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
International Segment
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Gross premiums written | $1,319,314 | $1,094,715 |
| Net premiums written | $959,530 | $791,473 |
| Net premiums earned | $902,728 | $746,078 |
| Third party fee income | 5,985 | 10,301 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 508,045 | 404,300 |
| Acquisition costs | 247,411 | 195,480 |
| Other underwriting expenses | 128,193 | 116,833 |
| Underwriting income (loss) | $25,064 | $39,766 |
| Attritional losses - current year | $482,874 | $396,051 |
| Attritional losses - prior year development | (19,788) | (21,914) |
| Catastrophe losses - current year | 40,485 | 30,640 |
| Catastrophe losses - prior year development | 4,474 | (477) |
| Losses and loss adjustment expenses | $508,045 | $404,300 |
| Attritional loss ratio - current year | 53.5% | 53.1% |
| Attritional loss ratio - prior year development | (2.2)% | (2.9)% |
| Catastrophe loss ratio - current year | 4.5% | 4.1% |
| Catastrophe loss ratio - prior year development | 0.5% | (0.1)% |
| Losses and loss adjustment expense ratio | 56.3% | 54.2% |
| Acquisition cost ratio | 27.4% | 26.2% |
| Other underwriting expense ratio | 13.5% | 14.3% |
| Combined ratio | 97.2% | 94.7% |
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Property | $187,145 | $182,292 |
| Casualty | 534,433 | 443,110 |
| Specialty | 597,736 | 469,313 |
| Total | $1,319,314 | $1,094,715 |
Gross premiums written increased by $224.6 million, or 20.5%, from $1.1 billion for the nine months ended September 30, 2025 to $1.3 billion for the nine months ended September 30, 2026, primarily driven by growth in both new and existing business in specialty and casualty insurance classes.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Property | $154,989 | $137,223 |
| Casualty | 326,932 | 271,643 |
| Specialty | 420,807 | 337,212 |
| Total | $902,728 | $746,078 |
Net premiums earned increased by $156.7 million, or 21.0%, from $746.1 million for the nine months ended September 30, 2025 to $902.7 million for the nine months ended September 30, 2026. The increase was primarily driven by growth in our specialty and casualty insurance and specialty reinsurance classes. Specialty insurance growth was primarily driven by accident & health, marine & energy and fine art & specie; casualty insurance growth was primarily driven by U.S. excess and surplus lines and professional lines; and specialty reinsurance growth was primarily driven by surety reinsurance and treaty reinsurance.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Third party fee income | $5,985 | $10,301 |
Third party fee income decreased by $4.3 million, from $10.3 million for the nine months ended September 30, 2025 to $6.0 million for the nine months ended September 30, 2026. The decrease was primarily due to a decrease in syndicate management fees. Effective July 1, 2025, the management of the third party syndicate was novated from Hamilton Managing Agency to another Lloyd's managing agency.
| For the Nine Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ 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 | $482,874 | 53.5% | $(19,788) | (2.2)% | $463,086 | 51.3% |
| Catastrophe losses | 40,485 | 4.5% | 4,474 | 0.5% | 44,959 | 5.0% |
| Total | $523,359 | 58.0% | $(15,314) | (1.7)% | $508,045 | 56.3% |
| Attritional losses | $396,051 | 53.1% | $(21,914) | (2.9)% | $374,137 | 50.2% |
| Catastrophe losses | 30,640 | 4.1% | (477) | (0.1)% | 30,163 | 4.0% |
| Total | $426,691 | 57.2% | $(22,391) | (3.0)% | $404,300 | 54.2% |
Attritional loss ratio - current year for the nine months ended September 30, 2026 was 53.5% compared to 53.1% for the nine months ended September 30, 2025, an increase of 0.4 percentage points.
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.
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$0.4 million.
| For the Nine Months Ended | |||||
|---|---|---|---|---|---|
| Acquisition Costs · % of Net Premiums Earned | |||||
| ($ in thousands) | September 30,2026 | September 30,2025 | September 30,2026 | September 30,2025 | '26 vs '25point r |
| Property | $57,949 | $45,834 | 37.4% | 33.4% | 4.0 |
| Casualty | 58,714 | 50,965 | 18.0% | 18.8% | (0.8) |
| Specialty | 130,748 | 98,681 | 31.1% | 29.3% | 1.8 |
| Total | $247,411 | $195,480 | 27.4% | 26.2% | 1.2 |
The acquisition cost ratio for the nine months ended September 30, 2026 was 27.4%, compared to 26.2% for the nine months ended September 30, 2025, an increase of 1.2 percentage points. The increase was primarily driven by a change in business mix, including an increase in specialty insurance.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2026 | 2025 |
| Other underwriting expenses | $128,193 | $116,833 |
| Other underwriting expense ratio | 13.5% | 14.3% |
Other underwriting expenses were $128.2 million for the nine months ended September 30, 2026, an increase of $11.4 million, or 9.7%, compared to $116.8 million for the nine months ended September 30, 2025. The increase was primarily driven by an increase in personnel costs.
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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.