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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________

FORM 10-Q

__________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-41862

__________________________________

Hamilton Insurance Group, Ltd.

(Exact name of registrant as specified in its charter)

__________________________________

Bermuda

98-1153847

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Wellesley House North, 1st Floor, 90 Pitts Bay Road

Pembroke HM 08

Bermuda

(Address of Principal Executive Offices and Zip Code)

(441) 405-5200

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class B common shares, par value $0.01 per share	HG	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

The registrant's number of Class B common shares outstanding as of April 30, 2026 was 66,532,272.

Hamilton Insurance Group, Ltd.

Table of Contents


			Page
Part I. Financial Information
Item 1. Financial Statements			4
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			31
Item 3. Quantitative and Qualitative Disclosures About Market Risk			67
Item 4. Controls and Procedures			67

Part II. Other Information
Item 1. Legal Proceedings			69
Item 1A. Risk Factors			69
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			71
Item 3. Defaults Upon Senior Securities			71
Item 4. Mine Safety Disclosures			71
Item 5. Other Information			71
Item 6. Exhibits			72

Signatures			73

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Hamilton Insurance Group, Ltd. ("Quarterly Report") includes "forward looking statements" pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as "believes," "expects," "may," "will," "target," "should," "could," "would," "seeks," "intends," "plans," "contemplates," "estimates," "forecasts," or "anticipates," or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements appear in a number of places throughout this Quarterly Report and relate to matters such as our industry, growth strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, business plans (including syndicate capacity forecasts) and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from the forward-looking statements contained herein. Such risks, uncertainties, and other important factors include, among others, the risks, uncertainties and factors set forth in "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"), our other subsequent periodic reports filed with the Securities and Exchange Commission and the following:

•challenges from competitors, including those arising from industry consolidation, alternative capital and technological advancements, including the increasing use of advanced analytics and artificial intelligence;

•unpredictable events, including natural catastrophes and man‑made disasters, global climate change and emerging claim, litigation and coverage issues that may increase loss severity or expand coverage obligations;

•our ability, or that of the third parties on which we rely, to ensure reserves are adequate to cover actual losses and to accurately assess underwriting risk, models, assumptions, data quality and the pricing of risks, particularly in long‑tail, low‑frequency or emerging lines of business;

•our ability to defend and protect our intellectual property rights, including our proprietary technology platforms and data, to comply with obligations under license and technology agreements or to obtain or renew licenses to technology or data on reasonable terms;

•the impact of risks associated with human error, misconduct or fraud, model uncertainty, cybersecurity threats such as cyber‑attacks and security breaches, misuse of artificial intelligence and our reliance on third‑party information technology systems that may fail, be disrupted or require replacement;

•our ability to secure necessary credit facilities, letters of credit or other forms of financing or collateral on favorable terms or at all;

•our limited financial and operational flexibility due to covenants and other restrictions in our existing or future credit facilities and debt arrangements;

•our exposure to the credit risk of insurance and reinsurance intermediaries on which we rely for the collection of premiums and payment of claims;

•our failure to pay claims in a timely manner, significant reserve strengthening, or the need to sell investments under unfavorable market or other conditions in order to meet liquidity requirements;

•downgrades, potential downgrades or other negative actions by rating agencies, including changes in rating agency methodologies;

•our ability to manage risks associated with adverse macroeconomic conditions, geopolitical instability and global events, including current or anticipated military conflicts, public health crises, terrorism, sanctions, inflation, rising interest rates, energy price volatility and other disruptions;

•the cyclical nature of the insurance and reinsurance business, which may result in declines in pricing and more competitive terms and conditions;

•our results of operations fluctuating significantly from period to period and not being indicative of our long‑term prospects;

•our ability to execute our strategy and to adapt our business and strategic plans in response to changing market, regulatory and competitive conditions;

•our dependence on key executives and other personnel, including the potential loss of Bermudian or other critical personnel, and our ability to attract and retain qualified employees in highly competitive labor markets;

•foreign operational risks, including foreign currency risk, political instability, regulatory uncertainty and differing legal regimes in jurisdictions where we operate;

•our ability to identify, execute and integrate growth opportunities, including acquisitions or other strategic transactions, and to realize the anticipated benefits of such initiatives;

•risks arising from our management of alternative reinsurance platforms and vehicles for third‑party investors;

•our inability to control the asset allocation, investment decisions or performance of the Two Sigma Hamilton Fund, LLC (the "TS Hamilton Fund") and our limited ability to withdraw capital from the TS Hamilton Fund;

•conflicts of interest, governance, operational or regulatory risks involving Two Sigma Investments, LP ("Two Sigma"), the TS Hamilton Fund or their respective affiliates that could adversely affect investment performance or our business;

•the historical performance of Two Sigma or the TS Hamilton Fund not being indicative of future performance or our future results;

•risks associated with our investment strategy, including the use of leverage, derivatives, illiquid assets and concentration risk, which may be greater than those faced by some of our competitors;

•our potentially becoming subject to additional or increased taxation, including U.S. federal income tax, Bermuda tax or other taxes, as a result of changes in tax laws, interpretations or our operations;

•the potential classification of us or our subsidiaries as a passive foreign investment company or becoming subject to U.S. withholding and information reporting requirements under the U.S. Foreign Account Tax Compliance Act ("FATCA");

•our ability to compete effectively in a highly regulated industry in light of new or changing domestic or international laws and regulations, including accounting standards and evolving regulatory interpretations;

•the suspension, limitation or revocation of licenses or approvals required by our insurance and reinsurance subsidiaries;

•significant legal, regulatory or governmental proceedings or investigations;

•restrictions on our insurance and reinsurance subsidiaries’ ability to pay dividends or make other distributions to us;

•challenges and costs associated with compliance with public company disclosure, governance and internal control requirements;

•the limited ability of investors to influence corporate matters due to our multi‑class share structure and the voting provisions in our Bye‑laws;

•the risk that anti‑takeover provisions in our Bye‑laws or Bermuda law could discourage, delay or prevent a change in control, even if beneficial to shareholders; and

•difficulties investors may face in enforcing judgments or protecting their interests against us or our directors and officers.

There may be other factors that could cause our actual results to differ materially from the forward-looking statements, including factors disclosed under the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Form 10-K as well as in this Quarterly Report. You should evaluate all forward-looking statements made herein in the context of these risks and uncertainties.

You should read this information completely and with the understanding that actual future results may be materially different from expectations. We caution you that the risks, uncertainties, and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits, or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements contained herein apply only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

Available Information

We encourage investors and others to frequently visit our website, www.hamiltongroup.com, including our Investor Relations web pages investors.hamiltongroup.com. Information found on, or accessible through, our website is not a part of, and is not incorporated into this Quarterly Report. Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are available, free of charge, on our website as soon as reasonably practicable after we file such material electronically with, or furnish it to, the U.S. Securities and Exchange Commission (the "SEC"). The SEC also maintains a website that contains our SEC filings. The address of the site is www.sec.gov.

Part I. Financial Information

Item 1. Financial Statements

Index To Unaudited Condensed Consolidated Financial Statements






			Page
Unaudited Condensed Consolidated Balance Sheets			5
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)			6
Unaudited Condensed Consolidated Statements of Shareholders’ Equity			7
Unaudited Condensed Consolidated Statements of Cash Flows			8

Notes to the Unaudited Condensed Consolidated Financial Statements
Note 1. Organization			9
Note 2. Summary of Significant Accounting Policies			10
Note 3. Investments			10
Note 4. Fair Value			16
Note 5. Variable Interest Entities			18





Note 6. Reinsurance			19
Note 7. Reserve for Losses and Loss Adjustment Expenses			21
Note 8. Segment Reporting			23
Note 9. Debt and Credit Facilities			26
Note 10. Share Capital			28

Note 11. Earnings Per Share			30






Note 12. Subsequent Events			30

Hamilton Insurance Group, Ltd.

Unaudited Condensed Consolidated Balance Sheets


($ in thousands, except share information)	March 31, 2026		December 31, 2025
Assets
Fixed maturity investments, at fair value (amortized cost 2026: $3,029,242; 2025: $3,210,940)	$	3,016,314	$	3,238,543
Short-term investments, at fair value (amortized cost 2026: $450,836; 2025: $200,052)	451,185		200,459
Investments in Two Sigma Funds, at fair value (cost 2026: $1,416,955; 2025: $1,355,563)	1,685,031		1,587,658
Total investments	5,152,530		5,026,660
Cash and cash equivalents	842,484		1,062,359
Restricted cash and cash equivalents	113,033		109,731
Premiums receivable	1,154,469		939,777
Paid losses recoverable	100,187		93,659
Deferred acquisition costs	291,312		257,203
Unpaid losses and loss adjustment expenses recoverable	1,412,974		1,375,857
Receivables for investments sold	10,046		58,029
Prepaid reinsurance	418,978		296,351
Intangible assets	84,331		86,624
Other assets	283,665		265,363
Total assets	$	9,864,009	$	9,571,613

Liabilities, non-controlling interest, and shareholders’ equity
Liabilities
Reserve for losses and loss adjustment expenses	$	4,595,810	$	4,415,176
Unearned premiums	1,583,245		1,377,474
Reinsurance balances payable	460,804		296,400
Payables for investments purchased	110,151		209,853

Term loan, net of issuance costs	149,769		149,743
Accounts payable and accrued expenses	149,185		177,320
Payables to related parties	62,058		123,376
Total liabilities	7,111,022		6,749,342

Non-controlling interest – TS Hamilton Fund	30,537		172

Shareholders’ equity
Common shares:
Class A, authorized (2026 and 2025: 26,444,807), par value $0.01; issued and outstanding (2026 and 2025: 17,320,078)	173		173
Class B, authorized (2026 and 2025: 84,677,932), par value $0.01; issued and outstanding (2026: 66,549,525 and 2025: 66,305,707)	665		663
Class C, authorized (2026 and 2025: 15,403,649), par value $0.01; issued and outstanding (2026 and 2025: 15,403,649)	154		154
Additional paid-in capital	1,127,868		1,134,985
Accumulated other comprehensive loss	(4,441)		(4,441)
Retained earnings	1,598,031		1,690,565
Total shareholders’ equity	2,722,450		2,822,099

Total liabilities, non-controlling interest, and shareholders’ equity	$	9,864,009	$	9,571,613

See accompanying notes to the unaudited condensed consolidated financial statements.

Hamilton Insurance Group, Ltd.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)


	Three Months Ended
	March 31,
($ in thousands, except per share information)	2026		2025
Revenues
Gross premiums written	$	940,110	$	843,306
Reinsurance premiums ceded	(286,451)		(239,431)
Net premiums written	653,659		603,875

Net change in unearned premiums	(83,144)		(104,947)
Net premiums earned	570,515		498,928

Net realized and unrealized gains (losses) on investments	151,075		248,793
Net investment income (loss)	26,029		18,927
Total net realized and unrealized gains (losses) on investments and net investment income (loss)	177,104		267,720

Other income (loss)	6,750		4,662
Net foreign exchange gains (losses)	4,539		(2,529)
Total revenues	758,908		768,781

Expenses
Losses and loss adjustment expenses	324,785		395,234
Acquisition costs	144,507		116,881
General and administrative expenses	61,464		62,702

Amortization of intangible assets	4,020		3,890
Interest expense	4,777		5,602
Total expenses	539,553		584,309

Income (loss) before income tax	219,355		184,472
Income tax expense (benefit)	2,323		3,206
Net income (loss)	217,032		181,266

Net income (loss) attributable to non-controlling interest	83,494		100,394

Net income (loss) and other comprehensive income (loss) attributable to common shareholders	$	133,538	$	80,872

Per share data
Basic income (loss) per share attributable to common shareholders	$	1.34	$	0.79
Diluted income (loss) per share attributable to common shareholders	$	1.31	$	0.77

See accompanying notes to the unaudited condensed consolidated financial statements.

Hamilton Insurance Group, Ltd.

Unaudited Condensed Consolidated Statements of Shareholders' Equity


	Three Months Ended
	March 31,
($ in thousands)		2026		2025
Common shares
Balance, beginning of period		$	990	$	1,015
Issuance of common shares		13		11
Repurchases of common shares		(11)		(9)
Balance, end of period		992		1,017

Additional paid-in capital
Balance, beginning of period		1,134,985		1,163,609
Issuance of common shares		(13)		(11)
Repurchases of common shares		(12,763)		(9,672)
Share compensation expense		5,659		6,643

Balance, end of period		1,127,868		1,160,569

Accumulated other comprehensive income (loss)


Balance, beginning and end of period		(4,441)		(4,441)


Retained earnings
Balance, beginning of period		1,690,565		1,168,526
Net income (loss)		217,032		181,266
Net income (loss) attributable to non-controlling interest		(83,494)		(100,394)

Dividends on common shares		(205,760)		—
Repurchases of common shares		(20,312)		(7,204)
Balance, end of period		1,598,031		1,242,194

Total shareholders’ equity		$	2,722,450	$	2,399,339

See accompanying notes to the unaudited condensed consolidated financial statements.

