Hamilton’s Pina Albo highlights Baltimore Bridge reserve impact despite cat ratio rebound

Hamilton posted a sharp year-on-year improvement in its first-quarter catastrophe loss ratio for 2026, although additional reserve strengthening tied partly to Baltimore Bridge losses continued to weigh on results.

However, the prior year attritional loss and catastrophe loss ratio reserves made a negative 5.3 points and 1.8 points impact, respectively, listing additional losses from Baltimore Bridge as a driver. 

The combined ratio made a comparatively smaller improvement of 21.8 points, landing at 89.8% compared to 111.6% in the same period the previous year.  

Hamilton achieved an 11.5% increase year-on-year for gross premiums written, landing on $940 million at the end of the first quarter, 2026, compared to $843 million in the first quarter 2025.

This was largely driven by the international segment, which contributed a $73 million increase, 19.7%, supported by a $24 million increase, 5%, from the Bermuda segment year-on-year. 

Net income saw a substantial increase, bringing in $134 million in the first quarter of 2026, a $53 million increase on the first quarter of 2025’s $81 million figure.

Pina Albo (pictured), CEO of Hamilton, said: “Hamilton reported strong first quarter 2026 results, generating net income of $134 million and operating income of $167 million, an annualised return on average equity of 19% and an operating return on average equity of 24%. 

“In a more complex and volatile environment and amid competitive market conditions, Hamilton emphasised continued focus on margin quality and prudent capital deployment to support sustainable profitability."

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