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…
Earnings analysis · 10-Q
HG earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
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%.…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.42
What stood out
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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.
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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.
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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.
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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.
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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.
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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.
What to watch
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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%.
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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%.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.