Hamilton Insurance Group Reports Strong Q3 2024 Results

Hamilton Insurance Group, Ltd. Class B ( (HG) ) has released its Q3 earnings. Here is a breakdown of the information Hamilton Insurance Group, Ltd. Class B presented to its investors.

Hamilton Insurance Group, Ltd., a Bermuda-based company, specializes in underwriting specialty insurance and reinsurance risks globally through its subsidiaries. It operates primarily in the insurance and reinsurance sector, emphasizing diversified and profitable market access.

Hamilton Insurance Group announced robust financial results for the third quarter of 2024, reporting a net income of $78 million and an annualized return on average equity of 22.4% year-to-date. These results reflect the company’s strategic focus on sustainable underwriting profitability following its transition to a publicly traded company on the New York Stock Exchange.

The company’s financial performance highlights include a 16.7% increase in gross premiums written to $553.4 million and a 33.2% rise in net premiums earned, reaching $448.8 million compared to the previous year. Hamilton achieved underwriting income of $29.1 million with a combined ratio of 93.6%, despite being impacted by catastrophe losses from events such as Hurricane Helene. Year-to-date, the company recorded a net income of $366.5 million and a combined ratio of 89.9%.

Hamilton’s international and Bermuda segments both contributed to profitable underwriting results, with significant growth in premiums written and earned. The Bermuda segment, in particular, saw a notable increase in gross premiums written by 36.5%, driven by new business and strong rate environments.

Looking ahead, Hamilton remains focused on maintaining its underwriting discipline and enhancing its diversified franchise value, as indicated by the management’s positive outlook and continued strategic initiatives to bolster profitability and market presence.