Hamilton records all-time low CoR of 84.4% in Q2’24

Bermuda-based re/insurer Hamilton Insurance Group has reported an all-time low combined ratio of 84.4% in the second quarter of 2024 compared to 89.5% in Q2 2023, as underwriting income improved from $34.9 million to $65.3 million.

The firm’s gross premiums written significantly increased by 19.5% in the second quarter to $603.3 million from $505 million in the same quarter last year, with an increase of $33.8 million in the International Segment, and $64.5 million in the Bermuda Segment.

Net premiums written also increased in the second quarter, rising by 23.5%, to $475.1 million from $384.7 million in Q2’23, with a rise of $37.3 million in International and $53.1 million in Bermuda.

Meanwhile, net premiums earned increased by an impressive 26.3%, to $418.8 million from $331.5 million, with growth of $39 million in International and growth of $48.3 million in Bermuda.

Hamilton’s net favourable attritional prior year reserve development, net of reinsurance, was $1.6 million for the quarter, primarily driven by favourable development in property classes in both its International and Bermuda segments.

For the quarter, catastrophe losses, net of reinsurance, were $Nil.

The firm reported a strong net investment income of $95.7 million, comprising Two Sigma Hamilton Fund returns of $75.9 million, and fixed income, short term, cash and cash equivalent returns of $19.8 million.

For the second quarter of 2024, Hamilton generated net income of $131.1 million, equating to an annualised return on average equity of 23.6%. This is a big increase in net income from the $36.7 million seen in Q2 2023.

Pina Albo, CEO of Hamilton, commented, “This was an outstanding quarter for Hamilton by any metric. We reported $131.1 million of net income, equating to an annualised return on average equity of 23.6%. We recorded an all-time low combined ratio of 84.4%, had strong net investment income of $95.7 million, and continued our targeted growth in this favourable market environment.

“I am exceptionally proud of the Hamilton team for remaining laser focused on underwriting profitability and strategic growth, as well as realising the objectives we shared with investors in the context of our IPO in November of last year.”

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