Hamilton Insurance Group, Ltd.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Cash and Investments
At December 31, 2025 and 2024, total cash and investments was $6.2 billion and $4.9 billion, respectively. However, a significant portion of the total cash and investments balances held were invested in TS Hamilton Fund as collateral for the investments held by the underlying trading vehicles, as shown in the tables under the "TS Hamilton Fund" discussion.
| As at December 31, | ||||
|---|---|---|---|---|
| ($ in thousands) · 2025 · 2024 | ||||
| Fixed maturity investments, at fair value | $3,238,543 | 52% | $2,377,862 | 49% |
| Short-term investments, at fair value | 200,459 | 3% | 497,110 | 10% |
| 3,439,002 | 55% | 2,874,972 | 59% | |
| Investments in Two Sigma Funds, at fair value | 1,587,658 | 26% | 939,381 | 19% |
| Total investments | 5,026,660 | 81% | 3,814,353 | 78% |
| Cash and cash equivalents | 1,062,359 | 17% | 996,493 | 20% |
| Restricted cash and cash equivalents | 109,731 | 2% | 104,359 | 2% |
| Total cash and cash equivalents | 1,172,090 | 19% | 1,100,852 | 22% |
| Total cash and investments | $6,198,750 | 100% | $4,915,205 | 100% |
Total cash and investments increased from $4.9 billion at December 31, 2024 to $6.2 billion at December 31, 2025. The increase was primarily driven by positive investment returns on both the fixed maturities and short-term investments trading portfolio and the TS Hamilton Fund for the year ended December 31, 2025. The Company also continued to deploy more cash into the fixed maturity trading portfolio. The TS Hamilton Fund represents $2.4 billion and $2.0 billion of the total cash and investments at December 31, 2025 and 2024, respectively.
Fixed Maturity and Short-term Investments - Trading
The Company’s fixed maturity trading portfolio and short-term investments are as follows:
| December 31, 2025 | ||||
|---|---|---|---|---|
| ($ in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | FairValue |
| Fixed maturities: | ||||
| U.S. government treasuries | $795,780 | $4,782 | $(2,728) | $797,834 |
| U.S. states, territories and municipalities | 12,924 | 89 | (53) | 12,960 |
| Non-U.S. sovereign governments and supranationals | 108,296 | 3,102 | (537) | 110,861 |
| Corporate | 1,557,582 | 29,899 | (3,337) | 1,584,144 |
| Residential mortgage-backed securities - Agency | 370,516 | 4,419 | (9,285) | 365,650 |
| Residential mortgage-backed securities - Non-agency | 33,052 | 319 | (826) | 32,545 |
| Commercial mortgage-backed securities - Non-agency | 94,223 | 835 | (360) | 94,698 |
| Other asset-backed securities | 238,567 | 1,401 | (117) | 239,851 |
| Total fixed maturities | 3,210,940 | 44,846 | (17,243) | 3,238,543 |
| Short-term investments | 200,052 | 419 | (12) | 200,459 |
| Total | $3,410,992 | $45,265 | $(17,255) | $3,439,002 |
| December 31, 2024 | ||||
|---|---|---|---|---|
| ($ in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | FairValue |
| Fixed maturities: | ||||
| U.S. government treasuries | $724,785 | $611 | $(14,293) | $711,103 |
| U.S. states, territories and municipalities | 13,533 | 25 | (327) | 13,231 |
| Non-U.S. sovereign governments and supranationals | 70,435 | 454 | (3,362) | 67,527 |
| Corporate | 1,153,612 | 6,484 | (17,036) | 1,143,060 |
| Residential mortgage-backed securities - Agency | 288,760 | 160 | (16,309) | 272,611 |
| Residential mortgage-backed securities - Non-agency | 17,432 | 6 | (684) | 16,754 |
| Commercial mortgage-backed securities - Non-agency | 40,363 | 72 | (749) | 39,686 |
| Other asset-backed securities | 113,997 | 249 | (356) | 113,890 |
| Total fixed maturities | 2,422,917 | 8,061 | (53,116) | 2,377,862 |
| Short-term investments | 495,630 | 1,484 | (4) | 497,110 |
| Total | $2,918,547 | $9,545 | $(53,120) | $2,874,972 |
The fair value of the Company’s fixed maturity trading portfolio and short-term investments was $3.4 billion and $2.9 billion at December 31, 2025 and 2024, respectively.
Short-term investments at December 31, 2025 and 2024 of $200.5 million and $497.1 million, respectively, include $199.0 million and $496.0 million, respectively, held within TS Hamilton Fund. The cash and short-term investment balances within TS Hamilton Fund are not managed by the Company, nor can they be removed from TS Hamilton Fund as they support the underlying investment strategies within the seven trading vehicles. The balance may fluctuate significantly from period to period as a result of movements in the underlying funds. See the following discussion for further details on assets within TS Hamilton Fund.
