HG

Hamilton Insurance Group’s second quarter was marked by disciplined growth and careful risk selection across its specialty insurance and reinsurance platforms. Management attributed the quarter’s performance to strong underwriting in specialty and casualty lines, particularly in international markets, alongside robust investment income. CEO Giuseppina Carmela Albo noted the company’s “ability to execute and adapt to all market conditions,” highlighting a 17% increase in gross premiums written despite $50 million in catastrophe losses from the Middle East conflict. The company’s diversified portfolio and selective pullbacks in commercial property helped maintain margin quality, with leadership emphasizing the importance of underwriting discipline in a competitive market. Is now the time to buy HG? Find out in our full research report (it’s free). Revenue: $839.6 million vs analyst estimates of $700.3 million (13.3% year-on-year growth, 19.9% beat) Adjusted EPS: $1.56 vs analyst estimates of $1.21 (29% beat) Market Capitalization: $3.48 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Thomas Mcjoynt-Griffith (KBW): Asked if segment-level attritional loss ratio guidance had changed. CFO Craig William Howie confirmed ratios remain unchanged and reiterated expectations for low double-digit growth. Thomas Mcjoynt-Griffith (KBW): Inquired about growth sustainability in the Bermuda casualty book and the modest reserve charge. CEO Giuseppina Carmela Albo explained growth was driven by select client relationships and that casualty conditions remain favorable, while Howie described the reserve charge as modest and consistent with their philosophy. Elise Greenspan (Wells Fargo): Questioned long-term growth and the possibility of spinning off Hamilton Select. Albo emphasized Hamilton Select’s strategic importance and growth plans, noting the recent AM Best upgrade. Elise Greenspan (Wells Fargo): Sought clarity on potential future losses from Middle East events. Albo highlighted strong underwriting expertise and improved pricing in affected lines, while stressing prudent risk management and outward protections. Michael Zaremski (BMO Capital Markets): Asked about the impact of technology and AI on efficiency. Albo detailed AI use cases in underwriting and claims, with Howie adding that productivity gains must outweigh technology costs. In the coming quarters, our team will be monitoring (1) the rollout of new classes and underwriting capacity through Hamilton Select, (2) the impact of technology investments on operational efficiency and expense ratios, and (3) margin trends as the company navigates competitive pricing in property and specialty lines. Updates on reserve reviews and the integration of new distribution partners will also be important markers of Hamilton’s execution against its strategic goals. Hamilton Insurance Group currently trades at $35.28, in line with $35.55 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Friday, Aug. 7, 2026 at 9:30 a.m. ET Investor Relations - Darian Niforatos Group Chief Executive Officer - Giuseppina Carmela Albo Group Chief Financial Officer - Craig William Howie Operator: Hello, and welcome to the Hamilton Insurance Group earnings conference call. As a reminder, this call is being webcast and will also be available for replay with links on the Hamilton Relations website. I would now like to turn the call over to Darian Niforatos, head of investor relations. Please go ahead. Darian Niforatos: Thanks, operator. Hi, everyone, and thank you for joining our earnings call. Before we begin, please note that certain statements made during this call are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 2000. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. These risks are provided in our earnings release and SEC filings. We will also refer to certain non GAAP financial measures which are reconciled to the most directly comparable GAAP measures in our earnings release and financial supplement. Available on our website at investors.hamiltongroup.com. Now I will introduce the Hamilton executives leading today's call. Pina Albo, group chief executive officer and Craig William Howie, Group Chief Financial Officer. We are also joined by other members of the Hamilton management team. With that, I will hand it over to Pina. Giuseppina Carmela Albo: Thank you, Darian. And hello, everyone. Let me start by welcoming you to Hamilton's Second Quarter 2026 Earnings Conference Call. I am pleased to report another strong quarter for Hamilton achieved against a backdrop of ongoing geopolitical tensions social and economic inflation, and an insurance and reinsurance market that remains competitive. Hamilton delivered very solid results in the second quarter with net income of $144 million equal to an annualized return on average equity of 21%. This result was underpinned by a combined ratio of 95%, which includes about $50 million of catastrophe losses primarily stemming from the Middle East conflict. Strong investment income of $141 million and thoughtful growth in select classes with gross premiums written increasing by 17% for the quarter. The results this quarter and indeed over past quarters underscores the strength of Hamilton's strategy, its diversified portfolio, and our team's ability to execute and adapt to all market conditions. Switching gears now to the midyear renewals, I will not speak too long about this. As you likely already heard from my peers over the past few days, the market is in transition. The clearest area of pressure continues to be property business where competition remains principally focused on price, while casualty remains more stable with rate increases still being achieved in many lines. Specialty business was also competitive in many areas at midyear. That said, given the recent loss activity in The Middle East, we are now seeing opportunities in select insurance classes like marine, hull, and cargo where rates are increasing. We will consider such opportunities thoughtfully and with the benefit of our strong underwriting expertise in specialty classes. For Hamilton, the key takeaways from the midyear renewals are that while competition is robust, pricing still remains attractive across many lines. Contractual improvements in the property cat area introduced in the 2023 market reset remain largely intact. And our key client strategy and strong broker relations continue to result in achieving desired signings, and access to business we want to see. In this environment, we are focused on preserving margin quality, astute risk selection, and supporting clients where we have strong underwriting conviction and broad trading relationships. We are also making strategic use of outward protection across our portfolio including the use of our recently launched casualty sidecar. Against this backdrop, the good news is that our team has experienced trading in this type of market environment, knows how to exercise discipline while at the same time look for opportunities. Also, having the benefit of both an insurance and a reinsurance business and diversification across a broad array of products allows us to be nimble and focus on classes where we continue to get the best risk adjusted returns. We believe that the benefits of our platform together with our discerning underwriting approach will be the key to our continued profitability. Before moving on to our segment review for the quarter, I want to take a moment to discuss the recent developments in Hamilton Select. Before I do that, I want to make sure you know how Select fits into the Hamilton strategy. We have 2 reporting segments international and Bermuda, and 3 underwriting platforms. The international segment houses our Hamilton Global Specialty, and Hamilton Select underwriting platforms, which are predominantly specialty insurance. While Hamilton Re sits under our Bermuda segment which is predominantly reinsurance. Hamilton Global Specialty and Hamilton Re each wrote $1.4 billion in premium in 2025. Our long term ambition is for Hamilton Select to become the third leg of our stool so to speak. Alongside our other 2 established underwriting platforms. In May, AM Best upgraded Hamilton Select to A from A-. This rating supports this vision and the continued development of our E and S platform. It also aligns with Hamilton's strategy of building a diversified global specialty insurance and reinsurance company. We believe that the rating upgrade puts us in an even better position vis a vis our broker partners and will therefore result in our seeing additional opportunities in The US specialty insurance market. Now this takes me to something I specifically want to discuss. When we launched Hamilton Select, the company was focused on hard to place accounts in The US E and S market. A strategy that leveraged the strength of our team and their strong wholesale distribution relationships. We are now flexing these strengths as well as our proprietary technology to expand our appetite beyond distressed or pure hard to place risks. The expanded appetite includes new classes of business, which we will continue to add to over time, as well as risks in the lower middle market segment of the U.S. E&S market. We already received submissions that fit this expanded risk profile so this is a natural evolution of our strategy that will provide our wholesale distribution partners with additional support for their clients. As you can imagine, we are very excited about this development. Moving now on to the segments. Let's look at top line growth this quarter for international and Bermuda. Starting with the international segment, International gross premiums written were $420 million or 22% over the prior period. By platform, Hamilton Global Specialty gross premiums written were up 22% driven by specialty and casualty classes specifically in core classes such as accident and health which benefited from some seasonality. At the same time, and similar to my comments last quarter, we pulled back in our larger commercial D&F property insurance offering where we increasingly declined business which did not meet our return thresholds. Overall, our pricing assessment and underwriting framework continue to ensure attractive margins on the business we are writing even as our teams become more selective across many lines. Moving on to Hamilton Select, that platform grew 18% this quarter driven by excess casualty, excess property, 1 of the classes of our expansion strategy, and products and contractors where we still see attractive pricing, terms, and conditions. However, we were more selective on medical and professional lines given the competitive pricing environment. Lastly, in Bermuda, we wrote $411 million or 12% over the prior period. Similar to last quarter, our most significant driver of growth came from casualty reinsurance. A meaningful proportion of this is attributable to business bound in prior quarters with much of the remainder coming from increases in our relatively modest shares on select accounts with key trading partners. Moving on to property reinsurance in Bermuda, premiums fell compared to the same period last year primarily due to decreased rates. This was partially offset by better signings on deals with select key clients. Florida only business is the primary focus of the 6/1 renewal season, and as a reminder, this business represents only a modest portion of the Hamilton REIT portfolio. We do, however, write the Florida market on our third-party capital platform, AdaRE. For the 7/1 business, which is more national accounts, and within our wheelhouse, while pricing was competitive it still provided attractive margins and, as mentioned, the improved attachment points and terms and conditions from the 2023 market reset remains strong. Our specialty reinsurance line grew primarily due to business wins in the aviation class where pricing