Shares of Hamilton Insurance Group, Ltd. ( HG ) has been an excellent performer over the past year, gaining 60%. With shares rallying 8% in late trading Thursday following another solid quarter, the good news for investors keeps coming. The company has benefited from solid underwritingOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or ...

Hamilton Insurance Group (NYSE:HG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsCraig Howie - CFO and Chief Investment OfficerDaniel Cohen - Equity Research AssociateDarian Niforatos - VP of Investor Relations and FinanceDavid Samar - Equity Research AssociateJustin Lee - Equity Research AssociatePina Albo - CEOConference Call ParticipantsChristian Getzoff - Senior Equity AnalystMatthew Heimerman - Managing Director and Senior Equity Research AnalystThomas McJoynt - Managing Direc ...

Financial Data and Key Metrics Changes - In 2025, Hamilton delivered record net income of $577 million, a 44% increase from $400 million in 2024, with a return on average equity of 22%, up from 18% in the prior year [15][16] - The company grew gross premiums written by 21% to a record $2.9 billion, compared to $2.4 billion in 2024 [19][20] - The combined ratio for 2025 was reported at 92.9%, with a tangible book value per share growth of 25% [6][20] Business Line Data and Key Metrics Changes - The Bermuda segment grew 27% in the fourth quarter, driven by casualty reinsurance, while the international segment, including Hamilton Global Specialty and Hamilton Select, saw a 20% increase in gross premiums written [8][9][24] - Hamilton Select, focused on casualty classes, grew 19% in the quarter, driven by excess casualty products and contractors [10][24] Market Data and Key Metrics Changes - The company noted a transitioning market with ample opportunities for underwriters, despite increased competition in certain areas [7][13] - The January 1 renewal season was characterized by strong competition in property catastrophe business, with pricing declining but maintaining consistent terms and conditions [11][12] Company Strategy and Development Direction - Hamilton's strategy emphasizes strong operational and underwriting culture, client relationships, and a robust capital position to support sustainable performance [4][5] - The company plans to maintain disciplined underwriting practices, focusing on profitable opportunities while avoiding chasing top-line growth at the expense of margins [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find attractive opportunities in a competitive market, although growth is expected to be more measured going forward [13][14] - The company anticipates continued robust pricing in casualty lines, supported by clients retaining more of their business [68] Other Important Information - Hamilton announced a special dividend of $2 per common share, totaling approximately $206 million, reflecting the company's strong capital position and record earnings [32][33] - The Bermuda Substance-Based Tax Credit is expected to enhance competitive advantages, with a recorded credit of $20.7 million in 2025 [17][18] Q&A Session Summary Question: Underlying loss ratio guide for 2026 - Management indicated that the increase to 55% is primarily due to the change in the catastrophe threshold from $5 million to $10 million, with expected catastrophe losses around 6%-7% for the year [36][37] Question: Decision to deploy a special dividend - The special dividend was seen as an effective way to return excess capital to shareholders, while the company retains the ability to continue share buybacks [39][40] Question: Competition in the casualty side - Management noted robust pricing in areas of growth, with increased competition primarily observed in professional lines, leading to a reduction in writings in that area [41][42] Question: Optimal premium leverage - The company has maintained a premium leverage of about 80% and is cautious about increasing it blindly in a transitioning market [46][48] Question: Elevated large losses in segments - The fourth quarter saw more large losses than the previous year, with a significant satellite loss impacting both segments [72][73]

