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What guidance did Hamilton Insurance's management provide for the next earnings period?

What is Hamilton Insurance's latest dividend and current dividend yield?

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- **Record Financials**: 2025 net income $577M (22% ROE), TBV per share $28.50 (+24% YoY), driven by 21% gross premium growth.
- **Strategic Renewals**: 1/1 renewals focused on risk-adjusted pricing, leveraging retrocession for margin protection in property cat.
- **Special Dividend**: $206M dividend reflects capital strength, with continued buyback flexibility.
- **2026 Outlook**: Attritional loss ratio 55%, disciplined growth in casualty reinsurance, and cautious approach to data center risks.
- **AI Efficiency**: Deploying AI for underwriting efficiency, with smart queuing for risk triage in 2026.

**【CEO Summary Section】**
- **Record Performance**: 2025 net income of $577M (22% ROE), gross premiums up 21% to $2.9B, combined ratio 92.9%, and 25% TBV per share growth.
- **Key Drivers**: Strong underwriting culture, client relationships, and robust capital. Q4 2025 gross premiums +23%, with growth in Bermuda (+27%), International (+20%), and Hamilton Select (+19%).
- **Market Strategy**: Focused on casualty reinsurance with rate increases, reduced property D&F exposure, and disciplined renewals. 1/1 renewals saw selective capital deployment, leveraging retrocession for margin protection.
- **Future Outlook**: Expect competitive market but sustainable growth through cycle management. 2026 attritional loss ratio guidance: 55% (Bermuda 56%, International 54.5%).

**【CFO Financial Commentary】**
- **Financial Highlights**: Q4 2025 net income $172M ($1.69 EPS), 2025 ROE 22%. Tax benefits: $28M from deferred tax asset releases and $17.3M Bermuda tax credit.
- **Underwriting Performance**: Q4 underwriting income $76M (vs. $22M in 2024), combined ratio 87.0%. Attritional loss ratio 54.6% (down 5.5pts vs. Q4 2024) due to lower catastrophe losses.
- **Investment Results**: Q4 net investment income $98M, Two Sigma Fund return 2.6% (16.0% annualized in 2025). Total assets $9.6B, TBV per share $28.50 (+24% YoY).
- **Capital Actions**: Special dividend $206M, $93M share buybacks in 2025, with $178M remaining under repurchase authorization.

**【Q&A Key Highlights】**
- **Loss Ratio Guidance**: 2026 attritional loss ratio 55% (vs. 54.4% in 2025) due to higher threshold for catastrophe losses. Catastrophe losses expected 6-7%.
- **Dividend Rationale**: Return excess capital post-record 2025 earnings. Flexibility to continue buybacks while returning capital via dividend.
- **Casualty Competition**: Selective growth in excess casualty, contractors, and small business. Reduced professional liability writings due to pricing.
- **Data Center Risk**: Writing physical damage only, cautious on accumulation and business interruption exposure.
- **AI Implementation**: Using AI for efficiency in underwriting and claims, with smart queuing for risk triage in 2026.
- **Expense Management**: 2026 corporate expenses $45-50M, other underwriting expenses to decline incrementally.


Hamilton Insurance Group, Ltd. (HG) Q4 2025 Earnings Call Transcript

- **Record Q3 Earnings**: $136 million net income (74% YoY growth), 21% ROE, and $64 million underwriting income.
- **Premium Growth**: 26% YoY gross premiums, led by 40% Bermuda expansion and 17% International segment growth.
- **Underwriting Excellence**: 87.8% combined ratio, 53.3% loss ratio (down 7.7 points YoY), and $98 million investment income.
- **Strategic Moves**: New leadership hires, $40 million share buyback, and 18% YTD book value growth to $27.06.
- **Market Positioning**: Disciplined property cat underwriting and selective casualty growth with 13.0% YTD Two Sigma Fund returns.

