Hamilton combined ratio drops to record low

Hamilton Insurance Group recorded a record low combined ratio of 84.4% as net income more than tripled to $131.1 million in the second quarter.

Net income rose from $36.6 million while the company's combined ratio improved from 89.5%. 

The Bermuda-based re/insurer, which went public last year, said it had  gross premiums written of $603.3 million, an increase of 19.5% compared to 2023 and net premiums earned of $418.8 million, an increase of 26.3%. 

The company's underwriting income almost doubled to $65.3 million from $34.9 million. Investment income rose $13.7 million from $7.3 million while net realized and unrealized gains were $151.2 million, up from $19.4 million a year ago.   

“This was an outstanding quarter for Hamilton by any metric," said Hamilton CEO Pina Albo. "We reported $131.1 million of net income, equating to an annualised return on average equity of 23.6%. 

"We recorded an all-time low combined ratio of 84.4%, had strong net investment income of $95.7 million, and continued our targeted growth in this favourable market environment."

She added: "I am exceptionally proud of the Hamilton team for remaining laser focused on underwriting profitability and strategic growth, as well as realising the objectives we shared with investors in the context of our IPO in November of last year.”

By segment, the international segment had GPW of $312 million, up from $278 million and bet underwriting income of $19.4 million compared to $14.6 million in 2023. the segment's combined ratio improved to 91.8% from 91%.  

The Bermuda segment saw GPW rise to $291 million from $227 million while underwriting income more than doubled to $45.8 million, up from $20.2 million. The segment's combined ratio improved to 77.4% from 86.9%.

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