Hamilton Insurance Group, Ltd.HG
Hamilton Insurance Group, Ltd. Segments Disclosure
Segment Reporting
The Company has determined its reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations and has identified two reportable business segments - International and Bermuda. Each of the Company's identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker ("CODM"): the Chief Executive Officer of the consolidated group. The CODM's responsibilities include providing leadership to all levels of employees; developing culture, values, and ethos; setting the Company's strategy, vision and direction; and overall responsibility for the success and profitability of the Company, including evaluating segment performance.
The CODM evaluates reportable segment performance based on the segments' respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses, net of third party fee income. General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As the Company does not manage its assets by reportable segment, investment income and assets are not allocated to reportable segments.
The Company's core business is underwriting and its underwriting results are reflected in its reportable segments: (1) International, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. The Company considers many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments.
Corporate includes net realized and unrealized gains (losses) on investments, net investment income (loss), other income (loss) not incurred by the reportable segments, net foreign exchange gains (losses), general and administrative expenses not incurred by the reportable segments, amortization of intangible assets, interest expense, and income tax expense (benefit).
| ($ in thousands) | |||||||||||||||||||||||
| For the Year Ended December 31, 2025 | International | Bermuda | Corporate | Total | |||||||||||||||||||
| Gross premiums written | $ | 1,517,060 | $ | 1,406,085 | $ | — | $ | 2,923,145 | |||||||||||||||
| Net premiums written | $ | 1,132,061 | $ | 1,155,482 | $ | — | $ | 2,287,543 | |||||||||||||||
| Net premiums earned | $ | 1,055,377 | $ | 1,054,399 | $ | — | $ | 2,109,776 | |||||||||||||||
| Third party fee income | 12,027 | 14,574 | — | 26,601 | |||||||||||||||||||
| Losses and loss adjustment expenses | 571,298 | 687,223 | — | 1,258,521 | |||||||||||||||||||
| Acquisition costs | 276,676 | 230,614 | — | 507,290 | |||||||||||||||||||
| Other underwriting expenses | 167,221 | 54,522 | — | 221,743 | |||||||||||||||||||
| Underwriting income (loss) | $ | 52,209 | $ | 96,614 | $ | — | $ | 148,823 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments | 687,111 | 687,111 | |||||||||||||||||||||
| Net investment income (loss) | 88,021 | 88,021 | |||||||||||||||||||||
| Net foreign exchange gains (losses) | (5,985) | (5,985) | |||||||||||||||||||||
| Corporate expenses | (57,167) | (57,167) | |||||||||||||||||||||
| Amortization of intangible assets | (15,709) | (15,709) | |||||||||||||||||||||
| Interest expense | (20,189) | (20,189) | |||||||||||||||||||||
| Income (loss) before income tax | 824,905 | ||||||||||||||||||||||
| Income tax (expense) benefit | 15,124 | 15,124 | |||||||||||||||||||||
| Net income (loss) | 840,029 | ||||||||||||||||||||||
| Net income (loss) attributable to non-controlling interest | 263,359 | 263,359 | |||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 576,670 | |||||||||||||||||||||
| Key Ratios | |||||||||||||||||||||||
| Attritional loss ratio - current year | 54.0 | % | 54.6 | % | 54.4 | % | |||||||||||||||||
| Attritional loss ratio - prior year development | (2.8) | % | (1.6) | % | (2.2) | % | |||||||||||||||||
| Catastrophe loss ratio - current year | 2.9 | % | 13.9 | % | 8.4 | % | |||||||||||||||||
| Catastrophe loss ratio - prior year development | 0.0 | % | (1.7) | % | (0.9) | % | |||||||||||||||||
| Loss and loss adjustment expense ratio | 54.1 | % | 65.2 | % | 59.7 | % | |||||||||||||||||
| Acquisition cost ratio | 26.2 | % | 21.9 | % | 24.0 | % | |||||||||||||||||
| Other underwriting expense ratio | 14.7 | % | 3.8 | % | 9.2 | % | |||||||||||||||||
| Combined ratio | 95.0 | % | 90.9 | % | 92.9 | % | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| For the Year Ended December 31, 2024 | International | Bermuda | Corporate | Total | |||||||||||||||||||
| Gross premiums written | $ | 1,308,460 | $ | 1,114,122 | $ | — | $ | 2,422,582 | |||||||||||||||
| Net premiums written | $ | 969,605 | $ | 951,564 | $ | — | $ | 1,921,169 | |||||||||||||||
| Net premiums earned | $ | 886,934 | $ | 847,795 | $ | — | $ | 1,734,729 | |||||||||||||||
| Third party fee income | 16,317 | 7,435 | — | 23,752 | |||||||||||||||||||
| Losses and loss adjustment expenses | 498,023 | 512,150 | — | 1,010,173 | |||||||||||||||||||
| Acquisition costs | 216,971 | 171,960 | — | 388,931 | |||||||||||||||||||
| Other underwriting expenses | 148,824 | 61,189 | — | 210,013 | |||||||||||||||||||