and conditions were attractive. On the insurance side of our Bermuda business, similar to what we did in Hamilton Global Specialty, we also reduced writings in our large account property D&F book since pricing in this area continues to come under pressure and the metrics did not meet our return thresholds. In closing, we continue to focus on the bottom line and deliver strong results. Grow selectively in lines where margins are attractive. Invest strategically in platforms like Hamilton Select and enabling technology, add strong talent to our team, and respond thoughtfully to this complex market environment. Again, as we saw through the midyear renewals, and across both international and Bermuda, this is not a market where every opportunity should be written. Rather, 1 where a focus on underwriting margin risk selection, and strong client and broker relationships will support continued success. With that in mind, we believe our portfolio remains well positioned to continue to produce solid results. Our teams are exercising the requisite discipline and allocating capital to risks and clients where we have the greatest underwriting conviction. With that broader context in mind, I will turn the call over to Craig to walk through the financial results in more detail. Craig William Howie: Thank you, Pina, and hello, everyone. Hamilton had another great quarter of financial results was $104 million or $1.42 per diluted share. And an annualized return on average equity of 21% in the second quarter of 2026. We had $158 million equal to $1.56 per diluted share producing an annualized operating return on average equity of 23%. These figures compare to $187 million or $1.79 per diluted share an annualized return on average equity of 30%; $162 million or $1.55 per diluted share and an annualized operating return on average equity of 26%. in the second quarter of 2025. Moving on to our underwriting results. Each of our platforms pursued thoughtful strategic growth in areas presenting the strongest risk adjusted returns while pulling back from lines where margins were not attractive. Our growth remains selective, disciplined, and in line with our expectations of more measured growth meaning an expectation of low double digit growth for the full year of 2026. Through the first half of 2026, the group grew top line premium by 14% to $1.8 billion up from $1.6 billion in the first half last year. Hamilton had an underwriting income of $29 million for the second quarter compared to underwriting income of $67 million in the second quarter last year. The group combined ratio was 95.0% compared to 86.8% in the second quarter of 2025. In the second quarter, our loss ratio increased to 61.7%, up 8.9 points from 52.8% in the prior period. The increase was primarily driven by $50 million or 8.5 points of catastrophe losses compared to $2 million or 0.3 points of catastrophe losses last year. The majority of the 2026 catastrophe losses came from the Middle East conflict in the amount of $46 million or 7.8 points. We had favorable prior year attritional development of $1 million or 0.1 points in the quarter, driven by specialty and property classes offset by certain casualty classes which I will discuss when I cover the segments. This compares to $3 million or 0.5 points of favorable development in the second quarter last year. The expense ratio decreased 0.7 points to 33.3% compared to 34.0% in the second quarter last year. The decrease was driven by lower other underwriting expenses, which included benefits from the Bermuda substance based tax credit, and third party performance fee income. Partially offset by acquisition costs. Now I will go through the second quarter results and some year-to-date results by segment. Let's start with the international segment, which includes our specialty insurance businesses, Hamilton Global Specialty, and Hamilton Select. For the first half of 2026, International grew top line $863 million, up from $715 million an increase of 21%. As Pina mentioned, this was primarily driven by growth in our casualty and specialty classes. In the second quarter, international had underwriting income of $9 million and a combined ratio of 97.0%. Compared to underwriting income of $27 million and a combined ratio of 89.3% in the second quarter last year. The increase in the combined ratio was primarily related to catastrophe losses of $34 million or 11.1 points in the quarter driven by the Middle East conflict, partially offset by the lower current year and prior year attritional loss ratios and the lower expense ratio. The current year attritional loss ratio was 51.1% down 0.8 points from the prior period. We still expect this ratio to be about 54.5% for the full year 2026. The prior year attritional loss ratio was a favorable 4.6 points due to favorable development in the specialty, property, and casualty classes. The expense ratio decreased 0.6 points to 39.4% compared to 40% in the second quarter last year. The decrease was primarily driven by premium growth, partially offset by lower third party fee income. I will now turn to the Bermuda segment, which houses Hamilton Re, and Hamilton Re U. S. The entities that predominantly write reinsurance business. For the first half of 2026, Bermuda grew top line premium to $908 million up from $841 million an increase of 8%. The increase was primarily driven by growth in casualty and specialty reinsurance classes, partially offset by a decrease in property reinsurance and property insurance classes as a result of pressure on rates. In the second quarter, Bermuda had underwriting income of $20 million and a combined ratio of 93.0%. Compared to underwriting income of $40 million and a combined ratio of 84.3% in the second quarter last year. The increase in the combined ratio was driven by $16 million or 5.8 points of catastrophe losses in the quarter mainly due to the Middle East conflict and unfavorable prior year attritional losses partially offset by the lower expense ratio. The Bermuda current year attritional loss ratio increased 1.5 points to 55.7% in the second quarter, compared to 54.2% in the second quarter last year. This increase was within our expectations given the changing business mix toward casualty reinsurance classes. The prior year attritional loss ratio was an unfavorable 4.6 points due to unfavorable development on certain casualty classes. In the second quarter, we completed our regularly scheduled casualty deep dive, which resulted in a modest reserve charge of $16 million on certain casualty lines. This represents only about 0.8% of our net casualty reserves about 0.5% of our total net reserve position. To be clear, we completed our casualty reserve reviews and strengthened our reserves based on our own review and not because of any third party review. Our actions are consistent with our reserving philosophy of being quick to react to adverse development indications or trends, and slow to release reserves until we have more certainty. As a reminder, we will complete our specialty class reserve reviews in the third quarter and our property class reserve reviews in the fourth quarter. Historically, we have shown overall favorable reserve development each and every year since the inception of the company. The Bermuda expense ratio decreased by 1.1 points to 26.9% compared to 28.0% in the second quarter of 2025. Driven by a decrease in other underwriting expenses which included benefits from the Bermuda substance based tax credit and increased third party performance fee income. Partially offset by the acquisition cost ratio due to a change in business mix. Now turning to investment income. Total investment income for the second quarter was $141 million compared to investment income of $149 million in the second quarter of 2025. The fixed income portfolio short term investments, and cash produced a gain of $26 million for the quarter, compared to a gain of $62 million in the second quarter of 2025. As a reminder, this includes the realized and unrealized gains and losses that Hamilton reports through net income as part of our trading investment portfolio. The key metrics of the fixed income portfolio were as follows. An average yield to maturity of 4.7% compared to 4.1% at year-end 2025. A duration of 4.0 years, and a new money yield of 4.6% on investments purchased in the second quarter. The 2 Sigma Hamilton Fund produced a net $115 million or 5.1% for the second quarter. Compared to $87 million or 4.4% in the second quarter last year. The 2 Sigma Hamilton Fund made up about 39% of total investments, including cash investments, at June 30, 2026. Now turning to capital management. During the second quarter of 2026, we repurchased $22 million worth of shares which brings our total repurchases for the year to $42 million. We still have $137 million remaining under our share repurchase authorization. Both the share repurchases and the special dividend we paid in March reflect our ongoing commitment for active and effective capital management. Next, I would like to comment on our strong balance sheet. Total assets were $10.3 billion at June 30, 2020, up 7% from $9.6 billion at year-end 2025. Total investments were $6.1 billion at June 30. Shareholders' equity for the group was $2.9 billion at the end of the second quarter. Our book value per share ended the quarter at $28.91 Our book value per share after adjusting for accumulated dividends was $30.91 at June 30, up 8.5% from year end 2025. In conclusion, we are very pleased with Hamilton's results through the first half of 2026. Our balance sheet remains strong, our investment returns have been exceptional, and our attritional loss ratios are tracking as expected. Overall, we believe we are well positioned to continue delivering attractive returns with a combined ratio in the low to mid-90s and with a return on equity percentage in the teens. Both of these numbers estimated on average throughout the cycle. Thank you. And with that, we will open up the call for your questions. Operator: We will now begin the question and-answer session. Please limit yourself to 1 question and 1 follow up. If you would like to ask a question, please press 1 to raise your hand. To withdraw your question, press 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the q and a roster. Your first question comes from the line of Thomas Mcjoynt-Griffith with KBW. Your line is open. Please go ahead. Thomas Mcjoynt-Griffith: Hey. Good morning. Thanks for taking our questions. The first 1 here, the past couple of quarters, you have given some nice helpful metrics on guidance for the full year. Across various metrics on a segment level attritional loss ratios and then some consolidated. Have any of those changed, this quarter with what you have seen year to date? Craig William Howie: Hi, Tommy. it is Craig. Thanks for the question. The guidance that we had given for those attritional loss ratios has remained the same, as you heard me say in my prepared remarks, the International ratio remains at 54.5%. The group ratio is at 55% and the Bermuda ratio is 56%. Those ratios stay the same as far as what I said in my prepared remarks as well. We expect to be able to run this book in the low to mid nineties on a combined ratio on average throughout the cycle. And that is where we are as well The other piece that you asked about was growth. We still expect to be able to grow this book in the low double digit range. As you know, we have grown this book in the past a compound annual growth rate over the past 5 years of over 22%. Right now, where we stand on a year to date basis is at about 14%. So we do expect to be in the low double digit range. Thomas Mcjoynt-Griffith: Got it. Thanks. And then zooming in on the casualty book, within the Bermuda segment, in the first half of the year, it is still seeing very strong growth there on, you know, gross premiums growing. 