Hamilton Insurance Group rebounded from a wildfire-bruised start to 2025 with first-quarter 2026 results showing net income of $133.5 million, or $1.31 per diluted share, as the Bermuda-based re/insurer benefited from an 11.5% jump in gross premiums written and zero catastrophe losses during the period.
Operating income reached $166.7 million, or $1.64 per diluted share.
The Bermuda carrier posted an annualized return on average equity of 19.3% and an annualized operating return on average equity of 24.1%. Its combined ratio settled at 89.8%, with underwriting income of $57.6 million.
Gross premiums written climbed to $940.1 million, an increase of $96.8 million from the prior-year quarter. The International segment drove the bulk of the expansion, with gross premiums up 19.7% to $442.9 million on growth in casualty and specialty insurance.
The Bermuda segment recorded gross premiums of $497.2 million, up 5.0%, as gains in casualty reinsurance offset lower reinstatement premiums on property reinsurance. Net premiums earned across the group rose 14.3% to $570.5 million.
The attritional loss ratio, net of reinsurance, landed at 54.5%, a 2.6-point increase the company tied to a shift in business mix toward casualty reinsurance and specialty insurance. Net unfavorable prior-year reserve development of $13.9 million was attributed primarily to additional loss information on the Baltimore Bridge collapse.
The latest Hamilton results mark a turnaround from the catastrophe-heavy comparable period a year earlier. The carrier closed full-year 2025 with net income of $182.8 million and gross premiums written up 13.6% to $2.6 billion, after Q4 2025 absorbed roughly $100 million in net catastrophe losses tied to the California wildfires.
Net investment income totaled $93.6 million, with the Two Sigma Hamilton Fund contributing $93.1 million. Total cash and invested assets stood at $5.9 billion at quarter-end, in line with year-end 2025.
The board declared a $2.00-per-share special dividend, or $205.8 million, paid on March 30. Hamilton also repurchased $19.7 million of common shares during the quarter.
Book value per share fell 3.8% from year-end to $27.42, while book value plus accumulated dividends rose 3.2% to $29.42. Total shareholders' equity at the Bermuda group closed at $2.7 billion.
CEO Pina Albo (pictured above) said the results reflected disciplined execution. "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%," she said.
Albo added that Hamilton continues to prioritize margin quality and prudent capital deployment amid competitive conditions, walking away from business that does not meet return thresholds.
