Group 1 - The stock market has reached record highs following a cooler Consumer Price Index (CPI) report, indicating a positive market sentiment [1] - Hamilton Insurance, a Bermuda-based company specializing in property and casualty reinsurance as well as specialty and medical insurance, is showing strong performance and is highlighted as an IPO stock of the week [1][4] - Hamilton Insurance's Class B shares have demonstrated market leadership with a significant price increase, earning an upgrade in its Relative Strength Rating from 80 [1][2] Group 2 - The company has formed a new base after a substantial 66% rally, indicating potential for further growth and investment opportunities [4] - Hamilton Insurance is currently positioned in a new buying area, suggesting favorable conditions for investors amid market volatility [1][4] - The stock's recent performance has led to its inclusion in Investor's Business Daily's IPO Leaders screen, reflecting its strong market position [1][4]

Core Viewpoint - HydroGraph Clean Power Inc. has launched a brokered private placement offering up to C$20,000,000 to fund its production and research facilities in Texas and for general corporate purposes [1][5]. Group 1: Offering Details - The LIFE Offering consists of up to 6,896,560 units priced at C$2.90 per unit, with each unit comprising one common share and one-half of a common share purchase warrant [1][2]. - Each warrant allows the holder to purchase an additional common share at an exercise price of C$3.50, representing a 20% premium to the unit price, for a period of 36 months [3][7]. - The offering will be conducted on a best-efforts basis by Canaccord Genuity Corp. as the lead agent, with a cash commission of 6.0% of gross proceeds and broker warrants equal to 6.0% of the units sold [4][7]. Group 2: Use of Proceeds - The net proceeds from the LIFE Offering will be allocated for the development of production, research, and operating facilities in Texas, as well as for research and development and general corporate purposes [5]. Group 3: Regulatory and Compliance - The offering is conducted under the listed issuer financing exemption and is subject to compliance with applicable regulatory requirements, allowing sales in all Canadian provinces except Québec and in certain offshore jurisdictions [7][8]. - The common shares and warrants will not be registered under the U.S. Securities Act and may not be offered or sold in the U.S. unless an exemption is available [8][9]. Group 4: Company Background - HydroGraph Clean Power Inc. specializes in producing ultra-pure graphene through a patented explosion synthesis process, achieving superior purity and consistency [10].

Core Insights - HydroGraph Clean Power Inc. has made significant progress in advancing its science, engineering, production, and sales capabilities, aiming to commence commercial sales of its 99.8% pure carbon fractal graphene products as it enters Fiscal Year 2026 [1][2] Commercial Sales Pipeline - The company has a robust commercial sales pipeline with over 65 projects in various stages of development, ranging from medical devices to large-scale applications in composites and coatings [2] - HydroGraph is prioritizing the commercialization of these applications and is working closely with multiple counterparties to finalize agreements [2] Production Capacity and Facilities - HydroGraph has produced approximately one ton of graphene to date, with plans to expand production capacity to about 30 tons per year through the addition of new Hyperion Reactor units [5][6] - A new facility in Austin, TX is set to enhance operations and production capabilities, with construction expected to begin soon and an operational date targeted for Spring 2026 [5][6] - The company is also securing a new production facility in Texas, adjacent to an acetylene pipeline, to support rapid scale-up of manufacturing capacity [6] Innovation and Patents - HydroGraph has announced its first graphene-related patents resulting from its innovation efforts, contributing to its expertise in deploying graphene into various applications [4] - The company has built a comprehensive library of graphene applications in partnership with commercial counterparties and the Graphene Engineering and Innovation Centre [3] Market Engagement and Federal Interest - HydroGraph is engaged in discussions with government and military contacts in the U.S. regarding the role of graphene in national interests, highlighting the increasing awareness of domestic supply needs [9] - The company is monitoring its sales pipeline closely, with expectations that many opportunities will close within 2026 as testing progresses with over 60 customers [8] Strategic Review and Future Plans - HydroGraph is considering further integration in the U.S. and a potential NASDAQ listing as part of a broader strategic review aimed at long-term growth [10] - The review process is ongoing, with no definitive decisions made yet regarding these strategic initiatives [10] Settlement Agreement - The company has entered into a settlement agreement resolving a commercial dispute, which includes the issuance of 750,000 common shares expected to occur on October 28, 2025 [11]