29% in the first half. As you look out to the back half of the year, do you think there is some opportunity for a deceleration simply from tough comps in the second half of last year? And then just broadly speaking, you did take a modest reserve charge, but it still sounds like you still see plenty of opportunity for attractive returns into casualty re. Is it is that the case? Thanks. Giuseppina Carmela Albo: Why do not I kick off here, and then you can talk about the reserves Craig? So let me start with the growth this quarter. As I said in my prepared remarks, part of that growth was business bound in prior quarters. With another part of it being the increases on those small shares that we have talked about the last little while on select key clients. Now these are clients where, you know, we are getting robust information, where we have faith in their underwriting and their claim abilities, and also clients that are keeping, you know, significant net participations on their deals. Those are the clients that we are supporting with small increases on those small shares. The casualty rate environment in general, you know, is buoyed by concerns about economic and social inflation. Those drivers continue, you know, in the current market environment. So we believe that the conditions on casualty insurance will continue with rate increases because of those drivers remaining intact. Craig? Craig William Howie: Yeah, Tommy, I know you asked about the reserve review outcome during the quarter. And it was-- it was only about $16 million And I have to say, 1 third of that, about $5 million, came from a additional information on 1 loss from the year 2018. And about 2 thirds of that review came from the years 2022 with the outcome of the deep dive into our casualty reserves given the current market environment including inflation, including economic inflation and inflation, This charge was pretty modest, $16 million on a $5 billion gross book of loss reserves. Is a pretty modest charge. Tells me that we feel pretty good about where we are today with our loss picks. It also shows me that our older runoff and discontinued lines of business from the past continue to hold pretty steady. And it shows me that the latest years where we took action and we increased our loss pick in 2024, 2025, and 2026 continue to hold. And this is pretty consistent with our reserve philosophy as well. Thank you. Operator: Your next question comes from the line of Elise Greenspan with Wells Fargo. Your line is open. Please go ahead. Elise Greenspan: Hi. Thanks. Good morning. My first question is on Hamilton Select. it is been growing fast and becoming the third stool of the company. If you could just give us I guess, longer term kind of views of just growth and premiums there. And would there be any thoughts on spinning that off at some point? let me kick off at a high level on just the expansion strategy, and I will pass the baton, to Craig from there. Giuseppina Carmela Albo: So, again, as I said in the prepared remarks, this is really just a natural evolution of the strategy, which is now buoyed by the recent AM Best upgrade. We have got such an incredibly strong team, and they have such strong distribution relationships in the market that we already started seeing this type of business, and it just aligned perfectly. All the stars came together with the upgrade, with our expansion strategy, and the business coming to us for us to announce this at this time. You know, it is a soft launch, in April with the property product. This product is focused on small to midsize risks where we are not seeing the kind of pressure, pricing pressure we are seeing in other areas, and we are going to continue to add to those over time. We do expect this to be a thoughtful growth the same way we grow the rest of our business. We You will not see too much growth on the expansion in 2026. You will see some, but we are currently hiring team leads in place then the remaining underwriters. So you will probably see more growth on the expansion strategy into 2027. Craig, do you want to take it from here? Craig William Howie: Yeah. The only thing I would say, Elise, on top of that was select this quarter grew 18% over 18%. And then, Elise, to your specific question on whether we intend to spin it off we see select as an incredibly strategic part of our platform, it adds to the diversity and diversification of our business and, I think, makes Hamilton Group a very attractive proposition. Elise Greenspan: Thanks. And then my second question is just on the ongoing events in The Middle East. Could you just give us a sense of whether you expect losses in future quarters? And then how much of a-- I guess, what were the Middle East opportunities to your premium growth in the second quarter? Giuseppina Carmela Albo: Alright. So why do not I kick off on this 1? Yeah. Stating the obvious here, you know, but this is an ongoing and very dynamic situation. The good news is that we have very strong underwriting expertise in the areas or in the lines of business that are affected by this conflict, be that political violence, marine energy, As a matter of fact, our underwriting expertise in certain of these classes is so recognized that we actually hold the pin on behalf of other balance sheets in the market. So we are very confident about our ability to continue to thought and judiciously underwrite risks at this time. We are seeing significantly improved pricing terms and conditions in the marine lines, the political violence lines. Again, we are not betting the bank here, but we are going to very thoughtfully and carefully underwrite risks and take advantage of, this market opportunity. I think it is important for you to know that we do manage, you know, to these kinds of events, across our group very, carefully, and we also ensure that we have outwards in place for across all lines of business, including those that are affected by this event. Operator: Your next question comes from the line of Michael Zaremski with BMO Capital Markets. Your line is open. Please go ahead. Michael Zaremski: Hey. Thanks. Good morning. Maybe just back to the Hamilton Select commentary, the exciting commentary about the upgrade from AM Best. Is there a way for you to maybe just at a high level frame kind of, like, how much bigger your TAM is, or I do not know if TAM is the right, you know, way to think about it. But just you know, obviously, you talked about a lot of competition in property, which is the 1 of your new ones that just went online. So we understand that. But just curious kind of does this kind of meaningfully expand the TAM that when we think about kind of the outer year growth, we are through this property? Cycle that it really would bend, you know, bend the growth trend line Upwards? Thanks. Giuseppina Carmela Albo: Yeah. Great. I will take that. So, again, we are incredibly excited about the Hamilton Select expansion, you know, the upgrade, just basically putting us on par with a lot of the other, very recognized peers in this space and the fact that we are already seeing this business. We will continue our hard-to-place strategy. And, you know, there the average premium for the business we are writing there is about $20 thousand as average premium. With this select expansion moving into, you know, the middle market, space and looking at risks that are not hard to place, you can probably look at average premium about doubling. So that is maybe to that point. Again, we will be rolling out classes over time. We have the property class that rolled out already. The next class to roll out is life sciences. If you wanna know about future classes, you should take a look at LinkedIn and look at the jobs that were posting. Michael Zaremski: Understood. So, yeah, maybe that ramps up when we can kinda talk about whether the different profit margin kind of goals for that larger mid market type of business. Got it. Maybe just switching gears to technology. Just you know, a broad question, but just given the amount of change, Gen AI related, we have seen over the last 3, 6 months. Any kind of new kind of thought processes you guys are having about kind of efficiency, productivity gains, etcetera, that could move the needle in terms of either top line growth or expense ratio, etcetera, over the next year or 2? Giuseppina Carmela Albo: Sure. Happy to take that question as well. And, Craig, if you want to add on, please be my guest here. We view AI as a productivity and intelligence multiplier. And it augments our underwriters, our claims professionals, and our operations team. We are focusing on enabling. It allows our professionals to focus more on the higher value activities, like just risk selection, portfolio management, and takes away some of the more grungy, kind of work. In underwriting, we are already leveraging AI tech for example, for submission ingestion and data extraction. This accelerates the intake process and improves our data quality, and it also allows us to get to the risks, more quickly. In this context, I have also spoken about our smart queuing technology, and that is an added bonus, actually specific to the Select platform, but we will roll it out over time. And that technology essentially floats the risks that we have analyzed, that we have a better chance of winning at to the top of the underwriter's queue, not, you know, just as they come in. It flows to the top, so we know that we have more hits at bat on risks that we are, more likely to bind. So we are incredibly excited about that. I think at the end of the day, I think it is going to have very measurable productivity gains, operational benefits across our business. Craig William Howie: Yes, Pina. I think the only thing to add there that there needs to be a cost benefit here. Right? The operational benefits and those productivity gains have to exceed what the technology expenses are as well. Michael Zaremski: Exciting. Thank you. Operator: As a reminder, please press 1 to ask a question. Your next question comes from the line of Matthew Heimerman with Citi. Your line is open. Please go ahead. Matthew Heimerman: Hi. Good morning, everybody. Just on Select, I would be curious. Can you maybe provide right now, it seems like you are going to roll out some new products and underwriting capabilities through your existing distribution partners. I am curious if once you have hired all the human capital and kind of got the support for them, whether or not a second leg to growth will be just expanding the distribution relationships on top of that. So just maybe a little bit more longer term kind of perspective on how you think about kind of stage 1, 2, 3 growth of that platform. Giuseppina Carmela Albo: Sure. Happy to take that, Matthew. So we just recently on LinkedIn that we hired a responsible party for distribution at Hamilton Select, and that will do exactly that: broaden our distribution relationships. Again, over time, with the products that we are going to roll out thoughtfully over the course of this expansion strategy. Matthew Heimerman: And is that something that happens coincident with the underwriting cap-- coincident with the underwriting talent coming through? Or is it kind of established everything through existing before you start to expand new? I recognize there is a sales cycle to that. Giuseppina Carmela Albo: Yeah. So, you know, a lot of our distribution partners offer us multiple lines of business. So we already have some distribution partners that have the lines that we are rolling out into But as we expand our strategy, we will be adding new distribution partners to the mix that will specifically support the lines that we are expanding into. Okay. So we should think about that blending together over the coming years as opposed to maybe more you know, discrete beginning and endings to those growth patterns. Correct. Matthew