Hamilton Insurance Group, Ltd.

Previous wording

•Hamilton Global Specialty focuses predominantly on commercial specialty and casualty insurance for medium to large-sized accounts and specialty reinsurance products written by Lloyd’s Syndicate 4000 and Hamilton Insurance DAC ("HIDAC"). Syndicate 4000, a leading Lloyd’s syndicate, generates a significant portion of premium from the U.S. Excess & Surplus ("U.S. E&S") market and has ranked among the most profitable and least volatile syndicates at Lloyd’s over the last 10 years.

Current wording

•Hamilton Global Specialty focuses predominantly on commercial specialty and casualty insurance for medium to large-sized accounts and specialty reinsurance products written by Lloyd’s Syndicate 4000 and Hamilton Insurance DAC ("HIDAC"). Syndicate 4000, a leading Lloyd’s syndicate, generates a significant portion of premium from the U.S. Excess & Surplus ("E&S") market and has ranked among the most profitable and least volatile syndicates at Lloyd’s over the last 10 years.

Previous wording

Our strong, sustainable underwriting operations are complemented by our unique investment portfolio, which consists of the Two Sigma Hamilton Fund, LLC ("TS Hamilton Fund" or "TSHF"), and our investment grade fixed income portfolio, which is currently benefiting from strong interest rates. We plan to continue to optimize our investment portfolio through a balanced allocation of invested assets and maintain the flexibility to adjust this allocation as needed. We believe our strategy of disciplined underwriting growth, balanced with our investment platform, will drive our ability to create shareholder value.

Current wording

Our strong, sustainable underwriting operations are complemented by our unique investment portfolio, which consists of the Two Sigma Hamilton Fund, LLC ("TS Hamilton Fund" or "TSHF"), and our investment grade fixed income portfolio, which is currently benefiting from strong interest rates. We will continue to optimize our investment portfolio through a balanced allocation of invested assets and maintain the flexibility to adjust this allocation as needed. We believe our strategy of disciplined underwriting growth, balanced with our investment platform, will drive our ability to create shareholder value.

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 $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.

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 $15.3 million, and $14.1 million for the three months ended September 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

Gross premiums written Gross premiums written were $712.0 million and $603.3 million for the three months ended June 30, 2025 and 2024, respectively. The increase in gross premiums written was primarily driven by our reinsurance classes across casualty, specialty and property. We also saw growth in our casualty and property insurance classes. The increase was as a result of growth in both new and existing business for the three months ended June 30, 2025.

Current wording

Gross premiums written Gross premiums written were $698.8 million and $553.4 million for the three months ended September 30, 2025 and 2024, respectively. The increase in gross premiums written was primarily driven by our casualty reinsurance classes and casualty, specialty and property insurance classes. The increase was as a result of growth in both new and existing business for the three months ended September 30, 2025.

Previous wording

Underwriting results The combined ratio was 86.8% and 84.4% for the three months ended June 30, 2025 and 2024, respectively. The increase was primarily driven by an increase in the loss ratio and the acquisition cost ratio, partially offset by a decrease in the other underwriting expense ratio.

Current wording

Underwriting results The combined ratio was 87.8% and 93.6% for the three months ended September 30, 2025 and 2024, respectively. The decrease was primarily driven by a decrease in the catastrophe loss ratio, partially offset by an increase in the acquisition cost ratio and other underwriting expense ratio.

Previous wording

Attritional loss ratio - current year for the three months ended June 30, 2025 was 53.0% compared to 51.6% for the three months ended June 30, 2024, an increase of 1.4 percentage points. The increase was primarily driven by a change in business mix, including more casualty reinsurance business, and a specific large loss in our Bermuda segment's reinsurance classes.

Current wording

Attritional loss ratio - current year for the three months ended September 30, 2025 was 55.4% compared to 53.2% for the three months ended September 30, 2024, an increase of 2.2 percentage points. The increase was primarily driven by a specific large loss in our Bermuda specialty and property reinsurance classes and a change in business mix, including more casualty reinsurance business.

Previous 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.

Current wording

Attritional loss ratio - prior year for the three months ended September 30, 2025 was a favorable 2.1% compared to a favorable 0.7% for the three months ended September 30, 2024, a decrease of 1.4 percentage points. The attritional loss ratio - prior year for the three months ended September 30, 2025 was primarily driven by favorable development in both our Bermuda and International property classes and our Bermuda specialty 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 $0.3 million and a change in the deferred gain of $0.1 million, for a total net positive earnings impact of $0.4 million. The attritional loss ratio - prior year for the three months ended September 30, 2024 was primarily driven by favorable development in property and specialty classes in both our International and Bermuda segments, partially offset by unfavorable development in casualty classes in both our International and Bermuda segments. In addition, casualty business protected by the LPT benefited from favorable development in the underlying reserves of $1.7 million, which was partially offset by a change in the deferred gain of $0.6 million, for a total net positive earnings impact of $1.1 million.

