Hamilton Combined Ratio Deteriorates to 97.3%

The Tip Desk · November 1, 2026 · 3 min read

Net income attributable to common shareholders was $81.5 million, or $0.81 a share, as catastrophe losses and a $56.3 million loss on fixed income, short-term and cash investments weighed on the quarter.

Hamilton Insurance Group, Ltd. (HG), the Bermuda-headquartered specialty insurer and reinsurer, reported net income attributable to common shareholders of $81.5 million, or $0.81 a share, for the third quarter ended September 30, 2026, down from $143.8 million, or $1.42 a share, in the second quarter.

Operating income was $179.9 million, or $1.78 a share, with an annualized operating return on average equity of 24.9%. Annualized return on average equity was 11.3%.

Gross premiums written were $819.7 million, up 17.3% from a year earlier, after 16.7% growth in the second quarter and 11.5% in the first. Net premiums earned were $591.3 million, up 13.1%. The combined ratio was 97.3%, deteriorating from 95.0% in the second quarter and 89.8% in the first. Underwriting income was $15.5 million.

Chief executive Pina Albo said the company delivered operating income of $180 million and that gross premiums written increased 17%, reflecting the ability to find attractive opportunities. She said Hamilton continues to deliver consistent performance despite a transitioning market and ongoing geopolitical tensions.

The combined-ratio move was driven by catastrophe losses and a higher current-year attritional loss ratio. Consolidated catastrophe losses, current and prior year, net of reinsurance, were $53.9 million, including $6.8 million from the Middle East conflict and $47.1 million of unfavorable prior-year development relating to the Ukraine conflict. The current-year attritional loss ratio, net of reinsurance, was 57.5%. The company said the 2.1-point increase was primarily driven by a change in business mix, including more casualty reinsurance, and the impact of one large loss in specialty and property reinsurance classes. Net favorable attritional prior-year reserve development was $27.2 million.

The International segment wrote $456.3 million of gross premiums, up 20.1%, with underwriting income of $9.0 million and a combined ratio of 97.1%. Catastrophe losses in the segment were $11.3 million. The company said International growth was primarily driven by new and existing business in specialty and casualty insurance and specialty reinsurance.

The Bermuda segment wrote $363.4 million of gross premiums, up 13.9%, with underwriting income of $6.6 million and a combined ratio of 97.7%. Catastrophe losses in Bermuda were $42.6 million, all from unfavorable prior-year development relating to the Ukraine conflict. The current-year attritional loss ratio in Bermuda was 60.8%, which the company said was driven by one large loss in specialty and property reinsurance and a mix shift toward casualty reinsurance.

Net investment income was $88.4 million, comprised of Two Sigma Hamilton Fund returns of $144.7 million and a $56.3 million loss on fixed income, short-term and cash and cash equivalents.

The company repurchased $3.1 million of common shares in the third quarter, after $22.1 million in the second quarter and $19.7 million in the first. Book value per common share was $29.80. Total cash and invested assets were $6.4 billion at September 30, 2026, compared with $5.9 billion at December 31, 2025. Total shareholders’ equity was $2.9 billion.