The fair values and weighted-average credit ratings of our fixed maturity trading portfolio and short-term investments by type were as follows:
| As at December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 | ||||||||
| ($ in thousands) · Fair Value · % of Total · Weighted average credit rating · Fair Value · % of Total · Weighted average credit rating | ||||||||
| Fixed maturities: | ||||||||
| U.S. government treasuries | $797,834 | 23% | Aa1 | $711,103 | 25% | Aaa | ||
| U.S. states, territories and municipalities | 12,960 | 0% | Aa2 | 13,231 | 0% | Aa2 | ||
| Non-U.S. sovereign governments and supranationals | 110,861 | 3% | Aa1 | 67,527 | 2% | Aa1 | ||
| Corporate | 1,584,144 | 46% | A3 | 1,143,060 | 41% | A3 | ||
| Residential mortgage-backed securities - Agency | 365,650 | 11% | Aa1 | 272,611 | 9% | Aaa | ||
| Residential mortgage-backed securities - Non-agency | 32,545 | 1% | Aaa | 16,754 | 1% | Aaa | ||
| Commercial mortgage-backed securities - Non-agency | 94,698 | 3% | Aa1 | 39,686 | 1% | Aaa | ||
| Other asset-backed securities | 239,851 | 7% | Aa1 | 113,890 | 4% | Aaa | ||
| Total fixed maturities | 3,238,543 | 94% | Aa3 | 2,377,862 | 83% | Aa3 | ||
| Short-term investments | 200,459 | 6% | Aa1 | 497,110 | 17% | Aaa | ||
| Total fixed maturities and short-term investments | $3,439,002 | 100% | Aa3 | $2,874,972 | 100% | Aa2 | ||
| Fixed maturity and short-term investments credit quality summary: | ||||||||
| Investment grade | 100% | 100% | ||||||
| Non-investment grade | 0% | 0% | ||||||
| Total | 100% | 100% | ||||||
The average credit quality, the average yield to maturity and the expected average duration of the Company’s fixed maturities and short-term investments trading portfolio, excluding short-term investments held by the TS Hamilton Fund, were as follows:
| As at December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Average credit quality | Aa3 | Aa3 |
| Average yield to maturity | 4.1% | 4.7% |
| Expected average duration (in years) | 3.4 | 3.4 |
At December 31, 2025 and 2024, 100% of the Company’s fixed maturities and short-term investments trading portfolio was rated investment grade (Baa3 or higher) by third party rating services. The average credit quality of the Company’s fixed maturities and short-term investments trading portfolio, excluding short-term investments held by the TS Hamilton Fund, at December 31, 2025 and 2024 was Aa3.
The average yield to maturity on the Company’s fixed maturities and short-term investments trading portfolio decreased to 4.1% at December 31, 2025 from 4.7% at December 31, 2024.
The expected average duration of the Company’s fixed maturities and short-term investments trading portfolio was 3.4 years at each of December 31, 2025 and 2024.
TS Hamilton Fund
TS Hamilton Fund invests in Two Sigma Funds ("Two Sigma Funds"), which are stated at their estimated fair values, which generally represent the Company’s proportionate interest in the members’ equity of the Two Sigma Funds as reported by the respective funds based on the net asset value ("NAV") provided by the fund administrator. The Company accounts for its investment in Two Sigma Funds under the variable interest model at NAV as a practical expedient for fair value in the consolidated balance sheet.
The Company owns the following interest in each of the Two Sigma Funds:
| Two Sigma Funds | Abbreviation | % |
|---|---|---|
| Two Sigma Spectrum Portfolio, LLC | STV | 13.3% |
| Two Sigma Equity Spectrum Portfolio, LLC | ESTV | 8.2% |
| Two Sigma Absolute Return Portfolio, LLC | ATV | 1.9% |
| Two Sigma Futures Portfolio, LLC | FTV | 6.4% |
| Two Sigma Horizon Portfolio, LLC | HTV | 5.4% |
| Two Sigma Navigator Portfolio, LLC | NTV | 6.1% |
| Two Sigma Kuiper Portfolio, LLC | KTV | 5.2% |
Although Two Sigma has broad discretion to allocate invested assets to different opportunities, the current strategy is focused on highly diversified liquid positions in global equities, futures and foreign exchange markets. Through its investments in the Two Sigma Funds, we seek to achieve absolute dollar denominated returns on a substantial capital base primarily by combining multiple hedged and leveraged systematic and non-systematic investment strategies with proprietary risk management and execution techniques. These strategies include, but are not limited to, technical and statistically-based, fundamental-based, event-based, market condition-based and spread-based strategies as well as contributor-based and/or sentiment-based strategies and blended strategies. At December 31, 2024, the Company's investment in the Two Sigma Funds consisted of STV, ESTV and FTV; effective January 1, 2025, the Company amended its existing investment in Two Sigma Funds to include an allocation to ATV, HTV, NTV and KTV.
