Hamilton Insurance Group, Ltd. earnings

Management highlights

- Welcome to the earnings call, pleased with Q1 performance despite complex market. - Stuck to disciplined underwriting, wrote business at desired pricing. - Broader market observations: reinsurance renewals competitive, Middle East conflict impacts specialty classes. - Bermuda segment details: growth in casualty reinsurance, property reinsurance impact of reinstatement premiums, specialty reinsurance line growth. - International segment details: growth in specialty and casualty classes, pullback in certain lines. - Hamilton Select growth in casualty lines, muted in others. - Emphasize cycle management key, risk and client selection important.

Guidance

- Upcoming mid-year renewals expected to have similar pricing pressure to year so far, margins to remain above thresholds. - Expect attritional loss ratio to be about 54.5% for full year 2026. - Special dividend declared and shares repurchased, $159 million remaining under share repurchase authorization with plan to use as accretive. - Expect to continue deploying capital actively and effectively, including through dividends or buybacks if strong business opportunities not seen.

Segment performance

Bermuda: Gross premiums written $497 million, up 5%. Property reinsurance premiums fell due to non-recurring reinstatement premiums, but flat excluding that. Specialty reinsurance line grew 2.7%. Insurance side of Bermuda book reduced writings in large account property DNF book. International: Gross premiums written grew 20%. Hamilton Global Specialty up 20% driven by specialty and casualty classes. Hamilton Select (U.S. ENF platform) grew 17% driven by excess casualty, general casualty, and small business, muted in professional and medical professional lines. Underwriting income for Bermuda was $51 million with combined ratio 81.8%, international had underwriting income $7 million with combined ratio 97.5%.

Risks & headwinds

- Reinsurance renewals facing competitive pricing, though still risk adequate. - Middle East conflict may lead to inflationary pressures and impact reinsurance programs. - Softening pricing coming off historic highs but still need to manage underwriting cycle carefully to maintain profitability. - Business mix changes can impact loss and acquisition ratios.

Analyst Q&A

• Q: On PYD and Iran conflict exposure.

  A: PYD related to Baltimore Bridge, $14 million development. Iran conflict losses in specialty insurance classes, exposures manageable.

• Q: Elaborate on appetite for Florida renewals.

  A: Upcoming 6-1 renewals largely Florida driven, not big part of portfolio. Use ADA RE for Florida renewals, focus on key clients at 7-1 renewals, expect mid-year pricing pressure but rates adequate.

• Q: Update on Hamilton Select.

  A: 17% growth in casualty lines, muted in professional lines, property launch in Q2.

• Q: Increased mix of casualty business and property reinsurance account mix.

  A: Acquisition cost ratio driven by business mix, property reinsurance renewals focus on appropriate risk-adjusted returns and broad trading relationships.

• Q: Two-sigma reporting cadence and buyback/dividend plans.

  A: Two-sigma results reported quarterly, plan to continue returning capital to shareholders through dividends or buybacks as accretive.