Bermudian-headquartered Hamilton Insurance Group Ltd has reported 2023 net income of $258.7 million, which compares with a net loss of $98 million in the prior year.

Hamilton’s full-year and fourth quarter results include an income tax benefit of $35.1 million, reflecting the enactment of the Bermuda corporate income tax legislation in December.

Pina Albo, CEO of Hamilton, said: “2023 was a year that truly exemplified the transformation of Hamilton’s business. Our talented team demonstrated our ability to deliver strong results and grow at the right time and in the right lines, all while strengthening our relationships with brokers and clients.”

Gross premiums written for the full year were $1.95 billion, which compares with $1.65 billion in the prior year.

In the Bermuda segment, gross premiums written for the full year increased by $132.1 million, or 18.5 per cent, to $845.5 million, primarily attributable to new business opportunities and rate increases in casualty reinsurance classes and property insurance classes.

Net premiums written increased by $258.6 million to $1.5 billion with an increase of $134.6 million in the International segment, and $123.9 million in the Bermuda segment.

Net premiums earned increased by $174.8 million to $1.3 billion with an increase of $80.5 million in the International segment, and $94.4 million in the Bermuda segment.

Underwriting income for the full year was $129.9 million, which compares with an underwriting loss of $31.7 million in 2022.

Catastrophe losses (current and prior year), net of reinsurance, were $36.9 million, or 2.8 points, driven by the Hawaii wildfires, the March Storms, the severe convective storms in June 2023, Hurricane Idalia and the Vermont Floods, partially offset by favourable prior year development.

The full-year combined ratio of 90.1 per cent, including 2.8 points of catastrophe losses, compared with a combined ratio of 102.8 per cent in 2022.