Financial Data and Key Metrics Changes - Hamilton Insurance Group reported record net income of $577 million for 2025, a 44% increase from $400 million in 2024, with a return on average equity of 22%, up from 18% in the prior year [13][5] - The company grew tangible book value per share by 25% to a record $28.50 [13] - For Q4 2025, net income was $172 million, equal to $1.69 per diluted share, with an annualized return on average equity of 25% [13][14] - The combined ratio for 2025 was reported at 92.9% [19] Business Line Data and Key Metrics Changes - Gross premiums written increased by 21% to a record $2.9 billion for 2025, with Q4 premiums growing by 23% [5][19] - The Bermuda segment grew by 27% in Q4, driven by casualty reinsurance [6] - Hamilton Global Specialty saw a 21% increase in gross premiums written, while Hamilton Select grew by 19% [7][8] Market Data and Key Metrics Changes - The company noted a transitioning market with ample opportunities for underwriters, despite increased competition in certain areas [5][11] - The renewal season for property catastrophe business was characterized by strong competition and declining pricing, while casualty reinsurance saw more measured competition [9][10] Company Strategy and Development Direction - Hamilton's strategy focuses on maintaining strong relationships with clients and brokers, leveraging a hybrid platform for reinsurance and insurance [4] - The company aims to deploy capital while protecting margins, emphasizing disciplined underwriting practices [11] - Hamilton plans to continue investing in technology and underwriting capabilities, including the use of AI to enhance efficiency [80][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find attractive opportunities in a competitive market, although growth is expected to be more measured going forward [11] - The company anticipates that pricing across targeted lines of business will remain largely risk adequate [11] Other Important Information - Hamilton declared a special dividend of $2 per common share, totaling approximately $206 million, reflecting the company's strong capital position [30] - The Bermuda Substance-Based Tax Credit is expected to provide significant tax benefits, enhancing the company's competitive advantage [16][17] Q&A Session Summary Question: Underlying loss ratio guidance for 2026 - Management indicated that the increase to 55% is primarily due to the change in the catastrophe threshold from $5 million to $10 million, with catastrophe losses expected to be around 6%-7% for the year [34][35] Question: Decision to deploy a special dividend - The special dividend was seen as an effective way to return excess capital to shareholders, while the company retains the ability to continue share buybacks [36][37] Question: Competition on the casualty side - Management noted robust pricing in areas of growth, with increased competition primarily observed in professional lines [39][40] Question: Optimal premium leverage - The company has maintained a retention rate of about 80% and is cautious about increasing premium leverage in a transitioning market [44][45] Question: Elevated large losses in segments - The fourth quarter saw more large losses than the previous year, with a significant loss attributed to a satellite incident impacting both segments [70][71]

Investor Presentation Hamilton Insurance Group, Ltd. Q4 2025 Special Note Regarding Forward-Looking Statements This presentation 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 sim ...

Core Viewpoint - Hamilton Insurance reported strong quarterly earnings of $1.65 per share, significantly exceeding the Zacks Consensus Estimate of $0.69 per share, and showing a substantial increase from $0.32 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was +139.13%, following a previous surprise of +85.92% in the last quarter [2] - Revenues for the quarter reached $728.33 million, surpassing the Zacks Consensus Estimate by 14.28%, and up from $570.49 million year-over-year [3] Stock Performance - Hamilton Insurance shares have increased by approximately 9.3% since the beginning of the year, outperforming the S&P 500, which gained 0.5% [4] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $1.23 for the upcoming quarter and $3.86 for the current fiscal year [5][8] - The Zacks Rank for Hamilton Insurance is currently 3 (Hold), indicating expected performance in line with the market [7] Industry Context - The Insurance - Multi line industry is currently ranked in the bottom 32% of over 250 Zacks industries, suggesting potential challenges ahead [9] - Another company in the same industry, Assured Guaranty, is expected to report earnings of $1.54 per share, reflecting a year-over-year increase of +21.3% [10]

Hamilton Reports $577 million of Net Income, 24% Growth in Book Value Per Share, and Declares Special Dividend PEMBROKE, Bermuda, February 19, 2026 – Hamilton Insurance Group, Ltd. (NYSE: HG; "Hamilton" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2025. Commenting on the results, Pina Albo, CEO of Hamilton, said: "Hamilton delivered another record result in 2025, with net income of $577 million, or a 44% increase over net income last year, and a ...

