Bermuda-based insurance and reinsurance company Hamilton Insurance Group Ltd.’s net profit in 2025 was US$577 million, a year-on-year increase of 44%. Underwriting performance declined slightly but remained strong, with a combined ratio of 92.9%.
The Bermuda re/insurer delivered strong results in 2025, with gross written premiums (GPW) increasing by $501 million year-on-year to $2.9 billion, with Bermuda business growing by more than 26% and international business growing by 16%.
Growth in Bermuda was driven by new and existing business in the casualty and property reinsurance categories, while international growth was driven by new and existing business in the casualty, specialty and property and casualty insurance categories.
In 2025, net premiums written (NPW) totaled $2.3 billion, an increase of $366 million from the previous year, and net premiums earned (NPE) increased $375 million to $2.1 billion.
Hamilton’s attrition rate, net of reinsurance, is 54.4% by 2025, impacted by growth in its casualty reinsurance business and certain large losses in the company’s Bermuda specialty and property reinsurance classes.
Net of reinsurance, current and prior year catastrophe losses will reach $159 million in 2025, including California wildfires causing $159.7 million in losses, severe convective storms causing $10.9 million in losses and Queensland hail causing $6.9 million in losses, partially offset by favorable developments of $18.5 million in the prior year.
Hamilton explained that net favorable attrition reserve development, net of reinsurance, was $46.4 million in 2025, driven primarily by favorable development in the property and professional categories, partially offset by unfavorable development in certain casualty categories.
In 2025, the loss and loss-adjusted expense ratio will increase by 1.5 percentage points to 59.7%, the acquisition cost rate will increase by 1.6 percentage points, and other underwriting expenses will decrease by 1.5 percentage points to 9.2%, resulting in a combined ratio of 92.9% and underwriting income of $149.0 million, compared with a combined ratio of 91.3% and underwriting income of $149.4 million in 2025. 2024.
Net investment income for the year totaled $512 million, including $301 million in returns from the Hamilton Two Sigma Fund and $211 million in fixed income, short-term and cash and cash equivalents.
“Hamilton set another record in 2025 with net income of $577 million, a 44% increase over last year’s net income, and a return on average equity of 22%. Gross written premiums increased 21% to $2.9 billion, our combined ratio was 92.9%, and book value per share increased 24%. Since going public in 2023, we have posted excellent underwriting results with book value per share increasing 64%. On the basis of these outstanding results, the Board of Directors announced a distribution of $2.00 per common share dollar special dividend,” said Hamilton CEO Pina Albo.
“These results underscore the strength and stability of the organization we have built and are a direct reflection of the hard work and dedication of our talented team. We have entered a transformative market environment from a position of strength, and we have been able to manage this cycle with discipline and confidence,” Albaugh added.
Hamilton’s strong full-year performance was driven by net income of $173 million in the fourth quarter of 2025, a year-over-year increase of more than $138 million.
Total gross profit margin in the fourth quarter of 2025 increased by US$125 million year-on-year to US$669 million, of which Bermuda business increased by 28% and international business increased by 21%. NPW increased by $95 million to $548 million, and NPE increased by $95 million to $578 million.
Underwriting revenue for the quarter increased $54 million year over year to $76 million, with a combined ratio of 87%, compared with underwriting revenue of $22 million and a combined ratio of 95.4% in the fourth quarter of 2024.
In Q4 2025, net of reinsurance charges, current and prior year catastrophe losses were $7.0 million, including $6.9 million in hail damage in Queensland and $1.0 million in severe convective storm losses, partially offset by favorable development losses of $0.9 million in the prior year.
The company said net favorable reserve development, net of reinsurance, was $18 million in the prior year, driven primarily by favorable developments in the real estate and specialty categories.