Log In

Reset Password
BERMUDA | RSS PODCAST

Hamilton reports third-quarter net income of $78.3m

Pina Albo, the CEO of Hamilton Insurance Group. (File photograph)

Bermudian-headquartered Hamilton Insurance Group Ltd has reported net income of $78.3 million for the third quarter, according to results published today.

Pina Albo, the CEO of Hamilton, said: “Just over a year ago, we launched the initial public offering for Hamilton, marking our transition from private company to the New York Stock Exchange-listed firm we are today.

“At the time of our IPO, we reaffirmed the achievement of sustainable underwriting profitability as one of our key objectives.

“Our strong results this quarter and on a year-to-date basis demonstrate our ability to execute this important goal.

“This quarter, Hamilton reported a combined ratio of 93.6 per cent, despite catastrophe losses from Hurricane Helene and other large-loss events.

“Both of our segments, International and Bermuda, produced profitable underwriting results.

“On a year-to-date basis, Hamilton recorded a combined ratio of 89.9 per cent and an annualised return on average equity of 22.4 per cent, demonstrating our underwriting discipline and the value of our diversified and growing franchise.”

The company said third-quarter highlights included:

• Net income of $78.3 million, or $0.74 per diluted share

• Annualised return on average equity of 13.8 per cent

• Gross premiums written of $553.4 million, an increase of 16.7 per cent compared with the third quarter of 2023

• Net premiums earned of $448.8 million, an increase of 33.2 per cent compared with the third quarter of 2023.

Hamilton said its estimated losses from Hurricane Milton, the second most intense Atlantic hurricane ever recorded over the Gulf of Mexico which left a trail of destruction across Florida, will be in the range of $30 million to $70 million.

• The full report can be found here.

You must be Registered or to post comment or to vote.

Published November 07, 2024 at 3:56 pm (Updated November 07, 2024 at 8:26 pm)

Hamilton reports third-quarter net income of $78.3m

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon