Hamilton lifts net income 44% on Bermuda casualty and property re growth

Hamilton Insurance Group reported a 44% rise in full-year 2025 net income, as growth in new and existing casualty and property reinsurance business in Bermuda drove gross premiums written higher, while book value per share jumped 24% despite a modest uptick in the combined ratio.

Net income jumped to $576.7 million, up from $400.4 million in the prior year.

GPW climbed 20.7% to $2.9 billion, driven by a $292 million or 26.2% rise in the Bermuda segment and a $208.6 million or 15.9% gain in the international segment.

The combined ratio ticked up 1.6 points to 92.9%. Catastrophe losses, net of reinsurance, hit $159 million, largely from California wildfires, $159.7 million, severe convective storms, $10.9 million, and Queensland hailstorms, $6.9 million, partly offset by $18.5 million in favourable prior-year development.

In Bermuda, GPW surged to $1.4 billion on strong new and existing casualty and property reinsurance, while the combined ratio rose 3.9 points to 90.9%.

Internationally, GPW grew to $1.5 billion, boosted by casualty, specialty and property insurance, with the combined ratio edging down 0.5 points to 95%.

Pina Albo (pictured), CEO of Hamilton, said: “Since our listing in 2023, we have posted excellent underwriting results while growing book value per share 64%. With these exceptional results, the board of directors declared a special dividend of $2.00 per common share.

“These results underscore the strength and stability of the organisation we’ve built and are a direct reflection of the hard work and commitment of our talented team. We’ve entered a transitioning market environment from a position of strength - and we are built to manage the cycle with discipline and confidence.”

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