Key Highlights

  • Net income came to $81.5 million, or $0.81 per diluted share, versus $136.2 million, or $1.32, a year earlier.
  • Operating income reached $179.9 million, or $1.78 per diluted share, with an annualized operating Return on Equity of 24.9%.
  • Gross premiums written grew 17.3% to $819.7 million.
  • The combined ratio was 97.3%, compared with 87.8% in the third quarter of 2025.
  • Book value per share was $29.80, a 4.6% increase from December 31, 2025.

Premium growth outpaces Earnings this quarter

Hamilton Insurance Group (NYSE:HG) is a Bermuda-based specialty insurance and Reinsurance company that underwrites risks worldwide through three platforms: Hamilton Global Specialty, Hamilton Select and Hamilton Re. It released third quarter 2026 results on October 29, 2026.

Gross premiums written rose 17.3% to $819.7 million from $698.8 million, and net premiums earned increased 13.1% to $591.3 million. Net Income for common shareholders was $81.5 million, or $0.81 per diluted share, against $136.2 million, or $1.32, a year earlier.

Operating income of $179.9 million, or $1.78 per diluted share, produced an annualized operating return on average equity of 24.9%. Chief Executive Officer Pina Albo described the quarter as exceptional.

Why the combined ratio climbed to 97.3%

Underwriting income fell to $15.5 million from $64.1 million, and the combined ratio rose 9.5 points to 97.3% from 87.8%. The loss and loss adjustment expense ratio reached 62.0%, up from 53.3%, while the Acquisition cost ratio grew 1.5 points to 25.5% on a shift in Business mix.

Catastrophe losses, including prior year development, totaled $53.9 million. Of that, $6.8 million related to the Middle East conflict and $47.1 million was unfavorable prior year development tied to the Ukraine conflict. The current year attritional loss ratio was 57.5%, up 2.1 points, reflecting more casualty reinsurance and one large loss.

International grows faster while Bermuda absorbs the reserve charge

In the International Segment, gross premiums written increased 20.1% to $456.3 million on growth in specialty and casualty insurance and specialty reinsurance. Underwriting income was $9.0 million, against $11.8 million, and the combined ratio stood at 97.1% versus 95.4%.

The Bermuda Segment lifted gross premiums written 13.9% to $363.4 million, led by casualty and specialty reinsurance. Underwriting income dropped to $6.6 million from $52.3 million, and the combined ratio climbed to 97.7% from 80.7%. Its $42.6 million of catastrophe losses all stemmed from prior year Ukraine conflict development.

Bermuda net premiums written grew only 1.1%, compared with 14.7% in International.

Investment income and balance sheet

Net Investment income was $88.4 million. It combined returns of $144.7 million from the company's affiliated investment fund with a loss of $56.3 million on fixed income, short term and cash holdings.

As of September 30, 2026, total Assets stood at $10.83 billion, up from $9.57 billion at December 31, 2025. Total cash and invested assets were $6.4 billion, and total shareholders' equity was $2.9 billion.

Book value per share of $29.80 compares with $28.50 at year end, and Book Value per share plus accumulated dividends was $31.80. The company repurchased $3.1 million of shares during the quarter.

Year to date results and what to watch

For the first nine months of 2026, net income was $358.8 million, or $3.54 per diluted share, versus $404.5 million, or $3.88. Operating Income was $504.9 million, or $4.98 per diluted share.

Gross premiums written for the period increased 14.9% to $2.6 billion, and the combined ratio improved to 94.1% from 95.2%. A special Dividend of $2.00 per share, totaling $205.8 million, was paid on March 30, 2026.

Readers will likely watch whether the combined ratio returns toward its year to date level once the Ukraine related development passes, and whether net premiums written keep pace with gross growth.