Heimerman: Thank you. Operator: Your next question comes from the line of Alex Scott with Barclays. Your line is open. Please go ahead. Alex Scott: Hey. Good morning. Wanted to ask about just some of the activity we have seen in the market. Say a couple of the larger reinsurance peers are writing combined ratios up near 100% in casualty. We are seeing some pretty heavy pruning in some of their casualty reinsurance books as well. I would just be interested in, what your take is on that. How are you avoiding the pitfalls of the market? That they are experiencing? And then maybe the flip side of it is are you seeing any opportunities for growth coming out of that? Thanks for that question. Giuseppina Carmela Albo: So just as a reminder, you know, Hamilton had a very small footprint in the casualty, reinsurance space predominantly. After we re underwrote the portfolio. And we only started growing in casualty when rates started improving. And that, we did get some opportunities when other, participants in the market who were perhaps overexposed to casualty reinsurance in the worst years. We are getting off the business to get a handle over the portfolio. And it is at that exact time that we were able to move in. And by the way, as a reminder, we also got our a rating around the same time. So that allowed us to see access to more business that we wanted to see. So again, that explains the growth of Hamilton in the casualty space when others backed away. But, again, our growth came in a very thoughtful manner with clients that we targeted in advance, these key clients that we support across other lines of business, and it came at a time where rates were improving. Got it. Alex Scott: that is all really helpful. Second question, maybe just on the broader market and where are you seeing the less disciplined behavior? How are you avoiding some of those things? You know, where do you see the pricing environment going from here if we keep being reasonably benign weather trends Alright. Giuseppina Carmela Albo: Let me start with the broader question first. You are right. it is a very dynamic and differentiated market that we are in right now. If I just go segment by segment and I look at 1/1 renewals, you know, on the property side, we still have abundant supply. So if there is no significant losses, we do expect some pressure on pricing. However, tempering that is that we still see some new demand for property in the market, property limits, even though they are at a lesser level. On the specialty side of the business, again, we just talked about a very meaningful event in the Middle East, but we have also had aviation losses. And do not forget the Baltimore Bridge loss was not that long ago. And because of this block of activity, we expect rates across many specialty classes to remain firm And then moving to casualty, as I said earlier, the drivers for rate increase in casualty are the inflationary pressures, social and economic, and those inflationary pressures remain and continue to buoy underlying pricing. If we see the market get more competitive, or, exhibit more pressure, we will make very strategic use of retro, on our book, both on the property and side, and, you know, we have the sidecar in place. So I think that answers the part of your question around where we see the market going. Thank you. Operator: There are no further questions at this time. I will now turn the call back to Pina Albo. For closing remarks. Giuseppina Carmela Albo: Alright then. Thank you all for joining us today. I also wanna thank our employees, our clients, our partners, and our shareholders for their continued support for Hamilton, and we look very forward to updating you again in the next quarter. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Hamilton Insurance Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Hamilton Insurance Group wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Hamilton Insurance (HG) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Hamilton Insurance Group (NYSE:HG) is drawing fresh attention after reporting Q2 2026 results that paired solid profitability and a 21% annualized return on average equity with sizeable catastrophe losses tied to the Middle East conflict. Investors are also weighing the recent AM Best upgrade of Hamilton Select to an A rating, alongside active share repurchases and reiterated guidance, as they reassess Hamilton Insurance Group stock after the latest earnings update. See our latest analysis for Hamilton Insurance Group. Hamilton Insurance Group’s recent earnings update, rating upgrade and completed US$206.91m buyback sit against a strong 31.68% year to date share price return and a 71.70% 1 year total shareholder return, suggesting momentum has been building around the stock. If you are looking beyond insurance to see what else is working in the market right now, this is a good moment to broaden your search with the 20 top founder-led companies Hamilton Insurance Group now trades close to analyst targets after a strong 1 year run and fresh buybacks. Does the current price still provide a comfortable margin for the risks on underwriting and catastrophe exposure? The most followed narrative pegs Hamilton Insurance Group’s fair value at about $35.57, just below the latest close at $35.91. This suggests a tight valuation gap that relies heavily on specific growth and margin assumptions. Read the complete narrative. Want to see what sits behind that tight fair value band? The narrative leans on steady revenue expansion, slimmer profit margins and a higher future earnings multiple. The exact mix of these levers might surprise you. Result: Fair Value of $35.57 (ABOUT RIGHT) Have a read of the narrative in full and understand what's behind the forecasts. However, the Hamilton Insurance Group narrative still faces clear pressure points, including exposure to large catastrophe events and the risk of thinner margins if pricing competition tightens. Find out about the key risks to this Hamilton Insurance Group narrative. The analyst narrative has Hamilton Insurance Group trading roughly in line with a $35.57 fair value. Yet the current P/E of 6x sits well below an 11.3x fair ratio estimate and the 11.5x industry level. That gap points to a very different risk and reward profile. Which story do you think is closer to reality? See what the numbers say about this price — find out in our valuation breakdown. With sentiment on Hamilton Insurance Group split between risks and rewards, this is a good time to move quickly and check the data yourself. To see a concise view of both sides of the story, review the 3 key rewards and 1 important warning sign If you want a broader view than Hamilton Insurance Group alone, use the Simply Wall St screener to spot other stocks that might fit your checklist before the crowd does. Target higher potential upside with companies that pair strong fundamentals with attractive prices by reviewing the 51 high quality undervalued stocks. Strengthen your focus on resilience and capital protection by scanning the 79 resilient stocks with low risk scores. Zero in on companies combining solid finances with clear staying power using the solid balance sheet and fundamentals stocks screener (49 results). This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include HG. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Hamilton Insurance Group, Ltd.? Here are five stocks we like better. Hamilton reported strong profitability despite catastrophe losses: Second-quarter net income was $144 million, or $1.42 per diluted share, while operating income reached $158 million and annualized return on average equity was 21%. Gross premiums written rose 17% year over year. Underwriting performance weakened due to Middle East-related claims. The combined ratio increased to 95.0% from 86.8%, with $50 million in catastrophe losses—$46 million tied to the Middle East conflict—contributing to a decline in underwriting income to $29 million. Hamilton maintained its growth outlook and is expanding Hamilton Select. Management continues to expect low-double-digit full-year premium growth and attritional loss ratios of about 55% for the group, while broadening Hamilton Select into additional U.S. excess-and-surplus lines, including life sciences. Lemonade: Leveraging AI to Underwrite a Path to Profitability Hamilton Insurance Group (NYSE:HG) reported second-quarter net income of $144 million, or $1.42 per diluted share, as catastrophe losses tied primarily to the Middle East conflict weighed on underwriting results. The insurer recorded an annualized return on average equity of 21% and operating income of $158 million, or $1.56 per diluted share, for the quarter. Group Chief Executive Officer Pina Albo said the company’s results reflected a diversified portfolio, investment income and selective premium growth despite geopolitical tensions, inflation and a competitive insurance and reinsurance market. Gross premiums written increased 17% during the quarter, while total premium growth for the first half reached 14% to $1.8 billion. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling MarketBeat Week in Review – 12/4 - 12/8 Hamilton’s combined ratio was 95.0% in the second quarter, compared with 86.8% a year earlier. Underwriting income declined to $29 million from $67 million in the prior-year period. Group Chief Financial Officer Craig Howie said the loss ratio rose to 61.7% from 52.8%, driven largely by $50 million of catastrophe losses, equivalent to 8.5 points on the combined ratio. About $46 million of those losses, or 7.8 points, stemmed from the Middle East conflict. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Suddenly markets are betting on Hagerty, AutoZone after UAW Total investment income was $141 million, down from $149 million in the second quarter of 2025. The company’s fixed-income portfolio, short-term investments and cash generated a $26 million gain, while the Two Sigma Hamilton Fund produced a net return of $115 million, or 5.1%, during the period. The fund represented about 39% of Hamilton’s total investments, including cash, as of June 30. The company’s fixed-income portfolio had an average yield to maturity of 4.7%, a duration of 4.0 years and a new-money yield of 4.6% on second-quarter purchases, according to Howie. → No Hangover: Revisiting Microsoft One Week After Earnings Hamilton’s International segment, which includes Hamilton Global Specialty and Hamilton Select, grew first-half premium 21% to $863 million. Second-quarter underwriting income for the segment was $9 million, compared with $27 million a year earlier, while its combined ratio increased to 97.0% from 89.3%. The International segment absorbed $34 million of catastrophe losses, or 11.1 points on its combined ratio, related to the Middle East conflict. Its current-year attritional loss ratio was 51.1%, down 0.8 points from the prior-year period. Howie said the company continues to expect the segment’s full-year attritional loss ratio to be about 54.5%. International gross premiums written increased 22% in the quarter to $420 million. Hamilton Global Specialty grew 22%, led by specialty and casualty lines, including accident and health business that benefited from seasonality. Albo said the company reduced writings in larger commercial D&F property insurance because returns did not meet its thresholds. Hamilton Select grew 18%, driven by excess casualty, excess property, products and contractors business. The company was more selective in medical and professional lines because of competitive pricing, Albo said. The Bermuda segment, which includes Hamilton Re and Hamilton Re US, grew first-half premium 8% to $908 million. Quarterly underwriting income was $20 million, compared with $40 million in the prior-year quarter, and the combined ratio increased to 93.0% from 84.3%. Bermuda recorded $16 million of catastrophe losses, or 5.8 points, mainly related to the Middle East conflict. The segment also reported unfavorable prior-year attritional loss development of 4.6 points, primarily related to certain casualty classes. Howie said Hamilton completed a scheduled casualty reserve review that resulted in a $16 million reserve charge on certain casualty lines. He said approximately $5 million related to additional information on one 2018 loss, while about two-thirds of the review’s impact came from 2022 and 2023 accident years. The charge represented about 0.8% of the company’s net casualty reserves and about 0.5% of its total net reserve position. Albo said market competition remains concentrated in property business, where pressure is principally focused on price, while casualty pricing has remained more stable and rate increases continue in many lines. Specialty business was competitive at mid-year, though recent loss activity has created opportunities in select classes such as marine hull, cargo and political violence. In Bermuda, premium growth was led by casualty reinsurance, including business bound in prior quarters and higher shares on select accounts with key trading partners. Property reinsurance premiums declined because of lower rates, partly offset by better signings with select clients. Specialty reinsurance grew on aviation business where pricing and conditions were attractive. Hamilton also highlighted its plans to broaden Hamilton Select’s U.S. excess and surplus platform. AM Best upgraded Hamilton Select’s rating to A from A- in May. Albo said the rating supports the company’s aim for Select to become a third major underwriting platform alongside Hamilton Global Specialty and Hamilton Re. The company is expanding beyond hard-to-place accounts into additional lines and lower-middle-market E&S risks. Albo said the initiative began with a property product and that life sciences is expected to be the next class introduced. She said the expansion is expected to contribute some growth in 2026, with more growth anticipated in 2027 as the company adds underwriting personnel and distribution relationships. Hamilton said it does not intend to spin off Hamilton Select, which Albo described as a strategic part of the group’s diversified platform. During the second quarter, Hamilton repurchased $22 million of shares, bringing year-to-date repurchases to $42 million. The company had $137 million remaining under its share-repurchase authorization. Total assets were $10.3 billion at June 30, up 7% from year-end 2025. Total investments and cash were $6.1 billion, while shareholders’ equity was $2.9 billion. Book value per share was $28.91, and book value per share adjusted for accumulated dividends was $30.91, up 8.5% from year-end. Howie said Hamilton’s guidance remained unchanged. The company expects low-double-digit premium growth for the full year, with group, International and Bermuda attritional loss ratios of approximately 55%, 54.5% and 56%, respectively. Over the cycle, Hamilton expects to operate with a combined ratio in the low-to-mid-90s and generate return on equity in the teens. Hamilton Insurance Group Ltd. is a Bermuda-based insurance and reinsurance holding company that trades on the New York Stock Exchange under the symbol HG. The company focuses on specialty lines of property and casualty insurance and reinsurance, providing tailored solutions to clients around the world. Its underwriting platform is designed to address complex and niche risks across multiple industry sectors. Established in 2016 and completing its initial public offering in 2017, Hamilton has concentrated on building a diversified portfolio of insurance and reinsurance products. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Hamilton Insurance Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Net Income: $144 million, or $1.42 per diluted share, in Q2 2026. Annualized Return on Average Equity: 21% for Q2 2026. Operating Income: $158 million, or $1.56 per diluted share, in Q2 2026. Annualized Operating Return on Average Equity: 23% for Q2 2026. Gross Premiums Written Growth: 17% increase for the quarter. Combined Ratio: 95.0% for Q2 2026, compared to 86.8% in Q2 2025. Loss Ratio: 61.7% for Q2 2026, up from 52.8% in the prior-year period. Catastrophe Losses: $50 million, or 8.5 points, in Q2 2026, primarily from the Middle East conflict. Expense Ratio: 33.3% for Q2 2026, down from 34.0% in Q2 2025. Total Investment Income: $141 million for Q2 2026, compared to $149 million in Q2 2025. Two Sigma Hamilton Fund Net Return: $115 million, or 5.1%, for Q2 2026. International Segment Gross Premiums Written: $420 million, up 22% over the prior period. International Segment Combined Ratio: 97.0% for Q2 2026. Bermuda Segment Gross Premiums Written: $411 million, up 12% over the prior period. Bermuda Segment Combined Ratio: 93.0% for Q2 2026. Book Value Per Share: $28.91 at June 30, 2026. Book Value Per Share (Adjusted for Accumulated Dividends): $30.91, up 8.5% from year-end 2025. Share Repurchases: $22 million in Q2 2026, totaling $42 million for the year. Warning! GuruFocus has detected 5 Warning Sign with RGA. Is HG fairly valued? Test your thesis with our free DCF calculator. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Strong financial performance with net income of $144 million and an annualized return on average equity of 21% in Q2 2026. Gross premiums written increased by 17% in the quarter, driven by growth in casualty and specialty classes. AM Best upgraded Hamilton Select to A, enhancing its competitive position and expanding opportunities in the U.S. specialty insurance market. Investment income remained robust at $141 million, with the Two Sigma Hamilton Fund delivering a net return of 5.1%. Strategic expansion of Hamilton Select into new classes and lower middle market risks, supported by proprietary technology and strong distribution relationships. Combined ratio deteriorated to 95.0% from 86.8% in the prior year, driven by $50 million in catastrophe losses, primarily from the Middle East conflict. Catastrophe losses, including $46 million from the Middle East conflict, negatively impacted underwriting results. Bermuda segment experienced unfavorable prior year attritional development, leading to a modest reserve charge of $16 million on certain casualty lines. Property reinsurance premiums declined due to decreased rates, reflecting competitive market pressures. The company pulled back in large commercial property insurance and property D&F lines due to pricing pressure, limiting growth in these areas. Q: Can you provide an update on the full-year guidance metrics for attritional loss ratios and growth, given the results year-to-date?A: Craig Howie (Group CFO & CIO) confirmed that the guidance for attritional loss ratios remains unchanged: 54.5% for International, 55% for the group, and 56% for Bermuda. He reiterated expectations for a low to mid-90s combined ratio and low double-digit growth on average throughout the cycle. While year-to-date growth is at 14%, the company still expects to land in the low double-digit range for the full year. Q: Can you elaborate on the growth in the casualty book within the Bermuda segment and the recent reserve charge? Do you still see attractive opportunities in casualty reinsurance?A: Pina Albo (Group CEO) explained that the casualty growth was driven by business bound in prior quarters and increases on small shares with select key clients who maintain significant net participations. She noted that the drivers of casualty rate increases, such as economic and social inflation, remain intact. Craig Howie (Group CFO & CIO) added that the $16 million reserve charge was modest, representing only 0.8% of net casualty reserves. He noted that one-third came from a single 2018 loss and two-thirds from 2022-2023 years, indicating confidence in current loss picks and the stability of older runoff lines. Q: Can you provide more details on the Hamilton Select expansion strategy, its long-term growth potential, and whether there are any plans to spin it off?A: Pina Albo (Group CEO) described the expansion as a natural evolution of the strategy, supported by the recent AM Best upgrade to A. The soft launch in April focused on property for small to mid-size risks, with life sciences as the next class. She expects thoughtful growth, with more significant contributions from the expansion strategy in 2027 as they hire team leads and underwriters. Craig Howie (Group CFO & CIO) noted Select grew over 18% in the quarter. Pina Albo explicitly stated there are no plans to spin it off, as it is a strategic part of the platform that adds diversification. Q: Given the ongoing Middle East conflict, do you expect losses in future quarters, and how are you capitalizing on the resulting market opportunities?A: Pina Albo (Group CEO) acknowledged the situation is dynamic but highlighted the company's strong underwriting expertise in affected lines like political violence, marine, and energy. She noted they are seeing significantly improved pricing and terms in marine and political violence lines and will thoughtfully underwrite risks to take advantage of these opportunities. She emphasized that they manage exposures carefully and have outwards protection in place across all lines affected by the event. Q: How does the Hamilton Select expansion change your total addressable market (TAM), and could it bend the growth trend line upwards in outer years?A: Pina Albo (Group CEO) explained that the expansion moves Select from hard-to-place accounts with an average premium of about $20,000 to the lower middle market, where the average premium could roughly double. She confirmed that the AM Best upgrade puts them on par with recognized peers, and they are already seeing submissions fitting the expanded risk profile. The strategy will be rolled out thoughtfully over time, with new classes and distribution partners added as they build out the team. Q: How are you leveraging technology, particularly GenAI, to drive efficiency and productivity gains across the business?A: Pina Albo (Group CEO) stated that AI is viewed as a productivity and intelligence multiplier that augments underwriters, claims professionals, and operations. They are using AI for submission ingestion and data extraction to accelerate the intake process. She also highlighted their "smart queuing" technology, which floats risks they are more likely to win to the top of underwriters' queues. Craig Howie (Group CFO & CIO) added that the operational benefits and productivity gains must exceed the technology expenses, emphasizing a cost-benefit approach. Q: For Hamilton Select, will growth come from expanding distribution relationships in addition to rolling out new products, and how will that evolve over time?A: Pina Albo (Group CEO) confirmed that they recently hired a head of distribution for Hamilton Select to expand distribution relationships. She explained that many existing distribution partners offer multiple lines of business, so they can leverage those relationships for new products. As the strategy expands, they will add new distribution partners specifically to support the new lines. She clarified that this will be a blended approach over the coming years rather than discrete stages. Q: How are you avoiding the pitfalls that some larger reinsurance peers are experiencing in casualty, and are you seeing opportunities for growth from their pruning?A: Pina Albo (Group CEO) explained that Hamilton had a very small footprint in casualty reinsurance historically and only started growing when rates improved. They were able to move in when other participants were getting off the business, and their A rating allowed them access to more desired business. The growth came in a thoughtful manner with targeted key clients supported across other lines, at a time when rates were improving. Q: Where are you seeing less disciplined behavior in the market, and how do you see the pricing environment evolving if weather trends remain benign?A: Pina Albo (Group CEO) provided a segment-by-segment outlook. On the property side, abundant supply could pressure pricing if there are no significant losses, though new demand for limits tempers this. In specialty, recent loss activity (Middle East, aviation, Baltimore Bridge) should keep rates firm. For casualty, inflationary pressures continue to buoy underlying pricing. She noted that if the market becomes more competitive, they will make strategic use of retro protection, including their casualty sidecar. