Hamilton Insurance Group, Ltd.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The insurance business carries its own weight: three straight years with a combined ratio below 100 percent (90.1, 91.3 and 92.9 percent from 2023 through 2025), gross premiums written up from $1.45 billion to $2.92 billion, $2.82 billion of equity at a debt-to-capital ratio of 5.0 percent, and an "A" rating from AM Best. Nothing in the filings points to a threat to the company's substance. What is open is an operational question of some weight: the profit is earned largely outside the craft — a $775.1 million investment result against $148.8 million of underwriting income in 2025 — and it comes from a fund whose strategy Hamilton does not steer and whose manager Hamilton cannot remove, a manager that kept $263.4 million of the fund's $564.3 million of income. The strong first quarter of 2026 does not settle the question: the 89.8 percent combined ratio rested on exactly zero catastrophe losses, prior-year reserve development turned adverse for the first time, and the Middle East conflict that began on February 28, 2026 is named but not yet quantified. Earnings whose lever depends this heavily on an externally managed investment are not proven quality — but they are no threat to substance either, hence yellow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Hamilton Insurance Group has underwritten profitably for three years, doubled gross premiums written since 2021 and lifted book value per share from $18.58 to $28.50 — all of it real and filed. The profit lever, however, sits outside the insurance business: a $775.1 million investment result against $148.8 million of underwriting income in 2025, and of the fund's $564.3 million of income, $263.4 million stayed with manager Two Sigma. Hamilton can neither steer nor remove that partner and must keep up to $1.8 billion in the fund. The first quarter of 2026 was strong at an 89.8 percent combined ratio, but carried zero catastrophe losses and the first adverse reserve development. Not investment advice.
Underwriting
The combined ratio fell from 106.0 percent (fiscal year ended November 2021) and 102.8 percent (2022) to 90.1, 91.3 and 92.9 percent in 2023 through 2025, while gross premiums written grew from $1.45 billion to $2.92 billion. In the first quarter of 2026 the ratio came in at 89.8 percent after 111.6 percent a year earlier.
Dependence on the investment result
In 2025, underwriting income of $148.8 million stood against a $775.1 million investment result — a factor of 5.2. Of that, $564.3 million came from the TS Hamilton Fund. A weak fund year therefore hurts earnings more than a heavy storm season, and fund returns cannot be extrapolated the way a premium line can.
Price of the arrangement
Of the fund's $564.3 million of income in 2025, $263.4 million — 46.7 percent — went to the manager as an incentive allocation, on top of a $52.6 million management fee. In the first quarter of 2026 it was $83.5 million of $176.6 million (47.3 percent). The terms are 2.5 percent a year, 30 percent of profits, and a further 25 percent above a 10 percent hurdle.
Control and exit
Hamilton controls neither the fund's investment strategy nor its day-to-day operations and cannot remove the Managing Member; the minimum commitment runs to $1.8 billion or 60 percent of net tangible assets. The 2025 annual report itself describes management and governance challenges at Two Sigma. The new agreement of April 1, 2026 eliminated certain withdrawal rights and frees the committed portion at only one twelfth per month.
Quality of the record quarter
Catastrophe losses in the first quarter of 2026 were exactly zero, after $159.7 million in the prior-year quarter and $159.0 million for full-year 2025. At the same time prior-year reserve development turned to 2.4 percent adverse (prior-year quarter: 2.9 percent favorable) on the Baltimore Bridge collapse. The Middle East conflict that began on February 28, 2026 is named but not yet quantified.
Capital and valuation
Book value per share of $27.42 on March 31, 2026 after $28.50 (end of 2025) and $18.58 (end of 2023), with a $2.00 special dividend in between. Debt-to-capital of 5.0 percent and subsidiary dividend capacity of $620.1 million (December 31, 2025). Roughly $3.59 billion of market capitalization (data as of July 24, 2026) implies a price-to-book ratio of about 1.3, against an average analyst target price of $35.86.
Worth Noting
Hook: rank 35 in our in-house Big Earnings Surprise ranking (U.S. selection with 81 hits), relative strength rating 74 out of 100, as of July 25, 2026. The lists are recalculated daily.
Data as of: SEC figures for December 31, 2025 (Form 10-K, filed February 25, 2026) and March 31, 2026 (Form 10-Q, filed May 6, 2026); ratios and earnings surprises as of July 24, 2026. Filings after the quarterly report were reviewed through July 25, 2026; the most recent entry is an insider report on Form 4 dated May 20, 2026.
Risk of confusion: "HG" is also the COMEX symbol for copper futures and the ticker of HydroGraph Clean Power on the Canadian CSE. The company analysed here is Hamilton Insurance Group, Ltd., SEC filer number CIK 0001593275, ISIN BMG427061046, Class B common shares listed on the New York Stock Exchange. Copper is quoted per pound, not per share.
