Hamilton Insurance Group, Ltd. Q3 FY2025 earnings call

• Hamilton had net income of $136 million, an annualized return on average equity of 21% in Q3 2025. - Underwriting had a combined ratio of 87.8% and underwriting income of $64 million. - Investment income was $98 million. - Recent management appointments: Mike Mulray joined as Chief Underwriting Officer at Hamilton Select; Susan Steinhoff promoted to Chief Underwriting Officer of Hamilton Re. - Segment highlights: Bermuda segment grew 40% driven by casualty and specialty reinsurance; International segment gross premiums written grew 17%; U.S. E&S platform grew 26% led by casualty lines.

Bermuda segment: Year-to-date gross premiums written in 2025 grew to $1.2 billion, up from $0.9 billion in 2024, an increase of 26%. In Q3 2025, Bermuda had underwriting income of $52 million and a combined ratio of 80.7% compared to underwriting income of $24 million and a combined ratio of 89.4% in Q3 2024. International segment: Year-to-date gross premiums written in 2025 grew to $1.1 billion, up from $1.0 billion in 2024, an increase of 14%. In Q3 2025, International had underwriting income of $12 million and a combined ratio of 95.4% compared to underwriting income of $5 million and a combined ratio of 97.6% in Q3 2024. U.S. E&S platform (Hamilton Select): Grew 26% in Q3 2025, led by 50% growth in casualty lines.

• U.S. E&S insurance: Small to mid-market property E&S accounts expected to see increased competition but hold up better than large accounts; large property accounts expected to continue pricing pressure; casualty E&S business expected to continue momentum with attractive rate increases but slower clip. - Reinsurance renewals: Upcoming January 1 reinsurance renewals expected, with property cat reinsurance expecting supply outpace demand and rate pressure, while casualty reinsurance expecting differentiated performance.

• U.S. E&S market expected to experience more competition. - Property cat reinsurance expected to have supply outpace demand and rate pressure on upper layers. - Casualty reinsurance expected to have differentiated performance with some books seeing commission decreases.

Q: On Bermuda underlying loss ratio and mix shift, how will margin trend?

A: Depends on continuous change in mix of business, but continue to look at year-to-date basis.

Q: Color on loss trends in casualty portfolio?

A: Growth in reinsurance and insurance casualty classes, strong feedback loop across pricing, underwriting, pricing and reserving.

Q: Growth decel in Hamilton Select, reason?

A: Pulling back from some professional lines with less attractive rates.

Q: Fee income after Lloyd's MGA move?

A: About $2.5 million per quarter for the group.

Q: Objectives for Hamilton Select's new CCO?

A: Produce sustainable underwriting profitability.

Q: Exposure to recent cats and plane tragedy?

A: Too early to talk about plane tragedy; Jamaica hurricane Melissa exposure not significant.