STV primarily utilizes systematic strategies to trade U.S.-listed equity securities, exchange traded funds, money market funds, swap contracts and government debt securities.
ESTV primarily utilizes systematic strategies to trade non-U.S.-listed equity securities, swap contracts, money market funds, government debt securities, futures and foreign currency forward contracts.
ATV primarily utilizes systematic strategies to trade a diversified, global, equity market neutral portfolio, predominantly of equity securities, equity-related derivatives and other related instruments.
FTV primarily utilizes systematic macro strategies to trade exchange traded funds, exchange memberships, government debt securities, money market funds, option contracts, swap contracts, futures and forward contracts.
HTV primarily utilizes systematic strategies and non-systematic discretionary strategies to trade futures, futures options, foreign currency spot, forward and option contracts, exchange-traded products ("ETPs") and ETP options, debt securities, and various types of derivatives and other instruments.
NTV primarily utilizes non-systematic discretionary macro strategies that combine human discretion with quantitative analysis for purposes of trading globally across various asset classes.
KTV primarily utilizes non-systematic discretionary strategies that combine human discretion with quantitative analysis to trade futures, futures options, foreign currency spot, forward and option contracts, ETPs and ETP options, debt securities, and various types of derivatives and other instruments.
The Company’s investments in Two Sigma Funds are as follows:
| December 31, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| ($ in thousands) | Cost | Net Unrealized Gains (Losses) | FairValue | Cost | Net Unrealized Gains (Losses) | FairValue |
| Two Sigma Spectrum Portfolio, LLC | $500,616 | $131,996 | $632,612 | $360,997 | $102,267 | $463,264 |
| Two Sigma Equity Spectrum Portfolio, LLC | 187,718 | 49,906 | 237,624 | 136,565 | 47,011 | 183,576 |
| Two Sigma Absolute Return Portfolio, LLC | 93,092 | 8,882 | 101,974 | — | — | — |
| Two Sigma Futures Portfolio, LLC | 192,064 | 44,998 | 237,062 | 308,061 | (15,520) | 292,541 |
| Two Sigma Horizon Portfolio, LLC | 241,090 | 4,585 | 245,675 | — | — | — |
| Two Sigma Navigator Portfolio, LLC | 110,577 | (9,585) | 100,992 | — | — | — |
| Two Sigma Kuiper Portfolio, LLC | 30,406 | 1,313 | 31,719 | — | — | — |
| Total | $1,355,563 | $232,095 | $1,587,658 | $805,623 | $133,758 | $939,381 |
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 $1.6 billion at December 31, 2025 is primarily driven by investment gains, asset allocations and collateral management within TS Hamilton Fund. The total net assets managed in TS Hamilton Fund represent our investment in and exposure to Two Sigma Funds’ investment strategies. However, as part of Two Sigma’s collateral management processes, any capital not required to be held within one of the specific trading vehicles is held in cash or short-term investments within TS Hamilton Fund as shown in the following table. The cash and short-term investment balances are not managed by the Company, nor can they be removed from TS Hamilton Fund as they support the underlying investment strategies within the seven trading vehicles.
The following table represents the total assets and total liabilities of TS Hamilton Fund. Creditors or beneficial interest holders of TS Hamilton Fund have no recourse to the general credit of the Company as the Company’s obligation is limited to the amount of its committed investment.
| December 31, | ||
|---|---|---|
| ($ in thousands) | 2025 | 2024 |
| Assets | ||
| Cash and cash equivalents | $648,726 | $578,230 |
| Short-term investments | 198,986 | 496,008 |
| Investments in Two Sigma Funds, at fair value | 1,587,658 | 939,381 |
| Receivables for investments sold | 57,938 | 73,322 |
| Interest and dividends receivable | 1,110 | 945 |
| Total assets | 2,494,418 | 2,087,886 |
| Liabilities | ||
| Payable for investments purchased | 192,467 | 100,469 |
| Withdrawal payable | 123,376 | 100,420 |
| Accounts payable and accrued expenses | 214 | 233 |
| Total liabilities | 316,057 | 201,122 |
| Total net assets managed by TS Hamilton Fund | $2,178,361 | $1,886,764 |
Total net assets in TS Hamilton Fund were $2.2 billion and $1.9 billion at December 31, 2025 and 2024, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.