cash and investments was $5.5 billion and $4.9 billion, respectively. However, a significant portion of the total cash and investments balances held were invested in TS Hamilton Fund as collateral for the investments held by the underlying trading vehicles, as shown in the tables under the "TS Hamilton Fund" discussion.

Previous wording

Total cash and investments increased from $4.9 billion at December 31, 2024 to $5.1 billion at March 31, 2025. The increase was primarily driven by positive investment returns for the three months ended March 31, 2025 on both the fixed maturities and short-term investments trading portfolio and the TS Hamilton Fund. The Company also continued to deploy more cash into the fixed maturity trading portfolio. The TS Hamilton Fund represents $2.1 billion and $2.0 billion of the total cash and investments as at March 31, 2025 and December 31, 2024, respectively.

Current wording

Total cash and investments increased from $4.9 billion at December 31, 2024 to $5.5 billion at June 30, 2025. The increase was primarily driven by positive investment returns for the six months ended June 30, 2025 on both the fixed maturities and short-term investments trading portfolio and the TS Hamilton Fund. The Company also continued to deploy more cash into the fixed maturity trading portfolio. The TS Hamilton Fund represents $2.3 billion and $2.0 billion of the total cash and investments as at June 30, 2025 and December 31, 2024, respectively.

Previous wording

The fair value of the Company’s fixed maturity trading portfolio and short-term investments was $2.8 billion and $2.9 billion at March 31, 2025 and December 31, 2024, respectively.

Current wording

The fair value of the Company’s fixed maturity trading portfolio and short-term investments was $3.0 billion and $2.9 billion at June 30, 2025 and December 31, 2024, respectively.

Previous wording

Short-term investments at March 31, 2025 and December 31, 2024 of $406.2 million and $497.1 million, respectively, include $386.2 million and $496.0 million, respectively, held within TS Hamilton Fund. The cash and short-term investment balances within TS Hamilton Fund are not managed by the Company, nor can they be removed from TS Hamilton Fund as they support the underlying investment strategies within the seven trading vehicles. The balance may fluctuate significantly from period to period as a result of movements in the underlying funds. See the following discussion for further details on assets within TS Hamilton Fund.

Current wording

Short-term investments at June 30, 2025 and December 31, 2024 of $307.1 million and $497.1 million, respectively, include $285.4 million and $496.0 million, respectively, held within TS Hamilton Fund. The cash and short-term investment balances within TS Hamilton Fund are not managed by the Company, nor can they be removed from TS Hamilton Fund as they support the underlying investment strategies within the seven trading vehicles. The balance may fluctuate significantly from period to period as a result of movements in the underlying funds. See the following discussion for further details on assets within TS Hamilton Fund.

Previous wording

The average yield to maturity on the Company’s fixed maturities and short-term investments trading portfolio decreased to 4.5% at March 31, 2025 from 4.7% at December 31, 2024.

Current wording

The average yield to maturity on the Company’s fixed maturities and short-term investments trading portfolio decreased to 4.3% at June 30, 2025 from 4.7% at December 31, 2024.

Previous wording

The increase in the total fair value of the Company’s investments in Two Sigma Funds from $939.4 million at December 31, 2024 to $1.3 billion at March 31, 2025 is primarily driven by investment gains, asset allocations and collateral management within TS Hamilton Fund. The total net assets managed in TS Hamilton Fund represent our investment in and exposure to Two Sigma Funds’ investment strategies. However, as part of Two Sigma’s collateral management processes, any capital not required to be held within one of the specific trading vehicles is held in cash or short-term investments within TS Hamilton Fund as shown in the following table. The cash and short-term investment balances are not managed by the Company, nor can they be removed from TS Hamilton Fund as they support the underlying investment strategies within the seven trading vehicles.

Current wording

The increase in the total fair value of the Company’s investments in Two Sigma Funds from $939.4 million at December 31, 2024 to $1.5 billion at June 30, 2025 is primarily driven by investment gains, asset allocations and collateral management within TS Hamilton Fund. The total net assets managed in TS Hamilton Fund represent our investment in and exposure to Two Sigma Funds’ investment strategies. However, as part of Two Sigma’s collateral management processes, any capital not required to be held within one of the specific trading vehicles is held in cash or short-term investments within TS Hamilton Fund as shown in the following table. The cash and short-term investment balances are not managed by the Company, nor can they be removed from TS Hamilton Fund as they support the underlying investment strategies within the seven trading vehicles.

Previous wording

Total net assets in TS Hamilton Fund were $2.0 billion and $1.9 billion at March 31, 2025 and December 31, 2024, respectively.

Current wording

Total net assets in TS Hamilton Fund were $2.1 billion and $1.9 billion at June 30, 2025 and December 31, 2024, respectively.

Previous wording

Management believes that its significant cash flows from operations and high quality liquid investment portfolio will provide sufficient liquidity for the foreseeable future. At March 31, 2025 and December 31, 2024, total unrestricted cash and cash equivalents were $838.5 million and $996.5 million, respectively, and total restricted cash and cash equivalents were $74.5 million and $104.4 million, respectively.

Current wording

Management believes that its significant cash flows from operations and high quality liquid investment portfolio will provide sufficient liquidity for the foreseeable future. At June 30, 2025 and December 31, 2024, total unrestricted cash and cash equivalents were $985.6 million and $996.5 million, respectively, and total restricted cash and cash equivalents were $85.6 million and $104.4 million, respectively.