Hamilton Insurance Group, Ltd.

Previous wording

The following discussion and analysis should be read in conjunction with the "Selected Consolidated Financial Data" and our audited consolidated financial statements and related notes thereto included in the Group's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"). In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections entitled "Special Note Regarding Forward-Looking Statements" and "Risk Factors" in this Quarterly Report on Form 10-Q, as well as in "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K. We do not undertake any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made.

Current wording

The following discussion and analysis should be read in conjunction with the "Selected Consolidated Financial Data" and our audited consolidated financial statements and related notes thereto included in the Group's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"). In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections entitled "Special Note Regarding Forward-Looking Statements" and "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, including this Quarterly Report. We do not undertake any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made.

Previous wording

Hamilton Insurance Group, Ltd. ("Hamilton", "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 thoughtfully 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," "Hamilton Group," the "Group," the "Company," "we," "us", or "our") 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 thoughtfully growing our diverse book of business by responding to changing market conditions, prudently managing our capital, and driving sustainable shareholder returns.

Previous wording

We harness multiple drivers to create shareholder value, including diverse underwriting operations supported by proprietary technology and a team of over 600 full-time employees, a strong balance sheet, and a unique investment management relationship with Two Sigma. We operate globally, with underwriting operations in London, Dublin, Bermuda and across the United States.

Current wording

We harness multiple drivers to create shareholder value, including diverse underwriting operations supported by proprietary technology and a team of over 600 full-time employees, a strong balance sheet, and a unique investment management relationship with Two Sigma Investments, LP ("Two Sigma"). We operate globally, with underwriting operations in London, Dublin, Bermuda and across the United States.

Previous wording

•Hamilton Select, our U.S. domestic E&S carrier, writes casualty insurance for small to mid-sized clients in the hard-to-place niche of the U.S. E&S market. We believe it presents meaningful and profitable growth opportunities in the near-to-long term, further expanding our footprint in the U.S. E&S market.

Current wording

•Hamilton Select, our U.S. domestic E&S carrier, writes casualty and property insurance for small-to-medium enterprise and lower middle market sized clients in the U.S. E&S market. We believe it presents meaningful and profitable growth opportunities in the near-to-long term, further expanding our footprint in the U.S. E&S market.

Previous wording

One of our key strategic priorities is sustainable underwriting profitability across the business we write. Our data-driven and disciplined underwriting processes position us to intelligently price and structure our products and our business portfolio. We maintain trusted and long-standing relationships with our clients and brokers, who we believe will continue to provide us with increased access to attractive business.

Current wording

One of our key strategic priorities is sustainable underwriting profitability across our portfolio. Our data-driven and disciplined underwriting processes position us to intelligently price and structure products and risks across our business. We maintain trusted and long-standing relationships with our clients and brokers, who we believe will continue to provide us with increased access to attractive business.

Previous wording

We see continued growth opportunities in both the insurance and reinsurance markets in which we operate and intend to pursue disciplined growth across our underwriting platforms. In recent years the E&S market has benefited from a strong rate environment and increased submissions as business has shifted into the non-admitted market from the admitted market. While growth is slowing down, non-admitted insurers are able to cover unique and hard-to-place risks because they have flexibility of rate and form and can accommodate the unique needs of insureds who are unable to obtain coverage from admitted carriers. We believe the access our three underwriting platforms have to U.S. E&S insurance business allows us to build a robust and diversified book of business and achieve our profitable growth objectives throughout various market cycles.

Current wording

We see continued opportunities in both the insurance and reinsurance markets in which we operate and intend to pursue disciplined growth across our underwriting platforms. In recent years, the E&S market has benefited from a strong rate environment and increased submissions as business has shifted into the non-admitted market from the admitted market. While growth in the E&S market is slowing, non-admitted insurers are able to cover unique and hard-to-place risks because they have flexibility of rate and form and can accommodate the unique needs of insureds who are unable to obtain coverage from admitted carriers. We believe the access our three underwriting platforms have to U.S. E&S insurance business allows us to build a robust and diversified book of business and achieve our profitable growth objectives throughout all market cycles and, specifically for Hamilton Select, we look forward to increased opportunities we expect to see as a result of the platform's AM Best rating upgrade to "A" from "A-" on May 12, 2026.

Previous wording

In recent years, reinsurance business experienced a supply/demand imbalance in a number of classes, which created strong market conditions. This, combined with our relatively recent AM Best "A" rating upgrade, allowed us to accelerate growth opportunities in these areas. We have observed a change in the supply/demand dynamics in some insurance and reinsurance classes in recent months, particularly property and some specialty classes, which is creating more competitive market conditions. However, we believe pricing is still risk adequate in most areas. Strong underlying market conditions persist in casualty classes, due to continued uncertainty around social inflation.

