Hamilton Insurance Group, Ltd.

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

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.

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.

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.

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.

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.

Total net realized and unrealized gains (losses) on investments and net investment income (loss) -TSHF, prior to non-controlling interest, returned income of $694.5 million and $465.9 million for the nine months ended September 30, 2026 and 2025, respectively. This includes the fund's returns, net of investment management fees.

Net investment income, net of non-controlling interest - TSHF, returned income of $353.2 million and $244.9 million for the nine months ended September 30, 2026 and 2025, respectively. This includes the fund's returns, net of investment management fees and performance incentive allocations. The aggregate incentive allocation to which the investment manager is entitled is included in "Net income (loss) attributable to non-controlling interest" in our GAAP financial statements.

TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 16.3% and 13.0% for the nine months ended September 30, 2026 and 2025, respectively.

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.

For the nine months ended September 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 East Asia. TS Hamilton Fund also experienced gains from macro trading within the scientific discretionary macro vehicle, NTV, the systematic macro vehicle, FTV, and the relative value macro vehicle, HTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the relative value rates vehicle, KTV. Losses from macro trading were led by balance sheet trades in KTV.

Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other, returned losses of $29.9 million and income of $168.8 million for the nine months ended September 30, 2026 and 2025, respectively. Losses for the nine months ended September 30, 2026 were driven by negative mark-to-market returns, partially offset by investment income on a larger portfolio of higher yielding assets. Income for the nine months ended September 30, 2025 was primarily driven by both investment income and positive mark-to-market returns.