Hamilton Insurance Group, Ltd., through its subsidiaries, operates as specialty insurance and reinsurance company in Bermuda and internationally. It operates Hamilton Global Specialty, Hamilton Select, and Hamilton Re underwriting platforms. The company offers casualty reinsurance products, such as commercial auto, general liability, healthcare, multiline, personal motor, professional liability, umbrella and excess casualty, and worker's compensation and employer's liability reinsurance; property reinsurance and insurance; and specialty reinsurance solutions, including accident and health, aviation and space, crisis management, mortgage, financial risks, marine and energy, and multiline specialty. It also provides accident and health, cyber, energy, environmental, financial lines, fine art and specie, kidnap and ransom, mergers and acquisitions, marine and energy liability, political risk and violence, professional liability, property binders, property direct and facultative, professional lines, space, upstream energy, excess casualty, war and terrorism, allied medical, products liability and contractors, management liability, medical professionals, general liability, and small business casualty insurance plans, as well as surety and treaty reinsurance products. The company was incorporated in 2013 and is headquartered in Pembroke, Bermuda.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.0B | - | $577M | $842M | 20.4% | 24.4% | 44.0% |
| 2024 | $2.4B | - | $400M | $759M | 17.2% | 47.0% | 54.8% |
| 2023 | $1.6B | - | $259M | $283M | 12.6% | 26.4% | -364.0% |
| 2022 | $1.3B | - | $-98M | $191M | -5.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,280.62 | 1,618.09 | 2,379.03 | 2,960.68 |
| Operating Revenue | - | 1,280.62 | 1,618.09 | 2,379.03 | 2,960.68 |
| Selling General And Administration | - | 20.14 | 76.69 | 61.11 | 57.17 |
| Total Expenses | - | 1,307.45 | 1,362.87 | 1,757.47 | 2,135.77 |
| EBIT | - | -11.09 | 276.65 | 644.18 | 845.09 |
| Interest Income | - | 34.16 | 78.45 | 113.61 | 144.38 |
| Interest Expense | - | 15.74 | 21.43 | 22.62 | 20.19 |
| Net Interest Income | - | -15.74 | -21.43 | -22.62 | -20.19 |
| Other Income Expense | -0.01 | -0.32 | 0.40 | - | - |
| Interest Expense Non Operating | - | 15.74 | 21.43 | 22.62 | 20.19 |
| Net Non Operating Interest Income Expense | - | -15.74 | -21.43 | -22.62 | -20.19 |
| Pretax Income | - | -26.83 | 255.22 | 621.56 | 824.90 |
| Tax Provision | - | 3.10 | -25.07 | 8.40 | -15.12 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -3.59 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -29.94 | 280.29 | 613.16 | 840.03 |
| Net Income From Continuing And Discontinued Operation | - | -98 | 258.73 | 400.43 | 576.67 |
| Net Income From Continuing Operation Net Minority Interest | - | -98 | 258.73 | 400.43 | 576.67 |
| Net Income | - | -98 | 258.73 | 400.43 | 576.67 |
| Net Income Common Stockholders | - | -98 | 258.73 | 400.43 | 576.67 |
| Net Income Including Noncontrolling Interests | - | -29.94 | 280.29 | 613.16 | 840.03 |
| Normalized Income | - | -84.50 | 258.73 | 400.43 | 576.67 |
| Diluted NI Availto Com Stockholders | - | -98 | 258.73 | 400.43 | 576.67 |
| Basic Average Shares | - | 109.99 | 104.75 | 105.10 | 100.29 |
| Diluted Average Shares | - | 109.99 | 106.04 | 109.11 | 103.90 |
| Reconciled Depreciation | - | 14.99 | 12.41 | 16.47 | 15.93 |
| Total Unusual Items | 53.62 | -17.09 | 0.21 | 0 | - |
| Total Unusual Items Excluding Goodwill | 53.62 | -17.09 | 0.21 | 0 | - |
| Minority Interests | - | -68.06 | -21.56 | -212.73 | -263.36 |
| Special Income Charges | 53.62 | -17.09 | 0.21 | 0 | - |
| Other Special Charges | -54.56 | -6.99 | -0.21 | - | - |
| Impairment Of Capital Assets | 0.94 | 24.08 | 0 | 0 | - |
| Depreciation And Amortization In Income Statement | - | 12.83 | 10.78 | 15.52 | 15.71 |
| General And Administrative Expense | - | 20.14 | 76.69 | 61.11 | 57.17 |
| Other Gand A | - | 20.14 | 76.69 | 61.11 | 57.17 |
| Amortization | - | 12.83 | 10.78 | 15.52 | 15.71 |
| Loss Adjustment Expense | - | 758.33 | 714.60 | 1,010.17 | 1,258.52 |
| Net Policyholder Benefits And Claims | - | 758.33 | 714.60 | 1,010.17 | 1,258.52 |
| Policyholder Benefits Gross | - | 1,133.47 | 972.35 | 1,290.13 | 1,697.07 |
| Policyholder Benefits Ceded | - | 375.14 | 257.74 | 279.96 | 438.55 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Hamilton Insurance Group, Ltd.this co. | HG | $2.9B | 5.01β discount | 1.02 | 20.4% | - |
| WesBanco, Inc. | WSBC | $3.3B | 14.92 | 0.87 | 5.9% | - |
| Mechanics Bancorp | MCHB | $3.3B | - | - | - | - |
| TowneBank | TOWN | $3.1B | 18.29 | 1.28 | 7.0% | - |
| Upstart Holdings, Inc. | UPST | $3.1B |
| - |
| - |
| - |
| - |
| - |
| - |
| 57.62 |
| 3.87 |
| 6.7% |
| - |
| DigitalBridge Group, Inc. | DBRG | $2.9B | 20.42 | 2.21 | 10.8% | 94.72 |
| Nicolet Bankshares, Inc. | NIC | $2.9B | 19.21 | 2.30 | 12.0% | - |
| First Merchants Corporation | FRME | $2.5B | 11.18 | 1.04 | 9.3% | - |
| First Busey Corporation | BUSE | $2.3B | 17.16 | 0.94 | 5.5% | - |
| Peer Median | - | 18.29 | 1.28 | 7.0% | 94.72 | |