Hamilton Insurance Group publishes results for Q3 2023

Hamilton Insurance Group publishes results for Q3 2023 | Insurance Business Asia

Reinsurance

Hamilton Insurance Group publishes results for Q3 2023

Company launched on the NYSE last month

Reinsurance

By
Kenneth Araullo

Hamilton Insurance Group, following its recent debut on the New York Stock Exchange, has announced a net income of $43.6 million for the third quarter in its inaugural earnings report as a publicly traded company.

Hamilton reported a third-quarter combined ratio of 92.6%. This figure reflects the company’s operational efficiency, with a lower combined ratio indicating better profitability from underwriting activities. The company’s performance was bolstered by strong results across both its international and Bermuda segments, which recorded combined ratios of 97.7% and 86.9%, respectively.

For the nine months year-to-date, Hamilton declared a net income of $132 million, with a combined ratio of 90.2%. These results were attributed to the significant transformation of Hamilton’s business, emphasizing the company’s focus on underwriting profitability.

The company reported an annualized return on average equity of 9.8%. Its gross premiums written totaled $474.1 million, marking an 18.3% increase year-over-year.

Hamilton’s underwriting income stood at $24.9 million, alongside catastrophe losses of $7.2 million. The company’s net investment income amounted to $46.3 million. This included a return of $51.3 million, or 3.1%, from the Two Sigma Hamilton Fund; a fixed-income portfolio loss of $7.8 million, or -0.5%; and other investment income of $2.8 million.

Pina Albo, CEO of Hamilton, commented on the significance of the company’s transition to a public entity, especially after closing its initial public offering on November 14. She expressed satisfaction with the company’s performance in its first quarter as a public company.

Albo also outlined Hamilton’s future strategy, noting the company’s intention to capitalize on the current market conditions, bolstered by the recently raised capital. Hamilton’s underwriting platforms, located in Bermuda, at Lloyd’s, and in the US, are concentrated on specialty insurance and reinsurance, presenting substantial opportunities for business expansion and strengthening relationships with key customers and intermediaries.

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