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Delivered a 21% annualized return on average equity, supported by a 95% combined ratio despite $50 million in catastrophe losses primarily from the Middle East conflict. Growth of 17% in gross premiums written was driven by selective expansion in casualty and specialty classes where margins remain attractive. Management is pivoting Hamilton Select from a pure 'hard-to-place' E&S strategy to a broader middle-market appetite following an AM Best rating upgrade to 'A'. The Bermuda segment saw growth in casualty reinsurance through increased shares with key trading partners, while pulling back from property insurance due to pricing pressure. Strategic use of outward protection, including a recently launched casualty sidecar, is being utilized to preserve margin quality in a competitive environment. Proprietary technology, including 'smart queuing' and AI-driven submission ingestion, is being deployed to improve risk selection and operational efficiency. Reiterated full-year 2026 growth expectations in the low double-digit range, following 14% growth in the first half of the year. Maintained attritional loss ratio guidance of 54.5% for International, 56% for Bermuda, and 55% for the Group. Expects the Hamilton Select expansion strategy to contribute more meaningfully to growth in 2027 as new team leads and underwriters are onboarded. Anticipates continued firming in specialty lines like marine and aviation due to recent loss activity, while property pricing remains under competitive pressure. Targets a long-term combined ratio in the low-to-mid 90s and return on equity in the teens across the market cycle. Recognized a $46 million catastrophe loss related to the Middle East conflict, impacting the loss ratio by 7.8 points. Recorded a modest $16 million casualty reserve charge following a scheduled deep dive, representing 0.8% of net casualty reserves. Benefited from the Bermuda substance-based tax credit and third-party performance fee income, which helped lower the overall expense ratio. Repurchased $22 million in shares during Q2, with $137 million remaining under the current authorization for active capital management. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that growth stems from small increases on shares with key clients where they have high underwriting conviction. The $16 million reserve charge was described as proactive and consistent with a philosophy of reacting quickly to adverse trends while being slow to release reserves. Management dismissed spinoff rumors, stating Select is a 'strategic leg of the stool' that provides essential diversification to the Group. The expansion into middle-market E&S is expected to roughly double the average premium per risk compared to the legacy hard-to-place business. Hamilton is leveraging its recognized expertise in political violence and marine energy to thoughtfully underwrite risks in the affected region. While the situation is dynamic, the company is seeing significantly improved pricing and terms in marine and political violence lines. AI is being used as a 'productivity multiplier' for data extraction and submission ingestion to accelerate the intake process. Management emphasized that technology investments must provide a clear cost-benefit where productivity gains exceed the associated expenses.

Net Income of $144 million; Annualized Return on Average Equity of 21% Operating Income of $158 million; Annualized Operating Return on Average Equity of 23% PEMBROKE, Bermuda, August 06, 2026--(BUSINESS WIRE)--Hamilton Insurance Group, Ltd. (NYSE: HG; "Hamilton" or the "Company") today announced financial results for the second quarter ended June 30, 2026. Commenting on the results, Pina Albo, CEO of Hamilton, said: "Hamilton delivered another quarter of strong results, with net income of $144 million, a 21% annualized return on average equity, a 95% combined ratio, and strong investment income. Gross premiums written increased 17%, reflecting our continued focus on margin quality, thoughtful risk selection, and long-term value creation. I am proud of our team’s continued execution as we navigate a market that requires and rewards strong broker and client relationships and disciplined underwriting." Leadership Update The Board of Directors of Hamilton are delighted to announce an amendment to the employment agreement of its Chief Executive Officer, Pina Albo, extending her employment term through December 31, 2029, after which her employment term will continue to renew automatically for successive one-year periods. David A. Brown, Chairman of Hamilton's Board of Directors, said: "Under Pina's leadership, Hamilton has built a differentiated platform and delivered strong performance. Extending her employment term reflects the Board's confidence in her exceptional leadership and our commitment to executing the Company's long-term strategy for the benefit of our shareholders." Consolidated Highlights – Second Quarter Net income of $143.8 million, or $1.42 per diluted share and operating income of $158.2 million, or $1.56 per diluted share; Annualized return on average equity of 20.6% and annualized operating return on average equity of 22.7%; Gross premiums written of $831.0 million, an increase of 16.7% compared to the second quarter of 2025; Net premiums earned of $586.0 million, an increase of 14.6% compared to the second quarter of 2025; Combined ratio of 95.0%; Underwriting income of $29.1 million; Net investment income of $141.3 million, comprised of Two Sigma Hamilton Fund returns of $115.5 million, and fixed income, short term and cash and cash equivalents returns of $25.8 million; and Repurchased common shares of $22.1 million in the second quarter of 2026. Consolidated Highlights – Year to Date Net income of $277.3 million, or $2.73 per diluted share and operating income of $324.9 million, or $3.20 per diluted share; Annualized return on average equity of 19.6% and annualized operating return on average equity of 22.9%; Gross premiums written of $1.8 billion, an increase of 13.9% compared to the same period in 2025; Net premiums earned of $1.2 billion, an increase of 14.5% compared to the same period in 2025; Combined ratio of 92.5%; Underwriting income of $86.7 million; Net investment income of $234.9 million, comprised of Two Sigma Hamilton Fund returns of $208.5 million, and fixed income, short term and cash and cash equivalents returns of $26.4 million; On February 18, 2026, the Company’s Board of Directors declared a special dividend of $2.00 per share, or $205.8 million. The dividend was paid on March 30, 2026, to common shareholders of record as of March 6, 2026; Book value per share of $28.91, an increase of 1.4% compared to December 31, 2025; Book value per common share plus accumulated dividends of $30.91, an increase of 8.5% compared to December 31, 2025; and Repurchased common shares of $41.8 million in 2026. Consolidated Results – Second Quarter Gross premiums written increased by $119.0 million, or 16.7%, to $831.0 million with an increase of $75.3 million, or 21.8%, in the International Segment, and $43.7 million, or 11.9%, in the Bermuda Segment. Net premiums written increased by $65.4 million, or 11.8%, to $621.7 million with an increase of $64.8 million, or 25.1%, in the International Segment, and an increase of $0.6 million, or 0.2%, in the Bermuda Segment. Net premiums earned increased by $74.8 million, or 14.6%, to $586.0 million with an increase of $49.4 million, or 19.5%, in the International Segment, and $25.4 million, or 9.9%, in the Bermuda Segment. The attritional loss ratio (current year), net of reinsurance, was 53.3%. The increase of 0.3 points was primarily driven by a change in business mix, including an increase in casualty reinsurance business. Net favorable attritional prior year reserve development, net of reinsurance, was $0.8 million, primarily driven by favorable development in specialty and property classes, partially offset by unfavorable development in certain casualty classes. Catastrophe losses (current and prior year), net of reinsurance, were $49.9 million, primarily driven by the Middle East conflict ($45.7 million) and unfavorable prior year development ($4.2 million). The acquisition cost ratio increased by 0.8 points compared to the same period in 2025, primarily driven by a change in business mix. The other underwriting expense ratio decreased by 1.5 points compared to the same period in 2025, primarily driven by Bermuda substance-based tax credits and an increase in net premiums earned. International Segment Underwriting Results – Second Quarter Gross premiums written increased by $75.3 million, or 21.8%, to $420.1 million, primarily driven by growth in both new and existing business in casualty and specialty insurance classes. The attritional loss ratio (current year), net of reinsurance, was 51.1%. The decrease of 0.8 points was primarily driven by the absence of large losses in the current quarter. Net favorable attritional prior year reserve development, net of reinsurance, was $13.8 million, primarily driven by favorable development in specialty, property and casualty classes. Catastrophe losses (current and prior year), net of reinsurance, were $33.6 million, driven by the Middle East conflict. The acquisition cost ratio increased by 0.6 points compared to the same period in 2025, primarily driven by a change in business mix. The other underwriting expense ratio decreased by 1.2 points compared to the same period in 2025, primarily driven by growth in the premium base. Bermuda Segment Underwriting Results – Second Quarter Gross premiums written increased by $43.7 million, or 11.9%, to $411.0 million, primarily driven by growth in both new and existing business in casualty and specialty reinsurance classes, partially offset by a decrease in property reinsurance and insurance classes, primarily as a result of pressure on rates. The attritional loss ratio (current year), net of reinsurance, was 55.7%. The increase of 1.5 points was primarily driven by a change in business mix, including an increase in casualty reinsurance business. Net unfavorable attritional prior year reserve development, net of reinsurance, was $13.0 million, primarily driven by unfavorable development on certain casualty classes, partially offset by favorable development in property classes. Catastrophe losses (current and prior year), net of reinsurance, were $16.2 million, primarily driven by the Middle East conflict ($12.0 million) and unfavorable prior year development ($4.2 million). The acquisition cost ratio increased by 0.9 points compared to the same period in 2025, primarily driven by a change in business mix. The other underwriting expense ratio decreased by 2.0 points compared to the same period in 2025, primarily driven by Bermuda substance-based tax credits, increased performance based management fees, which offset the other underwriting expense ratio and an increase in net premiums earned. Consolidated Results – Year to Date Gross premiums written increased by $215.8 million, or 13.9%, to $1.8 billion, with an increase of $148.2 million, or 20.7%, in the International Segment, and $67.6 