Core Viewpoint - HydroGraph Clean Power Inc. has made significant advancements in its production and commercialization of ultra-pure graphene, aiming to commence commercial sales of its 99.8% pure carbon fractal graphene products as it enters Fiscal Year 2026 [1][2]. Commercial Sales and Pipeline - The company has a robust commercial sales pipeline with over 65 projects in various stages of development, targeting applications from medical devices to large-scale markets like composites and coatings [2]. - HydroGraph is prioritizing the commercialization of these applications and is working closely with multiple partners to finalize agreements [2]. Scientific and Engineering Advancements - HydroGraph has developed a comprehensive library of graphene applications in collaboration with commercial partners and the Graphene Engineering and Innovation Centre [3]. - The company has documented the importance of purity and consistency in graphene production, which differentiates its products in the market [3]. Innovations and Patents - HydroGraph has announced its first graphene-related patents resulting from its innovation efforts, adding to its engineering knowledge for incorporating graphene into various applications [4]. Production Capacity and Expansion - The company has produced approximately one ton of graphene to date, with plans to expand production capacity to about 30 tons per year through additional Hyperion Reactors [5][6]. - A new facility in Austin, TX is set to enhance operations and production capabilities, with construction expected to begin soon and operational by Spring 2026 [5][6]. Strategic Relationships and Future Plans - HydroGraph is securing a new production facility in Texas, which will provide access to acetylene, a key input material, enabling rapid scale-up of manufacturing capacity [6]. - The company is considering strategic initiatives, including a potential NASDAQ listing, to enhance access to capital and strengthen industry relationships [10]. Customer Engagement and Market Interest - HydroGraph has sold graphene to over 60 customers currently in the testing phase, with many expected to close within 2026 [8]. - The company is also engaging with U.S. government and military contacts regarding the role of graphene in national interests, indicating growing federal interest in domestic supply of key resources [9].

Group 1 - Hamilton Insurance's stock closed at $23.53, reflecting a -3.61% change from the previous day's closing price, underperforming compared to the S&P 500's daily loss of 0.63% [1] - Over the past month, Hamilton Insurance shares have appreciated by 3.61%, outperforming the Finance sector's loss of 0.83% and the S&P 500's gain of 0.92% [1] Group 2 - The upcoming earnings report for Hamilton Insurance is scheduled for November 4, 2025, with expected earnings of $0.71 per share, indicating a year-over-year decline of 4.05% [2] - The consensus estimate projects revenue of $612.29 million, reflecting a 19.39% increase from the same quarter last year [2] Group 3 - For the full year, the Zacks Consensus Estimates project earnings of $0 per share and revenue of $2.76 billion, showing changes of 0% and +18.28% respectively from the previous year [3] - Recent changes to analyst estimates for Hamilton Insurance suggest evolving short-term business trends, with positive revisions indicating a favorable business outlook [3] Group 4 - The Zacks Rank system, which assesses estimate changes, provides a rating system that can help investors capitalize on stock price performance [4] - The Zacks Rank spans from 1 (Strong Buy) to 5 (Strong Sell), with 1 ranked stocks yielding an average annual return of +25% since 1988 [5] Group 5 - Hamilton Insurance is currently trading at a Forward P/E ratio of 7.26, which is lower than the industry average Forward P/E of 9.56, suggesting it is trading at a discount [6] - The Insurance - Multi line industry is part of the Finance sector and currently holds a Zacks Industry Rank of 68, placing it in the top 28% of over 250 industries [6]

Core Viewpoint - Hamilton Insurance Group has appointed Mike Mulray as Chief Underwriting Officer for Hamilton Select, effective October 20, 2025, to enhance underwriting operations and maintain market excellence [1] Company Summary - Mike Mulray will lead the underwriting operations at Hamilton Select, which is the company's US excess and surplus lines insurer [1] - Mulray will report directly to Anita Kuchma, the Chief Executive Officer of Hamilton Select [1]