**【CEO Summary Section】**
- **Record Financial Performance**: Q3 net income of $136 million ($1.32 per share), up 74% year-over-year, with a 21% annualized return on equity (ROE). Underwriting income of $64 million (vs. $29 million in Q3 2024) and a combined ratio of 87.8%.
- **Top-Line Growth**: Gross premiums written rose 26% year-over-year, driven by 40% growth in Bermuda (casualty and specialty reinsurance) and 17% expansion in the International segment.
- **Strategic Talent Moves**: Hired Mike Mulray as Chief Underwriting Officer for Hamilton Select and promoted Susan Steinhoff to Chief Underwriting Officer of Hamilton Re, reflecting organizational strength.
- **Market Positioning**: Maintained disciplined underwriting in property cat (reduced large accounts) while growing casualty and specialty lines with attractive rates.

**【CFO Financial Commentary】**
- **Profitability Metrics**: Operating ROE of 19%, book value per share up 6% Q/Q to $27.06 (18% YTD growth). Year-to-date gross premiums up 20% to $2.3 billion.
- **Underwriting Performance**: Combined ratio of 95.2% year-to-date, with Q3 loss ratio improvement (53.3% vs. 61.0%) offset by a 2.8-point impact from the Martinez refinery fire.
- **Investment Success**: $98 million Q3 investment income, including a 2.6% gain from the Two Sigma Hamilton Fund (13.0% YTD return). Fixed income portfolio yield of 4.1%.
- **Capital Management**: $40 million share buyback in Q3, with $186 million remaining under a $150 million authorization.

**【Q&A Key Highlights】**
- **Bermuda Casualty Growth**: 20%+ premium growth driven by AM Best upgrade and selective writing, with 2.8-point loss ratio impact from the refinery fire. Expect moderate growth as mix stabilizes.
- **Property Cat Strategy**: Reduced large accounts amid competition but maintained risk-adjusted returns, with small/mid-market property growth in U.S. E&S.
- **Fee Income Outlook**: $2.5 million/quarter from international and Bermuda operations, excluding variable performance fees.
- **Share Repurchase**: 6% accretion to book value per share and ROE, with no dilution concerns despite $186 million remaining authorization.

Hamilton Insurance Group, Ltd. (HG) Q3 2025 Earnings Call Transcript

- **Record Q2 Results**: Net income $187M (30.2% ROE), underwriting income $67M, book value up 8.3%.
- **Strategic Growth**: 18% premium growth, 26% in Bermuda via casualty reinsurance and specialty classes.
- **Disciplined Underwriting**: Reduced exposure in property D&F (-18%), cyber (-15%), focusing on rate-adequate lines.
- **Reserve Management**: $18M charge for discontinued casualty, offset by favorable property reserve releases.
- **Share Buybacks**: $33M in Q2, $62M remaining; cautious during hurricane season.
- **Tax Advantage**: Low single-digit effective rate, deferred global minimum tax until 2030.

**【CEO Summary Section】**
- **Strong Financial Performance**: Q2 net income of $187 million (30.2% ROE), driven by underwriting income of $67 million and investment income of $149 million.
- **Top Line Growth**: Gross premiums written up 18% YoY, with Bermuda leading at 26% growth due to casualty reinsurance and specialty classes.
- **Management Changes**: Adrian Daws succeeds Megan Graves as CEO of Hamilton Re; Alex Baker takes over Global Specialty. Tim Duffin becomes Group Chief Underwriting Officer in 2026.
- **Market Strategy**: Focused on rate-adequate classes (casualty, excess casualty), reduced exposure in property D&F and cyber insurance.
- **Reserve Management**: $18 million reserve increase for discontinued casualty lines, offset by favorable property reserve releases.