Current wording

In recent years, reinsurance business experienced a supply/demand imbalance in a number of classes, which created strong market conditions. This, combined with our relatively recent AM Best "A" rating upgrade, allowed us to accelerate growth opportunities in these areas. We have observed a change in the trading environment in several insurance and reinsurance classes in recent months, particularly property and some specialty classes, which is creating more competitive market conditions. However, we believe pricing is still risk adequate or better, at the portfolio level, in all of the lines of business we write. Strong underlying market conditions persist in casualty classes, due to continued uncertainty around social inflation. We will continue to monitor the trading environment closely and use effective reinsurance protection to manage our net positions.

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 favorable 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.

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. 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 $11.1 million and $13.0 million for the three months ended March 31, 2026 and 2025, 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 $13.0 million and $12.9 million for the three months ended June 30, 2026 and 2025, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.

Previous wording

Attritional loss ratio - current year for the three months ended March 31, 2026 was 54.5% compared to 51.9% for the three months ended March 31, 2025, an increase of 2.6 percentage points. The increase was primarily driven by a change in business mix, including more casualty reinsurance and specialty insurance business.

Current wording

Attritional loss ratio - current year for the three months ended June 30, 2026 was 53.3% compared to 53.0% for the three months ended June 30, 2025, an increase of 0.3 percentage points. The increase was primarily driven by a change in business mix, including more casualty reinsurance business.

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

Third party fee income decreased by $1.8 million, from $4.3 million for the three months ended March 31, 2025 to $2.5 million for the three months ended March 31, 2026. 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.

Current wording

Third party fee income decreased by $2.0 million, from $3.8 million for the three months ended June 30, 2025 to $1.8 million for the three months ended June 30, 2026. 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.

Previous wording

The other underwriting expense ratio for the three months ended March 31, 2026 and 2025 increased modestly from 13.0% to 13.3%, driven by an increase in the underlying costs and a decrease in third party fee income, partially offset by growth in the premium base.

Current wording

The other underwriting expense ratio for the three months ended June 30, 2026 and 2025 decreased from 14.1% to 12.9%, driven by growth in the premium base, partially offset by an increase in the underlying costs and a decrease in third party fee income.

Previous wording

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.

Current wording

Third party fee income is generated by certain performance and management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd. and increased by $0.9 million, from $1.2 million for the three months ended June 30, 2025 to $2.1 million for the three months ended June 30, 2026.

Previous wording

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.

Current wording

Attritional loss ratio - current year for the three months ended June 30, 2026 was 55.7% compared to 54.2% for the three months ended June 30, 2025, an increase of 1.5 percentage points. The increase was primarily driven by a change in business mix, including more proportional casualty reinsurance business.

Previous wording

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.

Current wording

The acquisition cost ratio for the three months ended June 30, 2026 was 23.0%, compared to 22.1% for the three months ended June 30, 2025, an increase of 0.9 percentage points. 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.

Previous wording

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.

Current wording

Other underwriting expenses for the three months ended June 30, 2026 were $13.1 million, a decrease of $3.3 million, or 20.3%, compared to $16.5 million for the three months ended June 30, 2025. The decrease was primarily driven by Bermuda substance-based tax credits, partially offset by an increase in personnel costs.

Previous wording

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.

Current wording

The other underwriting expense ratio for the three months ended June 30, 2026 and 2025 decreased from 5.9% to 3.9%, 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.

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

Foreign exchange gains of $4.5 million and losses of $2.5 million for the three months ended March 31, 2026 and 2025, 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 $2.6 million and $4.5 million for the three months ended June 30, 2026 and 2025, 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

Amortization of intangible assets of $4.0 million and $3.9 million for the three months ended March 31, 2026 and 2025, respectively, relates to internally developed software and intangible assets acquired in a business combination.

Current wording

Amortization of intangible assets of $3.7 million and $4.0 million for the three months ended June 30, 2026 and 2025, respectively, relates to internally developed software and intangible assets acquired in a business combination.

Previous wording

Income tax expense for the three months ended March 31, 2026 was $2.3 million on pre-tax income of $219.4 million, compared to income tax expense of $3.2 million on pre-tax income of $184.5 million for the three months ended March 31, 2025, a decrease of $0.9 million. Income tax expense was primarily driven by withholding taxes on investment income from TS Hamilton Fund.

Current wording

Income tax expense for the three months ended June 30, 2026 was $2.5 million on pre-tax income of $257.3 million, compared to income tax expense of $2.7 million on pre-tax income of $270.5 million for the three months ended June 30, 2025, a decrease of $0.2 million. Income tax expense was primarily driven by withholding taxes on investment income from TS Hamilton Fund.