Core Viewpoint - Hamilton Insurance Group has promoted Moussa Thiam to Group Head of Compliance, effective January 1, 2026, highlighting the company's commitment to governance and regulatory oversight as a publicly listed entity [1][3]. Group Structure and Responsibilities - In his new role, Thiam will oversee compliance activities across Hamilton's global operations, ensuring consistent standards and a unified approach across underwriting platforms [2]. - Thiam will be based in London and report to Gemma Carreiro, Group General Counsel, while collaborating with senior leadership to integrate compliance into daily decision-making [2]. Leadership Commentary - Gemma Carreiro emphasized the importance of maintaining strong compliance standards in a complex regulatory environment, stating that the establishment of a group-wide compliance role reflects the scale of Hamilton's business and its commitment to governance [3]. - Carreiro also noted Thiam's significant impact and collaborative leadership style, which contributed to his promotion [4]. Thiam's Background - Thiam joined Hamilton in December 2024 as Head of Compliance for Hamilton Global Specialty and Hamilton Re, and has been involved in key compliance and regulatory initiatives [4]. - Prior to Hamilton, Thiam served as Head of Cross-Border & International Compliance at Beazley for seven years and held various compliance roles at MS Amlin, Financial Ombudsman Service, and Lloyd's Banking Group [4]. Company Overview - Hamilton Insurance Group is a Bermuda-based specialty insurance and reinsurance company that operates globally through its subsidiaries, with three underwriting platforms: Hamilton Global Specialty, Hamilton Select, and Hamilton Re [5].

Core Insights - HydroGraph Clean Power Inc. has commenced construction of two additional Hyperion graphene reactors to scale up graphene production capacity [1][3] Group 1: Production Capacity - Each Hyperion reactor is expected to produce approximately 10 tons per year of ultra-pure fractal graphene using the company's proprietary explosion-synthesis process [2] - The new reactors will have the same physical footprint as the existing commercial unit, measuring approximately 6 feet by 6 feet by 18 feet [2] Group 2: Commissioning and Location - The two new reactors are expected to be commissioned in January and February of 2026, initially in Manhattan, Kansas, before being relocated to Austin, Texas [3] - The company plans a broader manufacturing expansion strategy in south Texas to support a larger number of reactors and a dedicated acetylene supply via pipeline [3] Group 3: Strategic Importance - The additional reactors represent a significant step in building scalable, repeatable production capacity for ultra-pure graphene, which is critical for advancing graphene's adoption in large-scale manufacturing applications [4] - The deployment of identical reactor systems will help validate the consistency of the production process while expanding the ability to meet customer demand [4] Group 4: Company Overview - HydroGraph is a leading producer of pristine graphene using an explosion synthesis process, which allows for exceptional purity and low energy use [5] - The quality and consistency of HydroGraph's graphene meet the Graphene Council's Verified Graphene Producer® standards, which very few producers can achieve [5]

Core Viewpoint - Hamilton Insurance Group has appointed Susan Steinhoff as Chief Underwriting Officer at Hamilton Re, effective January 1, 2026, to enhance its underwriting capabilities and deliver value to clients [1][2]. Group 1: Leadership Changes - Susan Steinhoff has over 25 years of experience in the insurance industry and has been with Hamilton since its early days in 2014 [2]. - Steinhoff will succeed Tim Duffin, who has transitioned to Group Chief Underwriting Officer [2][3]. - Peter Riihiluoma will take over Steinhoff's previous role as SVP, Head of Property Reinsurance, while Sergio Lottimore will succeed Riihiluoma as SVP, Head of Specialty Reinsurance [3]. Group 2: Company Overview - Hamilton Insurance Group is a Bermuda-based specialty insurance and reinsurance company that operates globally through its subsidiaries [4]. - The company has three underwriting platforms: Hamilton Global Specialty, Hamilton Select, and Hamilton Re, each led by experienced leadership [4].