Bermudian-headquartered Hamilton Insurance Group Ltd reported an all-time low combined ratio as it announced second quarter net income of $131.1 million.

Gross premiums written were $603.3 million, an increase of 19.5 per cent compared with the second quarter of 2023, while net premiums earned were $418.8 million, a jump of 26.3 per cent compared with the prior year quarter.

Hamilton reported underwriting income of $65.3 million.

The company's net investment income was comprised of Two Sigma Hamilton Fund returns of $75.9 million, and fixed income, short term, cash and cash equivalent returns of $19.8 million.

Pina Albo, chief executive of Hamilton, said: “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 per cent.

“We recorded an all-time low combined ratio of 84.4 per cent, had strong net investment income of $95.7 million, and continued our targeted growth in this favourable market environment.”