Hamilton Insurance’s underwriting income rose $28.9 million to $102.2 million in the first nine months of 2026, even as a sharp third-quarter deterioration weighed on profitability.
The nine-month 2026 result compares with $73.3 million in the same period of 2025, while the firm’s combined ratio improved by 1.1 points to 94.1%.
Hamilton’s gross premiums written rose to $2.59 billion for the first nine months of 2026, up $336.7 million from $2.25 billion in the same period of 2025.
Meanwhile, net premiums written for the period grew about 9% to $1.90 billion, and net premiums earned rose 14% to $1.75 billion.
The better combined ratio came from lower current-year catastrophe losses, with that ratio falling 8.1 points to 3.0%.
This was partly offset by a 1.7-point rise in the current-year attritional loss ratio to 55.1%, a 1.4-point rise in the acquisition cost ratio to 25.2%, and prior-year catastrophe development, which added 2.9 points, compared with a 1.1-point benefit a year earlier.
Net income attributable to common shareholders for the first nine months of 2026 fell by $45.7 million, or about 11%, to $358.8 million.
For Q3 2026 alone, underwriting income fell by $48.6 million to $15.5 million, from $64.1 million in the same quarter of 2025.
Hamilton’s Q3 2026 combined ratio rose 9.5 points to 97.3% from 87.8%, driven mainly by prior-year catastrophe losses, which added 8.0 points to the loss ratio after contributing nothing a year earlier.
Net income attributable to common shareholders for Q3 2026 fell about 40% to $81.5 million, from $136.2 million in the same quarter of 2025.
However, premium growth continued in the quarter, with gross premiums written rising by $120.9 million to $819.7 million. Hamilton’s net premiums written increased about 8% to $626.7 million, and net premiums earned rose about 13% to $591.3 million.