Core Insights - HydroGraph Clean Power Inc. has been granted U.S. Patent No. 12,378,948 for a novel actuator technology utilizing electrically conductive porous carbon materials, including its proprietary Fractal Graphene™ [1][2] - This patent represents the first invention developed in HydroGraph's laboratories, expanding its intellectual property portfolio beyond foundational graphene synthesis patents [2] - The patented actuator design leverages the unique properties of Fractal Graphene™ to create an electrothermal actuator capable of generating controlled mechanical force [3] Company Developments - HydroGraph now holds 11 additional patent applications pending, covering various material innovations and applications [2] - The company aims to commercialize high-purity graphene while exploring the versatility of its technology platform through this patent [6] - The patent positions HydroGraph to develop a range of actuators, from cost-sensitive carbon black versions to premium graphene foam designs [6] Market Context - The global actuators market was valued at approximately USD 66.95 billion in 2024 and is projected to reach USD 71.22 billion in 2025, with an expected growth to around USD 100.41 billion by 2030, reflecting a compound annual growth rate of about 7.1 percent [4] - The demand for actuator technologies is increasing across various sectors, including automotive, manufacturing, robotics, and consumer appliances, emphasizing the need for greater efficiency and lower noise [4] Technical Insights - The Fractal Graphene™ structure is over 95 percent air, allowing it to generate force when heated electrically, making it effectively an electrically conducting air [5] - The actuator can generate approximately one newton of force from a unit the size of a finger, with scalability for larger outputs [3] - Potential applications for the patented technology include HVAC systems, consumer appliances, automotive thermal management, microfluidics, diagnostics, aerospace, and robotics [8]

Company Performance - Hamilton Insurance's stock closed at $24.64, reflecting a +1.19% change from the previous day's closing price, outperforming the S&P 500's gain of 0.59% [1] - The stock has increased by 1.63% over the past month, which is slightly below the Finance sector's gain of 1.64% and the S&P 500's gain of 2.72% [1] Earnings Forecast - Hamilton Insurance is expected to report earnings of $0.51 per share, indicating a year-over-year decline of 31.08% [2] - The projected revenue for the upcoming release is $612.29 million, which represents a 19.39% increase compared to the same quarter last year [2] Full-Year Estimates - The Zacks Consensus Estimates for Hamilton Insurance indicate earnings of $0 per share and revenue of $2.76 billion for the full year, reflecting year-over-year changes of 0% and +18.28%, respectively [3] - Recent changes to analyst estimates are crucial as they often signal shifts in near-term business trends, with positive revisions indicating analysts' confidence in the company's performance [3] Valuation Metrics - Hamilton Insurance is currently trading at a Forward P/E ratio of 7.71, which is lower than its industry's Forward P/E of 9.86, suggesting a valuation discount [6] - The Insurance - Multi line industry, part of the Finance sector, holds a Zacks Industry Rank of 89, placing it in the top 37% of over 250 industries [6] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown a strong track record, with 1 stocks averaging an annual return of +25% since 1988 [5] - Currently, Hamilton Insurance has a Zacks Rank of 3 (Hold), with no changes in the consensus EPS projection over the past 30 days [5]

Core Insights - HydroGraph Clean Power Inc. has announced a new peer-reviewed study demonstrating that its aerogel ink made with graphene can enhance the heat transfer coefficient of copper by 152%, indicating significant potential for high-performance thermal management in microelectronics [1][2]. Company Overview - HydroGraph is a leading producer of ultra-pure graphene, utilizing an "explosion synthesis" process that ensures exceptional purity and consistency in production [6]. - The company adheres to the Graphene Council's Verified Graphene Producer® standards, which only a few graphene producers can meet [6]. Study Findings - The study published in Graphene and 2D Materials confirmed that HydroGraph's oxygenated graphene ink coatings significantly improve cooling for high-powered microelectronics, achieving over 1.5 times the heat transfer of bare copper and a 40% increase in critical heat flux (CHF) [2]. - The research highlights the engineered surface texture of graphene coatings, which enhances cooling through improved bubble formation and evaporation [2][4]. Market Potential - The thermal management materials market in microelectronics was valued at $7.21 billion in 2024 and is projected to grow to $12.6 billion by 2033, indicating a substantial commercial opportunity for HydroGraph's graphene-based solutions [3]. Technological Advancements - The study tested three graphene-based coatings, demonstrating a 62% enhancement in bubble growth over bare copper, which contributes to improved heat dissipation [5]. - HydroGraph's aerosol delivery method for graphene coatings offers a sinter-free, manufacturable solution for cooling high-power devices, addressing the challenges posed by increasing power densities in semiconductors [4].