Hamilton Insurance Group, Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows


	Three Months Ended
($ in thousands)	March 31,
Operating activities	2026		2025
Net income (loss)	$	217,032	$	181,266
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	4,366		4,330


Share compensation expense	5,659		6,643
Net realized (gains) losses on investments	(155,615)		(118,658)
Change in net unrealized (gains) losses on investments	4,540		(130,135)




Other items	2,110		(8,546)
Change in:
Premiums receivable	(214,692)		(217,949)
Paid losses recoverable	(6,528)		42,705
Deferred acquisition costs	(34,109)		(33,361)
Prepaid reinsurance	(122,627)		(110,292)
Unpaid losses and loss adjustment expenses recoverable	(37,117)		(64,005)

Other assets	(17,153)		(22,712)
Reserve for losses and loss adjustment expenses	180,634		282,816
Unearned premiums	205,771		215,239
Reinsurance balances payable	164,404		84,965
Accounts payable and accrued expenses and other	(95,847)		(77,405)
Net cash provided by (used in) operating activities	100,828		34,901

Investing activities
Proceeds from redemptions from Two Sigma Funds	841,983		719,512
Contributions to Two Sigma Funds	(754,124)		(913,091)


Purchases of fixed maturity investments	(1,157,855)		(435,886)
Proceeds from sales, redemptions and maturity of fixed maturity investments	1,344,269		424,163
Purchases of short-term investments	(442,235)		(383,266)
Proceeds from sales of short-term investments	195,099		480,871
Change in receivables for investments sold	47,983		27,648
Change in payables for investments purchased	(99,702)		(68,502)




Other	(3,220)		(2,033)
Net cash provided by (used in) investing activities	(27,802)		(150,584)

Financing activities
Issuance of common shares	13		11
Repurchases of common shares	(33,086)		(16,885)
Contribution of additional paid-in capital	(13)		(11)




Withdrawal of non-controlling interest	(53,129)		(61,368)
Dividends on common shares paid	(199,366)		—
Net cash provided by (used in) financing activities	(285,581)		(78,253)

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(4,018)		6,146

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	(216,573)		(187,790)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period	1,172,090		1,100,852
Cash and cash equivalents and restricted cash and cash equivalents, end of period	$	955,517	$	913,062

See accompanying notes to the unaudited condensed consolidated financial statements.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

1. Organization

Hamilton Insurance Group, Ltd. ("Hamilton Group", the "Group" or the "Company"), the ultimate group holding company, was incorporated on September 4, 2013, under the laws of Bermuda. On November 14, 2023, the Company consummated an initial public offering ("IPO") of its Class B common shares, which are listed on the New York Stock Exchange ("NYSE").

Our Bermuda operations are led by Hamilton Re, Ltd. ("Hamilton Re"), a registered Class 4 insurer incorporated in Bermuda. Hamilton Re writes property, casualty and specialty insurance and reinsurance on a global basis.

Hamilton Re US is a tax partnership that was formed pursuant to an arrangement between Hamilton Re and its Bermuda-incorporated affiliate, Hamilton ILS Holdings Limited. The tax partnership is treated as a U.S. corporation for U.S. tax purposes and is registered with the U.S. Internal Revenue Service, such that underwriting and investment income derived from capital allocated to Hamilton Re US are subject to U.S. taxation.

Ada Capital Management Limited ("ACML"), a wholly owned insurance agent incorporated and regulated in Bermuda, is authorized to underwrite on behalf of Ada Re, Ltd. ("Ada Re").

Our London operations are comprised of Hamilton Managing Agency Limited ("HMA"), a Lloyd’s managing agency, which manages our wholly aligned Syndicate 4000. Syndicate 4000 operates in the Lloyd’s market and underwrites property, casualty and specialty insurance and reinsurance business on a subscription basis.

Our Dublin operations are comprised of Hamilton Insurance Designated Activity Company ("HIDAC"), a Dublin-based insurer with a U.K. branch and extensive licensing in the United States, including excess and surplus lines and reinsurance in all 50 states.

Hamilton Managing General Agency Americas LLC ("HMGA Americas") is licensed throughout the United States and underwrites on behalf of the Group's London, Dublin and Bermuda operations solely in respect of Hamilton Re US, providing access from the U.S. to the Lloyd's market, the Group's rated Irish carrier and the Group's Bermuda balance sheet, respectively.

Hamilton Select Insurance Inc. ("Hamilton Select") is a U.S. domestic excess and surplus lines carrier incorporated in Delaware and authorized to write excess and surplus business in all 50 states.

Two Sigma Hamilton Fund, LLC ("TS Hamilton Fund"), is a Delaware limited liability company. In 2013, Hamilton Re entered into a limited liability company agreement with TS Hamilton Fund and Two Sigma Principals, LLC (the "Managing Member") as the managing member of TS Hamilton Fund. Hamilton Re has committed to an investment in TS Hamilton Fund in an amount up to the lesser of (i) $1.8 billion or (ii) 60% of Hamilton Group’s net tangible assets. See Note 12, Subsequent Events for further details. TS Hamilton Fund has engaged Two Sigma Investments, LP ("Two Sigma"), a related party Delaware limited partnership, to serve as its investment manager. Two Sigma is a United States Securities and Exchange Commission registered investment adviser specializing in quantitative analysis (see Note 3, Investments for further details).

Unconsolidated Related Parties

Ada Re is a special purpose insurer funded by investors and formed to provide fully collateralized reinsurance and retrocession to both Hamilton Group and third party cedants.

Easton Re has issued an industry loss index-triggered catastrophe bond that provides the Company's operating platforms with multi-year risk transfer capacity to protect against named storm risk in the United States and earthquake risk in the United States and Canada. See Note 6, Reinsurance for further details.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

2. Summary of Significant Accounting Policies

There have been no material changes to the Company's significant accounting policies as described in its Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"), except as described below.

a.Basis of Presentation

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and Article 10 of Regulation S-X, for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of, and for, the periods presented.

These financial statements include the accounts of Hamilton Group, Hamilton Re, Hamilton U.K. Holdings Limited, Hamilton Select, HMGA Americas, ACML, and TS Hamilton Fund. All significant intercompany transactions and balances have been eliminated on consolidation. Certain comparative information has been reclassified to conform to the current year presentation.

b.Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates recorded in the Company’s financial statements include, but are not limited to, the reserve for losses and loss adjustment expenses, premiums written and earned, ceded reinsurance, unpaid losses and loss adjustment expenses recoverable and the fair value of investments.

3. Investments

Fixed Maturity and Short-Term Investments - Trading

The Company’s fixed maturity and short-term investments are as follows:


	March 31, 2026
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturities:
U.S. government treasuries	$	638,367	$	1,035	$	(5,383)	$	634,019
U.S. states, territories and municipalities	12,830		61		(82)		12,809
Non-U.S. sovereign governments and supranationals	114,708		1,436		(2,798)		113,346
Corporate	1,640,005		13,483		(15,739)		1,637,749
Residential mortgage-backed securities - Agency	232,165		1,783		(5,204)		228,744
Residential mortgage-backed securities - Non-agency	59,002		159		(1,241)		57,920

Commercial mortgage-backed securities - Non-agency	82,393		346		(540)		82,199
Other asset-backed securities	249,772		443		(687)		249,528
Total fixed maturities	3,029,242		18,746		(31,674)		3,016,314
Short-term investments	450,836		435		(86)		451,185
Total	$	3,480,078	$	19,181	$	(31,760)	$	3,467,499

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements


	December 31, 2025
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturities:
U.S. government treasuries	$	795,780	$	4,782	$	(2,728)	$	797,834
U.S. states, territories and municipalities	12,924		89		(53)		12,960
Non-U.S. sovereign governments and supranationals	108,296		3,102		(537)		110,861
Corporate	1,557,582		29,899		(3,337)		1,584,144
Residential mortgage-backed securities - Agency	370,516		4,419		(9,285)		365,650
Residential mortgage-backed securities - Non-agency	33,052		319		(826)		32,545

Commercial mortgage-backed securities - Non-agency	94,223		835		(360)		94,698
Other asset-backed securities	238,567		1,401		(117)		239,851
Total fixed maturities	3,210,940		44,846		(17,243)		3,238,543
Short-term investments	200,052		419		(12)		200,459


Total	$	3,410,992	$	45,265	$	(17,255)	$	3,439,002

Contractual Maturities Summary

The following table presents contractual maturities of fixed maturity securities. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2026
($ in thousands)	Amortized Cost		Fair Value
Due less than one year	$	80,179	$	80,281
Due after one through five years	1,746,665		1,745,677
Due after five through ten years	515,772		509,885
Due after ten years	63,294		62,080
Mortgage-backed securities	373,560		368,863
Asset-backed securities	249,772		249,528
Total	$	3,029,242	$	3,016,314

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

Investments in Two Sigma Funds

TS Hamilton Fund invests in Two Sigma Funds ("Two Sigma Funds"), which are stated at their estimated fair values, which generally represent the Company’s proportionate interest in the members’ equity of the Two Sigma Funds as reported by the respective funds based on the net asset value ("NAV") provided by the fund administrator. The Company accounts for its investment in Two Sigma Funds under the variable interest model at NAV as a practical expedient for fair value in the consolidated balance sheet.

The Company owns the following interest in each of the Two Sigma Funds:


	March 31, 2026
Two Sigma Funds	Abbreviation	%
Two Sigma Spectrum Portfolio, LLC	STV	15.3	%
Two Sigma Equity Spectrum Portfolio, LLC	ESTV	9.4	%
Two Sigma Absolute Return Portfolio, LLC	ATV	0.2	%
Two Sigma Futures Portfolio, LLC	FTV	6.3	%
Two Sigma Horizon Portfolio, LLC	HTV	5.2	%
Two Sigma Navigator Portfolio, LLC	NTV	5.8	%
Two Sigma Kuiper Portfolio, LLC	KTV	5.0	%

The Company, through its investments in the Two Sigma Funds, seeks to achieve absolute dollar-denominated returns on a substantial capital base, primarily by combining multiple hedged and leveraged systematic and non-systematic investment strategies with proprietary risk management and execution techniques. These strategies include, but are not limited to, technical and statistically-based, fundamental-based, event-based, market condition-based and spread-based strategies as well as contributor-based and/or sentiment-based strategies and blended strategies.

•STV primarily utilizes systematic strategies to trade U.S.-listed equity securities, exchange traded funds, money market funds, swap contracts and government debt securities.

•ESTV primarily utilizes systematic strategies to trade non-U.S.-listed equity securities, swap contracts, money market funds, government debt securities, futures and foreign currency forward contracts.

•ATV primarily utilizes systematic strategies to trade a diversified, global, equity market neutral portfolio, predominantly of equity securities, equity-related derivatives and other related instruments.

•FTV primarily utilizes systematic macro strategies to trade exchange traded funds, exchange memberships, government debt securities, money market funds, option contracts, swap contracts, futures and forward contracts.

•HTV primarily utilizes systematic strategies and non-systematic discretionary strategies to trade futures, futures options, foreign currency spot, forward and option contracts, exchange-traded products ("ETPs") and ETP options, debt securities, and various types of derivatives and other instruments.

•NTV primarily utilizes non-systematic discretionary macro strategies that combine human discretion with quantitative analysis for purposes of trading globally across various asset classes.

•KTV primarily utilizes non-systematic discretionary strategies that combine human discretion with quantitative analysis to trade futures, futures options, foreign currency spot, forward and option contracts, ETPs and ETP options, debt securities, and various types of derivatives and other instruments.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

The Company’s investments in Two Sigma Funds are as follows:


($ in thousands)	March 31, 2026						December 31, 2025
Two Sigma Funds	Cost		Net Unrealized Gains (Losses)		Fair Value		Cost		Net Unrealized Gains (Losses)		Fair Value
Two Sigma Spectrum Portfolio, LLC	$	582,060	$	164,029	$	746,089	$	500,616	$	131,996	$	632,612
Two Sigma Equity Spectrum Portfolio, LLC	255,466		37,639		293,105		187,718		49,906		237,624
Two Sigma Absolute Return Portfolio, LLC	10,639		160		10,799		93,092		8,882		101,974
Two Sigma Futures Portfolio, LLC	166,144		52,947		219,091		192,064		44,998		237,062
Two Sigma Horizon Portfolio, LLC	239,806		10,110		249,916		241,090		4,585		245,675
Two Sigma Navigator Portfolio, LLC	130,896		4,355		135,251		110,577		(9,585)		100,992
Two Sigma Kuiper Portfolio, LLC	31,944		(1,164)		30,780		30,406		1,313		31,719
Total	$	1,416,955	$	268,076	$	1,685,031	$	1,355,563	$	232,095	$	1,587,658

The following table summarizes certain investments of the Two Sigma Funds where TS Hamilton Fund’s proportionate share of the fair value of the investment represents more than 5% of TS Hamilton Fund’s members’ equity:


	March 31, 2026
($ in thousands)	Principal / Shares (1)	Fair Value (1)		% of Members' Equity
State Street Treasury Obligations Money Market Fund	130,879	$	130,879	5.7	%
U.S. Treasury Securities, 0.0000% - 4.8750%, due 4/2/2026 - 2/15/2056	2,219,276	$	2,198,650	95.9	%
U.S. Treasury Securities, 1.8750% - 4.7500%, due 1/31/2027 - 2/15/2056	(353,146)	$	(348,736)	(15.2)	%

(1) Values represent TS Hamilton Fund’s proportionate share of the aggregate of the Two Sigma Funds' total holdings.

Two Sigma and the Managing Member are related parties to the Company as described further in Note 1, Organization. The investment management agreement with Two Sigma requires TS Hamilton Fund to incur a management fee of 2.5% of the non-managing members' equity in the net asset value of the TS Hamilton Fund per annum. The management fee for the three months ended March 31, 2026 and 2025 was $13.7 million and $12.4 million, respectively.

