Key Highlights

  • Net income was $81.5 million, or $0.81 per diluted share, versus $136.2 million, or $1.32, a year earlier.
  • Operating income was $179.9 million, or $1.78 per diluted share, an annualized operating Return on Equity of 24.9%.
  • Gross premiums written rose 17.3% to $819.7 million.
  • The combined ratio was 97.3%, against 87.8% in the third quarter of 2025.
  • Book value per share was $29.80, up 4.6% from December 31, 2025.

Premium growth outpaces Earnings in the quarter

Hamilton Insurance Group (NYSE:HG) is a Bermuda-headquartered specialty insurance and Reinsurance company that underwrites risks globally through three platforms: Hamilton Global Specialty, Hamilton Select and Hamilton Re. It reported third quarter 2026 results on October 29, 2026.

Gross premiums written increased 17.3% to $819.7 million from $698.8 million, and net premiums earned rose 13.1% to $591.3 million. Net Income attributable to common shareholders was $81.5 million, or $0.81 per diluted share, compared with $136.2 million, or $1.32, a year earlier.

Operating income was $179.9 million, or $1.78 per diluted share, which the company said represented an annualized operating return on average equity of 24.9%. Chief Executive Officer Pina Albo called the quarter exceptional.

Why the combined ratio rose to 97.3%

Underwriting income was $15.5 million, down from $64.1 million, and the combined ratio increased 9.5 points to 97.3% from 87.8%. The loss and loss adjustment expense ratio was 62.0%, up from 53.3%, while the Acquisition cost ratio rose 1.5 points to 25.5% on a change in Business mix.

Catastrophe losses, including prior year development, were $53.9 million. Of that, $6.8 million related to the Middle East conflict and $47.1 million was unfavorable prior year development tied to the Ukraine conflict. The current year attritional loss ratio was 57.5%, up 2.1 points, on more casualty reinsurance and one large loss.

International grows faster, Bermuda carries the reserve charge

In the International Segment, gross premiums written rose 20.1% to $456.3 million on growth in specialty and casualty insurance and specialty reinsurance. Underwriting income was $9.0 million, compared with $11.8 million, and the combined ratio was 97.1% against 95.4%.

The Bermuda Segment grew gross premiums written 13.9% to $363.4 million, driven by casualty and specialty reinsurance. Underwriting income fell to $6.6 million from $52.3 million, and the combined ratio rose to 97.7% from 80.7%. Its $42.6 million of catastrophe losses all came from prior year Ukraine conflict development.

Bermuda net premiums written grew only 1.1%, against 14.7% in International.

Investment income and balance sheet

Net Investment income was $88.4 million. It combined returns of $144.7 million from the company's affiliated investment fund with a loss of $56.3 million on fixed income, short term and cash holdings.

As of September 30, 2026, total Assets were $10.83 billion, up from $9.57 billion at December 31, 2025. Total cash and invested assets were $6.4 billion and total shareholders' equity was $2.9 billion.

Book value per share of $29.80 compares with $28.50 at year end, and Book Value per share plus accumulated dividends was $31.80. The company repurchased $3.1 million of shares in the quarter.

Year to date picture and what to watch

For the first nine months of 2026, net income was $358.8 million, or $3.54 per diluted share, compared with $404.5 million, or $3.88. Operating Income was $504.9 million, or $4.98 per diluted share.

Gross premiums written for the period rose 14.9% to $2.6 billion, and the combined ratio was 94.1%, improved from 95.2%. A special Dividend of $2.00 per share, or $205.8 million, was paid on March 30, 2026.

Readers tracking the name will likely watch whether the combined ratio returns toward its year to date level once the Ukraine related development passes, and how fast net premiums written keep pace with gross growth.