Hamilton Insurance Group has announced its financial results for the first quarter 2026, reporting a net income of $134 million, up from $80.8 million in Q1 2025, and an improved combined ratio of 89.8%, down from the 111.6% seen in the same period last year.
Operating income stood at $166.7 million in the quarter, compared to the $49.4 million seen in Q1 2025.
Gross premiums written increased 11.5%, to $940.1 million with an increase of $72.9 million, or 19.7%, in the International Segment, and $23.9 million, or 5.0%, in the Bermuda Segment.
Net premiums written rose 8.2%, to $653.7 million. The International Segment saw a 25.5% increase, to $58.5 million, while the Bermuda Segment experienced a decrease of $8.7 million, or 2.3%.
Net premiums earned increased 14.3%, to $570.5 million. The International Segment’s net premiums earned grew by 20.9%, to $50.2 million, and the Bermuda Segment’s grew by 8.3%, to $21.4 million.
The attritional loss ratio (current year), net of reinsurance, was 54.5%. The increase of 2.6 points was primarily driven by a change in business mix, including an increase in casualty reinsurance and specialty insurance business.
At $57.6 million, underwriting income in Q1 2026 saw a significant improvement when compared to the loss of $58.2 million reported Q1 2025.
Catastrophe losses (current and prior year), net of reinsurance, were $Nil compared to $150.5 million in the same period in 2025.
The current attritional loss ratio, net of reinsurance, stood at 54.5%. This represents a 2.6 points increase over the previous year, which the company attributed to a change in business mix, including an increase in casualty reinsurance and specialty insurance business.
Additionally, Hamilton reported net unfavorable attritional prior year reserve development, net of reinsurance, of $13.9 million this movement was primarily driven by additional loss information in relation to the Baltimore Bridge collapse.
Commenting on the results, Pina Albo, CEO of Hamilton, said: “Hamilton reported strong first quarter 2026 results, generating net income of $134 million and operating income of $167 million, an annualized return on average equity of 19% and operating return on average equity of 24%.
“This was supported by a 89.8% combined ratio and strong investment income. Gross premiums written increased 11% year over year as the company maintained underwriting discipline, writing business that met return thresholds and stepping away where that was not the case.
“In a more complex and volatile environment and amid competitive market conditions, Hamilton emphasized continued focus on margin quality and prudent capital deployment to support sustainable profitability.”
