Hamilton Insurance Group, Ltd. (HG) Form 10-Q — Nov 4, 2026

$HGForm 10-QFiled Nov 4, 2026, 4:19 PM ET0001593275-26-000128Original filing

Hamilton Insurance Group reported Q3 2026 net income of $228.2 million, up from $176.4 million a year ago, but net income attributable to common shareholders fell to $81.5 million from $136.2 million as allocations to the Two Sigma Hamilton Fund's non-controlling interest surged to $146.7 million from $40.2 million. Underwriting results deteriorated sharply: the combined ratio rose to 97.3% from 87.8%, driven by $47.1 million of unfavorable prior-year development tied to the Ukraine conflict and one large specialty/property reinsurance loss, while Q3 underwriting income fell to $15.5 million from $64.1 million.

Key figures

Eps: Q3 2026 basic $0.82, diluted $0.81; nine months basic $3.62, diluted $3.54
Revenue: Q3 2026 net premiums earned $591,274 thousand; total revenues $828,039 thousand
Net Income: $228,183 thousand (Q3 2026); $700,018 thousand (nine months)
Total Debt: $150,000 thousand outstanding term loan
Revenue Yoy: Net premiums earned +13.0% YoY (Q3: $591.3M vs $523.0M); gross premiums written +17.3% ($819.7M vs $698.8M)
Total Assets: $10,827,021 thousand
Cash Position: $1,184,318 thousand (cash and cash equivalents, 9/30/2026); $1,313,618 thousand including restricted cash
Gross Proceeds: 0
Shares Outstanding: 66221080
Roe 9m 2026: 12.5%
Tshf return q3 2026: 6.1% net of fees
Combined ratio 9m 2026: 94.1%
Combined ratio q3 2025: 87.8%
Combined ratio q3 2026: 97.3%
Dividends paid 9m 2026: $199,495 thousand
Underwriting income q3 2026: $15,527 thousand (vs $64,089 thousand Q3 2025)
California wildfire reserves: $43.1 million
Middle east conflict reserves: $41.7 million
Tangible book value per share: $28.97
Non controlling interest q3 2026: $146,727 thousand (vs $40,225 thousand Q3 2025)
Unfavorable prior year development 9m: $37.1 million (driven by $47.1M Ukraine conflict development)

AI analysis

Red flags5 · Pro

The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.

Upgrade to Pro · $40.67/mo billed annually

AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.