Hamilton Insurance Group, Ltd.

Previous 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.

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, particularly in connection with Hamilton Select's recent entry into additional classes of business and lower middle-market risks. We expect this expansion will contribute to the diversification and growth of our global specialty insurance and reinsurance business.

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 $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.

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

Gross premiums written Gross premiums written were $831.0 million and $712.0 million for the three 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 and reinsurance classes as a result of growth in both new and existing business, partially offset by a decrease in our property reinsurance and insurance classes, primarily as a result of rate decreases for the current quarter.

Current wording

Gross premiums written Gross premiums written were $819.7 million and $698.8 million for the three months ended September 30, 2026 and 2025, respectively. The increase in gross premiums written was primarily driven by our casualty reinsurance and insurance classes and specialty insurance and reinsurance classes as a result of growth in both new and existing business.

Previous wording

Underwriting results The combined ratio was 95.0% and 86.8% for the three months ended June 30, 2026 and 2025, respectively. The increase was primarily driven by an increase in the catastrophe loss ratio and acquisition cost ratio, partially offset by a decrease in the other underwriting expense ratio.

Current wording

Underwriting results The combined ratio was 97.3% and 87.8% for the three months ended September 30, 2026 and 2025, respectively. The increase was primarily driven by an increase in the catastrophe loss ratio and acquisition cost ratio, partially offset by a decrease in the other underwriting expense ratio and attritional loss ratio.

Previous 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.

Current wording

Attritional loss ratio - current year for the three months ended September 30, 2026 was 57.5% compared to 55.4% for the three months ended September 30, 2025, an increase of 2.1 percentage points. The increase was primarily driven by a change in business mix, including more casualty reinsurance business and the impact of one large loss in our specialty and property reinsurance classes.

Previous wording

Attritional loss ratio - prior year for the three months ended June 30, 2026 was a favorable 0.1% compared to a favorable 0.5% for the three months ended June 30, 2025, an increase of 0.4 percentage points. The attritional loss ratio - prior year for the three months ended June 30, 2026 was primarily drivenby favorable development in both our International and Bermuda property classes and our International specialty and casualty classes, partially offset by unfavorable development in certain Bermuda casualty classes. 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.

Current wording

Attritional loss ratio - prior year for the three months ended September 30, 2026 was a favorable 4.6% compared to a favorable 2.1% for the three months ended September 30, 2025, a decrease of 2.5 percentage points. The attritional loss ratio - prior year for the three months ended September 30, 2026 was primarily driven by favorable development in both our Bermuda and International specialty classes. 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.

Previous wording

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

Current wording

For the three months ended September 30, 2026, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles ESTV, STV, and ATV. Gains from single name equities trading were led by the U.S., followed by East Asia and China. TS Hamilton Fund also experienced gains for the period from macro trading within the relative value macro vehicle, HTV, the scientific discretionary macro vehicle, NTV, and the relative value rates vehicle, KTV. Gains from macro trading were led by FX in NTV and were partially offset by losses from macro trading within the systematic macro vehicle, FTV.

Previous wording

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.

Current wording

Net premiums earned increased by $57.0 million, or 22.6%, from $252.3 million for the three months ended September 30, 2025 to $309.3 million for the three months ended September 30, 2026. The increase was primarily driven by growth in our casualty and specialty insurance classes and specialty reinsurance classes. Casualty insurance growth was primarily driven by professional lines and U.S. excess and surplus lines; specialty insurance growth was primarily driven by accident & health and marine & energy; and specialty reinsurance was primarily driven by treaty reinsurance and surety reinsurance.

Previous wording

Third party fee income decreased by $3.8 million, from $8.2 million for the six months ended June 30, 2025 to $4.4 million for the six 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.

Current wording

Third party fee income decreased by $0.5 million, from $2.1 million for the three months ended September 30, 2025 to $1.6 million for the three months ended September 30, 2026. The decrease was primarily due to a decrease in management fees and consortium fees.

Previous wording

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.

Current wording

Attritional loss ratio - current year for the three months ended September 30, 2026 was 54.5% compared to 55.3% for the three months ended September 30, 2025, a decrease of 0.8 percentage points.

