$HG

Hamilton Insurance Group, Ltd.

CIK:0001593275|SEC Filings

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Gross premiums written	$ 831,041	$ 712,026	$ 1,771,152	$ 1,555,332
Reinsurance premiums ceded	(209,346)	(155,712)	(495,797)	(395,143)
Net premiums written	621,695	556,314	1,275,355	1,160,189
Net change in unearned premiums	(35,688)	(45,151)	(118,833)	(150,098)
Net premiums earned	586,007	511,163	1,156,522	1,010,091
Net realized and unrealized gains (losses) on investments	227,856	208,034	378,933	456,828
Net investment income (loss)	24,440	21,067	50,469	39,994
Total net realized and unrealized gains (losses) on investments and net investment income (loss)	252,296	229,101	429,402	496,822
Other income (loss)	3,904	5,014	10,655	9,676
Net foreign exchange gains (losses)	(2,629)	(4,513)	1,905	(7,039)
Total revenues	839,578	740,765	1,598,484	1,509,550
Expenses
Losses and loss adjustment expenses	361,489	269,928	686,274	665,163
Acquisition costs	145,423	122,815	289,929	239,696
General and administrative expenses	66,931	68,828	128,395	131,530
Amortization of intangible assets	3,700	4,004	7,720	7,895
Interest expense	4,762	4,729	9,538	10,331
Total expenses	582,305	470,304	1,121,856	1,054,615
Income (loss) before income tax	257,273	270,461	476,628	454,935
Income tax expense (benefit)	2,470	2,675	4,793	5,882
Net income (loss)	254,803	267,786	471,835	449,053
Net income (loss) attributable to non-controlling interest	111,021	80,371	194,515	180,765
Net income (loss) and other comprehensive income (loss) attributable to common shareholders	$ 143,782	$ 187,415	$ 277,320	$ 268,288
Per share data
Basic income (loss) per share attributable to common shareholders (in dollars per share)	$ 1.45	$ 1.85	$ 2.79	$ 2.64
Diluted income (loss) per share attributable to common shareholders (in dollars per share)	$ 1.42	$ 1.79	$ 2.73	$ 2.56

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income (loss)	$ 471,835	$ 449,053
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	8,400	8,660
Share compensation expense	12,436	13,482
Net realized (gains) losses on investments	(387,751)	(314,787)
Change in net unrealized (gains) losses on investments	8,818	(142,041)
Other items	2,639	(26,617)
Change in:
Premiums receivable	(300,257)	(276,873)
Paid losses recoverable	(5,569)	2,573
Deferred acquisition costs	(37,466)	(44,417)
Prepaid reinsurance	(158,184)	(141,969)
Unpaid losses and loss adjustment expenses recoverable	(88,079)	(65,620)
Other assets	(33,273)	(14,255)
Reserve for losses and loss adjustment expenses	367,918	451,790
Unearned premiums	277,017	292,067
Reinsurance balances payable	194,748	155,976
Accounts payable and accrued expenses and other	(107,088)	(93,710)
Net cash provided by (used in) operating activities	226,144	253,312
Investing activities
Proceeds from redemptions from Two Sigma Funds	2,119,223	1,449,027
Contributions to Two Sigma Funds	(1,955,306)	(1,582,403)
Purchases of fixed maturity investments	(1,985,618)	(1,084,680)
Proceeds from sales, redemptions and maturity of fixed maturity investments	2,064,654	832,969
Purchases of short-term investments	(729,859)	(658,568)
Proceeds from sales of short-term investments	581,907	860,370
Change in receivables for investments sold	(127,104)	35,735
Change in payables for investments purchased	(148,782)	12,102
Other	(5,870)	(5,378)
Net cash provided by (used in) investing activities	(186,755)	(140,826)
Financing activities
Issuance of common shares	14	11
Repurchases of common shares	(55,281)	(51,887)
Contribution of additional paid-in capital	(14)	(12)
Term loan, net of issuance costs	0	(311)
Withdrawal of non-controlling interest	(121,074)	(111,601)
Dividends on common shares paid	(199,495)	0
Net cash provided by (used in) financing activities	(375,850)	(163,800)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(6,663)	21,759
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	(343,124)	(29,555)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period	1,172,090	1,100,852
Cash and cash equivalents and restricted cash and cash equivalents, end of period	$ 828,966	$ 1,071,297

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Investments, at fair value	$ 3,470,507	$ 3,439,002
Investments in Two Sigma Funds, at fair value (cost 2026: $1,574,091; 2025: $1,355,563)	1,844,158	1,587,658
Total investments	5,314,665	5,026,660
Cash and cash equivalents	717,335	1,062,359
Restricted cash and cash equivalents	111,631	109,731
Premiums receivable	1,240,034	939,777
Paid losses recoverable	99,228	93,659
Deferred acquisition costs	294,669	257,203
Unpaid losses and loss adjustment expenses recoverable	1,463,936	1,375,857
Receivables for investments sold	185,133	58,029
Prepaid reinsurance	454,535	296,351
Intangible assets	83,163	86,624
Other assets	299,570	265,363
Total assets	10,263,899	9,571,613
Liabilities
Reserve for losses and loss adjustment expenses	4,783,094	4,415,176
Unearned premiums	1,654,491	1,377,474
Reinsurance balances payable	491,148	296,400
Payables for investments purchased	61,071	209,853
Term loan, net of issuance costs	149,795	149,743
Accounts payable and accrued expenses	131,905	177,320
Payables to related parties	67,946	123,376
Total liabilities	7,339,450	6,749,342
Non-controlling interest – TS Hamilton Fund	73,613	172
Shareholders’ equity
Common shares:	986	990
Additional paid-in capital	1,126,425	1,134,985
Accumulated other comprehensive loss	(4,441)	(4,441)
Retained earnings	1,727,866	1,690,565
Total shareholders’ equity	2,850,836	2,822,099
Total liabilities, non-controlling interest, and shareholders’ equity	10,263,899	9,571,613
Total fixed maturities
Assets
Investments, at fair value	3,114,054	3,238,543
Short-term investments
Assets
Investments, at fair value	356,453	200,459
Common Class A
Shareholders’ equity
Common shares:	173	173
Common Class B
Shareholders’ equity
Common shares:	659	663
Common Class C
Shareholders’ equity
Common shares:	$ 154	$ 154