Under the terms of the limited liability company agreement between Hamilton Re and the Managing Member, the Managing Member is entitled to an incentive allocation equal to 30% of TS Hamilton Fund’s net profits, subject to high watermark provisions, and adjusted for withdrawals and any incentive allocation to the Managing Member. In the event there is a net loss during a quarter and a net profit during any subsequent quarter, the Managing Member is entitled to a modified incentive allocation whereby the regular incentive allocation will be reduced by 50% until subsequent cumulative net profits are credited in an amount equal to 200% of the previously allocated net losses. The Managing Member is also entitled to receive an additional incentive allocation as of the end of each fiscal year (or on any date Hamilton Re withdraws all or a portion of its capital), in an amount equal to 25% of the Excess Profits. "Excess Profits" for any given fiscal year (or other such accounting period) means the net profits over 10% for such fiscal year, net of management fees and expenses and gross of incentive allocations, but only after recouping previously unrecouped net losses. To the extent Hamilton Re contributes capital other than at the beginning of a fiscal year or withdraws capital other than at the end of a fiscal year, the additional incentive allocation hurdle with respect to such capital is prorated. The aggregate incentive allocation (inclusive of the additional incentive allocation) for the three months ended March 31, 2026 and 2025 was $83.5 million and $100.4 million, respectively.

Hamilton Re has a commitment with TS Hamilton Fund to maintain an amount up to the lesser of (i) $1.8 billion or (ii) 60% of Hamilton Group’s net tangible assets in TS Hamilton Fund, such lesser amount, the "Minimum Commitment Amount", for a three-year period (the "Initial Term") and for rolling three-year periods thereafter (each such three-year period the "Commitment Period"), subject to certain circumstances and the liquidity options described below, with the current Commitment Period ending on June 30, 2028. The Commitment Period consists of a three-year rolling term that automatically renews on an annual basis unless Hamilton Re or the Managing Member provide advance notice of non-renewal.

The TS Hamilton Fund generally has two liquidity options, subject to Hamilton Re’s minimum investment commitment, which are as follows:

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

•Monthly liquidity - Subject to certain conditions, Hamilton Re may request a whole or partial withdrawal of its capital account, no later than fifteen days prior to the end of a calendar month, effective as of the last day of such calendar month.

•Daily liquidity - Subject to certain limited circumstances, including the need to meet obligations pursuant to Hamilton Re’s underwriting operations, Hamilton Re may request a withdrawal of all or a portion of its capital account upon at least one business day’s written notice of such withdrawal request date to the Managing Member.

At its discretion, the Managing Member may permit or require Hamilton Re to withdraw all or any portion of its respective capital account at other times, or waive or reduce certain notice periods, or allow a notice to be revoked. The Managing Member may withdraw all or any portion of its capital account at any time.

See Note 12, Subsequent Events for further details.

Total Net Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss)

The components of total net realized and unrealized gains (losses) on investments and net investment income (loss) are as follows:


	Three Months Ended
	March 31,
($ in thousands)	2026		2025
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses) on investments	$	155,615	$	118,658
Change in net unrealized gains (losses) on investments	(4,540)		130,135
Net realized and unrealized gains (losses) on investments	151,075		248,793

Net investment income (loss):
Fixed maturities	34,476		25,287
Short-term investments	10		68
TS Hamilton Fund	1,636		1,736
Cash and cash equivalents	4,294		4,603
Other	409		459
Interest and other	40,825		32,153

Management fees	(14,469)		(12,965)
Other expenses	(327)		(261)
Net investment income (loss)	26,029		18,927

Total net realized and unrealized gains (losses) on investments and net investment income (loss)	$	177,104	$	267,720

Net Realized Gains (Losses) on Investments

The components of net realized gains (losses) on investments are as follows:


	Three Months Ended
	March 31,
($ in thousands)	2026		2025
Fixed maturities and short-term investments	$	2,908	$	(477)
TS Hamilton Fund	152,707		119,135

Net realized gains (losses) on investments	$	155,615	$	118,658

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

Net Unrealized Gains (Losses) on Investments

The components of net unrealized gains (losses) on investments are as follows:


	Three Months Ended
	March 31,
($ in thousands)	2026		2025
Fixed maturities and short-term investments	$	(40,643)	$	34,487
TS Hamilton Fund	36,103		95,648

Net unrealized gains (losses) on investments	$	(4,540)	$	130,135

Pledged Assets

At March 31, 2026 and December 31, 2025, pledged investments at fair value were comprised of $252.8 million and $263.1 million, respectively, securing a portion of the capital requirements for business written at Lloyd's, $284.8 million and $265.0 million, respectively, held in trust accounts for the benefit of U.S. state regulatory authorities and $90.7 million and $90.4 million, respectively, securing other underwriting obligations. In addition, certain investments were pledged as security for letter of credit facilities as described further in Note 9, Debt and Credit Facilities.

At March 31, 2026 and December 31, 2025, restricted cash and cash equivalents balances were comprised of $98.7 million and $106.2 million, respectively, securing other underwriting obligations, $12.4 million and $1.4 million, respectively, securing a portion of the capital requirements for business written at Lloyd's and $1.9 million and $2.1 million, respectively, in trust accounts for the benefit of regulatory authorities.

Total cash and cash equivalents and restricted cash and cash equivalents of $1.0 billion presented in the statement of cash flows was comprised of cash and cash equivalents of $842.5 million and restricted cash and cash equivalents of $113.0 million on the balance sheet at March 31, 2026. Total cash and cash equivalents and restricted cash and cash equivalents of $1.2 billion presented in the statement of cash flows at December 31, 2025 was comprised of cash and cash equivalents of $1.1 billion and restricted cash and cash equivalents of $109.7 million on the balance sheet.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

4. Fair Value

Financial Instruments Subject to Fair Value Measurements

Accounting guidance over fair value measurements requires that a fair value measurement reflect the assumptions market participants would use in pricing an asset or liability based on the best information available. Assumptions include the risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the "exit price"). Instruments that the Company owns are marked to bid prices.

Basis of Fair Value Measurements

Fair value measurement accounting guidance also establishes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The three levels of the fair value hierarchy are:

•Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

•Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

•Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

Assets Recorded at Fair Value - Fixed Maturity and Short-term Investments

The following section describes the valuation methodologies used to determine the fair value of the Company’s fixed maturity and short-term investments by asset class:

•U.S. government treasuries: fair value based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances and benchmark yields;

•U.S. states, territories and municipalities: fair value based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

•Non-U.S. sovereign governments and supranationals: fair value based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads, and then, where applicable, converted to U.S. Dollars using an exchange rate from a nationally recognized source;

•Corporate: fair value based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

•Asset-backed and mortgage-backed securities: fair value based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; and

•Short-term investments: fair value based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances and benchmark yields.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

The following table presents the financial instruments measured at fair value on a recurring basis:


	March 31, 2026
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. government treasuries	$	—	$	634,019	$	—	$	634,019
U.S. states, territories and municipalities	—		12,809		—		12,809
Non-U.S. sovereign governments and supranationals	—		113,346		—		113,346
Corporate	—		1,637,749		—		1,637,749
Residential mortgage-backed securities - Agency	—		228,744		—		228,744
Residential mortgage-backed securities - Non-agency	—		57,920		—		57,920

Commercial mortgage-backed securities - Non-agency	—		82,199		—		82,199
Other asset-backed securities	—		249,528		—		249,528
Total fixed maturities	—		3,016,314		—		3,016,314


Short-term investments	—		451,185		—		451,185
Total	$	—	$	3,467,499	$	—	$	3,467,499


	December 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. government treasuries	$	—	$	797,834	$	—	$	797,834
U.S. states, territories and municipalities	—		12,960		—		12,960
Non-U.S. sovereign governments and supranationals	—		110,861		—		110,861
Corporate	—		1,584,144		—		1,584,144
Residential mortgage-backed securities - Agency	—		365,650		—		365,650
Residential mortgage-backed securities - Non-agency	—		32,545		—		32,545

Commercial mortgage-backed securities - Non-agency	—		94,698		—		94,698
Other asset-backed securities	—		239,851		—		239,851
Total fixed maturities	—		3,238,543		—		3,238,543


Short-term investments	—		200,459		—		200,459
Total	$	—	$	3,439,002	$	—	$	3,439,002

The carrying values of cash and cash equivalents, restricted cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, and certain other liabilities approximate their fair values.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

5. Variable Interest Entities

TS Hamilton Fund

TS Hamilton Fund meets the definition of a variable interest entity ("VIE") principally because the Managing Member does not hold substantive equity at risk in the entity but controls all of the decision making authority over it. Therefore, the Company assessed its ownership in the VIE to determine if it is the primary beneficiary. The Managing Member is a related party to the Company and collectively they hold all of the variable interest. The Company performed an assessment of all relevant facts and circumstances and determined that it is the entity within the related party group for whom substantially all of the activities of the VIE are conducted. As a result, the Company concluded that it is the primary beneficiary of TS Hamilton Fund.

Activity in the non-controlling interest of TS Hamilton Fund was as follows:


	Three Months Ended
	March 31,
($ in thousands)	2026		2025
Balance - beginning of period	$	172	$	128

Withdrawals	(53,129)		(61,368)
Equity in earnings	11		15
Incentive allocation	83,483		100,379
Balance - end of period	$	30,537	$	39,154

The following table presents the total assets and total liabilities of TS Hamilton Fund. Creditors or beneficial interest holders of TS Hamilton Fund have no recourse to the general credit of the Company as the Company’s obligation is limited to the amount of its committed investment.


($ in thousands)	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	305,499	$	648,726
Short-term investments	450,809		198,986
Investments in Two Sigma Funds, at fair value	1,685,031		1,587,658
Receivables for investments sold	6,162		57,938
Interest and dividends receivable	1,338		1,110
Total assets	2,448,839		2,494,418

Liabilities
Payable for investments purchased	93,741		192,467

Withdrawal payable	62,058		123,376
Accounts payable and accrued expenses	235		214
Total liabilities	156,034		316,057
Total net assets managed by TS Hamilton Fund	$	2,292,805	$	2,178,361

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

6. Reinsurance

The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain loss and loss adjustment expenses, generally in excess of various retentions or on a proportional basis. Amounts recoverable under reinsurance contracts are recorded as assets. The Company remains liable to the extent that any reinsurance company fails to meet its obligations.

Allowance for Expected Credit Losses

Premiums receivable, paid losses recoverable, and unpaid losses and loss adjustment expenses recoverable comprise the Company's most significant credit exposures not carried at fair value. The Company has not historically experienced significant credit losses. In determining an allowance for these assets, the Company considers historical information in combination with counterparty financial strength ratings and the extent to which balances are collateralized. The Company assesses the risk of future default by evaluating current market conditions for the likelihood of default and calculates its provision for current expected credit losses under the probability of default and loss given default methodology.

Premiums Receivable

Premiums receivable are estimated based on policy terms and reports received from the underlying counterparties, supplemented by management's judgment. Due to the nature of the (re)insurance business, the Company routinely receives reports and premiums subsequent to the inception of the coverage period. At March 31, 2026, the Company’s premiums receivable balance, net of credit provisions of $3.8 million, was $1.2 billion. At December 31, 2025, the Company’s premiums receivable balance, net of credit provisions of $3.4 million, was $939.8 million.

The following table provides a roll forward of the provision for current expected credit losses of the Company's premiums receivable:


	Three Months Ended
	March 31,
($ in thousands)	2026		2025
Beginning balance	$	3,443	$	2,993
Increase (decrease) in allowance	311		(1,185)
Ending balance	$	3,754	$	1,808

Reinsurance Balances Recoverable

Reinsurance balances recoverable is comprised of amounts due from reinsurers based on the claim liabilities associated with the reinsured policy. The Company accrues amounts due from reinsurers based on estimated ultimate contract losses. At March 31, 2026, the Company’s paid and unpaid reinsurance recoverable balances net of credit provisions were $100.2 million and $1.4 billion, respectively, with a total corresponding provision for current expected credit losses of $1.9 million. At December 31, 2025, the Company’s paid and unpaid reinsurance recoverable balances net of credit provisions were $93.7 million and $1.4 billion, respectively, with a total corresponding provision for current expected credit losses of $1.7 million.

The following table provides a roll forward of the provision for current expected credit losses of the Company's reinsurance recoverable:


	Three Months Ended
	March 31,
($ in thousands)	2026		2025
Beginning balance	$	1,718	$	1,469
Increase (decrease) in allowance	135		(348)
Ending balance	$	1,853	$	1,121

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

The distribution of the Company’s paid losses recoverable and unpaid losses and loss adjustment expenses recoverable as categorized by major rating agencies were as follows:



Classification	March 31, 2026		December 31, 2025
Collateralized	20.3	%	20.7	%
A- or better	79.4	%	79.3	%
Below A-	0.3	%	0.0	%
Total	100.0	%	100.0	%

At March 31, 2026 and December 31, 2025, the three largest balances by reinsurer accounted for 20%, 17% and 12%, and 20%, 18% and 12%, respectively, of paid losses recoverable and unpaid losses and loss adjustment expenses recoverable.

Loss Portfolio Transfer

On February 6, 2020, the Company entered into a loss portfolio transfer agreement (the "LPT"), under which the insurance liabilities arising from certain casualty risks for the Lloyd's Years of Account ("YOA") 2016, 2017 and 2018 were retroceded to a third party in exchange for total premium of $72.1 million. This transaction was accounted for as retroactive reinsurance under which cumulative ceded losses exceeding the LPT premium are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable. The amount of the deferred gain is recalculated each reporting period based on updated ultimate loss estimates. Consequently, cumulative adverse development subsequent to the signing of the LPT may result in significant losses from operations until periods when the recalculated deferred gain is recognized as a benefit to earnings.

