Hamilton Insurance Group Ltd reported record net income of $576.7 million for 2025 and declared a $206 million special dividend to shareholders, even after absorbing nearly $160 million in catastrophe losses, mostly in its Bermuda segment.

The company said net income rose 44 per cent from the previous year, while return on average equity reached 22.4 per cent. Book value per share increased 24.2 per cent to $28.50.

The board declared a special dividend of $2 per common share, payable March 30 to shareholders of record on March 6, for a total payout of about $206 million.

Gross premiums written grew 20.7 per cent to $2.9 billion for the year, with particularly strong growth in the Bermuda segment, which rose 26.2 per cent to $1.4 billion.

The segment generated underwriting income of $96.6 million for the year, with a combined ratio of 90.9 per cent. Net premiums earned in the segment increased 24.4 per cent to $1.05 billion. Meanwhile, catastrophe losses in Bermuda of $128.8 million accounted for most of the company’s total, primarily driven by the California wildfires, severe convective storms and Queensland hailstorms.

Despite a year marked by major catastrophe events, Hamilton reported a combined ratio of 92.9 per cent, indicating an underwriting profit. Catastrophe losses totalled $159 million.

Pina Albo, chief executive officer, said the company had delivered “another record result” in 2025, pointing to growth in premiums and book value per share since its 2023 listing.

Total shareholders’ equity rose to $2.8 billion at year-end, up from $2.3 billion in 2024, while total cash and invested assets increased to $5.9 billion.

In the fourth quarter alone, Hamilton reported net income of $172.2 million, compared with $33.9 million in the same period last year.