Hamilton Insurance Group reported 83% growth in book value per share plus accumulated dividends since its IPO in the third quarter of 2023, according to its October 30 Q3 2026 investor presentation. The Bermuda-based specialty reinsurer posted operating income of $180 million in the quarter, up 46% year-over-year, but net income fell 40% to $81 million due to catastrophe losses and reserve adjustments.
Gross premiums written reached $2.6 billion for the first nine months of 2026, up 15% from the prior year. The company has achieved a 19% compound annual growth rate in gross premiums written from 2021 through 2025, scaling from $1.4 billion to $2.9 billion. Book value per share stood at $29.80 as of September 30, 2026, with accumulated dividends of $2.00 per share.
The combined ratio for the nine months ended September 30, 2026, stood at 94.1%, compared to 93% for full-year 2025. The third quarter specifically saw the combined ratio rise to 97.3%, reflecting elevated catastrophe activity and reserve adjustments management attributed to geopolitical events.
Hamilton holds $6.4 billion in cash and invested assets and $2.9 billion in shareholders' equity. The investment portfolio allocates 61% to fixed income and short-term investments and 39% to the Two Sigma Hamilton Fund, which has delivered a 13.5% annualized return since 2014 inception with a 1.49 Sharpe ratio. For the nine months ended September 30, 2026, the Two Sigma fund generated 16.3% return.
The company operates three primary platforms: Hamilton Global Specialty, Hamilton Select, and Hamilton Re. The International segment posted 21% growth in gross premiums written for the nine months to $1.3 billion. Hamilton Select, the U.S. excess and surplus platform, posted 22% gross premium growth in the third quarter. The Bermuda segment, focused on reinsurance, grew 10% to $1.3 billion for the nine months.
AM Best assigned an "A" (Stable) rating, KBRA an "A" (Stable), and Fitch an "A-" (Stable) to Hamilton's operating entities.
Investors in HG should monitor combined ratio trends and catastrophe loss frequency as the company navigates geopolitical volatility and property rate moderation.