At March 31, 2026 and December 31, 2025, the balance of reinsurance recoverable on unpaid losses due under this LPT was $22.2 million and $22.7 million, respectively. Amortization of the deferred gain was income of $0.2 million and an expense of $0.5 million during the three months ended March 31, 2026 and 2025, respectively, which was recorded through losses and loss adjustment expenses in accordance with the actual loss payments and updated estimates of ultimate losses of the subject business.

Catastrophe Bond Reinsurance

In December 2023, Hamilton Group sponsored an industry loss index-triggered catastrophe bond through the issuance of Series 2024-1 Class A Principal-at-Risk Variable Rate Notes by Bermuda domiciled Easton Re Ltd. ("Easton Re"), which provide the Company's operating platforms with multi-year risk transfer capacity of $200 million to protect against named storm risk in the United States and earthquake risk in the United States and Canada. The risk period for Easton Re is from January 1, 2024 to December 31, 2026. The Company recorded reinsurance premiums ceded of $15.9 million and $15.2 million for the three months ended March 31, 2026 and 2025, respectively.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

7. Reserve for Losses and Loss Adjustment Expenses

The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE"):


	Three Months Ended
	March 31,
($ in thousands)	2026		2025
Gross unpaid losses and loss adjustment expenses, beginning of period	$	4,415,176	$	3,532,491
Reinsurance recoverable on unpaid losses	1,375,857		1,171,040
Net unpaid losses and loss adjustment expenses, beginning of period	3,039,319		2,361,451

Net losses and loss adjustment expenses incurred in respect of losses occurring in:
Current year	310,851		418,944
Prior years	13,934		(23,710)
Total incurred	324,785		395,234

Net losses and loss adjustment expenses paid in respect of losses occurring in:
Current year	1,960		73,993
Prior years	171,379		117,802
Total paid	173,339		191,795





Foreign currency revaluation and other	(7,929)		15,372
Net unpaid losses and loss adjustment expenses, end of period	3,182,836		2,580,262
Reinsurance recoverable on unpaid losses	1,412,974		1,235,045
Gross unpaid losses and loss adjustment expenses, end of period	$	4,595,810	$	3,815,307

Net unfavorable prior year development of $13.9 million for the three months ended March 31, 2026 was driven by unfavorable prior year development on attritional losses. See below for further details:

•Net unfavorable development of $14.4 million, primarily driven by additional loss information in relation to the Baltimore Bridge collapse; partially offset by

•Net favorable development of $0.2 million on property contracts; and

•In addition, casualty business protected by the LPT discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $0.1 million and a change in the deferred gain of $0.2 million, for a total net positive earnings impact of $0.3 million.

Net favorable prior year development of $23.7 million for the three months ended March 31, 2025 was primarily driven by $14.5 million and $9.2 million of favorable prior year development on attritional and catastrophe losses, respectively. See below for further details:

•Net favorable development of $15.5 million on property contracts, primarily driven by favorable prior year development on Hurricane Ian and Hurricane Ida and favorable attritional loss development;

•Net favorable development of $9.7 million on specialty contracts, primarily driven by a reduction in loss estimates on certain classes; partially offset by

•Net unfavorable development of $2.0 million on casualty contracts, primarily driven by higher than expected claims development across certain classes; and

•In addition, casualty business protected by the LPT discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $1.0 million, which was partially offset by a change in deferred gain of $0.5 million, for a total net positive earnings impact of $0.5 million.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

Reinsurance recoverable on unpaid losses related to the LPT discussed in Note 6, Reinsurance was recognized for each of the three months ended March 31, 2026 and 2025 in the reconciliation of beginning and ending gross and net loss and LAE reserves.

Acquisition Costs

The Company amortized acquisition costs of $144.5 million and $116.9 million for the three months ended March 31, 2026 and 2025, respectively.

California Wildfires

Our net reserves for losses and loss adjustment expenses related to the California wildfires are subject to significant uncertainty. As at March 31, 2026 and December 31, 2025, our net recorded reserves relating to the California wildfires totaled $52.1 million and $57.5 million, respectively.

Baltimore Bridge

Our net reserves for losses and loss adjustment expenses related to the Francis Scott Key Baltimore Bridge collapse on March 26, 2024 are also subject to significant uncertainty. As at March 31, 2026 and December 31, 2025, our net recorded reserves totaled $34.9 million and $20.5 million, respectively.

Ukraine Conflict

Our net reserves for losses and loss adjustment expenses related to the ongoing Ukraine conflict are also subject to significant uncertainty. As at March 31, 2026 and December 31, 2025, our net recorded reserves totaled $26.5 million and $59.5 million, respectively.

While the Company believes, based on current facts and circumstances, that its estimates of net reserves for losses and loss adjustment expenses are adequate for losses and loss adjustment expenses that have been incurred at March 31, 2026, the Company will continue to monitor its assumptions as new information becomes available and will adjust its estimate of net reserves for losses and loss adjustment expenses as appropriate. Actual ultimate losses for these events may differ materially from the Company's current estimates.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

8. Segment Reporting

The Company has determined its reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations and has identified two reportable business segments - International and Bermuda. Each of the Company's identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker ("CODM"): the Chief Executive Officer of the consolidated group. The CODM's responsibilities include providing leadership to all levels of employees; developing culture, values, and ethos; setting the Company's strategy, vision and direction; and overall responsibility for the success and profitability of the Company, including evaluating segment performance.

The CODM evaluates reportable segment performance based on the segments' respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses, net of third party fee income. General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As the Company does not manage its assets by reportable segment, investment income and assets are not allocated to reportable segments.

The Company's core business is underwriting and its underwriting results are reflected in its reportable segments: (1) International, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. The Company considers many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments.

Corporate includes net realized and unrealized gains (losses) on investments, net investment income (loss), net foreign exchange gains (losses), general and administrative expenses not incurred by the reportable segments, amortization of intangible assets, interest expense, and income tax expense (benefit).

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements


($ in thousands)
Three Months Ended March 31, 2026	International			Bermuda			Corporate		Total
Gross premiums written	$	442,908		$	497,202		$	—	$	940,110
Net premiums written	$	287,436		$	366,223		$	—	$	653,659
Net premiums earned	$	290,791		$	279,724		$	—	$	570,515
Third party fee income	2,546			4,204			—		6,750
Losses and loss adjustment expenses	163,855			160,930			—		324,785
Acquisition costs	81,204			63,303			—		144,507
Other underwriting expenses	41,299			9,093			—		50,392
Underwriting income (loss)	$	6,979		$	50,602		$	—	$	57,581
Net realized and unrealized gains (losses) on investments							151,075		151,075
Net investment income (loss)							26,029		26,029


Net foreign exchange gains (losses)							4,539		4,539
Corporate expenses							(11,072)		(11,072)

Amortization of intangible assets							(4,020)		(4,020)
Interest expense							(4,777)		(4,777)
Income (loss) before income tax									219,355
Income tax (expense) benefit							(2,323)		(2,323)
Net income (loss)									217,032
Net income (loss) attributable to non-controlling interest							83,494		83,494
Net income (loss) attributable to common shareholders									$	133,538

Key Ratios
Attritional loss ratio - current year	54.9		%	53.9		%			54.5		%
Attritional loss ratio - prior year development	1.4		%	3.6		%			2.4		%
Catastrophe loss ratio - current year	0.0		%	0.0		%			0.0		%
Catastrophe loss ratio - prior year development	0.0		%	0.0		%			0.0		%
Loss and loss adjustment expense ratio	56.3		%	57.5		%			56.9		%
Acquisition cost ratio	27.9		%	22.6		%			25.3		%
Other underwriting expense ratio	13.3		%	1.7		%			7.6		%
Combined ratio	97.5		%	81.8		%			89.8		%

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements


($ in thousands)
Three Months Ended March 31, 2025	International			Bermuda			Corporate		Total
Gross premiums written	$	369,959		$	473,347		$	—	$	843,306
Net premiums written	$	228,975		$	374,900		$	—	$	603,875
Net premiums earned	$	240,567		$	258,361		$	—	$	498,928
Third party fee income	4,332			330			—		4,662
Losses and loss adjustment expenses	145,671			249,563			—		395,234
Acquisition costs	62,790			54,091			—		116,881
Other underwriting expenses	35,623			14,111			—		49,734
Underwriting income (loss)	$	815		$	(59,074)		$	—	$	(58,259)
Net realized and unrealized gains (losses) on investments							248,793		248,793
Net investment income (loss)							18,927		18,927


Net foreign exchange gains (losses)							(2,529)		(2,529)
Corporate expenses							(12,968)		(12,968)

Amortization of intangible assets							(3,890)		(3,890)
Interest expense							(5,602)		(5,602)
Income (loss) before income tax									184,472
Income tax (expense) benefit							(3,206)		(3,206)
Net income (loss)									181,266
Net income (loss) attributable to non-controlling interest							100,394		100,394
Net income (loss) attributable to common shareholders									$	80,872

Key Ratios
Attritional loss ratio - current year	52.1		%	51.8		%			51.9		%
Attritional loss ratio - prior year development	(3.6)		%	(2.2)		%			(2.9)		%
Catastrophe loss ratio - current year	12.1		%	50.6		%			32.0		%
Catastrophe loss ratio - prior year development	0.0		%	(3.6)		%			(1.8)		%
Loss and loss adjustment expense ratio	60.6		%	96.6		%			79.2		%
Acquisition cost ratio	26.1		%	20.9		%			23.4		%
Other underwriting expense ratio	13.0		%	5.3		%			9.0		%
Combined ratio	99.7		%	122.8		%			111.6		%

The following table presents gross premiums written by the geographical location of the Company's subsidiaries:


	Three Months Ended
	March 31,
($ in thousands)	2026		2025
International
Lloyd's of London	$	265,316	$	235,242
Ireland	136,646		99,691
U.S.	40,946		35,026
Total International	442,908		369,959
Bermuda	497,202		473,347
Total	$	940,110	$	843,306

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

9. Debt and Credit Facilities

Debt

On June 10, 2025, Hamilton Group entered into a $150 million term loan credit arrangement (the "Facility") with various lenders as arranged by Wells Fargo Securities, LLC. The Facility replaces Hamilton Group's $150 million term loan credit agreement, as amended through and including June 23, 2022, between Hamilton Group and the lenders thereto (as amended the "Existing Loan Agreement"). The Facility will be used to refinance the indebtedness outstanding under the Existing Loan Agreement. All or a portion of the loan issued under the Facility bears interest, at the option of Hamilton Group, at either (a) a base rate plus an applicable margin or (b) the Adjusted Term Secured Overnight Financing Rate ("SOFR") plus an applicable margin, in each case with the applicable margin determined with reference to the Company's long-term issuer default rating as assigned by Fitch. The Facility matures on June 9, 2028, unless accelerated pursuant to the terms of the Facility, and it contains usual and customary representations, warranties, conditions and covenants for bank loan facilities of this type. The Facility also includes financial covenants, including a financial strength rating test, a minimum consolidated tangible net worth test and a maximum consolidated indebtedness to total capitalization ratio. As at March 31, 2026, the Company was in compliance with all covenants.

The following table presents the gross outstanding loan balance, loan fair value and unamortized loan issuance costs:


($ in thousands)	March 31, 2026		December 31, 2025
Outstanding loan balance	$	150,000	$	150,000
Loan fair value	149,874		150,280
Unamortized loan issuance costs	$	231	$	257

Debt issuance costs are amortized over the period during which the Facility is outstanding, as an offset to net investment income (loss). The Company amortized debt issuance costs of $0.1 million or less in each of the three months ended March 31, 2026 and 2025. The Company’s debt is classified as Level 3 within the fair value hierarchy because it is valued using an income approach, which utilizes a discounted cash flow technique that considers the credit profile of the Company.

Credit Facilities

The Company has several available letter of credit ("LOC") facilities and a revolving loan facility provided by commercial banks. The letter of credit facilities are utilized to provide collateral to reinsureds of Hamilton Re and its affiliates to the extent required under insurance and reinsurance agreements and to support capital requirements at Lloyd’s.

On December 5, 2018 and December 27, 2018, Hamilton Re entered into a Master Agreement for Issuance of Payment Instruments and a Facility Letter for Issuance of Payment Instruments respectively, with CitiBank Europe Plc ("CitiBank Europe"), under which CitiBank Europe agreed to provide an uncommitted secured letter of credit facility for the issuance of standby letters of credit or similar instruments in multiple currencies. On November 15, 2024, letter of credit capacity under this facility was increased to $250 million. At all times during which it is a party to the facility, Hamilton Re is obligated to pledge to CitiBank Europe cash and/or securities with a value that equals or exceeds the aggregate face amount of its then-outstanding letters of credit. The Master Agreement contains events of default customary for facilities of this type. In the facility letter, Hamilton Re makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational and other undertakings.

