Hamilton’s underwriting income rises 120% with 87.8% CoR in Q3’25

Bermuda-domiciled insurer and reinsurer Hamilton Insurance Group, Ltd. reported an improved combined ratio of 87.8% in the third quarter of 2025, compared to 93.6% in the same period a year earlier, with a significant 120.3% increase in underwriting income to $64.1 million from $29.1 million.

For the quarter, catastrophe losses (current and prior year), net of reinsurance, were nil.

Hamilton’s gross premiums written amounted to $698.8 million in Q3’25, up 26.3% from $553.4 million in Q3’24, with an increase of $91 million, or 39.9%, in the Bermuda Segment, and $54.4 million, or 16.7%, in the International Segment.

Net premiums written rose 21.2% to $579 million from $477.9 million, with an increase of $64.8 million, or 30.9%, in the Bermuda Segment, and $36.3 million, or 13.5%, in the International Segment.

Net premiums earned increased 16.5% to $523 million from $448.8 million, with an increase of $47.1 million, or 21.1%, in the Bermuda Segment, and $27.1 million, or 12.0%, in the International Segment.

The company posted net income of $136.2 million for the quarter, an increase of 74.1% compared to $78.3 million a year earlier.

Net investment income totalled $97.6 million, comprising Two Sigma Hamilton Fund returns of $54.2 million and fixed income, short-term, and cash and cash equivalents returns of $43.4 million.

Pina Albo, CEO of Hamilton, said, “Hamilton’s strong quarterly performance, highlighted by net income of $136 million and an annualised return on average equity of 21%, resulted in 6% growth in book value per share for the quarter and 18% for the year to date.

“Our combined ratio of 87.8%, which resulted in $64 million of underwriting income, is a testament to our talented global team: a group of professionals who know how to navigate a market requiring both discipline and expertise. Our investment results were also impressive, with both our traditional fixed income portfolio and the Two Sigma Hamilton Fund posting solid returns.

“I am very pleased with Hamilton’s financial results for the third quarter of 2025, as they demonstrate a strong synergy between underwriting and investment performance.”