Hamilton Insurance Group Ltd., a Bermuda-based insurer and reinsurer, generated net income of $577 million in 2025, an increase of 44% year-on-year, as the underwriting result dipped very slightly but remains strong with a combined ratio of 92.9%.
The Bermudian re/insurer had a strong 2025, recording gross premiums written (GPW) growth of $501 million year-on-year to $2.9 billion, with growth of more than 26% in the Bermuda segment and growth of 16% in the International segment.
Growth in Bermuda was driven by new and existing business in casualty and property reinsurance classes, while International growth was driven by new and existing business in casualty, specialty, and property insurance classes.
Net premiums written (NPW) for the year totalled $2.3 billion, an increase of $366 million on the prior year, as net premiums earned (NPE) rose by $375 million to $2.1 billion in 2025.
For 2025, Hamilton’s attritional loss ratio, net of reinsurance, stands at 54.4%, and was impacted by an increase in casualty reinsurance business, and certain large losses in the firm’s Bermuda specialty and property reinsurance classes.
Current and prior year catastrophe losses, net of reinsurance, hit $159 million in 2025, driven by the California wildfires at a cost of $159.7 million, severe convective storms at a cost of $10.9 million, and the Queensland hailstorms at $6.9 million, partially offset by favorable prior year development of $18.5 million.
Net favorable attritional prior year reserve development, net of reinsurance, was $46.4 million in 2025, primarily driven by favourable development in property and specialty classes, partially offset by unfavourable development in certain casualty classes, explains Hamilton.
The loss and loss adjustment expense ratio increased by 1.5 percentage points to 59.7% in 2025, as the acquisition cost ratio increased by 1.6 percentage points, and the other underwriting expense fell by 1.5 percentage points to 9.2%, resulting in a combined ratio of 92.9% with underwriting income of $149 million, compared with a combined trio of 91.3% and underwriting income of $149.4 million in 2024.
Net investment income for the year totalled $512 million, comprised of Two Sigma Hamilton Fund returns of $301 million, and fixed income, short term and cash and cash equivalents returns of $211 million.
“Hamilton delivered another record result in 2025, with net income of $577 million, or a 44% increase over net income last year, and a 22% return on average equity. Gross premiums written grew 21% to $2.9 billion, our combined ratio was 92.9%, and book value per share increased 24%. Since our listing in 2023, we have posted excellent underwriting results while growing book value per share 64%. With these exceptional results, the Board of Directors declared a special dividend of $2.00 per common share,” said Pina Albo, CEO of Hamilton.
“These results underscore the strength and stability of the organization we’ve built and are a direct reflection of the hard work and commitment of our talented team. We’ve entered a transitioning market environment from a position of strength – and we are built to manage the cycle with discipline and confidence,” added Albo.
Hamilton’s strong full year performance was supported by fourth quarter 2025 net income of $173 million, an increase of more than $138 million year-on-year.
GPW for Q4’25 increased by $125 million year-on-year to $669 million, with 28% growth in the Bermuda segment and 21% growth in the International segment. NPW rose by $95 million to $548 million, as NPE increased by $95 million to $578 million.
Underwriting income for the quarter increased by $54 million year-on-year to $76 million with a combined ratio of 87%, compared with underwriting income of $22 million and a combined ratio of 95.4% in Q4’24.
Current and prior year catastrophe losses, net of reinsurance, were $7 million in Q4’25, driven by the Queensland hailstorms at a cost of $6.9 million, and severe convective storms at $1 million, partially offset by favorable prior year development of $0.9 million.
Net favorable attritional prior year reserve development, net of reinsurance, was $18 million, primarily driven by favorable development in property and specialty classes, states the firm.