Previous 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.

Current wording

The other underwriting expense ratio for the three months ended September 30, 2026 and 2025 decreased from 15.7% to 14.4%, 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

Net premiums earned increased by $25.4 million, or 9.9%, from $258.0 million for the three months ended June 30, 2025 to $283.4 million for the three months ended June 30, 2026, primarily driven by new business and volume growth in our casualty and specialty reinsurance classes, partially offset by a decrease in our property reinsurance and insurance classes as a result of rate decreases. The increase in casualty reinsurance was primarily driven by general liability and professional liability lines and the increase in specialty reinsurance was primarily driven by marine & energy.

Current wording

Net premiums earned increased by $11.3 million, or 4.2%, from $270.7 million for the three months ended September 30, 2025 to $282.0 million for the three months ended September 30, 2026, primarily driven by new business and volume growth in our casualty reinsurance classes, partially offset by a decrease in our property reinsurance and insurance classes as a result of rate decreases. The increase in casualty reinsurance was primarily driven by general liability and multiline classes.

Previous 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.

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 decreased by $0.8 million, from $2.0 million for the three months ended September 30, 2025 to $1.2 million for the three months ended September 30, 2026. The decrease was driven by lower performance fees in the current period.

Previous 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.

Current wording

Attritional loss ratio - current year for the three months ended September 30, 2026 was 60.8% compared to 55.6% for the three months ended September 30, 2025, an increase of 5.2 percentage points. The increase was primarily driven by one large loss in our specialty and property reinsurance classes and a change in business mix, including more proportional casualty reinsurance business.

Previous 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.

Current wording

The acquisition cost ratio for the three months ended September 30, 2026 was 23.1%, compared to 21.6% for the three months ended September 30, 2025, an increase of 1.5 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 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.

Current wording

Other underwriting expenses for the three months ended September 30, 2026 were $14.7 million, a decrease of $2.5 million, or 14.6%, compared to $17.3 million for the three months ended September 30, 2025. The decrease was primarily driven by Bermuda substance-based tax credits, partially offset by an increase in personnel costs.

Previous wording

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

Current wording

For the three months ended September 30, 2026, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles ESTV, STV, and ATV. Gains from single name equities trading were led by the U.S., followed by East Asia and China. TS Hamilton Fund also experienced gains for the period from macro trading within the relative value macro vehicle, HTV, the scientific discretionary macro vehicle, NTV, and the relative value rates vehicle, KTV. Gains from macro trading were led by FX in NTV and were partially offset by losses from macro trading within the systematic macro vehicle, FTV.

Previous 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.

Current wording

Foreign exchange losses of $1.2 million and gains of $2.6 million for the three months ended September 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

Corporate expenses for the three months ended June 30, 2026 were $13.0 million, compared to $12.9 million for the three months ended June 30, 2025, an increase of $0.2 million, primarily driven by an increase in personnel costs, partially offset by Bermuda substance-based tax credits.

Current wording

Corporate expenses for the three months ended September 30, 2026 were $14.1 million, compared to $15.3 million for the three months ended September 30, 2025, a decrease of $1.3 million, primarily driven by Bermuda substance-based tax credits.

Previous 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.

Current wording

Amortization of intangible assets of $3.8 million and $4.0 million for the three months ended September 30, 2026 and 2025, respectively, relates to internally developed software and intangible assets acquired in a business combination.

Previous wording

Interest expense of $4.8 million and $4.7 million for the three 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. Changes in interest expense are 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 $4.8 million and $4.9 million for the three months ended September 30, 2026 and 2025, respectively, relates to interest payments and certain administrative fees associated with our term loan and letter of credit facilities. Changes in interest expense are primarily driven by the movement in the Secured Overnight Financing Rate ("SOFR"), which underlies the floating rate associated with the term loan.

Previous 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.

Current wording

Income tax benefit for the three months ended September 30, 2026 was $1.4 million on pre-tax income of $226.8 million, compared to income tax expense of $3.9 million on pre-tax income of $180.3 million for the three months ended September 30, 2025, a decrease of $5.2 million. The income tax benefit for the three months ended September 30, 2026 was primarily driven by unrealized losses on investments in taxable jurisdictions, partially offset by withholding taxes on investment income from the TS Hamilton Fund.

