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 | $845M | $577M | $842M | 20.4% | 24.4% | 44.0% |
| 2024 | $2.4B | $644M | $400M | $759M | 17.2% | 47.0% | 54.8% |
| 2023 | $1.6B | $277M | $259M | $283M | 12.6% | 26.4% | - |
| 2022 | $1.3B | $-11M | $-98M | $191M | -5.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,280.62 | 1,618.09 | 2,379.03 | 2,960.68 |
| EBIT | -11.09 | 276.65 | 644.18 | 845.09 |
| Pretax Income | -26.83 | 255.22 | 621.56 | 824.90 |
| Tax Provision | 3.10 | -25.07 | 8.40 | -15.12 |
| Net Income | -98 | 258.73 | 400.43 | 576.67 |
| Net Income Common Stockholders | -98 | 258.73 | 400.43 | 576.67 |
| Total Expenses | 1,307.45 | 1,362.87 | 1,757.47 | 2,135.77 |
| Interest Expense | 15.74 | 21.43 | 22.62 | 20.19 |
| Interest Income | 34.16 | 78.45 | 113.61 | 144.38 |
| Selling General And Administration | 20.14 | 76.69 | 61.11 | 57.17 |
| Normalized Income | -84.50 | 258.73 | 400.43 | 576.67 |
| Basic EPS | -0.89 | 2.47 | 3.81 | 0 |
| Diluted EPS | -0.89 | 2.44 | 3.67 | 0 |
| Tax Effect Of Unusual Items | -3.59 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.01 | 0.21 |
| Total Unusual Items | -17.09 | 0.21 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | -17.09 | 0.21 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -98 | 258.73 | 400.43 | 576.67 |
| Reconciled Depreciation | 14.99 | 12.41 | 16.47 | 15.93 |
| Net Interest Income | -15.74 | -21.43 | -22.62 | -20.19 |
| Net Income From Continuing And Discontinued Operation | -98 | 258.73 | 400.43 | 576.67 |
| Diluted Average Shares | 109.99 | 106.04 | 109.11 | 0 |
| Basic Average Shares | 109.99 | 104.75 | 105.10 | 0 |
| Diluted NI Availto Com Stockholders | -98 | 258.73 | 400.43 | 576.67 |
| Minority Interests | -68.06 | -21.56 | -212.73 | -263.36 |
| Net Income Including Noncontrolling Interests | -29.93 | 280.29 | 613.16 | 840.03 |
| Net Income Continuous Operations | -29.93 | 280.29 | 613.16 | 840.03 |
| Other Income Expense | -0.32 | 0.40 | 0 | 0 |
| Special Income Charges | -17.09 | 0.21 | 0 | 0 |
| Other Special Charges | -6.99 | -0.21 | 0 | 0 |
| Impairment Of Capital Assets | 24.08 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -15.74 | -21.43 | -22.62 | -20.19 |
| Interest Expense Non Operating | 15.74 | 21.43 | 22.62 | 20.19 |
| Depreciation And Amortization In Income Statement | 12.83 | 10.78 | 15.52 | 15.71 |
| Amortization | 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 |
| Operating Revenue | 1,280.62 | 1,618.09 | 2,379.03 | 2,960.68 |
| 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 | $3.2B | 5.76β discount | 1.12 | 20.4% | 2.37 |
| Marex Group plc | MRX | $3.9B | 13.89 | 3.30 | 24.3% | - |
| F&G Annuities & Life, Inc. | FG | $3.8B | 15.10 | 0.80 | 5.4% | 6.28 |
| Mechanics Bancorp | MCHB | $3.4B | 12.44 | 1.17 | 9.3% | - |
| WesBanco, Inc. | WSBC | $3.3B |
| 10.41 |
| 0.86 |
| 5.5% |
| - |
| TowneBank | TOWN | $3.2B | 15.81 | 1.10 | 7.0% | - |
| Nicolet Bankshares, Inc. | NIC | $3.1B | 16.94 | 1.70 | 12.0% | - |
| DigitalBridge Group, Inc. | DBRG | $3.0B | 29.36 | 2.17 | 5.8% | -166.42 |
| Upstart Holdings, Inc. | UPST | $2.9B | 67.73 | 3.74 | 6.7% | 42.65 |
| Peer Median | - | 15.45 | 1.43 | 6.8% | 6.28 | |