Q2 2026 Hamilton Insurance Group Ltd Earnings Call Transcript
Key Points
- Strong financial performance with net income of $144 million and an annualized return on average equity of 21% in Q2 2026.
- Gross premiums written increased by 17% in the quarter, driven by growth in casualty and specialty classes.
- AM Best upgraded Hamilton Select to A, enhancing its competitive position and expanding opportunities in the U.S. specialty insurance market.
- Investment income remained robust at $141 million, with the Two Sigma Hamilton Fund delivering a net return of 5.1%.
- Strategic expansion of Hamilton Select into new classes and lower middle market risks, supported by proprietary technology and strong distribution relationships.
- Combined ratio deteriorated to 95.0% from 86.8% in the prior year, driven by $50 million in catastrophe losses, primarily from the Middle East conflict.
- Catastrophe losses, including $46 million from the Middle East conflict, negatively impacted underwriting results.
- Bermuda segment experienced unfavorable prior year attritional development, leading to a modest reserve charge of $16 million on certain casualty lines.
- Property reinsurance premiums declined due to decreased rates, reflecting competitive market pressures.
- The company pulled back in large commercial property insurance and property D&F lines due to pricing pressure, limiting growth in these areas.
Hello and welcome to the Hamilton Insurance Group Earnings Conference Call. As a reminder, this call is being webcast and will also be available for replay with links on the Hamilton Investor Relations website. I'd now like to turn the call over to Darian Nifratos, Head of Investor Relations. Please go ahead.
Thanks, operator. Hi, everyone, and thank you for joining our earnings call. Before we begin, please note that certain statements made during this call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. These risks are provided in our earnings release and SEC filings.
We will also refer to certain non-GAAP financial measures, which are reconciled to the most directly comparable GAAP measures in our earnings release and financial supplement, available on our website
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