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 $24.1 million and $25.8 million for the six 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.

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 $38.2 million and $41.2 million for the nine months ended September 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

The following significant items impacted the consolidated results of operations for the six months ended June 30, 2026 and 2025:

Current wording

The following significant items impacted the consolidated results of operations for the nine months ended September 30, 2026 and 2025:

Previous 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.

Current wording

Gross premiums written Gross premiums written were $2.6 billion and $2.3 billion for the nine months ended September 30, 2026 and 2025, respectively. The increase in gross premiums written was primarily driven by our casualty reinsurance and insurance classes and specialty insurance and reinsurance classes as a result of growth in both new and existing business, partially offset by a decrease in our property reinsurance and insurance classes primarily as a result of lower reinstatement premiums and rate decreases for the nine months ended September 30, 2026.

Previous 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.

Current wording

Underwriting results The combined ratio was 94.1% and 95.2% for the nine months ended September 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

Attritional loss ratio - current year for the six months ended June 30, 2026 was 53.9% compared to 52.5% for the six months ended June 30, 2025, an increase of 1.4 percentage points. The attritional loss ratio - current year for the six months ended June 30, 2026 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 nine months ended September 30, 2026 was 55.1% compared to 53.4% for the nine months ended September 30, 2025, an increase of 1.7 percentage points. The increase was primarily driven by a change in business mix, including more casualty reinsurance and specialty insurance business and the impact of one large loss in our specialty and property reinsurance classes.

Previous wording

Attritional loss ratio - prior year for the six months ended June 30, 2026 was an unfavorable 1.1% compared to a favorable 1.7% for the six months ended June 30, 2025, an increase of 2.8 percentage points. The 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 Bermuda casualty classes, partially offset by favorable development in International specialty and property classes and Bermuda property classes. 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.

Current wording

Attritional loss ratio - prior year for the nine months ended September 30, 2026 was a favorable 0.8% compared to a favorable 1.8% for the nine months ended September 30, 2025, an increase of 1.0 percentage points. The attritional loss ratio - prior year for the nine months ended September 30, 2026 was primarily driven by favorable development in our International and Bermuda specialty and property classes, partially offset by additional loss information in relation to certain large losses, including the Baltimore Bridge collapse, and unfavorable development in certain Bermuda casualty classes. 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.

Previous wording

Catastrophe losses - current year and prior year development were $49.9 million and $152.0 million for the six months ended June 30, 2026 and 2025, respectively. Catastrophe losses for the six months ended June 30, 2026 were driven by the Middle East conflict ($45.7 million), in addition to unfavorable prior year development of $4.2 million. 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.

Current wording

Catastrophe losses - current year and prior year development were $103.8 million and $152.0 million for the nine months ended September 30, 2026 and 2025, respectively. Catastrophe losses for the nine months ended September 30, 2026 were driven by the Middle East conflict ($52.6 million), in addition to unfavorable prior year development relating to the Ukraine conflict ($47.1 million) and other unfavorable prior year development ($4.1 million). 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.

Previous 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.

Current wording

For the nine months ended September 30, 2026, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles ESTV, STV, and ATV. Gains from single name equities trading were led by the U.S., followed by China and East Asia. TS Hamilton Fund also experienced gains for the period 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 equities in FTV and FX in NTV and were partially offset by losses within the relative value rates vehicle, KTV.

Previous 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.

Current wording

Net premiums earned increased by $156.7 million, or 21.0%, from $746.1 million for the nine months ended September 30, 2025 to $902.7 million for the nine months ended September 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, marine & energy and fine art & specie; casualty insurance growth was primarily driven by U.S. excess and surplus lines and professional lines; and specialty reinsurance growth was primarily driven by surety reinsurance and treaty reinsurance.

Previous 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.

Current wording

Third party fee income decreased by $4.3 million, from $10.3 million for the nine months ended September 30, 2025 to $6.0 million for the nine months ended September 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

Attritional loss ratio - prior year for the six months ended June 30, 2026 wasa favorable 1.7% compared to a favorable 3.3% for the six months ended June 30, 2025, an increase of 1.6 percentage points. The favorable attritional loss ratio - prior year for the six months ended June 30, 2026 was primarily driven by favorable development in specialty, property and casualty insurance classes, partially offset by additional loss information in relation to the Baltimore Bridge collapse.