Previous 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.

Current wording

For the three months ended September 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 East Asia. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, and the relative value macro vehicle, HTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the scientific discretionary macro vehicle, NTV, and the relative value rates vehicle, KTV. Losses from such macro trading were led by fixed income in NTV, and derivatives relative value in KTV.

Previous 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.

Current wording

Net premiums earned increased by $27.1 million, or 12.0%, from $225.2 million for the three months ended September 30, 2024 to $252.3 million for the three months ended September 30, 2025. The increase was primarily driven by growth in our specialty, property and casualty insurance classes. Specialty insurance growth was primarily driven by marine & energy, fine art & specie and accident & health; property insurance growth was primarily driven by property binder business; and casualty insurance growth was primarily driven by U.S. excess and surplus lines.

Previous wording

Third party fee income was $3.8 million for each of the three months ended June 30, 2025 and 2024. The fees are primarily driven by consortium fees and 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.

Current wording

Third party fee income decreased by $2.0 million, from $4.2 million for the three months ended September 30, 2024 to $2.1 million for the three months ended September 30, 2025. The decrease was primarily due to a decrease 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 ended the Company's management of third party syndicates.

Previous 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.

Current wording

Net premiums earned increased by $47.1 million, or 21.1%, from $223.6 million for the three months ended September 30, 2024 to $270.7 million for the three months ended September 30, 2025. The increase was primarily driven by new business and volume growth in our casualty reinsurance classes. The most significant drivers of this increase were general liability and professional liability.

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 $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.

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 increased by $1.7 million, from $0.3 million for the three months ended September 30, 2024 to $2.0 million for the three months ended September 30, 2025.

Previous wording

Attritional loss ratio - current year for the three months ended June 30, 2025 was 54.2% compared to 50.5% for the three months ended June 30, 2024, an increase of 3.7 percentage points. The increase was primarily driven by a change in business mix, including more proportional casualty reinsurance business, and a specific large loss in specialty reinsurance.

Current wording

Attritional loss ratio - current year for the three months ended September 30, 2025 was 55.6% compared to 51.0% for the three months ended September 30, 2024, an increase of 4.6 percentage points. The increase was primarily driven by a specific large loss in specialty and property reinsurance classes and a change in business mix, including more proportional casualty reinsurance business.

Previous wording

Catastrophe losses - current year and prior year were $0.4 million and less than $0.1 million for the three months ended June 30, 2025 and 2024, respectively. Catastrophe losses for the three months ended June 30, 2025 were driven by severe convective storms ($8.3 million), partially offset by favorable prior year development of $7.9 million. Catastrophe losses for the three months ended June 30, 2024 included $Nil current year losses and an insignificant movement on prior year.

Current wording

Catastrophe losses - current year and prior year were $Nil for the three months ended September 30, 2025. Catastrophe losses - current year and prior year for the three months ended September 30, 2024 were driven by Hurricane Helene ($21.0 million), the Calgary hailstorms ($12.3 million), and Hurricane Debby ($4.0 million), partially offset by favorable prior year development of $7.9 million.

Previous 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.

Current wording

The acquisition cost ratio for the three months ended September 30, 2025 increased to 21.6%, compared to 19.0% for the three months ended September 30, 2024. The increase was primarily driven by a change in business mix, including more proportional business written in our casualty reinsurance classes.

Previous wording

The other underwriting expense ratio for the three months ended June 30, 2025 and 2024 decreased from 6.2% to 5.9%, primarily as a result of growth in the premium base, partially offset by reduced performance based management fees.

Current wording

The other underwriting expense ratio for the three months ended September 30, 2025 and 2024 decreased from 6.2% to 5.6%, primarily as a result of growth in the premium base and certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd.

Previous 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.

Current wording

For the three months ended September 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 East Asia. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, and the relative value macro vehicle, HTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the scientific discretionary macro vehicle, NTV, and the relative value rates vehicle, KTV. Losses from such macro trading were led by fixed income in NTV, and derivatives relative value in KTV.

Previous 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.

Current wording

Foreign exchange gains of $2.6 million and losses of $6.0 million for the three months ended September 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.

Previous wording

Corporate expenses for the three months ended June 30, 2025 were $12.9 million, compared to $16.3 million for the three months ended June 30, 2024, a decrease of $3.4 million. The decrease was primarily driven by lower Value Appreciation Pool ("VAP") expenses and professional fees.

Current wording

Corporate expenses for the three months ended September 30, 2025 were $15.3 million, compared to $14.1 million for the three months ended September 30, 2024, an increase of $1.3 million. The increase was primarily driven by certain variable performance based compensation costs, partially offset by lower Value Appreciation Pool ("VAP") expenses.

Previous 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.

