Hamilton Insurance Group, Ltd.
- Open
- 34.78
- Day high
- 34.91
- Day low
- 34.35
- Prev close
- 34.27
- Volume
- 529K
- Mkt cap
- $3.4B
- P/E (TTM)
- 5.5
- EPS (TTM)
- $6.28
- P/B
- 1.3
- P/S
- 1.2
- Yield
- 5.78%
- Per share
- $2.00
- ▼Insiders net selling -$2.2M over the last 3 months (1 open-market buy, 5 sales)
- 🏛Institutions accumulating (13F)
Hamilton Insurance Group, Ltd. (HG) is a Financial Services company listed on NYSE. The stock is up 66% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 5 sales (SEC Form 4).
Hamilton Insurance Group, Ltd. (HG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $1.09 | $1.64 | +50.5% | $940M | +0.7% |
| Feb 19, 2026 | $0.69 | $1.65 | +139.1% | $730M | +17.5% |
| Nov 4, 2025 | $0.71 | $1.32 | +85.9% | $682M | +5.8% |
| Aug 6, 2025 | $1.01 | $1.55 | +53.5% | $741M | +42.6% |
| Feb 26, 2025 | $0.76 | $0.32 | -57.9% | $583M | +26.7% |
| Mar 6, 2024 | $0.65 | $1.15 | +76.9% | $442M | +21.9% |
| Nov 13, 2023 | $0.50 | $0.41 | -18.0% | $395M | +3.6% |
HG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 20, 2026 | BROWN DAVID Adirector | Sell | 37,300 | $32.16 |
| May 19, 2026 | BROWN DAVID Adirector | Sell | 12,700 | $31.82 |
| May 15, 2026 | Levenson Jonathan B.officer: Group Treasurer | Sell | 6,075 | $30.61 |
| May 12, 2026 | Levenson Jonathan B.officer: Group Treasurer | Sell | 3,030 | $30.67 |
| May 7, 2026 | Green Karen Anndirector | Tax | 3,378 | $30.43 |
| May 7, 2026 | Green Karen Anndirector | Grant | 4,929 | — |
| May 7, 2026 | Daws Adrian Josephofficer: CEO, Hamilton Re | Grant | 20,000 | — |
| May 7, 2026 | Daws Adrian Josephofficer: CEO, Hamilton Re | Tax | 4,699 | $31.59 |
| May 7, 2026 | Priebe Daviddirector | Grant | 4,929 | — |
| May 7, 2026 | BROWN DAVID Adirector | Grant | 4,929 | — |
| May 7, 2026 | Wilson Peter Wdirector | Grant | 4,929 | — |
| May 7, 2026 | Karna Anudirector | Grant | 4,929 | — |
| May 7, 2026 | Gauthier John Jdirector | Grant | 4,929 | — |
| May 7, 2026 | Vaughan Therese Mdirector | Grant | 4,929 | — |
| May 7, 2026 | Patterson Alan Neildirector | Grant | 4,929 | — |
Source: HG SEC Form 4 filings, latest May 20, 2026. For informational purposes only — not investment advice.
See the full HG insider & 13F page →Hamilton Insurance Group, Ltd. company profile
Overview
Hamilton Insurance Group, Ltd. (NYSE:HG) is a Bermuda-based specialty insurance and reinsurance company that went public in November 2023. Founded in 2013 and headquartered in Pembroke, Bermuda, Hamilton operates as a global underwriter of specialty insurance and reinsurance risks with additional offices in Dublin, London, Miami, New York, and Glen Allen, Virginia. The company has experienced rapid growth since its IPO, establishing itself as a disciplined underwriter in the specialty insurance market with a focus on maintaining strong underwriting profitability across its international operations.
Business
Hamilton Insurance Group operates in the specialty insurance and reinsurance industry, which serves as a critical risk transfer mechanism for businesses and other insurance companies worldwide. The insurance industry functions by collecting premiums from policyholders in exchange for assuming their financial risks, while reinsurance provides insurance for insurance companies themselves, helping them manage their own risk exposure and capital requirements. The company operates through two primary business segments. The **International Segment** represents approximately 55% of gross premiums written and focuses on specialty insurance products. This segment underwrites risks directly for end customers and includes casualty insurance (covering liability risks for businesses), property insurance (protecting against physical damage to assets), specialty lines such as cyber insurance, marine coverage, aviation insurance, and excess and surplus lines for hard-to-place risks that standard insurers typically avoid. The **Bermuda Segment** accounts for roughly 45% of gross premiums written and specializes in reinsurance products. Reinsurance is essentially "insurance for insurance companies" - when primary insurers want to reduce their exposure to large losses or catastrophic events, they purchase reinsurance coverage. This segment offers casualty reinsurance (helping other insurers manage liability exposures), property catastrophe reinsurance (protecting against natural disasters), and specialty reinsurance covering areas like aviation, marine and energy, satellite risks, and accident and health coverage. The company's business mix by risk type consists of approximately 45% casualty coverage, 30% specialty lines, and 25% property-related risks. Hamilton differentiates itself through disciplined underwriting practices, selective risk acceptance, and a focus on maintaining profitable combined ratios (the percentage of premiums paid out in claims and expenses - ratios below 100% indicate underwriting profitability).
