Hamilton Insurance Group, Ltd.

Listed Company

HGCIK 0001593275NYSELarge AcceleratedFire, Marine & Casualty InsuranceD0FY ends Dec 31

Period

FY 2025

Revenue

$2.91B

Net Income

$840.03M

Total Assets

$9.57B

Equity

$2.82B

Shares Out

66.42M

Op. Cash Flow

$842.35M

Business

Hamilton Insurance Group, Ltd. is a global specialty insurance and reinsurance company that underwrites and assumes risk across commercial, casualty and specialty lines. It offers property, casualty and specialty insurance and reinsurance products, including U.S. excess & surplus (E&S) coverage, high-excess Bermuda market insurance, professional and financial lines, marine/energy, cyber, A&H, political risk and treaty facultative reinsurance. The business operates three principal underwriting platforms—Hamilton Global Specialty, Hamilton Select and Hamilton Re—reported through International and Bermuda segments. Distribution and markets include Lloyd’s Syndicate 4000, a Dublin insurer, Bermuda operations and U.S. E&S access via wholesale and surplus lines brokers, major global brokers, MGAs/MGUs and reinsurance brokers.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-11-30
Gross premiums written	2,923	2,423	1,951	1,647	1,447
Reinsurance premiums ceded	−636	−501	−471	−425	−361
Net premiums written	2,288	1,921	1,480	1,222	1,085
Net change in unearned premiums	−178	−186	−162	−78	−143
Net premiums earned	2,110	1,735	1,319	1,144	943
Net realized and unrealized gains (losses) on investments	687	511	210	93	352
Net investment income (loss)	88	63	30	−21	−43
Total net realized and unrealized gains (losses) on investments and net investment income (loss)	775	575	240	72	309
Other income (loss)	27	24	19	11	21
Net foreign exchange gains (losses)	−6	−3	−6	6	6
Total revenues	2,906	2,330	1,571	1,233	1,334
Losses and loss adjustment expenses	1,259	1,010	715	758	641
Acquisition costs	507	389	309	271	229
General and administrative expenses	279	271	260	178	172
Amortization of intangible assets	16	16	11	13	13
Interest expense	20	23	21	16	15
Total expenses	2,081	1,708	1,316	1,260	1,071
Income (loss) before income tax	825	622	255	−27	262
Income tax expense (benefit)	−15	8	−25	3	12
Net income (loss)	840	613	280	−30	250
Net income (loss) attributable to non-controlling interest	263	213	22	68	62
Net income (loss) and other comprehensive income (loss) attributable to common shareholders	577	400	259	−98	188
Basic income (loss) per share attributable to common shareholders	5.75	3.81	2.47	−0.95	1.83
Diluted income (loss) per share attributable to common shareholders	5.55	3.67	2.44	−0.95	1.82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments, at fair value	3,439	2,875	2,260	1,546	—
Investments in Two Sigma Funds, at fair value (cost 2025: $1,355,563; 2024: $805,623)	1,588	939	851	741	—
Total investments	5,027	3,814	3,112	2,286	—
Cash and cash equivalents	1,100	997	795	1,100	—
Restricted cash and cash equivalents	110	104	106	131	—
Premiums receivable	940	772	658	523	—
Paid losses recoverable	94	134	145	91	—
Deferred acquisition costs	257	209	157	115	—
Unpaid losses and loss adjustment expenses recoverable	1,400	1,200	1,161	1,178	1,113
Receivables for investments sold	58	74	42	371,000	—
Prepaid reinsurance	296	219	194	164	—
Intangible assets	87	93	91	87	—
Other assets	265	209	210	167	—
Total assets	9,572	7,796	6,671	5,819	—
Reserve for losses and loss adjustment expenses	4,415	3,532	3,030	2,856	2,415
Unearned premiums	1,377	1,122	911	718	—
Reinsurance balances payable	296	261	272	244	—
Payable for investments purchased	210	115	67	48	—
Term loan, net of issuance costs	150	150	150	150	—
Accounts payable and accrued expenses	177	185	187	138	—
Payables to related parties	123	100	6	20,000	—
Total liabilities	6,749	5,467	4,623	4,155	—
Non-controlling interest TS Hamilton Fund	172,000	128,000	133,000	119,000	—
Common shares:	990,000	1	1	1	—
Additional paid-in capital	1,135	1,164	1,250	1,120	—
Accumulated other comprehensive loss	−4	−4	−4	−4	—
Retained earnings	1,691	1,169	801	547	—
Total shareholders' equity	2,822	2,329	2,048	1,664	1,753
Total liabilities, non-controlling interest, and shareholders equity	9,572	7,796	6,671	5,819	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-11-30
Depreciation and amortization	16	16	12	15	14
Share compensation expense	29	30	44	11	9
Net realized (gains) losses on investments	−517	−468	−85	−259	—
Change in net unrealized (gains) losses on investments	−170	−43	−125	165	−74
Other items	−29	4	−7	12	7
Premiums receivable	−168	−113	−136	−60	−13
Paid losses recoverable	41	11	−55	−11	−48
Deferred acquisition costs	−48	−52	−42	−16	−41
Prepaid reinsurance	−77	−25	−30	−12	9
Unpaid losses and loss adjustment expenses recoverable	−205	−10	17	−65	−42
Other assets	−57	1	−43	−42	−15
Reserve for losses and loss adjustment expenses	883	502	174	441	324
Unearned premiums	255	211	193	97	141
Reinsurance balances payable	35	−11	28	−42	−24
Accounts payable and accrued expenses and other	15	92	55	−36	61
Net cash provided by (used in) operating activities	842	759	283	191	227
Proceeds from redemptions from Two Sigma Funds	2,654	2,874	2,592	2,592	2,114
Contributions to Two Sigma Funds	−2,715	−2,481	−2,555	−2,465	−1,870
Purchases of fixed maturity investments	−2,485	−1,930	−1,222	−705	−656
Proceeds from sales, redemptions and maturity of fixed maturity investments	1,714	1,381	689	421	347
Purchases of short-term investments	−1,100	−1,832	−1,506	−1,552	−2,036
Proceeds from sales of short-term investments	1,417	1,805	1,389	1,843	2,164
Change in receivables for investments sold	16	−32	−42	—	—
Change in payables for investments purchased	94	49	19	—	—
Other	−9	−19	−16	−14	−16
Net cash provided by (used in) investing activities	−414	−184	−652	133	138
Issuance of common shares	25,000	26,000	73,000	7,000	5,000
Repurchases of common shares	−113	−150	−2	−2	−7
Contribution of additional paid-in capital	−26,000	370,000	83	308,000	1
Term loan, net of issuance costs	−311,000	0	0	−345,000	0
Withdrawal of non-controlling interest	−263	−213	−22	−68	−62
Net cash provided by (used in) financing activities	−376	−363	59	−70	−68
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	19	−12	4	−11	−2
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	71	200	−306	243	295
Net income taxes paid	16	11	4	10	12
Interest paid	22	22	22	16	12

Filings

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