Hamilton Insurance Group, Ltd. (HG)
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The label says insurer. And Hamilton Insurance Group delivers as one: the combined ratio came in at 92.9 percent in 2025, and book value per share climbed from $18.58 to $28.50 in two years. The profit, though, mostly comes from somewhere else. Hamilton earned $148.8 million from underwriting in 2025 — and $775.1 million from investments, largely from a hedge fund run by its partner Two Sigma. Of that fund's $564.3 million of income, $263.4 million went to the manager as an incentive allocation. The commitment to that partner was rewritten effective April 1, 2026. Not investment advice — just the question of who really owns the second engine.
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Profitability
Balance Sheet & Safety
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AI Rating
Uses AIHamilton setzt KI im eigenen Betrieb ein — die Zeichnungs- und Analyseplattform HARP ist ausdrücklich für KI-gestützte Arbeitsabläufe gebaut, die Anbindung an Makler läuft über „agentic AI“; KI ist dabei nirgends Umsatzquelle und wird in den Risikofaktoren nur als Einsatz-, nicht als Geschäftsmodellrisiko beschrieben.
View the full file — quotes, sources, reviewed filings
„These capabilities are built upon a modern, cloud-based core architecture and a unified enterprise data foundation unconstrained by legacy platforms and engineered to support advanced analytics, artificial intelligence (“AI”) enabled workflows, and scalable digital distribution."
Diese Fähigkeiten beruhen auf einer modernen, cloudbasierten Kernarchitektur und einer einheitlichen Datenbasis des Unternehmens, die nicht durch Altsysteme eingeschränkt ist und darauf ausgelegt wurde, fortgeschrittene Analytik, durch künstliche Intelligenz („KI“) gestützte Arbeitsabläufe und skalierbaren digitalen Vertrieb zu tragen.
„Hamilton continues to enhance direct digital connectivity with brokers, managing general agencies (“MGAs”), cedants, and market platforms through open APIs, event-driven workflows, and emerging agentic-AI capabilities, supporting efficiency across the underwriting process."
Hamilton baut die direkte digitale Anbindung an Makler, Assekuradeure („MGAs“), Zedenten und Marktplattformen weiter aus — über offene Schnittstellen, ereignisgesteuerte Arbeitsabläufe und aufkommende agentische KI-Fähigkeiten, die die Effizienz im gesamten Zeichnungsprozess unterstützen.
„Rather than emphasizing discrete tools, we focus on how systems, data, and AI-assisted capabilities work together to support workflow efficiency across business segments."
Statt einzelne Werkzeuge in den Vordergrund zu stellen, richten wir den Blick darauf, wie Systeme, Daten und KI-gestützte Fähigkeiten zusammenwirken, um die Effizienz der Arbeitsabläufe über die Geschäftssegmente hinweg zu unterstützen.
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-25 · 10-K 2025-02-27
Rated on July 25, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 1.20 | – | 600 | 62.40 | 21.80 | 156 | 156 |
| 2024: Q3 | 0.74 | 80.50 | 66 | -83.90 | 119.40 | 161 | 161 |
| 2024: Q4 | 0.32 | -72.20 | 583 | 15.20 | 5.80 | 284 | 284 |
| 2025: Q1 | 0.77 | -44.20 | 782 | 16.60 | 10.30 | 35 | 35 |
| 2025: Q2 | 1.55 | 29.20 | 755 | 25.70 | 24.80 | 218 | 218 |
| 2025: Q3 | 1.20 | 62.20 | 682 | 939.60 | 20.00 | 296 | 296 |
| 2025: Q4 | 1.65 | 415.60 | 708 | 21.50 | 24.30 | 293 | 293 |
| 2026: Q1 | 1.64 | 113.00 | 754 | -3.50 | 17.70 | 101 | 101 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The combined ratio fell from 106.0 percent (fiscal year ended November 2021) and 102.8 percent (2022) to 90.1, 91.3 and 92.9 percent in 2023 through 2025, while gross premiums written grew from $1.45 billion to $2.92 billion. In the first quarter of 2026 the ratio came in at 89.8 percent after 111.6 percent a year earlier.
In 2025, underwriting income of $148.8 million stood against a $775.1 million investment result — a factor of 5.2. Of that, $564.3 million came from the TS Hamilton Fund. A weak fund year therefore hurts earnings more than a heavy storm season, and fund returns cannot be extrapolated the way a premium line can.
Of the fund's $564.3 million of income in 2025, $263.4 million — 46.7 percent — went to the manager as an incentive allocation, on top of a $52.6 million management fee. In the first quarter of 2026 it was $83.5 million of $176.6 million (47.3 percent). The terms are 2.5 percent a year, 30 percent of profits, and a further 25 percent above a 10 percent hurdle.
Hamilton controls neither the fund's investment strategy nor its day-to-day operations and cannot remove the Managing Member; the minimum commitment runs to $1.8 billion or 60 percent of net tangible assets. The 2025 annual report itself describes management and governance challenges at Two Sigma. The new agreement of April 1, 2026 eliminated certain withdrawal rights and frees the committed portion at only one twelfth per month.