million, or 8.0%, in the Bermuda Segment. Net premiums written increased by $115.2 million, or 9.9%, to $1.3 billion, with an increase of $123.2 million, or 25.3%, in the International Segment, and a decrease of $8.1 million, or 1.2%, in the Bermuda Segment. Net premiums earned increased by $146.4 million, or 14.5%, to $1.2 billion, with an increase of $99.6 million, or 20.2%, in the International Segment, and $46.8 million, or 9.1%, in the Bermuda Segment. The attritional loss ratio (current year), net of reinsurance, was 53.9%. The increase of 1.4 points was primarily driven by a change in business mix, including more casualty reinsurance and specialty insurance business. Net unfavorable attritional prior year reserve development, net of reinsurance, was $13.1 million, primarily driven by additional loss information in relation to the Baltimore Bridge collapse and unfavorable development in certain casualty classes, partially offset by favorable development in specialty and property classes. Catastrophe losses (current and prior year), net of reinsurance, were $49.9 million, primarily driven by the Middle East conflict ($45.7 million) and unfavorable prior year development ($4.2 million). The acquisition cost ratio increased by 1.4 points compared to the same period in 2025, primarily driven by a change in business mix. The other underwriting expense ratio decreased by 1.4 points compared to the same period in 2025, primarily driven by Bermuda substance-based tax credits and an increase in net premiums earned. International Segment Underwriting Results – Year to Date Gross premiums written increased by $148.2 million, or 20.7%, to $863.0 million, primarily driven by growth in both new and existing business in casualty and specialty insurance classes. The attritional loss ratio (current year), net of reinsurance, was 53.0%, an increase of 1.0 point compared to the same period in 2025, primarily driven by a change in business mix, including more specialty insurance business. Net favorable attritional prior year reserve development, net of reinsurance, was $9.9 million, primarily driven by favorable development in specialty, property and casualty classes, partially offset by additional loss information in relation to the Baltimore Bridge collapse. Catastrophe losses (current and prior year), net of reinsurance, were $33.6 million, driven by the Middle East conflict. The acquisition cost ratio increased by 1.2 points compared to the same period in 2025, primarily driven by a change in business mix. The other underwriting expense ratio decreased by 0.5 points compared to the same period in 2025. Bermuda Segment Underwriting Results – Year to Date Gross premiums written increased by $67.6 million, or 8.0%, to $908.2 million, primarily driven by growth in both new and existing business in casualty reinsurance classes, partially offset by a decrease in property reinsurance classes as a result of lower reinstatement premiums and pressure on rates. The attritional loss ratio (current year), net of reinsurance, was 54.9%. The increase of 1.9 points was primarily driven by a change in business mix, including an increase in casualty reinsurance business. Net unfavorable attritional prior year reserve development, net of reinsurance, was $23.0 million, primarily driven by additional loss information in relation to the Baltimore Bridge collapse and unfavorable development in certain casualty classes, partially offset by favorable development in property classes. Catastrophe losses (current and prior year), net of reinsurance, were $16.2 million, primarily driven by the Middle East conflict ($12.0 million) and unfavorable prior year development ($4.2 million). The acquisition cost ratio increased by 1.3 points compared to the same period in 2025, primarily driven by a change in business mix. The other underwriting expense ratio decreased by 2.8 points compared to the same period in 2025, primarily driven by Bermuda substance-based tax credits, increased performance based management fees, which offset the other underwriting expense ratio, and an increase in net premiums earned. Investments and Shareholders’ Equity as of June 30, 2026 Total cash and invested assets of $6.1 billion compared to $5.9 billion at December 31, 2025. Total shareholders’ equity of $2.9 billion compared to $2.8 billion at December 31, 2025. Book value per share of $28.91 compared to $28.50 at December 31, 2025, an increase of 1.4%. Book value per share plus accumulated dividends, of $30.91 compared to $28.50 at December 31, 2025, an increase of 8.5%. Conference Call Details and Additional Information Conference Call Information Hamilton will host a conference call to discuss its financial results on Friday, August 7, 2026, at 9:30 a.m. Eastern Time. A live, audio webcast of the conference call can be accessed through the Investors portal of the Company’s website at investors.hamiltongroup.com where a replay of the call will also be available. For access to the webcast, please log in a few minutes in advance to complete any necessary registration. Additional Information In addition to the information provided in the Company's earnings release, we have also made available supplementary financial information and an investor presentation which may be referred to during the conference call and will be available on the Company’s website at investors.hamiltongroup.com. About Hamilton Insurance Group, Ltd. Hamilton is a Bermuda-headquartered specialty insurance and reinsurance company that underwrites risks on a global basis through its wholly owned subsidiaries. Its three underwriting platforms: Hamilton Global Specialty, Hamilton Select and Hamilton Re, each with dedicated and experienced leadership, provide access to diversified and profitable business around the world. For more information about Hamilton, visit our website at www.hamiltongroup.com or find us on LinkedIn at Hamilton. Consolidated Balance Sheet Consolidated Statement of Operations Non-GAAP Financial Measures Reconciliation We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements that management uses to assess our operating results are considered non-GAAP financial measures under Regulation G and Item 10(e) of Regulation S-K, each promulgated by the SEC. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Where appropriate, reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included below. Operating Income (Loss) Attributable to Common Shareholders, Operating Income (Loss) Attributable to Common Shareholders per Common Share - Diluted and Operating Return on Average Common Shareholders' Equity - Annualized Operating income (loss) attributable to common shareholders, as used herein, differs from net income (loss) and other comprehensive income (loss) attributable to common shareholders, which we believe is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on fixed maturity and short term investments, and net foreign exchange gains and losses. We also use operating income (loss) attributable to common shareholders to calculate operating income (loss) attributable to common shareholders per common share - diluted and operating return on average common shareholders' equity - annualized. We believe that operating income (loss) attributable to common shareholders, operating income (loss) attributable to common shareholders per common share - diluted and operating return on average common shareholders' equity - annualized are meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. The following tables are a reconciliation of: net income (loss) and other comprehensive income (loss) attributable to common shareholders to operating income (loss) attributable to common shareholders; net income (loss) and other comprehensive income (loss) attributable to common shareholders per common share - diluted to operating income (loss) attributable to common shareholders per common share - diluted; and return on average common shareholders' equity - annualized to operating return on average common shareholders' equity - annualized. Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation. Operating Income (Loss) Attributable to Common Shareholders, Operating Income (Loss) Attributable to Common Shareholders per Common Share - Diluted and Operating Return on Average Common Shareholders' Equity - Annualized (continued) Underwriting Income (Loss) We calculate underwriting income (loss) on a pre-tax basis as net premiums earned less losses and loss adjustment expenses, acquisition costs and other underwriting expenses (net of third party fee income). We believe that this measure of our performance focuses on the core fundamental performance of the Company’s reportable segments in any given period and is not distorted by investment market conditions, corporate expense allocations or income tax effects. The following table reconciles underwriting income (loss) to net income (loss), the most directly comparable GAAP financial measure: Third Party Fee Income Third party fee income includes income that is incremental and/or directly attributable to our underwriting operations. It is primarily compromised of performance and management fees earned by the Bermuda segment that were generated by our third party capital manager, Ada Capital Management Limited, and fees earned by the International segment for management services provided to consortia and third party syndicates. We believe that this measure is a relevant component of our underwriting income (loss). The following table reconciles third party fee income to other income, the most directly comparable GAAP financial measure: Other Underwriting Expenses Other underwriting expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Note 8, Segment Reporting in the unaudited condensed consolidated financial statements, it is considered a non-GAAP financial measure when presented elsewhere. Corporate expenses include holding company costs necessary to support our reportable segments. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from other underwriting expenses, and therefore, underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to other underwriting expenses, also includes corporate expenses. The following table reconciles other underwriting expenses to general and administrative expenses, the most directly comparable GAAP financial measure: Other Underwriting Expense Ratio Other Underwriting Expense Ratio is a measure of the other underwriting expenses (net of third party fee income) incurred by the Company and is expressed as a percentage of net premiums earned. Loss Ratio Attritional Loss Ratio – current year is the attritional losses incurred by the company relating to the current year divided by net premiums earned. Attritional Loss Ratio – prior year development is the attritional losses incurred by the company relating to prior years divided by net premiums earned. Catastrophe Loss Ratio – current year is the catastrophe losses incurred by the company relating to the current year divided by net premiums earned. Catastrophe Loss Ratio – prior year development is the catastrophe losses incurred by the company relating to prior years divided by net premiums earned. Combined Ratio Combined Ratio is a measure of our underwriting profitability and is expressed as the sum of the loss and loss adjustment expense ratio, acquisition cost ratio and other underwriting expense ratio. A combined ratio under 100% indicates an underwriting profit, while a combined ratio over 100% indicates an underwriting loss. Special Note Regarding Forward-Looking Statements This information includes "forward looking statements" pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as "believes," "expects," "may," "will," "target," "should," "could," "would," "seeks," "intends," "plans," "contemplates," "estimates," "forecasts," or "anticipates," or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements