Hamilton Insurance Group reported net income of US$81 million for the first quarter ending March 31, 2025, as gross premiums written rose 16.8% year-over-year to US$843.3 million.
The company also noted increased underwriting activity across both its international and Bermuda segments.
Gross premiums written increased by US$121.4 million compared to Q1 2024, with the international segment contributing US$49.1 million of the increase, up 15.3%, and the Bermuda segment contributing US$72.2 million, up 18.%. Net premiums written rose 17.3% to US$603.9 million, with the international segment up 23.7% and Bermuda up 13.7%.
Net premiums earned climbed 29.5% to US$498.9 million, including a US$43.8 million increase in the international segment (22.2%) and US$69.9 million in Bermuda (37.1%).
Commenting on the results, CEO Pina Albo (pictured above) highlighted the company’s net income in a quarter marked by above-average industry catastrophe losses.
The Q1 performance builds on a year of earnings growth for Hamilton. In 2024, the company reported net income of US$400.4 million, representing a 55% increase from the prior year. Earnings per diluted share were US$3.67, with a return on average equity of 18.3%.
Gross premiums written for the year reached US$2.4 billion, a 24.2% rise year over year. Net premiums earned increased 31.6% to US$1.7 billion. Hamilton ended 2024 with a combined ratio of 91.3%, generating US$149.4 million in underwriting income.
The company reported an attritional loss ratio, net of reinsurance, of 51.9%, down 5.3 points from the same quarter last year. The reduction was attributed to the absence of large losses this quarter. In Q1 2024, the company was impacted by the collapse of the Francis Scott Key Bridge in Baltimore.
Catastrophe losses, net of reinsurance, totaled US$150.5 million, driven largely by the California wildfires which accounted for US$159.7 million in losses. This was partially offset by US$9.2 million in favorable development from prior years.
Hamilton also reported US$14.5 million in favorable reserve development, primarily within its specialty and property classes.
The acquisition cost ratio rose by 1.5 points compared to Q1 2024, which the company attributed to higher profit commissions and a shift in business mix. The other underwriting expense ratio declined by 0.3 points year-over-year.
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