Bermuda-domiciled re/insurer Hamilton Insurance Group has reported net income of $187.4 million for the second quarter of 2025, compared to $131.1 million in Q2’24, as underwriting income grew to $67.5 million with a combined ratio of 86.8%, compared to $65.3 million and a combined ratio of 84.4% in Q2’24.
For Q2’25, gross written premiums (GWP) across the Group increased by $108.7 million, or 18%, to $712 million with an increase of $33.2 million, or 10.6%, in the international segment, and $75.5 million, or 25.9%, in the Bermuda segment.
Meanwhile, net premiums written (NPW) increased by $81.2 million, or 17.1%, to $556.3 million, with the international segment increasing by $23.8 million, or 10.2%, and $57.5 million, or 23.9% growth in the Bermuda segment.
Also, net premiums earned increased by $92.4 million, or 22.1%, to $511.2 million with an increase of $37.6 million, or 17.4%, in the international segment, and $54.8 million, or 27% in the Bermuda segment.
Catastrophe losses (current and prior year), net of reinsurance, for the second quarter, were $1.5 million, driven by severe convective storms adding $9.9 million, partially offset by favourable prior year development of $8.4 million.
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The attritional loss ratio (current year), net of reinsurance, was 53%, an increase of 1.4 points compared to Q2’24, driven by a change in business mix, including increased casualty reinsurance business.
The operating income for Q2’25 is reported at $161.8 million, or $1.55 per diluted share, with an annualised return on average equity of 30.2% and annualised operating return on average equity of 26.1%.
Hamilton has reported net investment income for Q2’25 of $148.7 million, comprising Two Sigma Hamilton Fund returns of $87.1 million, and fixed income, short-term and cash and cash equivalents returns of $61.6 million.
For the first six months of 2025, Hamilton’s net income dipped to $268.3 million compared to $288.2 million in H1’24. The firm’s underwriting income dropped to $9.2 million compared to $97.8 million in H1’24, with a combined ratio of 99.1% compared to 87.9% in H1’24.
Catastrophe losses, net of reinsurance, of $152 million for half year 2025 were driven by California wildfires losses of $159.7 million. Severe convective storms added $9.9 million, and favourable prior year development offset the total by $17.6 million.
For H1’25, GWP were $1.6 billion, an increase of 17.4% compared to H1’24, while NPE were $1 billion, an increase of 25.6% compared to H1’24. NPW were $1.2 billion compared to $989.9 million in H1’24.
For H1’25, operating income was $211.2 million, and the annualised return on average equity of 22% with an annualised operating return on average equity of 17.3%.
Lastly, in H1’25, Hamilton’s net investment income hit $316.1 million, comprising of Two Sigma Hamilton Fund returns of $190.7 million, and fixed income, short-term, and cash and cash equivalents returns of $125.4 million.
Pina Albo, Chief Executive Officer, Hamilton, commented, “Hamilton reported another strong quarter with $187 million of net income, resulting in 8.3% growth in book value per common share and a 30.2% annualised return on average equity. Both our underwriting and investment results contributed to net income, with a combined ratio of 86.8% and strong returns from our fixed income portfolio and the Two Sigma Hamilton Fund.
“Each of our reporting segments, International and Bermuda, generated strong bottom-line underwriting results and meaningful top-line growth, reflecting Hamilton’s diversified and well-positioned book of business.”
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