Hamilton Insurance Group announced its financial results for the first quarter of 2026. Net profit was US$134 million, up from US$80.8 million in the first quarter of 2025. The combined ratio improved to 89.8%, down from 111.6% in the same period last year.
Operating income for the quarter was $166.7 million, compared with operating income of $49.4 million in the first quarter of 2025.
Gross premiums increased 11.5% to US$940.1 million, with an increase of US$72.9 million, or 19.7%, in the International segment and an increase of US$23.9 million, or 5.0%, in the Bermuda segment.
Net written premiums increased 8.2% to $653.7 million. The international segment increased by 25.5% to $58.5 million, while the Bermuda segment decreased by $8.7 million, or 2.3%.
Net premium income increased 14.3% to US$570.5 million. Net premiums written in the International segment increased 20.9% to US$50.2 million, and net premiums written in the Bermuda segment increased 8.3% to US$21.4 million.
The natural loss rate (for the year) after deducting reinsurance is 54.5%. The 2.6 percentage point increase was mainly driven by changes in business structure, including growth in casualty reinsurance and specialty insurance businesses.
Underwriting revenue for the first quarter of 2026 was $57.6 million, a significant improvement from the loss of $58.2 million reported in the first quarter of 2025.
Catastrophe losses (current and prior year), net of reinsurance, were $0, compared with $150.5 million for the same period in 2025.
The current attrition loss rate excluding reinsurance is 54.5%. This was an increase of 2.6 percentage points from the previous year, which the company attributed to changes in the structure of the business, including growth in casualty reinsurance and specialty insurance businesses.
Additionally, Hamilton reported net unfavorable consumption reserve development (net of reinsurance) of $13.9 million in the prior year, a change primarily driven by additional loss information related to the Baltimore Bridge collapse.
Commenting on the results, Hamilton CEO Pina Albo said: “Hamilton reported strong results for the first quarter of 2026, with net income of $134 million, operating income of $167 million, annualized return on average equity of 19% and operating return on average equity of 24%.
“This was driven by a combined ratio of 89.8% and strong investment income. Gross premiums increased by 11% year-on-year as the company maintained underwriting discipline by underwriting business that met the return threshold and abandoning business that did not meet the return threshold.
“In a more complex and volatile environment and highly competitive market conditions, Hamilton emphasizes continued focus on profit quality and prudent capital deployment to support sustainable profitability.”