Revenue model
Hamilton generates revenue primarily through **insurance premium collection** from both direct insurance customers and other insurance companies seeking reinsurance coverage. The company collects premiums upfront and invests these funds while gradually paying out claims over time, creating a "float" that generates investment income alongside underwriting profits. The primary revenue streams include gross premiums written from specialty insurance policies sold to businesses and organizations, reinsurance premiums from insurance companies purchasing coverage to manage their risk exposures, and investment income generated from the company's investment portfolio, including returns from their Two Sigma Hamilton Fund partnership which has delivered strong performance. Paying customers consist of businesses seeking specialty insurance coverage for risks like cyber liability, professional indemnity, marine exposures, and excess casualty needs, as well as insurance and reinsurance companies purchasing treaty reinsurance to manage their capital requirements and catastrophe exposures. For 2024, the company generated $2.4 billion in gross premiums written with a 24% year-over-year growth rate. **Factors that increase profitability margins** include favorable insurance pricing cycles driven by industry losses and reduced competition, disciplined underwriting that maintains combined ratios below 100%, strong investment returns particularly from alternative investment strategies, favorable reserve development from conservative prior-year loss reserving, and the company's recent A.M. Best rating upgrade to "A" which enables access to more profitable business opportunities and larger line sizes. **Factors that could pressure margins** include increased catastrophic losses from natural disasters or large industrial accidents, social and economic inflation driving up claim costs particularly in casualty lines, increased competition leading to pricing pressure and margin compression, adverse reserve development if prior year loss reserves prove inadequate, and poor investment performance during market downturns affecting the critical investment income component of returns.
Competitive moat
Hamilton Insurance Group operates in a moderately defensible position within the specialty insurance and reinsurance sector, though its competitive moat is not exceptionally strong. The company's primary defensive characteristics include its **regulatory advantages** as a Bermuda-domiciled insurer, which provides favorable tax treatment and regulatory flexibility compared to onshore competitors, and its **rating agency recognition** with recent upgrades from A.M. Best, Fitch, and KBRA that enable access to higher-quality business opportunities. The company benefits from **underwriting expertise and relationships** built over its decade-plus operating history, particularly in specialty lines where technical knowledge and broker relationships create some barriers to entry. Hamilton's **disciplined capital allocation** approach and conservative reserving practices have generated consistent profitability, creating a track record that supports customer and broker confidence. However, the company faces meaningful competitive pressures. The insurance and reinsurance industry has relatively low switching costs, and customers often shop for coverage based primarily on price and terms. **New capital** can enter the market relatively easily during favorable pricing cycles, as evidenced by increased competition in cyber, financial lines, and large property placements mentioned in recent earnings calls. The company also faces **cyclical industry dynamics** where periods of favorable pricing inevitably attract new competitors, leading to margin compression. **Potential disruption** could come from insurtech companies leveraging technology to streamline underwriting and distribution, larger global insurers with superior scale and diversification, and alternative risk transfer mechanisms like catastrophe bonds or insurance-linked securities. Hamilton's relatively modest size compared to industry giants like Berkshire Hathaway's reinsurance operations or major European reinsurers also limits its ability to write the largest risks or achieve maximum diversification benefits.
Risks & safety
Hamilton Insurance Group demonstrates a **strong margin of safety** with robust financial metrics and conservative capital management. **Liquidity and Solvency:** - Cash and short-term investments of $996 million as of Q1 2025 provide substantial liquidity buffer - Debt-to-equity ratio of 6.4% indicates minimal leverage and low financial risk - Strong operating cash flow generation of $759 million in 2024 demonstrates consistent cash conversion - No meaningful debt burden or solvency concerns given the capital-light nature of the insurance business model **Valuation Metrics:** - Price-to-earnings ratio of 2.9x based on Q1 2025 results appears significantly undervalued - Price-to-book ratio of 0.88x suggests trading below tangible book value - Enterprise value-to-EBITDA of 0.42x indicates extremely attractive valuation - Return on equity of 18.3% for 2024 demonstrates strong profitability relative to book value **Other Considerations:** - Combined ratio performance consistently below 100% indicates sustainable underwriting profitability - Conservative reserving practices with eleven consecutive years of favorable development provide additional safety buffer - Recent rating agency upgrades enhance business quality and competitive positioning - Share buyback authorization of $112 million remaining demonstrates management confidence in intrinsic value
Recent development
Over the past several years, Hamilton has executed several key strategic initiatives that have transformed its competitive position and growth trajectory. The most significant development was achieving **rating upgrades from major agencies** including A.M. Best (to "A"), Fitch, and KBRA, which management expects to generate a 10-15% premium uplift and access to larger, more profitable accounts particularly in casualty reinsurance. The company has pursued **selective expansion in casualty lines** following the rating upgrade, taking advantage of favorable market conditions where some competitors have reduced their exposure. This expansion focuses on targeting specific clients with strong underwriting cultures while maintaining smaller line sizes across multiple accounts to manage concentration risk. Hamilton has also enhanced its **investment strategy** through the Two Sigma Hamilton Fund partnership, which generated strong returns of 10.9% year-to-date through July 2024 and has historically performed well during market volatility periods. This alternative investment approach provides additional return generation beyond traditional fixed income portfolios. The company has implemented an **active capital management program** including a $150 million share repurchase authorization, of which $138 million was completed in 2024. Management has demonstrated willingness to repurchase shares when they view the stock as undervalued while maintaining adequate capital for growth opportunities and catastrophe exposure. **Operational improvements** include achieving better expense ratios through improved operating leverage from premium growth, performance-based fee income, and more efficient cost management. The company has maintained its disciplined underwriting approach while selectively growing in attractive market segments, resulting in record-low combined ratios and consistent profitability.
HG company profile · for informational purposes only — not investment advice.
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