Hamilton Insurance Group has posted strong second-quarter results, reporting $187.4 million in net income and a 30.2 per cent annualised return on average equity.

The Bermudian-based insurer saw earnings per diluted share hit $1.79, while book value per share rose to $25.55, up 8.3 per cent from the previous quarter and 11.3 per cent year-to-date. Gross premiums written grew 18 per cent year-over-year to $712 million.

Pina Albo, chief executive, credited the company’s diversified and well-positioned book of business, noting that both the Bermuda and international segments delivered strong bottom line underwriting results and meaningful top line growth.

The company’s combined ratio, a key measure of underwriting profitability, stood at 86.8 per cent for the quarter, with underwriting income of $67.5 million. Hamilton also saw $148.7 million in investment income, including $87.1 million from the Two Sigma Hamilton Fund.

The Bermuda segment drove much of the growth, increasing gross premiums by 25.9 per cent to $367.2 million. The international segment rose 10.6 per cent to $344.8 million.

Year-to-date net income totalled $268.3 million, despite $142.8 million in wildfire losses. Investment gains of $316.1 million helped offset those impacts.

The company also repurchased $35 million in common shares during Q2 and $45.3 million so far this year.

Hamilton, which underwrites globally through platforms including Hamilton Re, Hamilton Select and Hamilton Global Speciality, reported total shareholders’ equity of $2.6 billion as of June 30.