**【CFO Financial Commentary】**
- **Financial Highlights**: Operating income $162 million (26.1% ROE), book value per share up 8.3% to $25.55.
- **Segment Performance**: International segment gross premiums +13%, Bermuda +21%. Combined ratio 86.8% (vs. 84.4% last year).
- **Investment Results**: Fixed income portfolio yield 4.3%, Two Sigma Fund Q2 gain 4.4% (YTD 10.1%).
- **Capital Management**: $33M share repurchases in Q2, $62M remaining under authorization.
- **Reserve Adjustments**: $18M charge for discontinued casualty lines, $6M Air India loss booked.

**【Q&A Highlights】**
- **Reserve透明度**: $18M increase from 2020+ accident years, no LPT impact. Casualty reserve review did not change loss picks.
- **Property Pricing**: Midyear renewals saw -15% to +50% rate changes, focusing on higher attachment points. Select business avoids property insurance.
- **Share Repurchases**: Accelerated buybacks due to undervaluation, cautious during hurricane season.
- **Tax Strategy**: Effective tax rate in low single digits, deferred global minimum tax until 2030.
- **Select Growth**: 52% YoY growth driven by excess casualty and small business, no MGA competition impact.

Hamilton Insurance (HG)-7 Aug 25-2025 Q2 Earnings call transcript

- **Resilient Growth**: 17% YoY GWP expansion to $843M, driven by double-digit growth in both reinsurance and specialty segments.
- **Catastrophe Offset**: $143M wildfire loss fully offset by $167M investment gains, maintaining 13.7% ROAE.
- **Casualty Expansion**: $40M Q1 premium increase, targeting low/mid-teens loss trends with selective underwriting.
- **Investment Strength**: Fixed income yield 4.8%, Two Sigma Fund up 7.9% YTD, supporting $23.59 book value per share.
- **Share Buyback**: $112M remaining under $150M authorization, executed at below book value.


**【CEO Opening Remarks】**
- **Catastrophe Impact**: Q1 2025 net catastrophe loss of $143M (California wildfires), within the $120M-$150M guidance. Total catastrophe loss ratio 30.2%, offset by $167M investment gains.
- **Topline Growth**: Gross premiums up 17% YoY to $843M, driven by Bermuda (+18%) and International (+15%) segments.
- **Segment Highlights**: 
  - **Bermuda (Reinsurance)**: $473M GWP, 18% YoY growth in casualty and property. Casualty expansion leverages A.M. Best upgrade and tighter market limits.
  - **International (Specialty)**: $370M GWP, 15% YoY growth in U.S. E&S, personal accident, and marine lines. Hamilton Select grew 51% in excess casualty.
- **Underlying Performance**: Attritional loss ratio 51.9%, stable vs. prior year. Favorable prior year development of 2.9 points.

**【CFO Financial Breakdown】**
- **Net Income**: $81M (13.7% ROAE), vs. $157M (29.5% ROAE) in Q1 2024, due to catastrophe losses.
- **Underwriting Results**: 
  - **Bermuda**: Underwriting loss $59M (122.8% combined ratio), driven by $121M catastrophe losses.
  - **International**: Underwriting income $1M (99.7% combined ratio), with $29M catastrophe losses.
- **Investment Performance**: 
  - Fixed income: $59M gain (2.4% return), new money yield 4.8%.
  - Two Sigma Fund: $104M gain (5.5% Q1, 7.9% YTD through April).
- **Balance Sheet**: Total assets $8.3B, book value per share $23.59 (3% QoQ growth). $112M remaining under $150M share buyback authorization.

**【Q&A Key Takeaways】**
- **Casualty Growth**: $40M Q1 premium increase, targeting low/mid-teens loss trends. Selective underwriting focuses on clients with strong underwriting culture and retained risk.
- **Expense Ratio**: Acquisition costs up due to higher casualty and pro rata business mix. Other underwriting expenses remain disciplined, with 10-year expense ratio decline trend.
- **Tariffs & Recession**: Property loss cost inflation manageable via existing models. Insurance sector resilient to economic downturns.
- **Two Sigma Fund**: 7.9% YTD return through April, aligning with 40% allocation to alternative investments.


