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Hamilton Insurance reports Q3 net income of $43.6m

Pina Albo, chief executive of the Hamilton Insurance Group, is joined in the ringing of the bell ceremony at the New York Stock Exchange after Hamilton’s IPO last month (File photograph)

Hamilton Insurance Group Ltd has reported third-quarter net income of $43.6 million in its first earnings report since the company’s launch on the New York Stock Exchange last month.

Pina Albo, the chief executive of Hamilton, said: “It has been a momentous few weeks for Hamilton having closed our initial public offering on November 14 and we are pleased to be reporting our first quarterly results as a public company.”

The third-quarter combined ratio was 92.6 per cent.

The company said the overall combined ratio included strong performance across both reporting segments — International had a combined ratio of 97.7 per cent and Bermuda had a combined ratio of 86.9 per cent.

For the nine months year-to-date, net income was $132 million and the combined ratio was 90.2 per cent.

Ms Albo said: “These results reflect the remarkable transformation of our business over the past few years, notably our commitment to underwriting profitability. I am incredibly proud of the Hamilton team and what we have achieved together.

“Hamilton will continue to lean into the current market with the benefit of newly raised capital.

“Our underwriting platforms in Bermuda, at Lloyd’s, and in the US are focused on specialty insurance and reinsurance and we see tremendous opportunity to expand our business and relationships with key customers and intermediaries.”

The company said its annualised return on average equity was 9.8 per cent.

Gross premiums written were $474.1 million, with year-over-year growth of 18.3 per cent.

Hamilton reported underwriting income of $24.9 million, and catastrophe losses of $7.2 million.

Net investment income was $46.3 million consisting of a Two Sigma Hamilton Fund return of $51.3 million, or 3.1 per cent; a fixed-income portfolio loss of $7.8 million, or -0.5 per cent; and other investment income of $2.8 million.

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Published December 07, 2023 at 8:00 am (Updated December 08, 2023 at 8:06 am)

Hamilton Insurance reports Q3 net income of $43.6m

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