Current wording

Attritional loss ratio - prior year for the nine months ended September 30, 2026 wasa favorable 2.2% compared to a favorable 2.9% for the nine months ended September 30, 2025, an increase of 0.7 percentage points. The favorable attritional loss ratio - prior year for the nine months ended September 30, 2026 was primarily driven by favorable development in specialty, property and casualty insurance classes and specialty reinsurance classes, partially offset by additional loss information in relation to the Baltimore Bridge collapse.

Previous wording

Catastrophe losses - current year and prior year were $33.6 million and $30.2 million for thesix months ended June 30, 2026 and 2025, respectively. Catastrophe losses for the six months ended June 30, 2026 were driven by the Middle East conflict ($33.6 million). Catastrophe losses for the six months ended June 30, 2025 were driven by the California wildfires ($29.0 million) andsevere convective storms ($1.6 million), partially offset byfavorable prior year development of$0.4 million.

Current wording

Catastrophe losses - current year and prior year were$45.0 million and $30.2 million for thenine months ended September 30, 2026 and 2025, respectively. Catastrophe losses for the nine months ended September 30, 2026 were driven by the Middle East conflict ($40.5 million), in addition to unfavorable prior year development relating to the Ukraine conflict ($4.5 million). Catastrophe losses for the nine months ended September 30, 2025 were driven by the California wildfires ($29.0 million) andsevere convective storms ($1.6 million), partially offset byfavorable prior year development of$0.4 million.

Previous wording

The acquisition cost ratio for the six months ended June 30, 2026 was 27.2%, compared to 26.0% for the six months ended June 30, 2025, an increase of 1.2 percentage points. The increase was primarily driven by a change in business mix, including an increase in specialty insurance.

Current wording

The acquisition cost ratio for the nine months ended September 30, 2026 was 27.4%, compared to 26.2% for the nine months ended September 30, 2025, an increase of 1.2 percentage points. The increase was primarily driven by a change in business mix, including an increase in specialty insurance.

Previous wording

The other underwriting expense ratio for the six months ended June 30, 2026 and 2025 decreased from 13.6% to 13.1% driven by growth in the premium base, partially offset by an increase in the underlying costs and a decrease in third party fee income.

Current wording

The other underwriting expense ratio for the nine months ended September 30, 2026 and 2025 decreased from 14.3% to 13.5%, 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

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.

Current wording

Net premiums earned increased by $58.1 million, or 7.4%, from $787.0 million for the nine months ended September 30, 2025 to $845.1 million for the nine months ended September 30, 2026, primarily driven by new business and volume growth in our casualty reinsurance classes, partially offset by a decrease in our property reinsurance and insurance classes as a result of lower reinstatement premiums and rate decreases. The increase in casualty reinsurance was primarily driven by general liability and professional liability lines.

Previous 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 $4.8 million, from $1.5 million for the six months ended June 30, 2025 to $6.3 million for the six months ended June 30, 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 $3.9 million, from $3.5 million for the nine months ended September 30, 2025 to $7.5 million for the nine months ended September 30, 2026. The increase was driven by higher performance fees in the current period.

Previous wording

Attritional loss ratio - current year for the six months ended June 30, 2026 was 54.9% compared to 53.0% for the six months ended June 30, 2025, an increase of 1.9 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 nine months ended September 30, 2026 was 56.9% compared to 53.9% for the nine months ended September 30, 2025, an increase of 3.0 percentage points. The increase was primarily driven by a change in business mix, including more proportional casualty reinsurance business and the impact of one large loss in our specialty and property reinsurance classes.

Previous 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.

Current wording

Attritional loss ratio - prior year for the nine months ended September 30, 2026 was an unfavorable 0.7% compared to a favorable 0.8% for the nine months ended September 30, 2025, an increase of 1.5 percentage points. The unfavorable attritional loss ratio - prior year for the nine months ended September 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 specialty and property reinsurance classes.