Previous wording

Gross premiums written Gross premiums written were $940.1 million and $843.3 million for the three months ended March 31, 2026 and 2025, respectively. The increase in gross premiums written was primarily driven by our casualty reinsurance and insurance classes and specialty insurance classes as a result of growth in both new and existing business, partially offset by a decrease in our property reinsurance classes primarily as a result of lower reinstatement premiums for the three months ended March 31, 2026.

Current wording

Gross premiums written Gross premiums written were $1.8 billion and $1.6 billion for the six months ended June 30, 2026 and 2025, respectively. The increase in gross premiums written was primarily driven by our casualty reinsurance and insurance classes and specialty insurance classes as a result of growth in both new and existing business, partially offset by a decrease in our property reinsurance classes primarily as a result of lower reinstatement premiums and rate decreases for the six months ended June 30, 2026.

Previous wording

Underwriting results The combined ratio was 89.8% and 111.6% for the three months ended March 31, 2026 and 2025, respectively. The decrease was primarily driven by a decrease in the catastrophe loss ratio and other underwriting expense ratio, partially offset by an increase in the attritional loss ratio and acquisition cost ratio.

Current wording

Underwriting results The combined ratio was 92.5% and 99.1% for the six months ended June 30, 2026 and 2025, respectively. The decrease was primarily driven by a decrease in the catastrophe loss ratio and other underwriting expense ratio, partially offset by an increase in the attritional loss ratio and acquisition cost ratio.

Previous wording

For the three months ended March 31, 2026, 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 China onshore and Europe. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, and the scientific discretionary macro vehicle, NTV. Gains in macro trading were led by commodities in FTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the relative value rates vehicle, KTV.

Current wording

For the six months ended June 30, 2026, 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 China onshore and Europe. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, and the scientific discretionary macro vehicle, NTV. Gains from macro trading were led by commodities in FTV and were partially offset by losses within the relative value rates vehicle, KTV.

Previous wording

Net premiums earned increased by $50.2 million, or 20.9%, from $240.6 million for the three months ended March 31, 2025 to $290.8 million for the three months ended March 31, 2026. The increase was primarily driven by growth in our specialty insurance and reinsurance classes and casualty insurance classes. Specialty insurance growth was primarily driven by accident & health, fine art & specie and marine & energy; specialty reinsurance growth was primarily driven by surety reinsurance and treaty reinsurance; and casualty insurance growth was primarily driven by U.S. excess and surplus lines and professional lines.

Current wording

Net premiums earned increased by $99.6 million, or 20.2%, from $493.8 million for the six months ended June 30, 2025 to $593.4 million for the six months ended June 30, 2026. The increase was primarily driven by growth in our specialty and casualty insurance and specialty reinsurance classes. Specialty insurance growth was primarily driven by accident & health, fine art & specie and marine & energy; specialty reinsurance growth was primarily driven by surety reinsurance; and casualty insurance growth was primarily driven by U.S. excess and surplus lines and professional lines.

Previous wording

Attritional loss ratio - current year for the three months ended March 31, 2026 was 54.9% compared to 52.1% for the three months ended March 31, 2025, an increase of 2.8 percentage points. The increase was primarily driven by a change in business mix, including more specialty insurance business.

Current wording

Attritional loss ratio - current year for the six months ended June 30, 2026 was 53.0% compared to 52.0% for the six months ended June 30, 2025, an increase of 1.0 percentage points. The increase was primarily driven by a change in business mix, including more specialty insurance business.

Previous wording

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.

Current wording

Net premiums earned increased by $46.8 million, or 9.1%, from $516.3 million for the six months ended June 30, 2025 to $563.1 million for the six months ended June 30, 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 and rate decreases. The increase in casualty reinsurance was primarily driven by general liability lines.

Previous wording

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.

Current wording

Attritional loss ratio - prior year for the six months ended June 30, 2026 was an unfavorable 4.1% compared to a favorable 0.1% for the six months ended June 30, 2025, an increase of 4.2 percentage points. The unfavorable attritional loss ratio - prior year for the six months ended June 30, 2026 was primarily driven by additional loss information in relation to certain large losses, including the Baltimore Bridge collapse, and unfavorable development in certain casualty reinsurance classes, partially offset by favorable development in property reinsurance classes.

Previous wording

For the three months ended March 31, 2026, 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 China onshore and Europe. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, and the scientific discretionary macro vehicle, NTV. Gains in macro trading were led by commodities in FTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the relative value rates vehicle, KTV.

Current wording

For the six months ended June 30, 2026, 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 China onshore and Europe. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, and the scientific discretionary macro vehicle, NTV. Gains from macro trading were led by commodities in FTV and were partially offset by losses within the relative value rates vehicle, KTV.

Previous wording

Corporate expenses for the three months ended March 31, 2026 were $11.1 million, compared to $13.0 million for the three months ended March 31, 2025, a decrease of $1.9 million. The decrease was primarily driven by the impact of the Bermuda substance-based tax credits.