On June 10, 2025, Hamilton Group and Hamilton Re entered into a $450 million credit agreement with a syndication of lenders (the "Unsecured Facility"). Under the Unsecured Facility, the lenders have agreed to provide up to an aggregate of $450 million of letter of credit capacity for Hamilton Re, up to $150 million of which may be utilized for revolving loans to be issued to Hamilton Group. At March 31, 2026, there were no loan amounts outstanding under the Unsecured Facility. Letters of credit issued under the Unsecured Facility bear interest at a rate determined by Hamilton Group’s long-term issuer default rating, while revolving loans, if drawn, accrue interest at the option of Hamilton Group at either (a) a base rate plus an applicable margin or (b) Adjusted Term SOFR plus an applicable margin. In each case, the applicable margin is determined based on Hamilton Group’s long-term issuer default rating as assigned by Fitch. Currently, any letters of credit issued under the facility bear interest at a rate of 125 basis points. Revolving loans, if issued, are subject to a fee equal to the prime rate plus 50 basis points or Adjusted Term SOFR plus a margin of 150 basis points. To the extent such loans are issued, the available letter of

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

credit capacity shall decrease proportionally, such that the aggregate credit exposure for the lenders under the Unsecured Facility is $450 million. Amounts unutilized under the Unsecured Facility are subject to a fee based upon Hamilton Group's long-term issuer default rating as assigned by Fitch. This currently bears a fee of 17.5 basis points. The Unsecured Facility is subject to representations and warranties, affirmative and negative covenants and events of default that the Company considers customary for similar facilities. The Unsecured Facility also includes financial covenants, including a financial strength rating test, a minimum consolidated tangible net worth test and a maximum consolidated indebtedness to total capitalization ratio. Capacity is provided by Wells Fargo, National Association, Truist Bank, Commerzbank AG, New York Branch, Citizens Bank, N.A., HSBC Bank USA, National Association, and Barclays Bank PLC. Unless renewed or otherwise terminated in accordance with its terms, the Unsecured Facility has a maturity date of June 9, 2028.

On October 23, 2025, Hamilton Re amended its letter of credit facility agreement with UBS AG ("UBS") under which UBS and certain of its affiliates agreed to make available to Hamilton Re a secured letter of credit facility in an amount that is equal to the greater of (i) $25 million and (ii) the LOC amount issued and outstanding, provided that the amount shall not at any time be greater than $75 million, for a term that will expire on October 23, 2026. The facility bears a fee of 140 basis points on the total available capacity.

In addition, on October 20, 2025, Hamilton Re amended the unsecured letter of credit facility agreement that it utilizes to provide Funds at Lloyd's ("FAL") ("FAL LOC Facility") to support the FAL requirements of Syndicate 4000. Capacity is provided by ING Bank N.V., London Branch, Commerzbank AG, New York Branch, and Deutsche Bank AG, London Branch. The FAL LOC Facility was renewed in the amount of $260 million for a term that expires on December 31, 2029. The facility bears a fee of 150 basis points on the borrowed amount.

The Company’s obligations under its credit facilities require Hamilton Group, Hamilton Re and the other parties thereto to comply with various financial and reporting covenants. All applicable entities were in compliance with all such covenants at March 31, 2026.

Certain of the Company's credit facilities are secured by pledged interests in the TS Hamilton Fund, the Company's fixed income security portfolio, or cash. The Company’s credit facilities and associated securities pledged, were as follows:


($ in thousands)	March 31, 2026



Available letter of credit and revolving loan facilities - commitments	$	1,001,863
Available letter of credit and revolving loan facilities - in use	788,389

Security pledged under letter of credit and revolving loan facilities:
Pledged interests in TS Hamilton Fund	$	107,158
Pledged interests in fixed income portfolio	254,413
Cash(1)	1,128

(1) Cash pledged as security under letter of credit and revolving loan facilities is included in restricted cash securing other underwriting obligations under Pledged Assets in Note 3, Investments.

The Company has recognized interest expense related to its debt and credit facilities of $4.8 million and $5.6 million for the three months ended March 31, 2026 and 2025, respectively.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

10. Share Capital

Authorized and Issued

Hamilton Group’s share capital is comprised as follows:


($ in thousands, except share information)
Authorized:
Common shares of $0.01 par value each (2026 and 2025: 150,000,000)



Issued, outstanding and fully paid:	March 31, 2026		December 31, 2025
Class A common shares (2026 and 2025: 17,320,078)	$	173	$	173
Class B common shares (2026: 66,549,525 and 2025: 66,305,707)	665		663
Class C common shares (2026 and 2025: 15,403,649)	154		154
Total	$	992	$	990

The following is a summary of the activity related to common shares authorized:


	Class A	Class B	Class C	Unclassified	Total
Balance - December 31, 2025	26,444,807	84,677,932	15,403,649	23,473,612	150,000,000





Balance - March 31, 2026	26,444,807	84,677,932	15,403,649	23,473,612	150,000,000


	Class A	Class B	Class C	Unclassified	Total
Balance - December 31, 2024	26,944,807	80,205,911	19,375,670	23,473,612	150,000,000

Share class conversions	—	1,500,000	(1,500,000)	—	—




Balance - March 31, 2025	26,944,807	81,705,911	17,875,670	23,473,612	150,000,000

The following is a summary of the activity related to common shares issued and outstanding:


	Class A	Class B	Class C	Total
Balance - December 31, 2025	17,320,078	66,305,707	15,403,649	99,029,434


Vesting of awards	—	1,357,834	—	1,357,834



Share repurchases	—	(1,114,016)	—	(1,114,016)
Balance - March 31, 2026	17,320,078	66,549,525	15,403,649	99,273,252


	Class A	Class B	Class C	Total
Balance - December 31, 2024	17,820,078	64,271,249	19,375,670	101,466,997
Share class conversions	—	1,500,000	(1,500,000)	—

Vesting of awards	—	1,088,108	—	1,088,108



Share repurchases	—	(843,664)	—	(843,664)
Balance - March 31, 2025	17,820,078	66,015,693	17,875,670	101,711,441

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

Share Repurchases

On November 4, 2025, the Board of Directors authorized the repurchase of the Company's common shares in the aggregate amount of $150.0 million, in addition to remaining amounts under the prior authorization (collectively, the "Authorization"), under which the Company may repurchase shares through open market repurchases and/or privately negotiated transactions. The Authorization will expire when the Company has repurchased the full value of shares authorized, unless terminated earlier by the Board of Directors. All shares repurchased under the Authorization were subsequently cancelled. As of March 31, 2026, $158.8 million remained available for repurchase under the Authorization.


	Three Months Ended
	March 31,
($ in thousands except per share amounts)	2026		2025
Class B Shares repurchased	674,473		495,487
Aggregate repurchase price	$	19,706	$	10,276
Average price per share	$	29.22	$	20.74

Dividends

On February 18, 2026, the Board of Directors declared a special dividend of $2.00 per share, or $205.8 million. The dividend was paid on March 30, 2026, to common shareholders of record as of March 6, 2026.

Share Classes

In general, holders of Class A common shares and Class B common shares have one vote for each common share held while the Class C common shares have no voting rights, except as required by law. However, each holder of Class A common shares and Class B common shares is limited to voting (directly, indirectly or constructively, as determined for U.S. federal income tax purposes) that number of common shares equal to 9.5% of the total combined voting power of all classes of shares of the Company (or, in the case of a class vote by the holders of our Class B common shares, such as in respect of the election or removal of directors other than for directors who are appointed by certain shareholders pursuant to the Shareholders Agreement and our Bye-laws, an amount calculated by multiplying (a) 9.5% and (b) the quotient of dividing (x) the total number of directors by (y) the number of directors elected by holders of Class B common shares). In addition, the Board of Directors may, in its absolute discretion, limit a shareholder’s voting rights when it deems it appropriate to do so to avoid certain material adverse tax, legal or regulatory consequences to the Company, any subsidiary of the Company, or any direct or indirect shareholder or its affiliates.

The Company Bye-laws provide for the automatic redesignation of shares upon any transfer, whether or not for value, from (i) Class A common shares to Class B common shares and from (ii) Class C common shares to Class B common shares. Upon notice from a Class A Member to the Company that certain Class B common shares are held by a Class A Member or a Permitted Transferee thereof, if so requested by the Class A Member and upon approval by a Simple Majority of the Board, such Class B common shares shall convert automatically into the same number of Class A common shares. The number of authorized and issued Class B common shares shall be reduced by the aggregate number of such issued Class B common shares so converted and the number of authorized and issued Class A common shares shall be correspondingly increased by the same amount. Upon notice from a Class A Member and/or Class B Member to the Company and upon approval by a Simple Majority of the Board, such consent not to be unreasonably withheld or unduly delayed, such Class A common shares and/or Class B common shares shall be redesignated as Class C common shares. In such instance, the authorized and issued number of Class A common shares and/or Class B common shares shall be reduced by the aggregate number of such shares so converted and the number of Class C common shares shall be correspondingly increased by the same amount. Upon notice from a Class C Member to the Company and upon approval of a Simple Majority of the Board, such consent not to be unreasonably withheld or unduly delayed, such Class C common shares shall be redesignated Class B common shares. In such instance, the authorized and issued number of Class C common shares shall be reduced by the aggregate number of such Class C common shares so converted and the number of authorized and issued Class B common shares shall be correspondingly increased by the same amount.

During the three months ended March 31, 2026 and 2025, Nil and 1.5 million, respectively, Class C common shares were converted into Class B common shares at the request of the respective Class C Members and as approved by the Board.

Hamilton Insurance Group, Ltd.

Notes to the Unaudited Condensed Consolidated Financial Statements

11. Earnings Per Share

The following table sets forth the computation of basic and diluted income (loss) per common share:


	Three Months Ended
	March 31,
($ and shares in thousands, except per share information)	2026		2025
Numerator:
Net income (loss) attributable to common shareholders	$	133,538	$	80,872

Denominator:
Weighted average common shares outstanding - basic	99,570		101,938
Effect of dilutive securities	2,227		3,214
Weighted average common shares outstanding - diluted	101,797		105,152

Basic income (loss) per share attributable to common shareholders	$	1.34	$	0.79
Diluted income (loss) per share attributable to common shareholders	$	1.31	$	0.77

For the three months ended March 31, 2026 and 2025, common shares available for issuance under share based compensation plans of 0.3 million and Nil, respectively, were excluded from the calculation of diluted income (loss) per share because the assumed exercise or issuance of such shares would be anti-dilutive.

12. Subsequent Events

TS Hamilton Fund

On April 1, 2026, the Company, Hamilton Re, TS Hamilton Fund, the Managing Member and Two Sigma entered into an agreement (the “Investment Agreement”) governing Hamilton Re’s investment in the TS Hamilton Fund. The Investment Agreement replaces and supersedes the commitment agreement dated July 1, 2023, as amended on January 1, 2025 (the “Prior Commitment Agreement”), which previously governed Hamilton Re’s investment in the TS Hamilton Fund. The Investment Agreement amends or eliminates, among other things, minimum commitment provisions, rolling commitment periods, withdrawal mechanics and certain withdrawal rights that were included in the Prior Commitment Agreement.

Under the Investment Agreement, Hamilton Re agrees, among other things, to use reasonable best efforts to maintain an investment in the TS Hamilton Fund in an amount not less than the lesser of (i) $1.8 billion or (ii) 60% of the Group’s net tangible assets (the “Minimum Commitment Amount”). The Investment Agreement establishes a two‑tier withdrawal structure distinguishing between capital attributable to amounts in excess of the Minimum Commitment Amount (“Sub‑Series A Interests”) and capital at or below such amount (“Sub‑Series B Interests”): (i) withdrawals of Sub‑Series A Interests may be made as of the last calendar day of each calendar quarter upon at least 55 days’ prior notice; and (ii) withdrawals of Sub‑Series B Interests may be made monthly, subject to a six‑month notice requirement and monthly withdrawal limitations, including a maximum withdrawal of 1/12th of the Sub‑Series B Interests per month.

Middle East Conflict

The Company continues to monitor the ongoing uncertainty surrounding the conflict in the Middle East, which commenced on February 28, 2026, and will continue to assess the impact of these events on its loss estimates and financial statements.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the "Selected Consolidated Financial Data" and our audited consolidated financial statements and related notes thereto included in the Group's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"). In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections entitled "Special Note Regarding Forward-Looking Statements" and "Risk Factors" in this Quarterly Report on Form 10-Q, as well as in "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K. We do not undertake any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made.

Index To Management's Discussion and Analysis of Financial Condition and Results of Operations


			Page
Overview			33
Summary of Critical Accounting Estimates			35
Consolidated Results of Operations			36
Operating Highlights			37
Segment Information			40
International Segment			41
Bermuda Segment			45
Corporate and Other			49
Key Operating and Financial Metrics			52
Non-GAAP Measures			54
Financial Condition, Liquidity and Capital Resources			56
Financial Condition			56
Cash and Investments			56
Liquidity and Capital Resources			61
Financial Strength Ratings			66
Reserve for Losses and Loss Adjustment Expenses			67

Recent Accounting Pronouncements			67

Overview

Hamilton Insurance Group, Ltd. ("Hamilton", "Hamilton Group", the "Group" or the "Company") is a global specialty insurance and reinsurance company founded in Bermuda in 2013, enhanced by data and technology, focused on producing sustainable underwriting profitability and delivering significant shareholder value. We intend to continue thoughtfully growing our diverse book of business by responding to changing market conditions, prudently managing our capital, and driving sustainable shareholder returns.

We harness multiple drivers to create shareholder value, including diverse underwriting operations supported by proprietary technology and a team of over 600 full-time employees, a strong balance sheet, and a unique investment management relationship with Two Sigma. We operate globally, with underwriting operations in London, Dublin, Bermuda and across the United States.

