Hamilton’s Q1 2024 combined ratio has increased by 3.6 points year over year to 91.5%, primarily driven by losses of $37.9 million arising from the Francis Scott Key Baltimore Bridge collapse.
The attritional loss ratio in Q1 of 2024, net of reinsurance, was 57.2%, an increase of 8.1 points compared to the same period in 2023, again attributed to the Baltimore Bridge collapse.
Elsewhere, the firm’s gross premiums written in Q1 expanded by $183.8 million, or 34.1%, to $721.9 million, with an increase of $73.7 million, or 29.8% in Hamilton’s International Segment, and $110.1 million, or 37.8% in its Bermuda Segment.
Net premiums written also increased in the opening quarter, rising by $166.4 million, or 47.7%, to $514.9 million, with an increase of $63 million, or 51.6% in the International Segment, and $103.4 million, or 45.6% in the Bermuda Segment.
Meanwhile, net premiums earned climbed $101.4 million, or 35.7%, to $385.3 million with an increase of $47.3 million, or 31.6% in the International Segment, and $54.1 million, or 40.3% in the Bermuda Segment.
Hamilton’s underwriting income in Q1 of 2024 was $32.5 million, down slightly from last year’s figure of $34.1 million. However, net income attributable to common shareholders in the opening quarter of 2024 was $157.2 million, up from $51.5 million in 2023.
Commenting on the financial results, Pina Albo, CEO of Hamilton, said, “I am very proud of Hamilton’s financial results for the first quarter. Not only did we generate strong underwriting and investment returns but also, this quarter marks our sixth consecutive quarter of underwriting profitability.
“I am also extremely pleased about our ability to take advantage of market opportunities with another quarter of double-digit growth, a momentum we expect will be enhanced by our recent AM Best ratings upgrade.”
