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, 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 to the third quarter of 2023, and

• Net premiums earned of $448.8 million, an increase of 33.2 per cent compared to 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.