Hamilton’s premium growth overshadowed by sharp decline in profits
Hamilton Insurance Group’s underwriting profitability came under pressure in the third quarter of 2026 as adverse development from the Ukraine conflict and a shift in business mix overshadowed double-digit premium growth.
The Bermuda-headquartered re/insurer reported a sharp deterioration in its combined ratio, 9.5 percentage points, landing on 97.3% from 87.8% in the same period the year prior, with its Bermuda operations particularly affected by unfavourable prior-year development relating to the Ukraine conflict, absorbing $42.6 million of the $47.1 million adverse development.
$6.8 million in losses from the Middle East conflict brought the consolidated catastrophe loss total to $53.9 million.
The results also highlighted growing pressure on underlying underwriting performance as Hamilton expanded its casualty reinsurance portfolio. Net income tumbled to $81.5 million in the third quarter 2026 compared to $136.2 million in the same quarter of 2025. Underwriting income fell to $15.5 million from $64.1 million a year earlier, with the Bermuda segment accounting for the majority of the decline.
Gross premiums written jumped to $819.7 million, an increase of 17.3% compared to the third quarter of 2025, which finished at $698.8 million; this was driven by a 20.1% increase in the International Segment and 13.9% in the Bermuda Segment.
Pina Albo, CEO, maintained a positive outlook: “Hamilton delivered exceptional third quarter results, with operating income of $180 million, representing an annualised operating return on average equity of 25%. Gross premiums written increased 17%, reflecting our ability to find attractive opportunities that contribute to the bottom line.
Despite a transitioning market and ongoing geopolitical tensions, Hamilton continues to deliver consistent performance, reflecting the benefits of our diversified platform and our team's ability to navigate the current dynamic market conditions.”
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