We operate three principal underwriting platforms (Hamilton Global Specialty, Hamilton Select and Hamilton Re) that are categorized into two reporting business segments (International and Bermuda):

•International: International consists of business written out of our Lloyd’s syndicate and subsidiaries based in the United Kingdom, Ireland, and the United States, and includes the Hamilton Global Specialty and Hamilton Select platforms.

•Hamilton Global Specialty focuses predominantly on commercial specialty and casualty insurance for medium to large-sized accounts and specialty reinsurance products written by Lloyd’s Syndicate 4000 and Hamilton Insurance DAC ("HIDAC"). Syndicate 4000, a leading Lloyd’s syndicate, generates a significant portion of premium from the U.S. Excess & Surplus ("E&S") market and has ranked among the most profitable and least volatile syndicates at Lloyd’s over the last 10 years.

•Hamilton Select, our U.S. domestic E&S carrier, writes casualty insurance for small to mid-sized clients in the hard-to-place niche of the U.S. E&S market. We believe it presents meaningful and profitable growth opportunities in the near-to-long term, further expanding our footprint in the U.S. E&S market.

•Bermuda: Bermuda consists of the Hamilton Re platform, made up of Hamilton Re and Hamilton Re US. Hamilton Re writes property, casualty and specialty reinsurance business on a global basis and also offers high excess Bermuda market specialty insurance products, predominantly for large U.S. commercial risks. Hamilton Re US writes casualty and specialty reinsurance business on a global basis.

We seek to prudently manage our capital with the objective of effectively navigating different market conditions and generating strong underwriting margins throughout all market cycles. Our scaled and diversified platforms and product offerings and our broad industry relationships provide significant opportunity to underwrite our chosen classes of property, casualty and specialty insurance and reinsurance as market opportunities arise. Leveraging our disciplined underwriting approach, balance sheet strength and flexibility, and real-time technology prowess, we can respond dynamically to capture opportunities as markets evolve.

One of our key strategic priorities is sustainable underwriting profitability across the business we write. Our data-driven and disciplined underwriting processes position us to intelligently price and structure our products and our business portfolio. We maintain trusted and long-standing relationships with our clients and brokers, who we believe will continue to provide us with increased access to attractive business.

We see continued growth opportunities in both the insurance and reinsurance markets in which we operate and intend to pursue disciplined growth across our underwriting platforms. In recent years the E&S market has benefited from a strong rate environment and increased submissions as business has shifted into the non-admitted market from the admitted market. While growth is slowing down, non-admitted insurers are able to cover unique and hard-to-place risks because they have flexibility of rate and form and can accommodate the unique needs of insureds who are unable to obtain coverage from admitted carriers. We believe the access our three underwriting platforms have to U.S. E&S insurance business allows us to build a robust and diversified book of business and achieve our profitable growth objectives throughout various market cycles.

In recent years, reinsurance business experienced a supply/demand imbalance in a number of classes, which created strong market conditions. This, combined with our relatively recent AM Best "A" rating upgrade, allowed us to accelerate growth opportunities in these areas. We have observed a change in the supply/demand dynamics in some insurance and reinsurance classes in recent months, particularly property and some specialty classes, which is creating more competitive market conditions. However, we believe pricing is still risk adequate in most areas. Strong underlying market conditions persist in casualty classes, due to continued uncertainty around social inflation.

Our strong, sustainable underwriting operations are complemented by our unique investment portfolio, which consists of the Two Sigma Hamilton Fund, LLC ("TS Hamilton Fund" or "TSHF"), and our investment grade fixed income portfolio, which is currently benefiting from favorable interest rates. We will continue to optimize our investment portfolio through a balanced allocation of invested assets and maintain the flexibility to adjust this allocation as needed. We believe our strategy of disciplined underwriting growth, balanced with our investment platform, will drive our ability to create shareholder value.

We have a unique and long-term investment management relationship with Two Sigma. Founded in 2001, Two Sigma is a premier investment manager with a strong track record, driven by a differentiated application of technology and data science. The TS Hamilton Fund is a dedicated fund of one managed by Two Sigma with exposures to certain Two Sigma equity and macro strategies, and is designed to provide low-correlated absolute returns, primarily by combining multiple hedged and leveraged systematic and non-systematic investment strategies with proprietary risk management and execution techniques. The TS Hamilton Fund invests in a broad set of financial instruments and is primarily focused on liquid strategies in global equity, FX markets, exchange-listed and over the counter options (and their underlying instruments) and other derivatives. This liquidity profile fits well with our business, while also providing the benefit of access to a dedicated fund of one.

Two Sigma has broad discretion to allocate invested assets to different opportunities. Its current investments include Two Sigma Spectrum Portfolio, LLC ("STV"), Two Sigma Equity Spectrum Portfolio, LLC ("ESTV"), Two Sigma Absolute Return Portfolio, LLC ("ATV"), Two Sigma Futures Portfolio, LLC ("FTV"), Two Sigma Horizon Portfolio, LLC ("HTV"), Two Sigma Navigator Portfolio, LLC ("NTV") and Two Sigma Kuiper Portfolio, LLC ("KTV"). The TS Hamilton Fund’s trading and investment activities are not limited to these strategies and techniques and the TS Hamilton Fund is permitted to pursue any investment strategy and/or technique that Two Sigma determines in its sole discretion to be appropriate for the TS Hamilton Fund from time to time.

Effects of Inflation

Historically, inflation has not had a material effect on the Company’s consolidated results of operations. However, over the last several years, global economic inflation has increased, and there is a risk that it will remain elevated for an extended period. Inflation is subject to many macroeconomic factors beyond our control, including global banking policy, armed conflicts, geo-political risks and supply chain issues. An inflationary economy may result in higher losses and loss adjustment expenses, negatively impact the performance of our fixed income security investment portfolio, or increase our operating expenses, among other unfavorable effects. The ultimate effects of an inflationary or deflationary period are subject to high uncertainty and cannot be accurately estimated until the actual costs are known.

In the wake of a catastrophe loss there is a risk of specific inflationary pressures in the local economy, which is considered in our catastrophe loss models. Similarly, the Company incorporates the anticipated effects of inflation in our ultimate estimate of the reserves for unpaid losses and loss adjustment expenses on certain long-tail lines of business. As with general economic inflation, the actual effects of inflation on reserves for losses and loss adjustment expenses and results of operations cannot be accurately known until all of the underlying claims are ultimately settled.

Taxes

On December 27, 2023, the Bermuda Government enacted a 15% corporate income tax that generally became effective for Bermuda domiciled entities on or after January 1, 2025. The legislation defers the effective date until January 1, 2030 for so long as the consolidated group operates in six or fewer jurisdictions, has less than €50 million in tangible assets and none of its Bermuda entities are subject to the Income Inclusion Rule in any other jurisdiction ("Limited International Footprint Exemption"). The act is a response to the Organization of Economic Cooperation and Development ("OECD") Pillar Two initiative as enacted by the U.K. and Ireland in their respective domestic laws. In substance, these laws require a top-up tax be paid on Bermuda-sourced income to non-Bermuda jurisdictions such that a 15% minimum effective tax rate ("ETR") is achieved for Hamilton Group’s Bermuda entities, the Undertaxed Profits Rule ("UTPR"). Hamilton Group expects to be exempt from the UTPR until January 1, 2030, pursuant to an exemption similar to that available in Bermuda. The Bermuda legislation includes a provision referred to as the Economic Transition Adjustment ("ETA"), which will reduce future years' Bermuda taxable income. As of March 31, 2026, the Company holds a deferred tax asset of $35.4 million on its balance sheet related to the ETA.

On January 15, 2025, the OECD issued additional guidance related to the calculation of income subject to taxation under the Pillar Two initiative. Specifically, it provided that for purposes of calculating the UTPR, a deduction for the ETA will not be allowed in years after 2026. Accordingly, when Hamilton Group becomes subject to the UTPR, expected in 2030, it is possible that a top-up tax liability will arise to the extent that it does not achieve a 15% minimum ETR on its Bermuda taxable earnings, excluding the ETA deduction. If Hamilton were to incur a UTPR top-up tax on its Bermuda earnings, the liability would be recorded in the period and jurisdiction in which it is incurred.

Summary of Critical Accounting Estimates

Our critical accounting estimates include "Reserve for Losses and Loss Adjustment Expenses", "Premiums Written and Earned", "Ceded Reinsurance and Unpaid Losses and Loss Adjustment Expenses Recoverable" and "Fair Value of Investments" and are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Group’s Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting estimates as disclosed in the Form 10-K for the year ended December 31, 2025.

Consolidated Results of Operations

The following is a comparison of selected data for our consolidated results of operations:


	For the Three Months Ended
	March 31,
($ in thousands, except per share amounts)	2026			2025
Gross premiums written	$	940,110		$	843,306
Net premiums written	$	653,659		$	603,875
Net premiums earned	$	570,515		$	498,928
Third party fee income(1)	6,750			4,662

Claims and Expenses
Losses and loss adjustment expenses	324,785			395,234
Acquisition costs	144,507			116,881
Other underwriting expenses(2)	50,392			49,734
Underwriting income (loss)(3)	57,581			(58,259)

Net realized and unrealized gains (losses) on investments	151,075			248,793
Net investment income (loss)(4)	26,029			18,927
Total net realized and unrealized gains (losses) on investments and net investment income (loss)	177,104			267,720



Net foreign exchange gains (losses)	4,539			(2,529)
Corporate expenses(2)	11,072			12,968

Amortization of intangible assets	4,020			3,890
Interest expense	4,777			5,602
Income tax expense (benefit)	2,323			3,206
Net income (loss)	217,032			181,266
Net income (loss) attributable to non-controlling interest(5)	83,494			100,394
Net income (loss) attributable to common shareholders	$	133,538		$	80,872
Diluted income (loss) per share attributable to common shareholders	$	1.31		$	0.77
Dividends per common share	$	2.00		$	—

Key Ratios
Attritional loss ratio - current year	54.5		%	51.9		%
Attritional loss ratio - prior year development	2.4		%	(2.9)		%
Catastrophe loss ratio - current year	0.0		%	32.0		%
Catastrophe loss ratio - prior year development	0.0		%	(1.8)		%
Loss and loss adjustment expense ratio	56.9		%	79.2		%
Acquisition cost ratio	25.3		%	23.4		%
Other underwriting expense ratio	7.6		%	9.0		%
Combined ratio	89.8		%	111.6		%

Return on average common shareholders' equity	4.8		%	3.4		%

The following table summarizes book value per share and balance sheet data:


($ in thousands, except per share amounts)	As at
Book Value	March 31, 2026			December 31, 2025
Tangible book value per common share	$	26.57		$	27.62
Accumulated dividends	$	2.00		$	—
Tangible book value per common share plus accumulated dividends	$	28.57		$	27.62

Change in tangible book value per common share plus accumulated dividends	3.4		%

Book value per common share	$	27.42		$	28.50
Accumulated dividends	$	2.00		$	—
Book value per common share plus accumulated dividends	$	29.42		$	28.50

Change in book value per common share plus accumulated dividends	3.2		%

Balance Sheet Data
Total assets	$	9,864,009		$	9,571,613
Total shareholders' equity	$	2,722,450		$	2,822,099

(1) Third party fee income is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.

(2) Other underwriting expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most directly comparable GAAP financial measure, also included corporate expenses of $11.1 million and $13.0 million for the three months ended March 31, 2026 and 2025, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.

(3) Underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.

(4) Net investment income (loss) is presented net of investment management fees.

(5) Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidated Results of Operations—Corporate and Other' for further details.

Operating Highlights

The following significant items impacted the consolidated results of operations for the three months ended March 31, 2026 and 2025:

Gross premiums written Gross premiums written were $940.1 million and $843.3 million for the three months ended March 31, 2026 and 2025, respectively. The increase in gross premiums written was primarily driven by our casualty reinsurance and insurance classes and specialty insurance classes as a result of growth in both new and existing business, partially offset by a decrease in our property reinsurance classes primarily as a result of lower reinstatement premiums for the three months ended March 31, 2026.

Underwriting results The combined ratio was 89.8% and 111.6% for the three months ended March 31, 2026 and 2025, respectively. The decrease was primarily driven by a decrease in the catastrophe loss ratio and other underwriting expense ratio, partially offset by an increase in the attritional loss ratio and acquisition cost ratio.

Losses and Loss Adjustment Expenses


	For the Three Months Ended
($ in thousands)	Current year		% of net premiums earned		Prior year development		% of net premiums earned		Losses and loss adjustment expenses		% of net premiums earned
March 31, 2026
Attritional losses	$	310,851	54.5	%	$	13,934	2.4	%	$	324,785	56.9	%
Catastrophe losses	—		0.0	%	—		0.0	%	—		0.0	%
Total	$	310,851	54.5	%	$	13,934	2.4	%	$	324,785	56.9	%

March 31, 2025
Attritional losses	$	259,241	51.9	%	$	(14,494)	(2.9)	%	$	244,747	49.0	%
Catastrophe losses	159,703		32.0	%	(9,216)		(1.8)	%	150,487		30.2	%
Total	$	418,944	83.9	%	$	(23,710)	(4.7)	%	$	395,234	79.2	%

Attritional loss ratio - current year for the three months ended March 31, 2026 was 54.5% compared to 51.9% for the three months ended March 31, 2025, an increase of 2.6 percentage points. The increase was primarily driven by a change in business mix, including more casualty reinsurance and specialty insurance business.