Current wording

Amortization of intangible assets of $4.0 million and $5.2 million for the three months ended September 30, 2025 and 2024, respectively, relates to internally developed software and intangible assets acquired in a business combination. The decrease in amortization expense is primarily driven by the timing of completion of certain projects.

Previous 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.

Current wording

Interest expense of $4.9 million and $5.4 million for the three months ended September 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 (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.

Current wording

Income tax expense (benefit) for the three months ended September 30, 2025 was $3.9 million, compared to $3.0 million for the three months ended September 30, 2024, an increase of $0.8 million. Tax expense is primarily driven by withholding taxes on investment income from TS Hamilton Fund and income tax expense on earnings from our U.S. and Dublin operations, partially offset by a decrease in valuation allowance.

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 $25.8 million and $27.8 million for the six 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.

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 $41.2 million and $41.8 million for the nine months ended September 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

The following significant items impacted the consolidated results of operations for the six months ended June 30, 2025 and 2024:

Current wording

The following significant items impacted the consolidated results of operations for the nine months ended September 30, 2025 and 2024:

Previous 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.

Current wording

Gross premiums written Gross premiums written were $2.3 billion and $1.9 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase in gross premiums written was primarily driven by our casualty and property reinsurance classes and casualty, specialty and property insurance classes. The increase was as a result of growth in both new and existing business for the nine months ended September 30, 2025.

Previous 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.

Current wording

Underwriting results The combined ratio was 95.2% and 89.9% for the nine months ended September 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.

Previous 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.

Current wording

Attritional loss ratio - current year for the nine months ended September 30, 2025 was 53.4% compared to 53.9% for the nine months ended September 30, 2024, a decrease of 0.5 percentage points. The attritional loss ratio - current year for the nine months ended September 30, 2025 was impacted by two large losses primarily in our Bermuda specialty and property reinsurance classes and a change in business mix, including more casualty reinsurance business. The attritional loss ratio - current year for the nine months ended September 30, 2024 included a specific large loss of $37.9 million arising from the Francis Scott Key Baltimore Bridge collapse.

Previous wording

Attritional loss ratio - prior year for the three months ended June 30, 2025 was a favorable 0.5% compared to a favorable 0.4% for the three months ended June 30, 2024, a decrease of 0.1 percentage points. The attritional loss ratio - prior year for the three months ended June 30, 2025 was primarily driven by favorable development in both our Bermuda and International property and specialty classes, partially offset by unfavorable development in certain Bermuda casualty 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 $2.9 million, which was partially offset by a change in the deferred gain of $2.2 million, for a total net positive earnings impact of $0.7 million. The attritional loss ratio - prior year for the three months ended June 30, 2024 was primarily driven by favorable development in property classes in both our International and Bermuda segments, casualty classes in our International segment, and specialty classes in our Bermuda segment, partially offset by unfavorable development in specialty classes in our International segment. In addition, casualty business protected by the LPT benefited from a change in the deferred gain of $1.0 million, partially offset by unfavorable development in the underlying reserves of $0.2 million, for a total net positive earnings impact of $0.8 million.

Current wording

Attritional loss ratio - prior year for the nine months ended September 30, 2025 was a favorable 1.8% compared to an unfavorable 0.6% for the nine months ended September 30, 2024, a decrease of 2.4 percentage points. The attritional loss ratio - prior year for the nine months ended September 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 $4.2 million, which was partially offset by a change in the deferred gain of $2.5 million, for a total net positive earnings impact of $1.7 million. The attritional loss ratio - prior year for the nine months ended September 30, 2024 was primarily driven by unfavorable development in casualty classes in both our International and Bermuda segments and specialty insurance classes in our International segment, partially offset by favorable development in our International and Bermuda property classes. In addition, casualty business protected by the LPT benefited from favorable development in the underlying reserves of $1.4 million and a $1.3 million change in the deferred gain, for a total net positive earnings impact of $2.7 million.

Previous 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.

Current wording

Catastrophe losses - current year and prior year development were $152.0 million and $38.5 million for the nine months ended September 30, 2025 and 2024, respectively. Catastrophe losses for the nine months ended September 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 nine months ended September 30, 2024 were driven by Hurricane Helene ($33.9 million), the Calgary hailstorms ($12.3 million), and Hurricane Debby ($5.5 million), partially offset by favorable prior year development of $13.2 million.

Previous 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.

Current wording

For the nine months ended September 30, 2024, gains in TS Hamilton Fund were led by macroeconomic trading in FTV. Within FTV, gains were achieved in equities, commodities, fixed income, and credit, while losses were experienced in currencies. 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, Pan-America and China all made positive contributions to gains, in decreasing order.

