Hamilton Insurance Group, Ltd. Q3 2026 Earnings Recap

Shares rose 1.8% after earnings, a roughly flat reaction. Hamilton reported 17% gross premium growth and an 11% annualized return on average equity, while noting pressure in property pricing and casualty rates that are not keeping pace with loss costs.

Key Takeaways

• Net income was $81 million and operating income was $180 million; operating annualized return on average equity was 25%.
• The combined ratio was 97.3%, including catastrophe losses related to conflicts in Ukraine and the Middle East.
• Gross premiums written grew 17%, driven primarily by Specialty and Casualty. International premiums rose 20% to $456 million, and Bermuda premiums rose 14% to $363 million.
• Hamilton Select grew 22%, with growth from its new property offering, excess casualty and small business.
• Management described property-cat pricing as under pressure and said casualty rates are not uniformly keeping pace with loss-cost trends; it also said it is pulling back from business where pricing or terms do not meet return hurdles.