Current wording

Corporate expenses for the six months ended June 30, 2026 were $24.1 million, compared to $25.8 million for the six months ended June 30, 2025, a decrease of $1.7 million. The decrease was primarily driven by the impact of the Bermuda substance-based tax credits, partially offset by an increase in personnel costs.

Previous wording

Interest expense of $4.8 million and $5.6 million for the three months ended March 31, 2026 and 2025, 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 movement in the Secured Overnight Financing Rate ("SOFR"), which underlies the floating rate associated with the term loan.

Current wording

Interest expense of $9.5 million and $10.3 million for the six months ended June 30, 2026 and 2025, 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 movement in the Secured Overnight Financing Rate ("SOFR"), which underlies the floating rate associated with the term loan.

Previous wording

Book value per common share was $27.42 at March 31, 2026, a $1.08 or 3.8% decrease from the Company’s book value per common share of$28.50 at December 31, 2025 and a $0.92 or 3.2% increase from $28.50 when incorporating the impact of the special dividend paid to common shareholders in the three months ended March 31, 2026.

Current wording

Book value per common share was $28.91 at June 30, 2026, a $0.41 or 1.4% increase from the Company’s book value per common share of$28.50 at December 31, 2025 and a $2.41 or 8.5% increase from $28.50 when incorporating the impact of the special dividend paid to common shareholders in the six months ended June 30, 2026.

Previous wording

The increase in book value per common share plus accumulated dividends was primarily driven by the Company’s net income attributable to common shareholders of $133.5 million. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.

Current wording

The increase in book value per common share plus accumulated dividends was primarily driven by the Company’s net income attributable to common shareholders of $277.3 million for the six months ended June 30, 2026. 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 $26.57 at March 31, 2026, a $1.05 or 3.8% decrease from the Company’s tangible book value per common share of $27.62 at December 31, 2025 and a $0.95 or 3.4% increase from $27.62 when incorporating the impact of the special dividend paid to common shareholders in the three months ended March 31, 2026.

Current wording

Tangible book value per common share was $28.07 at June 30, 2026, a $0.45 or 1.6% increase from the Company’s tangible book value per common share of $27.62 at December 31, 2025 and a $2.45 or 8.9% increase from $27.62 when incorporating the impact of the special dividend paid to common shareholders in the six months ended June 30, 2026.

Previous wording

The increase in book value per common share plus accumulated dividends was primarily driven by the Company’s net income attributable to common shareholders of $133.5 million. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.

Current wording

The increase in book value per common share plus accumulated dividends was primarily driven by the Company’s net income attributable to common shareholders of $277.3 million for the six months ended June 30, 2026. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.

Previous wording

Management believes that return on average common shareholders’ equity ("ROACE") is an important indicator of the Company’s profitability and financial efficiency. We calculate it by dividing net income (loss) attributable to common shareholders by average common shareholders' equity for the corresponding period.

Current wording

Management believes that return on average common shareholders’ equity ("ROACE") is an important indicator of the Company’s profitability and financial efficiency. We calculate ROACE by dividing net income (loss) attributable to common shareholders by average common shareholders' equity for the corresponding period.

Previous wording

ROACE was 4.8% for the three months ended March 31, 2026, compared to 3.4% for the three months ended March 31, 2025. The increase was primarily driven by the higher net income attributable to common shareholders for the three months ended March 31, 2026.

Current wording

ROACE was 5.2% for the three months ended June 30, 2026, compared to 7.6% for the three months ended June 30, 2025. The decrease was driven by the higher average common shareholders' equity and lower net income attributable to common shareholders reported as at and for the three months ended June 30, 2026, respectively.

Previous wording

Third party fee income includes income that is incremental and/or directly attributable to our underwriting operations. It is primarily comprised of fees earned by the International segment for management services provided to third party syndicates and consortia and by the Bermuda segment for management and performance based fees generated by our third party capital manager, Ada Capital Management Limited. We believe that this measure is a relevant component of our underwriting income (loss).

Current wording

Third party fee income includes income that is incremental and/or directly attributable to our underwriting operations. It is primarily comprised of performance and management fees earned by the Bermuda segment that were generated by our third party capital manager, Ada Capital Management Limited, and fees earned by the International segment for management services provided to consortia and third party syndicates. We believe that this measure is a relevant component of our underwriting income (loss).

Previous wording

The Company maintains two segregated investment portfolios: a fixed maturities and short-term investments trading portfolio and an investment in Two Sigma Hamilton Fund ("TS Hamilton Fund").

Current wording

The Company maintains two segregated investment portfolios: a fixed maturities and short-term investments trading portfolio and an investment in TS Hamilton Fund.