Hamilton Q3 profit jumps 79.5%
Hamilton Insurance Group rode continued strong underwriting conditions to record a 79.5% increase in net income to $78.3 million.
The Bermuda-based re/insurer said underwriting income rose 17% to $29 million while the combined ratio edged up to 93.6% from92.6% in the third quarter.
Gross premiums written increased 16.6% to $553 million from $474 million. Investment income rose to $17.3 million from $8 million while net realised and unrealised gains increased to $48.2 million from $47.3 million.
Saying Hamilton had emphasised its commitment to sustainable underwriting profitability in its initial public offering, chief executive officer Pina Albo added: “Our strong results this quarter and on a year-to-date basis demonstrate our ability to execute this important goal.
“This quarter, Hamilton reported a combined ratio of 93.6%, despite catastrophe losses from Hurricane Helene and other large loss events. Both of our segments, International and Bermuda, produced profitable underwriting results.
“On a year to date basis, Hamilton recorded a combined ratio of 89.9% and an annualized return on average equity of 22.4%, demonstrating our underwriting discipline and the value of our diversified and growing franchise.”
Hamilton said catastrophe losses for the quarter, net of reinsurance, were $38.3 million, driven by Hurricane Helene ($33.9 million), the Calgary hailstorms ($12.3 million) and Hurricane Debby ($5.5 million), offset by favourable prior year development of $13.4 million.
The company’s international segment saw gross written premiums rise 5.9% to $325.5 million with underwriting income of $5.4 million compared to $4 million. The segment’s combined ratio improved slightly from 97.7% to 97.6%.
The Bermuda segment’s underwriting profit rose by 13.7% to $23.7 million as gross written premiums jumped 36% to $227.9 million. The combined ratio worsened to 89.4% from 86.9%.
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