HG earnings analysis
What we found in HG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Hamilton delivered strong first-half premium growth and materially better underwriting, with six-month underwriting income rising to $86.7 million from $9.2 million and the combined ratio improving to 92.5% from 99.1%. However, second-quarter performance weakened: EPS declined to $1.42 from $1.79, underwriting income fell to $29.1 million from $67.5 million, and catastrophe losses increased to $49.9 million from $1.5 million. Management remains focused on disciplined growth, but competitive property markets, catastrophe exposure, lower operating cash flow of $226.1 million, and reduced unrestricted cash of $717.3 million temper the outlook.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Premium growth remained strong
- Six-month gross premiums written increased 13.9% to $1.8 billion from $1.6 billion, driven primarily by casualty reinsurance and insurance classes and specialty insurance.
- Six-month underwriting improved
- Six-month underwriting income rose to $86.7 million from $9.2 million, while the combined ratio improved to 92.5% from 99.1%, primarily because catastrophe losses declined to $49.9 million from $152.0 million.
- International premiums accelerated
- International gross premiums written grew 21.8% to $420.1 million, led by casualty premiums of $175.4 million and specialty premiums of $183.4 million.
- Bermuda growth shifted to casualty
- Bermuda gross premiums written increased 11.9% to $411.0 million, led by casualty premiums of $234.1 million and specialty premiums of $54.2 million, despite property premiums declining to $122.7 million from $143.6 million.
- Book value increased
- Book value per common share plus accumulated dividends increased 8.5% to $30.91 from $28.50 at December 31, 2025, supported by six-month net income attributable to common shareholders of $277.3 million.
- Hamilton Select rating upgraded
- Hamilton Select received an AM Best financial strength rating upgrade to A from A- on May 12, 2026, which management said should create increased opportunities in the U.S. E&S market.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Quarterly earnings and returns declined
- Second-quarter net income attributable to common shareholders fell 23.3% to $143.8 million from $187.4 million, and diluted EPS declined to $1.42 from $1.79. Second-quarter ROACE also fell to 5.2% from 7.6%.
- Catastrophe losses increased
- Second-quarter catastrophe losses rose sharply to $49.9 million from $1.5 million, including $45.7 million related to the Middle East conflict. The consolidated combined ratio consequently worsened to 95.0% from 86.8%.
- Bermuda underwriting weakened
- Bermuda second-quarter underwriting income declined to $20.0 million from $40.3 million, while its combined ratio deteriorated to 93.0% from 84.3%, reflecting unfavorable prior-year development of $17.2 million and a 66.1% loss ratio.
- Pricing pressure in property
- Management reported more competitive conditions in property and certain specialty classes, with property premiums affected by rate decreases; Bermuda property gross premiums declined to $122.7 million from $143.6 million.
- Liquidity buffers narrowed
- Operating cash flow declined to $226.1 million from $253.3 million for the six months, while unrestricted cash fell to $717.3 million from $1.1 billion at December 31, 2025, primarily after a $199.5 million special dividend.
- Fund liquidity is constrained
- The TS Hamilton Fund had $2.5 billion of net assets at June 30, 2026, but withdrawals from amounts at or below the minimum commitment are subject to a six-month notice period and monthly limits of one-twelfth of such interests.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.42
- Segment
- International: gross premiums written $420.1 million, up 21.8% year over year; net premiums earned $302.6 million, up 19.5%; underwriting income $9.1 million versus $27.1 million, and combined ratio 97.0% versus 89.3%.
- Segment
- Bermuda: gross premiums written $411.0 million, up 11.9% year over year; net premiums earned $283.4 million, up 9.9%; underwriting income $20.0 million versus $40.3 million, and combined ratio 93.0% versus 84.3%.
What they said about what is next.
No quantitative revenue or EPS guidance was provided in the 10-Q. Management stated that it intends to continue pursuing disciplined growth and expects increased opportunities for Hamilton Select following its AM Best upgrade to A from A- on May 12, 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 6, 2026
- Hamilton Insurance Group reported a strong Q1 2026, with significant growth in revenue and net income compared to prior periods. Revenue reached $758.9 million, up 22.8% year-over-year, and EPS was $1.64, a notable…
- 10-K · February 25, 2026
- Hamilton positions itself as a scaled, technology-enabled specialty insurance and reinsurance franchise, growing gross premiums written to $2.9 billion in 2025 while maintaining a strong balance sheet (total assets…
- 10-Q · August 7, 2025
- Hamilton reported Q2 revenue of $740,765,000 and diluted EPS of $1.79, driven by higher net premiums earned and strong investment results. Revenue increased versus the year-ago quarter ($587,942,000) but declined…
- 10-Q · November 7, 2024
- Hamilton reported Q3 revenue of $512,844,000 and diluted EPS of $0.74, both higher versus the prior-year quarter ($396,266,000 revenue; $0.41 diluted EPS). Net premiums earned rose to $448,795,000 while investment…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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