| Underwriting income (loss) | $ | 39,433 | $ | 109,931 | $ | — | $ | 149,364 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments | 511,407 | 511,407 | |||||||||||||||||||||
| Net investment income (loss) | 63,267 | 63,267 | |||||||||||||||||||||
| Net foreign exchange gains (losses) | (3,231) | (3,231) | |||||||||||||||||||||
| Corporate expenses | (61,111) | (61,111) | |||||||||||||||||||||
| Amortization of intangible assets | (15,520) | (15,520) | |||||||||||||||||||||
| Interest expense | (22,616) | (22,616) | |||||||||||||||||||||
| Income (loss) before income tax | 621,560 | ||||||||||||||||||||||
| Income tax (expense) benefit | (8,402) | (8,402) | |||||||||||||||||||||
| Net income (loss) | 613,158 | ||||||||||||||||||||||
| Net income (loss) attributable to non-controlling interest | 212,729 | 212,729 | |||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 400,429 | |||||||||||||||||||||
| Key Ratios | |||||||||||||||||||||||
| Attritional loss ratio - current year | 53.5 | % | 52.7 | % | 53.1 | % | |||||||||||||||||
| Attritional loss ratio - prior year development | (0.4) | % | 0.5 | % | 0.0 | % | |||||||||||||||||
| Catastrophe loss ratio - current year | 3.9 | % | 8.9 | % | 6.3 | % | |||||||||||||||||
| Catastrophe loss ratio - prior year development | (0.8) | % | (1.7) | % | (1.2) | % | |||||||||||||||||
| Loss and loss adjustment expense ratio | 56.2 | % | 60.4 | % | 58.2 | % | |||||||||||||||||
| Acquisition cost ratio | 24.5 | % | 20.3 | % | 22.4 | % | |||||||||||||||||
| Other underwriting expense ratio | 14.9 | % | 6.3 | % | 10.7 | % | |||||||||||||||||
| Combined ratio | 95.6 | % | 87.0 | % | 91.3 | % | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| For the Year Ended December 31, 2023 | International | Bermuda | Corporate | Total | |||||||||||||||||||
| Gross premiums written | $ | 1,105,522 | $ | 845,516 | $ | — | $ | 1,951,038 | |||||||||||||||
| Net premiums written | $ | 770,399 | $ | 710,039 | $ | — | $ | 1,480,438 | |||||||||||||||
| Net premiums earned | $ | 703,508 | $ | 615,025 | $ | — | $ | 1,318,533 | |||||||||||||||
| Third party fee income | 9,685 | 8,549 | — | 18,234 | |||||||||||||||||||
| Losses and loss adjustment expenses | 362,137 | 352,466 | — | 714,603 | |||||||||||||||||||
| Acquisition costs | 186,698 | 122,450 | — | 309,148 | |||||||||||||||||||
| Other underwriting expenses | 127,402 | 55,763 | — | 183,165 | |||||||||||||||||||
| Underwriting income (loss) | $ | 36,956 | $ | 92,895 | $ | — | $ | 129,851 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments | 209,610 | 209,610 | |||||||||||||||||||||
| Net investment income (loss) | 30,456 | 30,456 | |||||||||||||||||||||
| Other income (loss), excluding third party fee income | 397 | 397 | |||||||||||||||||||||
| Net foreign exchange gains (losses) | (6,185) | (6,185) | |||||||||||||||||||||
| Corporate expenses | (76,691) | (76,691) | |||||||||||||||||||||
| Amortization of intangible assets | (10,783) | (10,783) | |||||||||||||||||||||
| Interest expense | (21,434) | (21,434) | |||||||||||||||||||||
| Income (loss) before income tax | 255,221 | ||||||||||||||||||||||
| Income tax (expense) benefit | 25,066 | 25,066 | |||||||||||||||||||||
| Net income (loss) | 280,287 | ||||||||||||||||||||||
| Net income (loss) attributable to non-controlling interest | 21,560 | 21,560 | |||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 258,727 | |||||||||||||||||||||
| Key Ratios | |||||||||||||||||||||||
| Attritional loss ratio - current year | 53.2 | % | 51.1 | % | 52.2 | % | |||||||||||||||||
| Attritional loss ratio - prior year development | (3.5) | % | 2.3 | % | (0.8) | % | |||||||||||||||||
| Catastrophe loss ratio - current year | 1.5 | % | 5.1 | % | 3.2 | % | |||||||||||||||||
| Catastrophe loss ratio - prior year development | 0.3 | % | (1.2) | % | (0.4) | % | |||||||||||||||||
| Loss and loss adjustment expense ratio | 51.5 | % | 57.3 | % | 54.2 | % | |||||||||||||||||
| Acquisition cost ratio | 26.5 | % | 19.9 | % | 23.4 | % | |||||||||||||||||
| Other underwriting expense ratio | 16.7 | % | 7.7 | % | 12.5 | % | |||||||||||||||||
| Combined ratio | 94.7 | % | 84.9 | % | 90.1 | % | |||||||||||||||||
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:
| Years Ended December 31, | |||||||||||||||||
| ($ in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| International | |||||||||||||||||
| Lloyd's of London | $ | 953,446 | $ | 792,830 | $ | 677,415 | |||||||||||
| Ireland | 406,396 | 399,061 | 349,896 | ||||||||||||||
| U.S. | 157,218 | 116,569 | 78,211 | ||||||||||||||
| Total International | 1,517,060 | 1,308,460 | 1,105,522 | ||||||||||||||
| Bermuda | 1,406,085 | 1,114,122 | 845,516 | ||||||||||||||
| Total | $ | 2,923,145 | $ | 2,422,582 | $ | 1,951,038 | |||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Mar 7, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.