Hamilton Re has reported net income of $81 million in the first quarter of 2025, a drop of $76 million compared with the same period last year.

Pina Albo, chief executive of Hamilton Re, said her firm was off to a strong start despite industry-insured catastrophe losses well above the historical average.

“We continue to see good opportunities for profitable growth, with gross premiums written up 17 per cent over the prior year,” Ms Alba said.

In gross written premiums, there was an increase of $49.1 million, or 15.3 per cent, in the international segment, and $72.2 million, or 18 per cent, in the Bermuda segment.

Ms Alba said: “Our attritional loss ratio was 51.9 per cent, reflecting the increasing diversification and stability of our underlying book of business.”

She said investment results were significant, with a total investment return of $167 million.

The net income result represented a 13.7 per cent annualised return on average equity and 2.8 per cent growth in book value per share for the first quarter.

Net premiums written increased $89 million, or 17.3 per cent, to $603.9 million with an increase of $43.9 million, or 23.7 per cent, in the international segment, and $45.1 million, or 13.7 per cent, in the Bermuda segment.

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