appear in a number of places throughout and relate to matters such as our industry, growth strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, business plans (including syndicate capacity forecasts), and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from the forward-looking statements contained herein. Such risks, uncertainties, and other important factors include, among others, the risks, uncertainties and factors set forth in "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"), our other subsequent periodic reports filed with the Securities and Exchange Commission and the following: challenges from competitors, including those arising from industry consolidation, alternative capital and technological advancements, including the increasing use of advanced analytics and artificial intelligence; unpredictable events, including natural catastrophes and man‑made disasters, global climate change and emerging claim, litigation and coverage issues that may increase loss severity or expand coverage obligations; our ability, or that of the third parties on which we rely, to ensure reserves are adequate to cover actual losses and to accurately assess underwriting risk, models, assumptions, data quality and the pricing of risks, particularly in long‑tail, low‑frequency or emerging lines of business; our ability to defend and protect our intellectual property rights, including our proprietary technology platforms and data, to comply with obligations under license and technology agreements or to obtain or renew licenses to technology or data on reasonable terms; the impact of risks associated with human error, misconduct or fraud, model uncertainty, cybersecurity threats such as cyber‑attacks and security breaches, misuse of artificial intelligence and our reliance on third‑party information technology systems that may fail, be disrupted or require replacement; our ability to secure necessary credit facilities, letters of credit or other forms of financing or collateral on favorable terms or at all; our limited financial and operational flexibility due to covenants and other restrictions in our existing or future credit facilities and debt arrangements; our exposure to the credit risk of insurance and reinsurance intermediaries on which we rely for the collection of premiums and payment of claims; our failure to pay claims in a timely manner, significant reserve strengthening, or the need to sell investments under unfavorable market or other conditions in order to meet liquidity requirements; downgrades, potential downgrades or other negative actions by rating agencies, including changes in rating agency methodologies; our ability to manage risks associated with adverse macroeconomic conditions, geopolitical instability and global events, including current or anticipated military conflicts, public health crises, terrorism, sanctions, inflation, rising interest rates, energy price volatility and other disruptions; the cyclical nature of the insurance and reinsurance business, which may result in declines in pricing and more competitive terms and conditions; our results of operations fluctuating significantly from period to period and not being indicative of our long‑term prospects; our ability to execute our strategy and to adapt our business and strategic plans in response to changing market, regulatory and competitive conditions; our dependence on key executives and other personnel, including the potential loss of Bermudian or other critical personnel, and our ability to attract and retain qualified employees in highly competitive labor markets; foreign operational risks, including foreign currency risk, political instability, regulatory uncertainty and differing legal regimes in jurisdictions where we operate; our ability to identify, execute and integrate growth opportunities, including acquisitions or other strategic transactions, and to realize the anticipated benefits of such initiatives; risks arising from our management of alternative reinsurance platforms and vehicles for third‑party investors; our inability to control the asset allocation, investment decisions or performance of the Two Sigma Hamilton Fund, LLC (the "TS Hamilton Fund") and our limited ability to withdraw capital from the TS Hamilton Fund; conflicts of interest, governance, operational or regulatory risks involving Two Sigma Investments, LP ("Two Sigma"), the TS Hamilton Fund or their respective affiliates that could adversely affect investment performance or our business; the historical performance of Two Sigma or the TS Hamilton Fund not being indicative of future performance or our future results; risks associated with our investment strategy, including the use of leverage, derivatives, illiquid assets and concentration risk, which may be greater than those faced by some of our competitors; our potentially becoming subject to additional or increased taxation, including U.S. federal income tax, Bermuda tax or other taxes, as a result of changes in tax laws, interpretations or our operations; the potential classification of us or our subsidiaries as a passive foreign investment company or becoming subject to U.S. withholding and information reporting requirements under the U.S. Foreign Account Tax Compliance Act; our ability to compete effectively in a highly regulated industry in light of new or changing domestic or international laws and regulations, including accounting standards and evolving regulatory interpretations; the suspension, limitation or revocation of licenses or approvals required by our insurance and reinsurance subsidiaries; significant legal, regulatory or governmental proceedings or investigations; restrictions on our insurance and reinsurance subsidiaries’ ability to pay dividends or make other distributions to us; challenges and costs associated with compliance with public company disclosure, governance and internal control requirements; the limited ability of investors to influence corporate matters due to our multi‑class share structure and the voting provisions in our Bye‑laws; the risk that anti‑takeover provisions in our Bye‑laws or Bermuda law could discourage, delay or prevent a change in control, even if beneficial to shareholders; and difficulties investors may face in enforcing judgments or protecting their interests against us or our directors and officers. There may be other factors that could cause our actual results to differ materially from the forward-looking statements. You should evaluate all forward-looking statements made herein in the context of these risks and uncertainties. You should read this information completely and with the understanding that actual future results may be materially different from expectations. We caution you that the risks, uncertainties, and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits, or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements contained herein apply only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806188482/en/ Contacts Investor contact: Darian [email protected] Media contact: Kelly Corday [email protected]

Hamilton Insurance (HG) came out with quarterly earnings of $1.56 per share, beating the Zacks Consensus Estimate of $0.96 per share. This compares to earnings of $1.55 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +62.50%. A quarter ago, it was expected that this provider of insurance and reinsurance services would post earnings of $1.02 per share when it actually produced earnings of $1.64, delivering a surprise of +60.78%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Hamilton Insurance, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $839.58 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 22.21%. This compares to year-ago revenues of $740.77 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Hamilton Insurance shares have added about 26.2% since the beginning of the year versus the S&P 500's gain of 12.8%. While Hamilton Insurance has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Hamilton Insurance was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.55 on $705.96 million in revenues for the coming quarter and $4.12 on $2.88 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the broader Zacks Finance sector, Vinci Compass Investments (VINP), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This investments platform is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of +4.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Vinci Compass Investments' revenues are expected to be $56.05 million, up 31.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hamilton Insurance Group, Ltd. (HG) : Free Stock Analysis Report Vinci Compass Investments Ltd. (VINP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

TWFG, Inc. (TWFG) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.2 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +52.00%. A quarter ago, it was expected that this company would post earnings of $0.2 per share when it actually produced earnings of $0.29, delivering a surprise of +45%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. TWFG, Inc., which belongs to the Zacks Insurance - Multi line industry, posted revenues of $87.51 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 16.64%. This compares to year-ago revenues of $60.31 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. TWFG, Inc. shares have lost about 4.8% since the beginning of the year versus the S&P 500's gain of 13%. While TWFG, Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for TWFG, Inc. was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.24 on $74.97 million in revenues for the coming quarter and $1.03 on $298.3 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Hamilton Insurance (HG), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This provider of insurance and reinsurance services is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of -38.1%. The consensus EPS estimate for the quarter has been revised 1.9% higher over the last 30 days to the current level. Hamilton Insurance's revenues are expected to be $687.02 million, down 7.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TWFG, Inc. (TWFG) : Free Stock Analysis Report Hamilton Insurance Group, Ltd. (HG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year decline in earnings on lower revenues when Hamilton Insurance (HG) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This provider of insurance and reinsurance services is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of -38.1%. Revenues are expected to be $687.02 million, down 7.3% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.85% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Hamilton Insurance, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Hamilton Insurance will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Hamilton Insurance would post earnings of $1.02 per share when it actually produced earnings of $1.64, delivering a surprise of +60.78%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Hamilton Insurance doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Another stock from the Zacks Insurance - Multi line industry, Enact Holdings, Inc. (ACT), is soon expected to post earnings of $1.2 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +4.4%. Revenues for the quarter are expected to be $309.65 million, down 0.8% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Enact Holdings has been revised 0.8% down to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate. When combined with a Zacks Rank of #4 (Sell), this Earnings ESP makes it difficult to conclusively predict that Enact Holdings will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hamilton Insurance Group, Ltd. (HG) : Free Stock Analysis Report Enact Holdings, Inc. (ACT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research