Hamilton Insurance Group, Ltd.
For the period ended Mar 31, 2026. Filed May 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Bermuda Segment
| For the Three Months Ended | ||
|---|---|---|
| March 31, | ||
| ($ in thousands) | 2026 | 2025 |
| Gross premiums written | $497,202 | $473,347 |
| Net premiums written | $366,223 | $374,900 |
| Net premiums earned | $279,724 | $258,361 |
| Third party fee income | 4,204 | 330 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 160,930 | 249,563 |
| Acquisition costs | 63,303 | 54,091 |
| Other underwriting expenses | 9,093 | 14,111 |
| Underwriting income (loss) | $50,602 | $(59,074) |
| Attritional losses - current year | $150,939 | $133,918 |
| Attritional losses - prior year development | 9,991 | (5,802) |
| Catastrophe losses - current year | — | 130,663 |
| Catastrophe losses - prior year development | — | (9,216) |
| Losses and loss adjustment expenses | $160,930 | $249,563 |
| Attritional loss ratio - current year | 53.9% | 51.8% |
| Attritional loss ratio - prior year development | 3.6% | (2.2)% |
| Catastrophe loss ratio - current year | 0.0% | 50.6% |
| Catastrophe loss ratio - prior year development | 0.0% | (3.6)% |
| Losses and loss adjustment expense ratio | 57.5% | 96.6% |
| Acquisition cost ratio | 22.6% | 20.9% |
| Other underwriting expense ratio | 1.7% | 5.3% |
| Combined ratio | 81.8% | 122.8% |
Gross Premiums Written
| For the Three Months Ended | ||
|---|---|---|
| March 31, | ||
| ($ in thousands) | 2026 | 2025 |
| Property | $193,738 | $223,077 |
| Casualty | 230,853 | 179,534 |
| Specialty | 72,611 | 70,736 |
| Total | $497,202 | $473,347 |
Gross premiums written increased by $23.9 million, or 5.0%, from $473.3 million for the three months ended March 31, 2025 to $497.2 million for the three months ended March 31, 2026, primarily driven by growth in both new and existing business in casualty reinsurance classes, partially offset by a decrease in property reinsurance classes as a result of lower reinstatement premiums for the three months ended March 31, 2026.
Net Premiums Earned
| For the Three Months Ended | ||
|---|---|---|
| March 31, | ||
| ($ in thousands) | 2026 | 2025 |
| Property | $76,239 | $95,468 |
| Casualty | 166,098 | 127,104 |
| Specialty | 37,387 | 35,789 |
| Total | $279,724 | $258,361 |
Net premiums earned increased by $21.4 million, or 8.3%, from $258.4 million for the three months ended March 31, 2025 to $279.7 million for the three months ended March 31, 2026, primarily driven by new business and volume growth in our casualty reinsurance classes, partially offset by a decrease in our property reinsurance classes as a result of lower reinstatement premiums for the three months ended March 31, 2026. The increase in casualty reinsurance was primarily driven by general liability lines.
| For the Three Months Ended | ||
|---|---|---|
| March 31, | ||
| ($ in thousands) | 2026 | 2025 |
| Third party fee income | $4,204 | $330 |
Third party fee income is generated by certain management and performance based fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd. and increased by $3.9 million, from $0.3 million for the three months ended March 31, 2025 to $4.2 million for the three months ended March 31, 2026.
| For the Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
| Attritional losses | $150,939 | 53.9% | $9,991 | 3.6% | $160,930 | 57.5% |
| Catastrophe losses | — | 0.0% | — | 0.0% | — | 0.0% |
| Total | $150,939 | 53.9% | $9,991 | 3.6% | $160,930 | 57.5% |
| Attritional losses | $133,918 | 51.8% | $(5,802) | (2.2)% | $128,116 | 49.6% |
| Catastrophe losses | 130,663 | 50.6% | (9,216) | (3.6)% | 121,447 | 47.0% |
| Total | $264,581 | 102.4% | $(15,018) | (5.8)% | $249,563 | 96.6% |
Attritional loss ratio - current year for the three months ended March 31, 2026 was 53.9% compared to 51.8% for the three months ended March 31, 2025, an increase of 2.1 percentage points. The increase was primarily driven by a change in business mix, including more proportional casualty reinsurance business.
Attritional loss ratio - prior year for the three months ended March 31, 2026 was an unfavorable 3.6%, compared to a favorable 2.2% for the three months ended March 31, 2025, an increase of 5.8 percentage points. The unfavorable attritional loss ratio - prior year for the three months ended March 31, 2026 was primarily driven by additional loss information in relation to the Baltimore Bridge collapse.
Catastrophe losses - current year and prior year were $Nil for the three months ended March 31, 2026. Catastrophe losses for the three months ended March 31, 2025 were as a result of the California wildfires of $130.6 million, partially offset by favorable prior year development of $9.2 million.
| For the Three Months Ended | |||||
|---|---|---|---|---|---|
| Acquisition Costs · % of Net Premiums Earned | |||||
| ($ in thousands) | March 31,2026 | March 31,2025 | March 31,2026 | March 31,2025 | '26 vs '25point r |
| Property | $11,330 | $12,489 | 14.9% | 13.1% | 1.8 |
| Casualty | 43,227 | 33,581 | 26.0% | 26.4% | (0.4) |
| Specialty | 8,746 | 8,021 | 23.4% | 22.4% | 1.0 |
| Total | $63,303 | $54,091 | 22.6% | 20.9% | 1.7 |
The acquisition cost ratio for the three months ended March 31, 2026 was 22.6%, compared to 20.9% for the three months ended March 31, 2025. The increase was primarily driven by a change in business mix, including more proportional business written in our casualty reinsurance classes, partially offset by an increase in ceded commission income. The three months ended March 31, 2025 benefited from higher reinstatement premiums, which do not attract acquisition costs.
Other Underwriting Expenses and Other Underwriting Expense Ratios
| For the Three Months Ended | ||
|---|---|---|
| March 31, | ||
| ($ in thousands) | 2026 | 2025 |
| Other underwriting expenses | $9,093 | $14,111 |
| Other underwriting expense ratio | 1.7% | 5.3% |
Other underwriting expenses are general and administrative costs incurred by our reportable segments.
Other underwriting expenses for the three months ended March 31, 2026 were $9.1 million, a decrease of $5.0 million, or 35.6%, compared to $14.1 million for the three months ended March 31, 2025. The decrease was primarily driven by Bermuda substance-based tax credits, partially offset by an increase in personnel costs.
The other underwriting expense ratio for the three months ended March 31, 2026 and 2025 decreased from 5.3% to 1.7%, driven by the Bermuda substance-based tax credits, certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd and growth in the premium base.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.