Part I. Financial Information [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents Hamilton Insurance Group's unaudited consolidated financial statements and notes for Q2 and H1 2025 [Note 1. Organization](index=12&type=section&id=Note%201.%20Organization) Hamilton Insurance Group, a Bermuda-incorporated holding company, operates globally through subsidiaries like Hamilton Re, Lloyd's Syndicate 4000, and has a strategic investment with Two Sigma - The company's Bermuda operations are led by Hamilton Re, Ltd., a Class 4 insurer writing property, casualty, and specialty insurance and reinsurance globally[28](index=28&type=chunk) - London operations are conducted through Hamilton Managing Agency Limited (HMA), which manages the wholly aligned Syndicate 4000 in the Lloyd's market[31](index=31&type=chunk) - The company has a strategic investment commitment in the Two Sigma Hamilton Fund (TS Hamilton Fund) for up to the lesser of **$1.8 billion** or **60% of the Group's net tangible assets**[35](index=35&type=chunk) [Note 3. Investments](index=13&type=section&id=Note%203.%20Investments) This note details the company's investment portfolio, including fixed maturities, short-term investments, and Two Sigma Funds, along with associated fee structures Investment Portfolio Composition (June 30, 2025) | Investment Type | Fair Value ($ thousands) | | :--- | :--- | | Total Fixed Maturities | 2,698,470 | | Short-term Investments | 307,129 | | Investments in Two Sigma Funds | 1,453,781 | | **Total Investments** | **4,459,380** | - Effective January 1, 2025, the Company expanded its investment in Two Sigma Funds to include allocations to ATV, HTV, NTV, and KTV, in addition to the existing STV, ESTV, and FTV funds[50](index=50&type=chunk) Fees Paid to Two Sigma | Fee Type | Q2 2025 ($ millions) | H1 2025 ($ millions) | | :--- | :--- | :--- | | Management Fee | 13.1 | 25.5 | | Incentive Allocation | 80.4 | 180.7 | [Note 6. Reinsurance](index=22&type=section&id=Note%206.%20Reinsurance) This note details the company's reinsurance strategy, including recoverables, collateralization, and catastrophe bond arrangements for risk management - As of June 30, 2025, **99.9%** of the company's reinsurance recoverables were either collateralized or with reinsurers rated 'A-' or better[85](index=85&type=chunk) - The company's catastrophe bond through Easton Re provides **$200 million** in multi-year risk transfer capacity against U.S. named storm and U.S./Canada earthquake risks for the period January 1, 2024, to December 31, 2026[88](index=88&type=chunk) [Note 7. Reserve for Losses and Loss Adjustment Expenses](index=24&type=section&id=Note%207.%20Reserve%20for%20Losses%20and%20Loss%20Adjustment%20Expenses) This note details the company's loss reserves, including favorable prior year development and specific net reserves for major events - For the six months ended June 30, 2025, the company experienced net favorable prior year development of **$34.7 million**, driven by favorable development on property contracts (**$35.6 million**) and specialty contracts (**$18.3 million**), partially offset by unfavorable development on casualty contracts (**$20.4 million**)[90](index=90&type=chunk)[91](index=91&type=chunk) Net Reserves for Major Events (as of June 30, 2025) | Event | Net Reserves ($ millions) | | :--- | :--- | | California Wildfires | 73.2 | | Baltimore Bridge Collapse | 20.5 | | Ukraine Conflict | 59.3 | [Note 8. Segment Reporting](index=26&type=section&id=Note%208.