Per-share metrics are computed against total shares outstanding of 99,273,252 (March 31, 2026), not against the 66,532,272 listed Class B shares. Using the Class B count alone would overstate any per-share figure by roughly half.
The Altman Z-score in the fundamental data (0.83) carries no meaning for insurers because the formula was built for industrial companies; it is named here but not used. A quoted dividend yield above 6 percent reflects the one-off special dividend paid on March 30, 2026, not a regular dividend.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at HG since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 23.20 $ to 37.30 $ · Last price: 35.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Insurance - Reinsurance
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Hamilton Insurance Group, Ltd. HG | 3.5 | 5.5 | 0.0 | 38.6 | 29.1 | 15.3 | 59.7 |
| Reinsurance Group of America, Incorporated RGA | 15.9 | 13.8 | 0.0 | 14.1 | 8.3 | 3.4 | 34.5 |
| Everest Group Ltd EG | 14.9 | 7.8 | 0.0 | 15.3 | 20.2 | 1.4 | 16.7 |
| Renaissancere Holdings Ltd RNR | 14.0 | 5.8 | 0.0 | 45.4 | 26.8 | 9.5 | 37.2 |
| Siriuspoint Ltd SPNT | 2.9 | 6.3 | 0.0 | 23.9 | 18.0 | 22.6 | 36.0 |
| Greenlight Capital Re Ltd GLRE | 0.5 | 6.7 | 0.0 | 12.4 | – | 7.5 | 19.0 |
| Kestrel Group Ltd KG | 0.0 | – | 0.9 | 46.3 | -97.1 | 785.1 | -78.0 |
| Median of companies shown | 3.5 | 6.5 | 0.0 | 23.9 | 19.1 | 9.5 | 34.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2020 | 740 | -174 | -210 | -2.05 | 3 | – | – |
| 2021 | 1,336 | 262 | 188 | 1.83 | 227 | 1,787 | 5,612 |
| 2022 | 1,288 | -27 | -98 | -0.89 | 191 | 1,664 | 5,819 |
| 2023 | 1,618 | 255 | 259 | 2.44 | 283 | 2,048 | 6,671 |
| 2024 | 2,379 | 622 | 400 | 3.95 | 759 | 2,329 | 7,796 |
| 2025 | 2,743 | 825 | 577 | 5.68 | 842 | 2,822 | 9,572 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 1.20 | – | 600 | 62.40 | 21.80 | 156 | 156 |
| 2024: Q3 | 0.74 | 80.50 | 513 | 29.40 | 11.90 | 161 | 161 |
| 2024: Q4 | 0.32 | -72.20 | 571 | 15.20 | 5.80 | 284 | 284 |
| 2025: Q1 | 0.77 | -44.20 | 769 | 16.70 | 23.60 | 35 | 35 |
| 2025: Q2 | 1.79 | 49.20 | 741 | 23.40 | 36.10 | 218 | 218 |
| 2025: Q3 | 1.32 | 78.40 | 668 | 30.20 | 26.40 | 296 | 296 |
| 2025: Q4 | 1.65 | 415.60 | 728 | 27.70 | 24.30 | 293 | 293 |
| 2026: Q1 | 1.31 | 70.10 | 754 | -1.90 | 17.70 | 101 | 101 |
| 2026: Q2 | 1.42 | -20.70 | 840 | 13.30 | 30.30 | 125 | 125 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 23 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
- Buffett: Owner Earnings Yield
- Institutional Accumulation
- Levermann
- Pros 80%
- QARP — Quality at a Fair Price
- Terry Smith: Quality (Fundsmith Criteria)
Aktien.Guide
Breakout & Setup
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- Power Trend
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 4.98 | 4.77 – 5.20 | 2,842 | 3.0% | 7 |
| 12/31/2027 | 4.74 | 4.17 – 5.12 | 2,977 | -5.0% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -14.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $815.2M |
|---|---|
| Market cap | $3.48B |
| Free cash flow in year ten | $167.6M |
| Terminal value as a share of market value | 25.3% |
For comparison: over the past five years free cash flow grew by 215.7% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Hamilton setzt KI im eigenen Betrieb ein — die Zeichnungs- und Analyseplattform HARP ist ausdrücklich für KI-gestützte Arbeitsabläufe gebaut, die Anbindung an Makler läuft über „agentic AI“; KI ist dabei nirgends Umsatzquelle und wird in den Risikofaktoren nur als Einsatz-, nicht als Geschäftsmodellrisiko beschrieben.
View the full file — quotes, sources, reviewed filings
„These capabilities are built upon a modern, cloud-based core architecture and a unified enterprise data foundation unconstrained by legacy platforms and engineered to support advanced analytics, artificial intelligence (“AI”) enabled workflows, and scalable digital distribution."
Diese Fähigkeiten beruhen auf einer modernen, cloudbasierten Kernarchitektur und einer einheitlichen Datenbasis des Unternehmens, die nicht durch Altsysteme eingeschränkt ist und darauf ausgelegt wurde, fortgeschrittene Analytik, durch künstliche Intelligenz („KI“) gestützte Arbeitsabläufe und skalierbaren digitalen Vertrieb zu tragen.
