Hamilton Insurance Group, Ltd.
For the period ended Jun 30, 2026. Filed Aug 7, 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.
Jun 30, 2026 · Filed Aug 7, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
International Segment
| For the Three Months Ended | ||
|---|---|---|
| June 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Gross premiums written | $420,073 | $344,799 |
| Net premiums written | $322,843 | $258,089 |
| Net premiums earned | $302,623 | $253,209 |
| Third party fee income | 1,820 | 3,832 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 174,274 | 124,733 |
| Acquisition costs | 80,287 | 65,683 |
| Other underwriting expenses | 40,758 | 39,507 |
| Underwriting income (loss) | $9,124 | $27,118 |
| Attritional losses - current year | $154,492 | $131,339 |
| Attritional losses - prior year development | (13,839) | (7,729) |
| Catastrophe losses - current year | 33,621 | 1,600 |
| Catastrophe losses - prior year development | — | (477) |
| Losses and loss adjustment expenses | $174,274 | $124,733 |
| Attritional loss ratio - current year | 51.1% | 51.9% |
| Attritional loss ratio - prior year development | (4.6)% | (3.0)% |
| Catastrophe loss ratio - current year | 11.1% | 0.6% |
| Catastrophe loss ratio - prior year development | 0.0% | (0.2)% |
| Losses and loss adjustment expense ratio | 57.6% | 49.3% |
| Acquisition cost ratio | 26.5% | 25.9% |
| Other underwriting expense ratio | 12.9% | 14.1% |
| Combined ratio | 97.0% | 89.3% |
| For the Three Months Ended | ||
|---|---|---|
| June 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Property | $61,292 | $63,871 |
| Casualty | 175,394 | 140,441 |
| Specialty | 183,387 | 140,487 |
| Total | $420,073 | $344,799 |
Gross premiums written increased by $75.3 million, or 21.8%, from $344.8 million for the three months ended June 30, 2025 to $420.1 million for the three months ended June 30, 2026, primarily driven by growth in both new and existing business in casualty and specialty insurance classes.
| For the Three Months Ended | ||
|---|---|---|
| June 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Property | $48,191 | $43,706 |
| Casualty | 115,845 | 89,233 |
| Specialty | 138,587 | 120,270 |
| Total | $302,623 | $253,209 |
Net premiums earned increased by $49.4 million, or 19.5%, from $253.2 million for the three months ended June 30, 2025 to $302.6 million for the three months ended June 30, 2026. The increase was primarily driven by growth in our casualty and specialty insurance classes. Casualty insurance growth was primarily driven by U.S. excess and surplus lines and professional lines, and specialty insurance growth was primarily driven by accident & health.
| For the Three Months Ended | ||
|---|---|---|
| June 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Third party fee income | $1,820 | $3,832 |
Third party fee income decreased by $2.0 million, from $3.8 million for the three months ended June 30, 2025 to $1.8 million for the three months ended June 30, 2026. The decrease was primarily due to a decrease in syndicate management fees. Effective July 1, 2025, the management of the third party syndicate was novated from Hamilton Managing Agency to another Lloyd's managing agency.
| For the Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ 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 | $154,492 | 51.1% | $(13,839) | (4.6)% | $140,653 | 46.5% |
| Catastrophe losses | 33,621 | 11.1% | — | 0.0% | 33,621 | 11.1% |
| Total | $188,113 | 62.2% | $(13,839) | (4.6)% | $174,274 | 57.6% |
| Attritional losses | $131,339 | 51.9% | $(7,729) | (3.0)% | $123,610 | 48.9% |
| Catastrophe losses | 1,600 | 0.6% | (477) | (0.2)% | 1,123 | 0.4% |
| Total | $132,939 | 52.5% | $(8,206) | (3.2)% | $124,733 | 49.3% |
Attritional loss ratio - current year for the three months ended June 30, 2026 was 51.1% compared to 51.9% for the three months ended June 30, 2025, a decrease of 0.8 percentage points. The decrease was primarily driven by the absence of large losses in the current quarter.
Attritional loss ratio - prior year for the three months ended June 30, 2026 was a favorable 4.6% compared to a favorable 3.0% for the three months ended June 30, 2025, a decrease of 1.6 percentage points. The favorable attritional loss ratio - prior year for the three months ended June 30, 2026 was primarily driven by favorable development in specialty, property and casualty insurance classes.
Catastrophe losses - current year and prior year were $33.6 million and $1.1 million for the three months ended June 30, 2026 and 2025, respectively. Catastrophe losses for the three months ended June 30, 2026 were driven by the Middle East conflict ($33.6 million). Catastrophe losses for the three months ended June 30, 2025 were driven by severe convective storms ($1.6 million), partially offset by favorable prior year development of $0.5 million.
| For the Three Months Ended | |||||
|---|---|---|---|---|---|
| Acquisition Costs · % of Net Premiums Earned | |||||
| ($ in thousands) | June 30,2026 | June 30,2025 | June 30,2026 | June 30,2025 | '26 vs '25point r |
| Property | $15,521 | $14,964 | 32.2% | 34.2% | (2.0) |
| Casualty | 21,211 | 17,099 | 18.3% | 19.2% | (0.9) |
| Specialty | 43,555 | 33,620 | 31.4% | 28.0% | 3.4 |
| Total | $80,287 | $65,683 | 26.5% | 25.9% | 0.6 |
The acquisition cost ratio for the three months ended June 30, 2026 was 26.5%, compared to 25.9% for the three months ended June 30, 2025, an increase of 0.6 percentage points. The increase was primarily driven by a change in business mix, including an increase in specialty insurance, partially offset by a decrease in property and casualty insurance classes.
| For the Three Months Ended | ||
|---|---|---|
| June 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Other underwriting expenses | $40,758 | $39,507 |
| Other underwriting expense ratio | 12.9% | 14.1% |
Other underwriting expenses were $40.8 million for the three months ended June 30, 2026, an increase of $1.3 million, or 3.2%, compared to $39.5 million for the three months ended June 30, 2025. The increase was primarily driven by an increase in personnel costs.
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.
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