%20Segment%20Reporting) This note details the performance of the International and Bermuda segments, including underwriting income and combined ratios Segment Performance - Six Months Ended June 30, 2025 | Segment | Gross Premiums Written ($ thousands) | Underwriting Income (Loss) ($ thousands) | Combined Ratio (%) | | :--- | :--- | :--- | :--- | | **International** | 714,757 | 27,931 | 94.4 | | **Bermuda** | 840,575 | (18,732) | 103.6 | | **Total** | **1,555,332** | **9,199** | **99.1** | Segment Performance - Three Months Ended June 30, 2025 | Segment | Gross Premiums Written ($ thousands) | Underwriting Income (Loss) ($ thousands) | Combined Ratio (%) | | :--- | :--- | :--- | :--- | | **International** | 344,799 | 27,118 | 89.3 | | **Bermuda** | 367,227 | 40,341 | 84.3 | | **Total** | **712,026** | **67,459** | **86.8** | [Note 9. Debt and Credit Facilities](index=31&type=section&id=Note%209.%20Debt%20and%20Credit%20Facilities) This note outlines the company's debt and credit facilities, including a new $150 million term loan and available liquidity - The company refinanced its debt with a new **$150 million** term loan facility on June 10, 2025, maturing in June 2028[114](index=114&type=chunk) - As of June 30, 2025, the company had **$1.08 billion** in available letter of credit and revolving loan facilities, with **$699.5 million** utilized[123](index=123&type=chunk) [Note 10. Share Capital](index=33&type=section&id=Note%2010.%20Share%20Capital) This note details the company's share capital structure, including share repurchase activity and Class C to Class B share conversions - During the six months ended June 30, 2025, the company repurchased **2.1 million Class B common shares** at an aggregate cost of **$45.3 million**[127](index=127&type=chunk) - As of June 30, 2025, **$76.6 million** remained available for share repurchases under the board's **$150 million** authorization[127](index=127&type=chunk) Consolidated Balance Sheet Highlights (as of June 30, 2025) | Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | **Total Investments** | 4,459,380 | 3,814,353 | | **Total Assets** | 8,913,050 | 7,796,033 | | **Total Liabilities** | 6,285,167 | 5,467,196 | | **Total Shareholders' Equity** | 2,558,591 | 2,328,709 | Consolidated Statement of Operations Highlights | Metric | Three Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | | :--- | :--- | :--- | | **Gross Premiums Written** | 712,026 | 1,555,332 | | **Net Premiums Earned** | 511,163 | 1,010,091 | | **Total Revenues** | 740,765 | 1,509,550 | | **Net Income** | 267,786 | 449,053 | | **Net Income Attributable to Common Shareholders** | 187,415 | 268,288 | Earnings Per Share (EPS) | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | **Basic EPS** | $1.85 | $2.64 | | **Diluted EPS** | $1.79 | $2.56 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, strategic priorities, and market conditions, highlighting premium growth, investment returns, and capital position - The company operates through two reporting segments: International (including Hamilton Global Specialty and Hamilton Select) and Bermuda (Hamilton Re)[142](index=142&type=chunk)[145](index=145&type=chunk) - A key strategic priority is sustainable underwriting profitability, complemented by a unique investment management relationship with Two Sigma[141](index=141&type=chunk)[143](index=143&type=chunk) - The company expects to be exempt from the new **15% Bermuda corporate income tax** until January 1, 2030, and has recorded a deferred tax asset of **$35.4 million** related to the economic transition adjustment (ETA)[152](index=152&type=chunk) [Summary Results of Operations](index=42&type=section&id=Summary%20Results%20of%20Operations) This section analyzes consolidated and segment-level results, highlighting premium growth, net income, combined ratios, and investment returns for Q2 and H1 2025 Q2 2025 vs Q2 2024 Consolidated Results | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Gross Premiums Written | $712.0M | $603.3M | | Net Income Attributable to Common Shareholders | $187.4M | $131.1M | | Diluted EPS | $1.79 | $1.20 | | Combined Ratio | 86.8% | 84.4% | H1 2025 vs H1 2024 Consolidated