10-K · 2026-02-25 · View SEC filing
„Hamilton continues to enhance direct digital connectivity with brokers, managing general agencies (“MGAs”), cedants, and market platforms through open APIs, event-driven workflows, and emerging agentic-AI capabilities, supporting efficiency across the underwriting process."
Hamilton baut die direkte digitale Anbindung an Makler, Assekuradeure („MGAs“), Zedenten und Marktplattformen weiter aus — über offene Schnittstellen, ereignisgesteuerte Arbeitsabläufe und aufkommende agentische KI-Fähigkeiten, die die Effizienz im gesamten Zeichnungsprozess unterstützen.
10-K · 2026-02-25 · View SEC filing
„Rather than emphasizing discrete tools, we focus on how systems, data, and AI-assisted capabilities work together to support workflow efficiency across business segments."
Statt einzelne Werkzeuge in den Vordergrund zu stellen, richten wir den Blick darauf, wie Systeme, Daten und KI-gestützte Fähigkeiten zusammenwirken, um die Effizienz der Arbeitsabläufe über die Geschäftssegmente hinweg zu unterstützen.
10-K · 2026-02-25 · View SEC filing
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-25 · 10-K 2025-02-27
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 28.7%
- More than 10% revenue growth is expected for the coming year -100.0%
- Share count grows by less than 3% a year -2.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 46.0%
- Gross margin at 40% or higher and without meaningful erosion 54.1%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 1,113 m net cash
- Operating cash flow covers the profits of the last three years 649 m
- Return on capital at 15% or higher, or up versus two years ago 27.8%
- Insiders hold at least 10% or are net buyers 5.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 30.0%
- Exp. sales growth 3Y > 5% 4.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -8.7%
- Net debt < 4x EBIT -1.3x
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 23.3%
- ROCE > 15% 27.8%
- Expected return > 10% 13.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Duffin Timothy James | Chief Underwriting Officer | Sell | 28,500 | 34.69 | 988,582 |
| Sep 10, 2026 | Duffin Timothy James | Chief Underwriting Officer | Sell | 28,500 | 34.53 | 984,182 |
| Sep 3, 2026 | Brown David A | Director | Sell | 50,000 | 36.12 | 1,806,215 |
| Aug 13, 2026 | Albo Giuseppina | Chief Executive Officer | Other | 100,430 | 0.00 | – |
The company
About the Company
Hamilton Insurance Group, Ltd., through its subsidiaries, operates as specialty insurance and reinsurance company in Bermuda and internationally. It operates Hamilton Global Specialty, Hamilton Select, and Hamilton Re underwriting platforms. The company offers casualty reinsurance products, such as commercial auto, general liability, healthcare, multiline, personal motor, professional liability, umbrella and excess casualty, and worker's compensation and employer's liability reinsurance; property reinsurance and insurance; and specialty reinsurance solutions, including accident and health, aviation and space, crisis management, mortgage, financial risks, marine and energy, and multiline specialty. It also provides accident and health, cyber, energy, environmental, financial lines, fine art and specie, kidnap and ransom, mergers and acquisitions, marine and energy liability, political risk and violence, professional liability, property binders, property direct and facultative, professional lines, space, upstream energy, excess casualty, war and terrorism, allied medical, products liability and contractors, management liability, medical professionals, general liability, and small business casualty insurance plans, as well as surety and treaty reinsurance products. The company was incorporated in 2013 and is headquartered in Pembroke, Bermuda.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 600
- Headquarters
- Pembroke, Bermuda
- Address
- Wellesley House North, HM 08 Pembroke, Bermuda
- Phone
- 441 405 5200
- Website
- hamiltongroup.com
- IPO Date
- 11/10/2023
- ISIN
- BMG427061046
Management
| Name | Title | Birth Year |
|---|---|---|
| Giuseppina Carmela Albo | CEO & Director | 1962 |
| Craig William Howie CPA | Group CFO & Chief Investment Officer | 1964 |
| Gemma Elizabeth Carreiro | Group General Counsel, Corporate Secretary & Data Protection Officer | 1982 |
| Adrian Joseph Daws | Chief Executive Officer of Hamilton Re | 1982 |
| Alexander James Baker | Chief Executive Officer of Hamilton Global Specialty | 1981 |
| Brian Deegan | Group Chief Accounting Officer | 1978 |
| Raymond Joseph Karrenbauer | Group Chief Information Officer | 1970 |
| Darian Niforatos | VP & Head of Investor Relations | – |
| Moussa Thiam | Group Head of Compliance | – |
| Daniel Fisher | Group Head of Human Resources, Communications & Culture | 1971 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 Hamilton Insurance Group, Ltd. (HG): Results of Operations and Financial Condition; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.