Bermuda-based insurer and reinsurer, Hamilton Insurance Group, Ltd. has reported a rise in gross written premiums (GWP) of USD 119 million, or 16.7% for the second quarter of 2026 to USD 831 million, compared to USD 712 million in Q2’25.
The re/insurer attributed this hike to the increase of USD 75.3 million, or 21.8%, in its International segment, and $43.7 million, or 11.9%, in its Bermuda segment.
For Q2’26, net premiums written (NPW) increased by USD 65.4 million, or 11.8%, to USD 621.7 million from USD 556.3 million in Q2’25, with an increase of USD 64.8 million, or 25.1%, in the International segment, and an increase of USD 0.6 million, or 0.2%, in the Bermuda segment.
Meanwhile, net premiums earned (NPE) rose by USD 586 million or 14.6%, to USD 586 million in Q2’26, compared to USD 511 million in Q2’25, driven by an increase of USD 49.4 million, or 19.5%, in the International segment, and USD 25.4 million, or 9.9%, in the Bermuda segment.
Despite this, the quarter’s combined ratio for Q2’26 rose by 8.2 percentage points to 95%, compared to 86.8% in Q2’25, which can be explained by an underwriting decrease of USD 38.3 million to USD 29.1 million for the quarter, compared to USD 67.4 million in Q2’25.
Catastrophe losses for Q2’26, net of reinsurance, were USD 49.9 million, primarily driven by the Middle East conflict, which added USD 45.7 million and unfavorable prior year development of USD 4.2 million.
For Q2’26, attritional loss ratio (current year), net of reinsurance, was 53.3%, an increase of 0.3 points was primarily driven by a change in business mix, including an increase in casualty reinsurance business.
Net favorable attritional prior year reserve development, net of reinsurance, was USD 0.8 million, primarily driven by favourable development in specialty and property classes, partially offset by unfavourable development in certain casualty classes, explained the re/insurer.
The other underwriting expense ratio decreased by 1.5 points compared to Q2’25, primarily driven by Bermuda substance-based tax credits and an increase in net premiums earned.
Meanwhile, net income in Q2’26 dipped to USD 143.8 million from USD 187.4 million in Q2’25. Net investment income for the quarter was USD 141.3 million, comprising Two Sigma Hamilton Fund returns of USD 115.5 million, and fixed income, short term and cash and cash equivalents returns of USD 25.8 million.
Taking a look at the the half year results, Hamilton’s GWP rose to USD 1.8 billion, an increase of USD 215.8 million or 13.9% compared USD 1.5 billion, with an increase of USD 148.2 million, or 20.7%, in the International segment, and USD 67.6 million, or 8%, in the Bermuda segment.
Meanwhile, NPW increased by USD 115.2 million, or 9.9%, to USD 1.3 billion, compared to USD 1.16 billion in Q2’25, with an increase of USD 123.2 million, or 25.3%, in the International segment, and a decrease of USD 8.1 million, or 1.2%, in the Bermuda segment.
Finally, NPE increased by USD 146.4 million or 14.5% to USD 1.2 billion, compared to USD 1 billion, with an increase of USD 99.6 million, or 20.2%, in the International segment, and USD 46.8 million, or 9.1%, in the Bermuda segment.
The combined ratio for H1’26 improved by 6.6 percentage points to 92.5% compared to 99.1% in H1’26, as underwriting income rose by USD 77.5 million to USD 86.7 million from USD 9.2 million in H1’25.
Catastrophe losses for H1’26, net of reinsurance, were USD 49.9 million, primarily driven by the Middle East conflict, adding USD 45.7 million and unfavorable prior year development of USD 4.2 million.
Meanwhile, net income improved slightly to USD 277.3 million compared to USD 268.2 million in H1’25. For H1’26, net investment income was USD 234.9 million, comprising Two Sigma Hamilton Fund returns of USD 208.5 million, and fixed income, short term and cash and cash equivalents returns of USD 26.4 million.
The attritional loss ratio for H1’26, net of reinsurance, was 53.9%, an increase of 1.4 points driven by a change in business mix, including more casualty reinsurance and specialty insurance business.
Net unfavourable attritional prior year reserve development, net of reinsurance, was USD 13.1 million, primarily driven by additional loss information in relation to the Baltimore Bridge collapse and unfavorable development in certain casualty classes, partially offset by favorable development in specialty and property classes in H1’26.
Pina Albo, Chief Executive Officer, Hamilton, commented, “Hamilton delivered another quarter of strong results, with net income of $144 million, a 21% annualized return on average equity, a 95% combined ratio, and strong investment income. Gross premiums written increased 17%, reflecting our continued focus on margin quality, thoughtful risk selection, and long-term value creation. I am proud of our team’s continued execution as we navigate a market that requires and rewards strong broker and client relationships and disciplined underwriting.”
Alongside these results, the Board of Directors have extended Albo’s contract through 31 December 2029, after which her employment term will continue to renew automatically for successive one-year periods.
David A. Brown, Chairman, Board of Directors, Hamilton, said, “Under Pina’s leadership, Hamilton has built a differentiated platform and delivered strong performance. Extending her employment term reflects the Board’s confidence in her exceptional leadership and our commitment to executing the Company’s long-term strategy for the benefit of our shareholders.”
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