In its third-quarter release, Hamilton Insurance Group reported net income of $81.5 million, or $0.81 per diluted share and operating income of $179.9 million, or $1.78 per diluted share for the third quarter. Premium growth was reported in the same release: Gross premiums written of $819.7 million, an increase of 17.3% compared to the third quarter of 2025.
Earnings and Returns
Returns for the third quarter were stated this way: Annualized return on average equity of 11.3% and annualized operating return on average equity of 24.9%.
Hamilton also reported results for the nine months. It reported net income of $358.8 million, or $3.54 per diluted share and operating income of $504.9 million, or $4.98 per diluted share over that period. Returns for the nine months were given as follows: Annualized return on average equity of 16.6% and annualized operating return on average equity of 23.4%.
The release includes commentary, which reads: “Hamilton delivered exceptional third quarter results, with operating income of $180 million, representing an annualized operating return on average equity of 25%.”
Premium Growth by Segment
For the third quarter, net premiums earned were reported as follows: Net premiums earned of $591.3 million, an increase of 13.1% compared to the third quarter of 2025. For the nine months, the release gives this figure for gross premiums written: Gross premiums written of $2.6 billion, an increase of 14.9% compared to the same period in 2025.
Net premiums written for the third quarter are described in a single sentence that also names both operating segments. Net premiums written increased by $47.7 million, or 8.2%, to $626.7 million, with an increase of $44.8 million, or 14.7%, in the International Segment, and $2.9 million, or 1.1%, in the Bermuda Segment.
For the International Segment in the third quarter, the release states: Gross premiums written increased by $76.4 million, or 20.1%, to $456.3 million, primarily driven by growth in both new and existing business in specialty and casualty insurance classes and specialty reinsurance classes.
For the Bermuda Segment in the third quarter, the release states: Gross premiums written increased by $44.5 million, or 13.9%, to $363.4 million, primarily driven by growth in both new and existing business in casualty and specialty reinsurance classes. InsuraBeat has separate coverage of AXIS Capital’s quarterly results and reinsurance premiums.
Attritional Losses and Catastrophe Charges
On loss experience for the third quarter, the release states: The attritional loss ratio (current year), net of reinsurance, was 57.5%. The increase of 2.1 points was primarily driven by a change in business mix, including more casualty reinsurance business and the impact of one large loss in our specialty and property reinsurance classes.
Catastrophe losses for the third quarter are set out next. Catastrophe losses (current and prior year), net of reinsurance, were $53.9 million, driven by the Middle East conflict ( $6.8 million ), in addition to unfavorable prior year development relating to the Ukraine conflict ( $47.1 million). InsuraBeat has separate coverage of the Markel and Enstar adverse development cover.
Investments, Capital and Shareholder Returns
Net investment income for the third quarter was broken out as follows: Net investment income of $88.4 million, comprised of Two Sigma Hamilton Fund returns of $144.7 million, and a fixed income, short term and cash and cash equivalents loss of $56.3 million.
Balance sheet items are given against the prior year-end. Total cash and invested assets of $6.4 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 is reported as: Book value per share of $29.80, an increase of 4.6% compared to December 31, 2025. A second book value measure is reported as: Book value per common share plus accumulated dividends of $31.80, an increase of 11.6% compared to December 31, 2025.
On share repurchases, the release lists the third quarter figure: Repurchased common shares of $3.1 million in the third quarter of 2026. For the year to date, it lists: Repurchased common shares of $44.9 million in 2026. A special dividend is described this way: On February 18, 2026, the Company’s Board of Directors declared a special dividend of $2.00 per share, or $205.8 million.
