Hamilton Q2: Profit rises, but combined ratio deteriorates

Bermuda-based specialty re/insurer Hamilton Insurance Group posted mixed second-quarter results, with an 18% jump in gross written premiums offset by a higher combined ratio driven by catastrophe losses.

Gross premiums written saw notable growth, increasing from $603 million in the second quarter 2024 to $712 million this year. 25.9% of the increase was brought in by the Bermuda segment.

Q2 net profit also saw growth quarter-on-quarter, up to $187 million, from $131 million. A favourable 43% increase.

Despite these increases, the combined ratio worsened to by 2.4 pts, rising to 86.8% from 84.4% in the same period prior year. This is largely attributed to catastrophe losses.

Pina Albo (pictured), CEO of Hamilton, said: “Hamilton reported another strong quarter with $187 million of net income, resulting in 8.3% growth in book value per common share and a 30.2% annualised return on average equity.

“Both our underwriting and investment results contributed to net income, with a combined ratio of 86.8% and strong returns from our fixed income portfolio and the Two Sigma Hamilton Fund.

“Each of our reporting segments, International and Bermuda, generated strong bottom line underwriting results and meaningful top line growth, reflecting Hamilton’s diversified and well positioned book of business.”

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