Attritional loss ratio - prior year for the three months ended March 31, 2026 was an unfavorable 2.4% compared to a favorable 2.9% for the three months ended March 31, 2025, an increase of 5.3 percentage points. The attritional loss ratio - prior year for the three months ended March 31, 2026 was primarily driven by additional loss information in relation to the Baltimore Bridge collapse. In addition, casualty business protected by the loss portfolio transfer ("LPT") discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $0.1 million and a change in the deferred gain of $0.2 million, for a total net positive earnings impact of $0.3 million. The attritional loss ratio - prior year for the three months ended March 31, 2025 was primarily driven by favorable development in both our International and Bermuda specialty and property classes. In addition, casualty business protected by the LPT benefited from favorable development in the underlying reserves of $1.0 million, which was partially offset by a change in the deferred gain of $0.5 million, for a total net positive earnings impact of $0.5 million.

Catastrophe losses - current year and prior year development were $Nil for the three months ended March 31, 2026. Catastrophe losses for the three months ended March 31, 2025 were as a result of the California wildfires of $159.7 million, partially offset by favorable prior year development of $9.2 million.

Total Net Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss)

The components of total net realized and unrealized gains (losses) on investments and net investment income (loss) are as follows:


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1)	$	176,550	$	203,961
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other	554		63,759
	$	177,104	$	267,720

Net income (loss) attributable to non-controlling interest - TSHF	$	83,494	$	100,394

(1) Prior to non-controlling interest performance incentive allocation

Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF, prior to non-controlling interest, returned income of $176.6 million and $204.0 million for the three months ended March 31, 2026 and 2025, respectively. This includes the fund's returns, net of investment management fees.

Net investment income, net of non-controlling interest - TSHF, returned income of $93.1 million and $103.6 million for the three months ended March 31, 2026 and 2025, respectively. This includes the fund's returns, net of investment management fees and performance incentive allocations. The aggregate incentive allocation to which the investment manager is entitled is included in "Net income (loss) attributable to non-controlling interest" in our GAAP financial statements.

TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 4.3% and 5.5% for the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026, TS Hamilton Fund experienced gains in single name equities trading within the equity market neutral vehicles STV, ESTV, and ATV. Gains in single name equities trading were led by the U.S., followed by China onshore and Europe. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, and the scientific discretionary macro vehicle, NTV. Gains in macro trading were led by commodities in FTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the relative value rates vehicle, KTV.

For the three months ended March 31, 2025, TS Hamilton Fund experienced gains in single name equities trading within the equity market neutral vehicles STV, ESTV, and ATV. Gains in single name equities trading were led by the U.S., followed by East Asia. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, the scientific discretionary macro vehicle, NTV, and the relative value rates vehicle, KTV. Gains in macro trading were led by commodities in FTV and equities in HTV.

Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other, returned income of $0.6 million and $63.8 million for the three months ended March 31, 2026 and 2025, respectively. Income for the three months ended March 31, 2026 was driven by investment income on a larger portfolio of higher-yielding assets, offset by negative mark-to-market returns. Income for the three months ended March 31, 2025 was primarily driven by investment income and positive mark-to-market returns.

Segment Information

We have determined our reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations. We have identified two reportable business segments - International and Bermuda. Each of our identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker ("CODM"): the Chief Executive Officer of the consolidated group. The CODM's responsibilities include providing leadership to all levels of employees; developing culture, values, and ethos; setting the Company's strategy, vision and direction; and overall responsibility for the success and profitability of the Company, including evaluating segment performance.

The CODM evaluates reportable segment performance based on the segments' respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses, net of third party fee income. General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As we do not manage our assets by reportable segment, investment income and assets are not allocated to reportable segments.

Our core business is underwriting and our underwriting results are reflected in our reportable segments: (1) International, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. We consider many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments.

International Segment


	For the Three Months Ended
	March 31,
($ in thousands)	2026			2025
Gross premiums written	$	442,908		$	369,959
Net premiums written	$	287,436		$	228,975
Net premiums earned	$	290,791		$	240,567
Third party fee income	2,546			4,332

Claims and Expenses
Losses and loss adjustment expenses	163,855			145,671
Acquisition costs	81,204			62,790
Other underwriting expenses	41,299			35,623
Underwriting income (loss)	$	6,979		$	815

Attritional losses - current year	$	159,912		$	125,323
Attritional losses - prior year development	3,943			(8,692)
Catastrophe losses - current year	—			29,040
Catastrophe losses - prior year development	—			—
Losses and loss adjustment expenses	$	163,855		$	145,671

Attritional loss ratio - current year	54.9		%	52.1		%
Attritional loss ratio - prior year development	1.4		%	(3.6)		%
Catastrophe loss ratio - current year	0.0		%	12.1		%
Catastrophe loss ratio - prior year development	0.0		%	0.0		%
Losses and loss adjustment expense ratio	56.3		%	60.6		%
Acquisition cost ratio	27.9		%	26.1		%
Other underwriting expense ratio	13.3		%	13.0		%
Combined ratio	97.5		%	99.7		%

Gross Premiums Written


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Property	$	54,496	$	54,526
Casualty	166,577		135,563
Specialty	221,835		179,870

Total	$	442,908	$	369,959

Gross premiums written increased by $72.9 million, or 19.7%, from $370.0 million for the three months ended March 31, 2025 to $442.9 million for the three months ended March 31, 2026, primarily driven by growth in both new and existing business in casualty and specialty insurance classes.

Net Premiums Earned


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Property	$	50,586	$	45,705
Casualty	99,880		90,568
Specialty	140,325		104,294

Total	$	290,791	$	240,567

Net premiums earned increased by $50.2 million, or 20.9%, from $240.6 million for the three months ended March 31, 2025 to $290.8 million for the three months ended March 31, 2026. The increase was primarily driven by growth in our specialty insurance and reinsurance classes and casualty insurance classes. Specialty insurance growth was primarily driven by accident & health, fine art & specie and marine & energy; specialty reinsurance growth was primarily driven by surety reinsurance and treaty reinsurance; and casualty insurance growth was primarily driven by U.S. excess and surplus lines and professional lines.

Third Party Fee Income


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Third party fee income	$	2,546	$	4,332

Third party fee income decreased by $1.8 million, from $4.3 million for the three months ended March 31, 2025 to $2.5 million for the three months ended March 31, 2026. The decrease was primarily due to a decrease in syndicate management fees. Effective July 1, 2025, the management of the third party syndicate was novated from Hamilton Managing Agency to another Lloyd's managing agency.

Losses and Loss Adjustment Expenses


	For the Three Months Ended
($ in thousands)	Current year		% of net premiums earned		Prior year development		% of net premiums earned		Losses and loss adjustment expenses		% of net premiums earned
March 31, 2026
Attritional losses	$	159,912	54.9	%	$	3,943	1.4	%	$	163,855	56.3	%
Catastrophe losses	—		0.0	%	—		0.0	%	—		0.0	%
Total	$	159,912	54.9	%	$	3,943	1.4	%	$	163,855	56.3	%

March 31, 2025
Attritional losses	$	125,323	52.1	%	$	(8,692)	(3.6)	%	$	116,631	48.5	%
Catastrophe losses	29,040		12.1	%	—		0.0	%	29,040		12.1	%
Total	$	154,363	64.2	%	$	(8,692)	(3.6)	%	$	145,671	60.6	%

Attritional loss ratio - current year for the three months ended March 31, 2026 was 54.9% compared to 52.1% for the three months ended March 31, 2025, an increase of 2.8 percentage points. The increase was primarily driven by a change in business mix, including more specialty insurance business.

Attritional loss ratio - prior year for the three months ended March 31, 2026 was an unfavorable 1.4% compared to a favorable 3.6% for the three months ended March 31, 2025, an increase of 5.0 percentage points. The unfavorable attritional loss ratio - prior year for the three months ended March 31, 2026 was primarily driven by additional loss information in relation to the Baltimore Bridge collapse. In addition, casualty business protected by the LPT discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $0.1 million and a change in the deferred gain of $0.2 million, for a total net positive earnings impact of $0.3 million.

Catastrophe losses - current year and prior year were $Nil for the three months ended March 31, 2026. Catastrophe losses for the three months ended March 31, 2025 were as a result of the California wildfires of $29.0 million.

Acquisition Costs


	For the Three Months Ended
	Acquisition Costs				% of Net Premiums Earned
($ in thousands)	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025		'26 vs '25 point r
Property	$	19,390	$	15,411	38.3	%	33.7	%	4.6
Casualty	18,420		17,494		18.4	%	19.3	%	(0.9)
Specialty	43,394		29,885		30.9	%	28.7	%	2.2

Total	$	81,204	$	62,790	27.9	%	26.1	%	1.8

The acquisition cost ratio for the three months ended March 31, 2026 was 27.9%, compared to 26.1% for the three months ended March 31, 2025, an increase of 1.8 percentage points. The increase was primarily driven by specialty insurance and reinsurance classes, due to a change in business mix.

Other Underwriting Expenses and Other Underwriting Expense Ratios


	For the Three Months Ended
	March 31,
($ in thousands)	2026			2025
Other underwriting expenses	$	41,299		$	35,623
Other underwriting expense ratio	13.3		%	13.0		%

Other underwriting expenses are general and administrative costs incurred by our reportable segments.

Other underwriting expenses were $41.3 million for the three months ended March 31, 2026, an increase of $5.7 million, or 15.9%, compared to $35.6 million for the three months ended March 31, 2025. The increase was primarily driven by an increase in personnel costs and the impact of a strengthening British Pound against the U.S. Dollar.

The other underwriting expense ratio for the three months ended March 31, 2026 and 2025 increased modestly from 13.0% to 13.3%, driven by an increase in the underlying costs and a decrease in third party fee income, partially offset by growth in the premium base.

Bermuda Segment


	For the Three Months Ended
	March 31,
($ in thousands)	2026			2025
Gross premiums written	$	497,202		$	473,347
Net premiums written	$	366,223		$	374,900
Net premiums earned	$	279,724		$	258,361
Third party fee income	4,204			330

Claims and Expenses
Losses and loss adjustment expenses	160,930			249,563
Acquisition costs	63,303			54,091
Other underwriting expenses	9,093			14,111
Underwriting income (loss)	$	50,602		$	(59,074)

Attritional losses - current year	$	150,939		$	133,918
Attritional losses - prior year development	9,991			(5,802)
Catastrophe losses - current year	—			130,663
Catastrophe losses - prior year development	—			(9,216)
Losses and loss adjustment expenses	$	160,930		$	249,563

Attritional loss ratio - current year	53.9		%	51.8		%
Attritional loss ratio - prior year development	3.6		%	(2.2)		%
Catastrophe loss ratio - current year	0.0		%	50.6		%
Catastrophe loss ratio - prior year development	0.0		%	(3.6)		%
Losses and loss adjustment expense ratio	57.5		%	96.6		%
Acquisition cost ratio	22.6		%	20.9		%
Other underwriting expense ratio	1.7		%	5.3		%
Combined ratio	81.8		%	122.8		%

Gross Premiums Written


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Property	$	193,738	$	223,077
Casualty	230,853		179,534
Specialty	72,611		70,736

Total	$	497,202	$	473,347

Gross premiums written increased by $23.9 million, or 5.0%, from $473.3 million for the three months ended March 31, 2025 to $497.2 million for the three months ended March 31, 2026, primarily driven by growth in both new and existing business in casualty reinsurance classes, partially offset by a decrease in property reinsurance classes as a result of lower reinstatement premiums for the three months ended March 31, 2026.

Net Premiums Earned


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Property	$	76,239	$	95,468
Casualty	166,098		127,104
Specialty	37,387		35,789

Total	$	279,724	$	258,361

Net premiums earned increased by $21.4 million, or 8.3%, from $258.4 million for the three months ended March 31, 2025 to $279.7 million for the three months ended March 31, 2026, primarily driven by new business and volume growth in our casualty reinsurance classes, partially offset by a decrease in our property reinsurance classes as a result of lower reinstatement premiums for the three months ended March 31, 2026. The increase in casualty reinsurance was primarily driven by general liability lines.

Third Party Fee Income


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Third party fee income	$	4,204	$	330

Third party fee income is generated by certain management and performance based fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd. and increased by $3.9 million, from $0.3 million for the three months ended March 31, 2025 to $4.2 million for the three months ended March 31, 2026.

Losses and Loss Adjustment Expenses


	For the Three Months Ended
($ in thousands)	Current year		% of net premiums earned		Prior year development		% of net premiums earned		Losses and loss adjustment expenses		% of net premiums earned
March 31, 2026
Attritional losses	$	150,939	53.9	%	$	9,991	3.6	%	$	160,930	57.5	%
Catastrophe losses	—		0.0	%	—		0.0	%	—		0.0	%
Total	$	150,939	53.9	%	$	9,991	3.6	%	$	160,930	57.5	%

March 31, 2025
Attritional losses	$	133,918	51.8	%	$	(5,802)	(2.2)	%	$	128,116	49.6	%
Catastrophe losses	130,663		50.6	%	(9,216)		(3.6)	%	121,447		47.0	%
Total	$	264,581	102.4	%	$	(15,018)	(5.8)	%	$	249,563	96.6	%

Attritional loss ratio - current year for the three months ended March 31, 2026 was 53.9% compared to 51.8% for the three months ended March 31, 2025, an increase of 2.1 percentage points. The increase was primarily driven by a change in business mix, including more proportional casualty reinsurance business.