Previous wording

Net premiums earned increased by $81.3 million, or 19.7%, from $412.5 million for the six months ended June 30, 2024 to $493.8 million for the six months ended June 30, 2025. The increase was primarily driven by growth in our casualty, property and specialty insurance classes and specialty reinsurance classes. Casualty insurance growth was primarily driven by U.S. excess and surplus lines, mergers & acquisitions and professional lines; property insurance growth was primarily driven by property binder business; specialty insurance growth was primarily driven by accident & health and marine & energy; and specialty reinsurance growth was primarily driven by surety and treaty reinsurance.

Current wording

Net premiums earned increased by $108.4 million, or 17.0%, from $637.7 million for the nine months ended September 30, 2024 to $746.1 million for the nine months ended September 30, 2025. The increase was primarily driven by growth in our casualty, property and specialty insurance classes. Casualty insurance growth was primarily driven by U.S. excess and surplus lines and mergers & acquisitions; property insurance growth was primarily driven by property binder business; and specialty insurance growth was primarily driven by accident & health and marine & energy.

Previous 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.

Current wording

Third party fee income decreased by $1.3 million, or 10.9%, from $11.6 million for the nine months ended September 30, 2024 to $10.3 million for the nine months ended September 30, 2025. The decrease was primarily due to a decrease 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 ended the Company's management of third party syndicates.

Previous wording

Attritional loss ratio - prior year for the six months ended June 30, 2025 wasa favorable 3.3% compared to an unfavorable 1.3% for the six months ended June 30, 2024, a decrease of 4.6 percentage points. The favorable attritional loss ratio - prior year for thesix months ended June 30, 2025 was primarily driven by favorable development in property insurance and specialty reinsurance classes and casualty and specialty insurance classes, partially offset by modest unfavorable development in casualty reinsurance 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.

Current wording

Attritional loss ratio - prior year for the nine months ended September 30, 2025 wasa favorable 2.9% compared to an unfavorable 0.3% for the nine months ended September 30, 2024, a decrease of 3.2 percentage points. The favorable attritional loss ratio - prior year for the nine months ended September 30, 2025 was primarily driven by favorable development in property insurance, specialty reinsurance and insurance classes and casualty insurance classes, partially offset by modest unfavorable development in casualty reinsurance classes. In addition, casualty business protected by the LPT discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $4.2 million, which was partially offset by a change in the deferred gain of $2.5 million, for a total net positive earnings impact of $1.7 million.

Previous 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.

Current wording

Catastrophe losses - current year and prior year were $30.2 million and $9.1 million for thenine months ended September 30, 2025 and 2024, respectively. Catastrophe losses for the nine months ended September 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 nine months ended September 30, 2024 were driven by Hurricane Helene ($12.9 million) and Hurricane Debby ($1.5 million), partially offset byfavorable prior year development of $5.3 million.

Previous wording

The acquisition cost ratio for the six months ended June 30, 2025 was 26.0%, compared to 24.5% for the six months ended June 30, 2024, an increase of 1.5 percentage points. 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.

Current wording

The acquisition cost ratio for the nine months ended September 30, 2025 was 26.2%, compared to 25.2% for the nine months ended September 30, 2024, an increase of 1.0 percentage point. The increase was primarily driven by casualty 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

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.

Current wording

The other underwriting expense ratios for the nine months ended September 30, 2025 and 2024 increased from 13.8% to 14.3% driven by an increase in the underlying costs, partially offset by growth in the premium base.

Previous 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.

Current wording

Gross premiums written increased by $238.8 million, or 25.9%, from $920.7 million for the nine months ended September 30, 2024 to $1.2 billion for the nine months ended September 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 $54.8 million, or 27.0%, from $203.1 million for the three months ended June 30, 2024 to $258.0 million for the three months ended June 30, 2025. The increase was primarily driven by new business and volume growth in our casualty reinsurance classes and property and specialty reinsurance classes. The most significant drivers of this increase were general liability, professional liability, financial lines and property treaty and quota share business.

Current wording

Net premiums earned increased by $171.9 million, or 27.9%, from $615.2 million for the nine months ended September 30, 2024 to $787.0 million for the nine months ended September 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 and property treaty and quota share business.

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 $4.6 million, from $6.1 million for the six months ended June 30, 2024 to $1.5 million for the six months ended June 30, 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 $2.8 million, from $6.4 million for the nine months ended September 30, 2024 to $3.5 million for the nine months ended September 30, 2025.

Previous 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.

Current wording

Attritional loss ratio - current year for the nine months ended September 30, 2025 was 53.9% compared to 53.1% for the nine months ended September 30, 2024, an increase of 0.8 percentage points. The attritional loss ratio - current year for the nine months ended September 30, 2025 was impacted by two large losses in our specialty and property reinsurance classes, in addition to a change in business mix, including an increase in casualty reinsurance business. The attritional loss ratio - current year for the nine months ended September 30, 2024 included a specific large loss of $26.1 million arising from the Baltimore Bridge collapse.