Results | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Gross Premiums Written | $1,555.3M | $1,325.2M | | Net Income Attributable to Common Shareholders | $268.3M | $288.3M | | Diluted EPS | $2.56 | $2.57 | | Combined Ratio | 99.1% | 87.9% | - Catastrophe losses for H1 2025 were **$152.0 million**, primarily driven by California wildfires (**$159.7 million gross**), which significantly increased the combined ratio[221](index=221&type=chunk) [Key Operating and Financial Metrics](index=73&type=section&id=Key%20Operating%20and%20Financial%20Metrics) This section highlights key operating metrics, including book value per common share and return on average common shareholders' equity (ROACE) Book Value Per Share Growth | Metric | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Book Value per Common Share | $25.55 | $22.95 | +11.3% | | Tangible Book Value per Common Share | $24.65 | $22.03 | +11.9% | Return on Average Common Shareholders' Equity (ROACE) | Period | ROACE | | :--- | :--- | | Three Months Ended June 30, 2025 | 7.6% | | Six Months Ended June 30, 2025 | 11.0% | [Financial Condition, Liquidity and Capital Resources](index=77&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) This section assesses the company's financial condition, liquidity, and capital resources, highlighting cash, investments, and shareholders' equity - Total cash and investments increased to **$5.5 billion** as of June 30, 2025, up from **$4.9 billion** at December 31, 2024, driven by positive investment returns and deployment of cash[286](index=286&type=chunk) - Consolidated shareholders' equity increased by **9.9%** to **$2.6 billion** in the first six months of 2025, primarily due to net income of **$268.3 million**, partially offset by share repurchases[311](index=311&type=chunk) - The company has access to monthly and daily liquidity options from its TS Hamilton Fund investment, subject to its minimum investment commitment[308](index=308&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=88&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its principal market risks, including interest rate, credit spread, equity price, and foreign currency risks - There were no material changes to the company's market risk exposures during the quarter[336](index=336&type=chunk) [Controls and Procedures](index=88&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of the end of the reporting period[337](index=337&type=chunk) - No material changes to internal control over financial reporting were identified during the quarter[338](index=338&type=chunk) Part II. Other Information [Legal Proceedings](index=89&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from the company's 2024 Form 10-K - Information regarding legal proceedings is referenced from the company's 2024 Annual Report on Form 10-K[339](index=339&type=chunk) [Risk Factors](index=89&type=section&id=Item%201A.%20Risk%20Factors) Readers are directed to the comprehensive risk factors discussed in the company's 2024 Form 10-K - Investors are advised to consider the risk factors detailed in the company's 2024 Annual Report on Form 10-K[340](index=340&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=89&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activity during Q2 2025 under its $150 million authorization Share Repurchases (Q2 2025) | Month | Shares Repurchased | Average Price per Share | | :--- | :--- | :--- | | April 2025 | 0 | N/A | | May 2025 | 550,654 | $21.07 | | June 2025 | 1,102,291 | $21.26 | | **Total Q2** | **1,652,945** | **N/A** | - As of June 30, 2025, the maximum amount still available for repurchase under the program was **$76.6 million**[342](index=342&type=chunk) [Exhibits](index=90&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including credit agreements, employment agreements, and certifications