Attritional loss ratio - prior year for the three months ended March 31, 2026 was an unfavorable 3.6%, compared to a favorable 2.2% for the three months ended March 31, 2025, an increase of 5.8 percentage points. The unfavorable attritional loss ratio - prior year for the three months ended March 31, 2026 was primarily driven by additional loss information in relation to the Baltimore Bridge collapse.

Acquisition Costs


	For the Three Months Ended
	Acquisition Costs				% of Net Premiums Earned
($ in thousands)	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025		'26 vs '25 point r
Property	$	11,330	$	12,489	14.9	%	13.1	%	1.8
Casualty	43,227		33,581		26.0	%	26.4	%	(0.4)
Specialty	8,746		8,021		23.4	%	22.4	%	1.0

Total	$	63,303	$	54,091	22.6	%	20.9	%	1.7

The acquisition cost ratio for the three months ended March 31, 2026 was 22.6%, compared to 20.9% for the three months ended March 31, 2025. The increase was primarily driven by a change in business mix, including more proportional business written in our casualty reinsurance classes, partially offset by an increase in ceded commission income. The three months ended March 31, 2025 benefited from higher reinstatement premiums, which do not attract acquisition costs.

Other Underwriting Expenses and Other Underwriting Expense Ratios


	For the Three Months Ended
	March 31,
($ in thousands)	2026			2025
Other underwriting expenses	$	9,093		$	14,111
Other underwriting expense ratio	1.7		%	5.3		%

Other underwriting expenses are general and administrative costs incurred by our reportable segments.

Other underwriting expenses for the three months ended March 31, 2026 were $9.1 million, a decrease of $5.0 million, or 35.6%, compared to $14.1 million for the three months ended March 31, 2025. The decrease was primarily driven by Bermuda substance-based tax credits, partially offset by an increase in personnel costs.

The other underwriting expense ratio for the three months ended March 31, 2026 and 2025 decreased from 5.3% to 1.7%, driven by the Bermuda substance-based tax credits, certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd and growth in the premium base.

Corporate and Other

Total Net Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss)

The components of total net realized and unrealized gains (losses) on investments and net investment income (loss) are as follows:


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1)	$	176,550	$	203,961
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other	554		63,759
	$	177,104	$	267,720

Net income (loss) attributable to non-controlling interest - TSHF	$	83,494	$	100,394

(1) Prior to non-controlling interest performance incentive allocation

TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 4.3% and 5.5% for the three months ended March 31, 2026 and 2025, respectively.

Net Foreign Exchange Gains (Losses)


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Net foreign exchange gains (losses)	$	4,539	$	(2,529)

Our functional currency is the U.S. Dollar. We may conduct routine underwriting operations or invest a portion of our cash and other investable assets in currencies other than U.S. Dollars. Consequently, we may incur foreign exchange gains and losses in our results of operations.

Foreign exchange gains of $4.5 million and losses of $2.5 million for the three months ended March 31, 2026 and 2025, respectively, were primarily driven by the remeasurement of insurance related assets and liabilities denominated in British Pounds, Euro, Japanese Yen, and Australian and Canadian Dollars.

Corporate Expenses


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Corporate expenses	$	11,072	$	12,968

Corporate expenses for the three months ended March 31, 2026 were $11.1 million, compared to $13.0 million for the three months ended March 31, 2025, a decrease of $1.9 million. The decrease was primarily driven by the impact of the Bermuda substance-based tax credits.

Amortization of Intangible Assets


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Amortization of intangible assets	$	4,020	$	3,890

Amortization of intangible assets of $4.0 million and $3.9 million for the three months ended March 31, 2026 and 2025, respectively, relates to internally developed software and intangible assets acquired in a business combination.

Interest Expense


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Interest expense	$	4,777	$	5,602

Interest expense of $4.8 million and $5.6 million for the three months ended March 31, 2026 and 2025, respectively, relates to interest payments and certain administrative fees associated with our term loan and letter of credit facilities. The decrease in interest expense is primarily driven by the movement in the Secured Overnight Financing Rate ("SOFR"), which underlies the floating rate associated with the term loan.

Income Tax Expense (Benefit)


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Income tax expense (benefit)	$	2,323	$	3,206

Income tax expense for the three months ended March 31, 2026 was $2.3 million on pre-tax income of $219.4 million, compared to income tax expense of $3.2 million on pre-tax income of $184.5 million for the three months ended March 31, 2025, a decrease of $0.9 million. Income tax expense was primarily driven by withholding taxes on investment income from TS Hamilton Fund.

Key Operating and Financial Metrics

The Company has identified the following metrics as key measures of the Company’s performance:

Book Value per Common Share

Management believes that book value is an important indicator of value provided to common shareholders and aligns the Company’s and most investors’ long term objectives. We calculate book value per common share as total common shareholders’ equity divided by the total number of common shares outstanding at the point in time.


	As at
($ in thousands, except per share amounts)	March 31, 2026		December 31, 2025
Closing common shareholders' equity	$	2,722,450	$	2,822,099
Closing common shares outstanding	99,273,252		99,029,434
Book value per common share	$	27.42	$	28.50
Accumulated dividends	$	2.00	$	—
Book value per common share plus accumulated dividends	$	29.42	$	28.50

Book value per common share was $27.42 at March 31, 2026, a $1.08 or 3.8% decrease from the Company’s book value per common share of $28.50 at December 31, 2025 and a $0.92 or 3.2% increase from $28.50 when incorporating the impact of the special dividend paid to common shareholders in the three months ended March 31, 2026.

The increase in book value per common share plus accumulated dividends was primarily driven by the Company’s net income attributable to common shareholders of $133.5 million. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.

Tangible Book Value per Common Share

Management believes that tangible book value is an important indicator of value provided to common shareholders and aligns the Company’s and most investors’ long term objectives. We calculate tangible book value per common share as total common shareholders’ equity less intangible assets, divided by the total number of common shares outstanding at the point in time.


	As at
($ in thousands, except per share amounts)	March 31, 2026		December 31, 2025
Closing common shareholders' equity	$	2,722,450	$	2,822,099
Intangible assets	84,331		86,624
Closing common shareholders' equity, less intangible assets	$	2,638,119	$	2,735,475

Closing common shares outstanding	99,273,252		99,029,434
Tangible book value per common share	$	26.57	$	27.62
Accumulated dividends	$	2.00	$	—
Tangible book value per common share plus accumulated dividends	$	28.57	$	27.62

Tangible book value per common share was $26.57 at March 31, 2026, a $1.05 or 3.8% decrease from the Company’s tangible book value per common share of $27.62 at December 31, 2025 and a $0.95 or 3.4% increase from $27.62 when incorporating the impact of the special dividend paid to common shareholders in the three months ended March 31, 2026.

Return on Average Common Shareholders' Equity

Management believes that return on average common shareholders’ equity ("ROACE") is an important indicator of the Company’s profitability and financial efficiency. We calculate it by dividing net income (loss) attributable to common shareholders by average common shareholders' equity for the corresponding period.


	For the Three Months Ended
	March 31,
($ in thousands)	2026			2025
Net income (loss) attributable to common shareholders	$	133,538		$	80,872
Average common shareholders' equity for the period	$	2,772,275		$	2,364,024


Return on average common shareholders' equity	4.8		%	3.4		%

ROACE was 4.8% for the three months ended March 31, 2026, compared to 3.4% for the three months ended March 31, 2025. The increase was primarily driven by the higher net income attributable to common shareholders for the three months ended March 31, 2026.

Non-GAAP Measures

We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements that management uses to assess our operating results are considered non-GAAP financial measures under Regulation G and Item 10(e) of Regulation S-K, each promulgated by the SEC. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Where appropriate, reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included below.

Underwriting Income (Loss)

We calculate underwriting income (loss) on a pre-tax basis as net premiums earned less losses and loss adjustment expenses, acquisition costs and other underwriting expenses (net of third party fee income). We believe that this measure of our performance focuses on the core fundamental performance of the Company’s reportable segments in any given period and is not distorted by investment market conditions, corporate expense allocations or income tax effects.

The following table reconciles underwriting income (loss) to net income (loss), the most directly comparable GAAP financial measure:


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Underwriting income (loss)	$	57,581	$	(58,259)
Total net realized and unrealized gains (losses) on investments and net investment income (loss)	177,104		267,720


Net foreign exchange gains (losses)	4,539		(2,529)
Corporate expenses	(11,072)		(12,968)

Amortization of intangible assets	(4,020)		(3,890)
Interest expense	(4,777)		(5,602)
Income tax (expense) benefit	(2,323)		(3,206)
Net income (loss), prior to non-controlling interest	$	217,032	$	181,266

Third Party Fee Income

Third party fee income includes income that is incremental and/or directly attributable to our underwriting operations. It is primarily comprised of fees earned by the International segment for management services provided to third party syndicates and consortia and by the Bermuda segment for management and performance based fees generated by our third party capital manager, Ada Capital Management Limited. We believe that this measure is a relevant component of our underwriting income (loss).

The following table reconciles third party fee income to other income (loss), the most directly comparable GAAP financial measure:


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Third party fee income	$	6,750	$	4,662

Other income (loss)	$	6,750	$	4,662

Other Underwriting Expenses

Other underwriting expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Note 8, Segment Reporting, it is considered a non-GAAP financial measure when presented elsewhere.

Corporate expenses include holding company costs necessary to support our reportable segments. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from other underwriting expenses, and therefore, underwriting income (loss). General and administrative expenses, the most directly comparable GAAP financial measure to other underwriting expenses, also includes corporate expenses.

The following table reconciles other underwriting expenses to general and administrative expenses, the most directly comparable GAAP financial measure:


	For the Three Months Ended
	March 31,
($ in thousands)	2026		2025
Other underwriting expenses	$	50,392	$	49,734
Corporate expenses	11,072		12,968
General and administrative expenses	$	61,464	$	62,702

Other Underwriting Expense Ratio

Other Underwriting Expense Ratio is a measure of the other underwriting expenses (net of third party fee income) incurred by the Company and is expressed as a percentage of net premiums earned.

Loss Ratio

Attritional Loss Ratio – current year is the attritional losses incurred by the company relating to the current year divided by net premiums earned.

Attritional Loss Ratio – prior year development is the attritional losses incurred by the company relating to prior years divided by net premiums earned.

Catastrophe Loss Ratio – current year is the catastrophe losses incurred by the company relating to the current year divided by net premiums earned.

Catastrophe Loss Ratio – prior year development is the catastrophe losses incurred by the company relating to prior years divided by net premiums earned.

Combined Ratio

Combined Ratio is a measure of our underwriting profitability and is expressed as the sum of the loss and loss adjustment expense ratio, acquisition cost ratio and other underwriting expense ratio. A combined ratio under 100% indicates an underwriting profit, while a combined ratio over 100% indicates an underwriting loss.

Financial Condition, Liquidity and Capital Resources

Financial Condition

Investment Philosophy

The Company maintains two segregated investment portfolios: a fixed maturities and short-term investments trading portfolio and an investment in Two Sigma Hamilton Fund ("TS Hamilton Fund").

The Company's high quality and liquid fixed maturities and short-term investments trading portfolio is structured to focus primarily on the preservation of capital and the availability of liquidity to meet the Company’s claims obligations, to be well diversified across market sectors, and to generate relatively attractive returns on a risk-adjusted basis over time. The Company’s investments are subject to market-wide risks and fluctuations, as well as to risks inherent in particular securities.

The Company also invests in TS Hamilton Fund, a Delaware limited liability company. Hamilton Re has a commitment with TS Hamilton Fund to maintain an amount up to the lesser of (i) $1.8 billion or (ii) 60% of Hamilton Group’s net tangible assets in TS Hamilton Fund, such lesser amount, the "Minimum Commitment Amount", for a three-year period (the "Initial Term") and for rolling three-year periods thereafter (each such three-year period the "Commitment Period"), subject to certain circumstances and the liquidity options described below, with the current Commitment Period ending on June 30, 2028. The Commitment Period consists of a three-year rolling term that automatically renews on an annual basis unless Hamilton Re or the Managing Member provide advance notice of non-renewal. See Note 12, Subsequent Events in the accompanying unaudited condensed consolidated financial statements for further details. Two Sigma is a United States Securities and Exchange Commission registered investment adviser specializing in quantitative analysis. The TS Hamilton Fund investment strategy is focused on delivering non-market correlated investment income and total return through all market cycles while maintaining appropriate portfolio liquidity and credit quality to meet the requirements of customers, rating agencies and regulators.

Cash and Investments

At March 31, 2026 and December 31, 2025, total cash and investments was $6.1 billion and $6.2 billion, respectively. However, a significant portion of the total cash and investments balances held were invested in TS Hamilton Fund as collateral for the investments held by the underlying trading vehicles, as shown in the tables under the "TS Hamilton Fund" discussion.


	As at
($ in thousands)	March 31, 2026				December 31, 2025
Fixed maturity investments, at fair value	$	3,016,314	49	%	$	3,238,543	52	%
Short-term investments, at fair value	451,185		7	%	200,459		3	%
	3,467,499		56	%	3,439,002		55	%
Investments in Two Sigma Funds, at fair value	1,685,031		28	%	1,587,658		26	%
Total investments	5,152,530		84	%	5,026,660		81	%
Cash and cash equivalents	842,484		14	%	1,062,359		17	%
Restricted cash and cash equivalents	113,033

Hamilton Insurance Group, Ltd. 10-Q