Catastrophe losses in the first quarter of 2026 were exactly zero, after $159.7 million in the prior-year quarter and $159.0 million for full-year 2025. At the same time prior-year reserve development turned to 2.4 percent adverse (prior-year quarter: 2.9 percent favorable) on the Baltimore Bridge collapse. The Middle East conflict that began on February 28, 2026 is named but not yet quantified.
Book value per share of $27.42 on March 31, 2026 after $28.50 (end of 2025) and $18.58 (end of 2023), with a $2.00 special dividend in between. Debt-to-capital of 5.0 percent and subsidiary dividend capacity of $620.1 million (December 31, 2025). Roughly $3.59 billion of market capitalization (data as of July 24, 2026) implies a price-to-book ratio of about 1.3, against an average analyst target price of $35.86.
Hamilton Insurance Group has underwritten profitably for three years, doubled gross premiums written since 2021 and lifted book value per share from $18.58 to $28.50 — all of it real and filed. The profit lever, however, sits outside the insurance business: a $775.1 million investment result against $148.8 million of underwriting income in 2025, and of the fund's $564.3 million of income, $263.4 million stayed with manager Two Sigma. Hamilton can neither steer nor remove that partner and must keep up to $1.8 billion in the fund. The first quarter of 2026 was strong at an 89.8 percent combined ratio, but carried zero catastrophe losses and the first adverse reserve development. Not investment advice.
- Hook: rank 35 in our in-house Big Earnings Surprise ranking (U.S. selection with 81 hits), relative strength rating 74 out of 100, as of July 25, 2026. The lists are recalculated daily.
- Data as of: SEC figures for December 31, 2025 (Form 10-K, filed February 25, 2026) and March 31, 2026 (Form 10-Q, filed May 6, 2026); ratios and earnings surprises as of July 24, 2026. Filings after the quarterly report were reviewed through July 25, 2026; the most recent entry is an insider report on Form 4 dated May 20, 2026.
- Risk of confusion: "HG" is also the COMEX symbol for copper futures and the ticker of HydroGraph Clean Power on the Canadian CSE. The company analysed here is Hamilton Insurance Group, Ltd., SEC filer number CIK 0001593275, ISIN BMG427061046, Class B common shares listed on the New York Stock Exchange. Copper is quoted per pound, not per share.
- Per-share metrics are computed against total shares outstanding of 99,273,252 (March 31, 2026), not against the 66,532,272 listed Class B shares. Using the Class B count alone would overstate any per-share figure by roughly half.
- The Altman Z-score in the fundamental data (0.83) carries no meaning for insurers because the formula was built for industrial companies; it is named here but not used. A quoted dividend yield above 6 percent reflects the one-off special dividend paid on March 30, 2026, not a regular dividend.
About the Company
Hamilton Insurance Group, Ltd., through its subsidiaries, operates as specialty insurance and reinsurance company in Bermuda and internationally. It operates Hamilton Global Specialty, Hamilton Select, and Hamilton Re underwriting platforms. The company offers casualty reinsurance products, such as commercial auto, general liability, healthcare, multiline, personal motor, professional liability, umbrella and excess casualty, and worker's compensation and employer's liability reinsurance; property reinsurance and insurance; and specialty reinsurance solutions, including accident and health, aviation and space, crisis management, mortgage, financial risks, marine and energy, and multiline specialty. It also provides accident and health, cyber, energy, environmental, financial lines, fine art and specie, kidnap and ransom, mergers and acquisitions, marine and energy liability, political risk and violence, professional liability, property binders, property direct and facultative, professional lines, space, upstream energy, excess casualty, war and terrorism, allied medical, products liability and contractors, management liability, medical professionals, general liability, and small business casualty insurance plans, as well as surety and treaty reinsurance products. The company was incorporated in 2013 and is headquartered in Pembroke, Bermuda.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 600 |
| Headquarters | Pembroke, Bermuda |
| Website | hamiltongroup.com |
| IPO Date | 10. Nov 2023 |
| Next Earnings | 5. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Giuseppina Carmela Albo | CEO & Director | 1962 |
| Craig William Howie CPA | Group CFO & Chief Investment Officer | 1964 |
| Gemma Elizabeth Carreiro | Group General Counsel, Corporate Secretary & Data Protection Officer | 1982 |
| Adrian Joseph Daws | Chief Executive Officer of Hamilton Re | 1982 |
| Alexander James Baker | Chief Executive Officer of Hamilton Global Specialty | 1982 |
| Brian Deegan | Group Chief Accounting Officer | 1978 |
| Raymond Joseph Karrenbauer | Group Chief Information Officer | 1970 |
| Darian Niforatos | VP & Head of Investor Relations | – |
| Moussa Thiam | Group Head of Compliance | – |
| Daniel Fisher | Group Head of Human Resources, Communications & Culture | 1971 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.