Hamilton Insurance (HG)-8 May 25-2025 Q1 Earnings call transcript

- **Exceptional Growth**: 2024 net income up 55% to $400M, with 24% premium growth to $2.4B.
- **Catastrophe Resilience**: Los Angeles wildfires net loss $120-150M, within modeled expectations. 11th straight year of favorable reserve development.
- **Rating Recognition**: Hamilton Re upgraded to A by A.M. Best; Fitch and KBRA affirmed top-tier ratings.
- **Shareholder Value**: $138M share buybacks enhance book value per share by 23.5%.
- **Segment Strength**: International (95.6% combined ratio) and Bermuda (87.0% combined ratio) both deliver profitable growth.

**【CEO Summary Section】**
- **Record Financial Performance**: 2024 net income of $400 million, up 55% YoY, with a 18.3% return on average equity. Book value per share grew 23.5%.
- **Premium Growth**: Gross premiums written reached $2.4 billion (24% YoY), driven by International ($1.3B, +18%) and Bermuda ($1.1B, +32%) segments.
- **Catastrophe Impact**: Los Angeles wildfires estimated net loss of $120-150M (0.3% market share), reported in Q1 2025. 2024 industry catastrophe losses totaled $140B.
- **Strategic Milestones**: 
  - A.M. Best upgraded Hamilton Re to A rating; Fitch and KBRA affirmed A- and A ratings.
  - Repurchased 10.6M shares ($138M) below book value, enhancing shareholder value.
  - New credit bond and political risk reinsurance product exceeded expectations.
- **Underwriting Discipline**: 11th consecutive year of favorable reserve development; 2024 combined ratio 91.3%.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Net income $34M ($0.32/Diluted share), annualized ROE 5.8%. Underwriting income $22M vs. $36M YoY, due to $49M catastrophe losses (Hurricanes Milton/Helene).
- **Full Year 2024 Highlights**: 
  - Underwriting income $149M (vs. $130M YoY), driven by $88M catastrophe losses offset by $21M prior year development.
  - International segment: 95.6% combined ratio, $39M underwriting income.
  - Bermuda segment: 87.0% combined ratio, $110M underwriting income (32% GPW growth).
- **Expense Management**: Full year expense ratio 33.1% (down 2.8 pts YoY), benefiting from scale and operating leverage.
  - Corporate expenses $61M (expected to trend to $50-55M/yr).

Actual	0.41	1.15	1.38	1.2	0.74	0.32	0.47	1.55	1.2	1.65
Forecast	0.4957	0.6438	1.0381	0.7529	0.6941	0.5599	0.0203	1.062	0.7126	1.0677
Surprise	-17.29%	+78.63%	+32.94%	+59.38%	+6.61%	-42.85%	+2215.27%	+45.95%	+68.40%	+54.54%

Actual	339.30M	433.79M	721.94M	603.30M	553.40M	543.94M	843.31M	712.03M	698.85M	668.97M
Forecast	381.00M	362.65M	415.47M	532.10M	460.67M	460.17M	847.50M	709.25M	644.00M	621.00M
Surprise	-10.94%	+19.62%	+73.77%	+13.38%	+20.13%	+18.20%	-0.49%	+0.39%	+8.52%	+7.72%

HG

HG fundamentals

HG Q4 2025 Earnings

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HG

HG fundamentals

HG Q4 2025 Earnings

Earnings Call

HG Earnings Call Summary for Q4/20259:00 AM on Feb 20, 2026

HG Earnings Call Summary for Q3/20259:00 AM on Nov 5, 2025

HG Earnings Call Summary for Q2/20259:00 AM on Aug 7, 2025

HG Earnings Call Summary for Q1/20259:00 AM on May 8, 2025

HG Earnings Call Summary for Q4/20249:00 AM on Feb 27, 2025

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