Hamilton Insurance Group, Ltd.
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 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 Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Gross premiums written | $1,271,540 | $1,159,462 |
| Net premiums written | $942,547 | $947,696 |
| Net premiums earned | $845,069 | $787,012 |
| Third party fee income | 7,481 | 3,544 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 544,955 | 539,575 |
| Acquisition costs | 193,491 | 169,628 |
| Other underwriting expenses | 36,947 | 47,831 |
| Underwriting income (loss) | $77,157 | $33,522 |
| Attritional losses - current year | $480,433 | $424,058 |
| Attritional losses - prior year development | 5,712 | (6,356) |
| Catastrophe losses - current year | 12,089 | 138,980 |
| Catastrophe losses - prior year development | 46,721 | (17,107) |
| Losses and loss adjustment expenses | $544,955 | $539,575 |
| Attritional loss ratio - current year | 56.9% | 53.9% |
| Attritional loss ratio - prior year development | 0.7% | (0.8)% |
| Catastrophe loss ratio - current year | 1.4% | 17.7% |
| Catastrophe loss ratio - prior year development | 5.5% | (2.2)% |
| Losses and loss adjustment expense ratio | 64.5% | 68.6% |
| Acquisition cost ratio | 22.9% | 21.6% |
| Other underwriting expense ratio | 3.5% | 5.6% |
| Combined ratio | 90.9% | 95.8% |
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Property | $383,956 | $437,425 |
| Casualty | 714,342 | 571,915 |
| Specialty | 173,242 | 150,122 |
| Total | $1,271,540 | $1,159,462 |
Gross premiums written increased by $112.1 million, or 9.7%, from $1.2 billion for the nine months ended September 30, 2025 to $1.3 billion for the nine months ended September 30, 2026, primarily driven by growth in both new and existing business in casualty and specialty reinsurance classes, partially offset by a decrease in property reinsurance and insurance classes as a result of lower reinstatement premiums and rate decreases.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Property | $218,731 | $258,217 |
| Casualty | 513,839 | 422,073 |
| Specialty | 112,499 | 106,722 |
| Total | $845,069 | $787,012 |
Net premiums earned increased by $58.1 million, or 7.4%, from $787.0 million for the nine months ended September 30, 2025 to $845.1 million for the nine months ended September 30, 2026, primarily driven by new business and volume growth in our casualty reinsurance classes, partially offset by a decrease in our property reinsurance and insurance classes as a result of lower reinstatement premiums and rate decreases. The increase in casualty reinsurance was primarily driven by general liability and professional liability lines.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Third party fee income | $7,481 | $3,544 |
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 $7.5 million for the nine months ended September 30, 2026. The increase was driven by higher performance fees in the current period.
| For the Nine Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ 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 | $480,433 | 56.9% | $5,712 | 0.7% | $486,145 | 57.6% |
| Catastrophe losses | 12,089 | 1.4% | 46,721 | 5.5% | 58,810 | 6.9% |
| Total | $492,522 | 58.3% | $52,433 | 6.2% | $544,955 | 64.5% |
| Attritional losses | $424,058 | 53.9% | $(6,356) | (0.8)% | $417,702 | 53.1% |
| Catastrophe losses | 138,980 | 17.7% | (17,107) | (2.2)% | 121,873 | 15.5% |
| Total | $563,038 | 71.6% | $(23,463) | (3.0)% | $539,575 | 68.6% |
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.
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.
Catastrophe losses - current year and prior year were $58.8 million and $121.9 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 ($12.1 million), in addition to unfavorable prior year development relating to the Ukraine conflict ($42.6 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 ($130.7 million) andsevere convective storms ($8.3 million), partially offset byfavorable prior year development of $17.1 million.
| For the Nine Months Ended | |||||
|---|---|---|---|---|---|
| Acquisition Costs · % of Net Premiums Earned | |||||
| ($ in thousands) | September 30,2026 | September 30,2025 | September 30,2026 | September 30,2025 | '26 vs '25point r |
| Property | $31,606 | $35,720 | 14.4% | 13.8% | 0.6 |
| Casualty | 132,062 | 110,538 | 25.7% | 26.2% | (0.5) |
| Specialty | 29,823 | 23,370 | 26.5% | 21.9% | 4.6 |
| Total | $193,491 | $169,628 | 22.9% | 21.6% | 1.3 |
The acquisition cost ratio for the nine months ended September 30, 2026 was 22.9%, compared to 21.6% for the nine months ended September 30, 2025, an increase of 1.3 percentage points. The increase was driven by a change in business mix, including more proportional business written in our casualty reinsurance classes, partially offset by an increase in ceded commission income.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Other underwriting expenses | $36,947 | $47,831 |
| Other underwriting expense ratio | 3.5% | 5.6% |
Other underwriting expenses for the nine months ended September 30, 2026 were $36.9 million, a decrease of $10.9 million, or 22.8%, compared to $47.8 million for the nine months ended September 30, 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 nine months ended September 30, 2026 and 2025 decreased from 5.6% to 3.5%, 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.