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Part I. Financial Information [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements and detailed notes on the company's financial position and performance [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Table: Unaudited Condensed Consolidated Balance Sheets | Metric | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :--------------------------------- | :--------------------------------- | :--------------------------------- | | Total Assets | 7,349,025 | 6,671,355 | | Total Liabilities | 5,084,793 | 4,623,372 | | Total Shareholders' Equity | 2,209,505 | 2,047,850 | | Investments in Two Sigma Funds | 953,659 | 851,470 | | Cash and cash equivalents | 1,085,038 | 794,509 | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) Table: Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | Metric | Three Months Ended March 31, 2024 ($ in thousands) | Three Months Ended March 31, 2023 ($ in thousands) | | :------------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Total Revenues | 658,645 | 322,381 | | Net Premiums Earned | 385,303 | 283,902 | | Net Realized and Unrealized Gains (Losses) on Investments | 255,371 | 35,133 | | Net Income (Loss) | 277,332 | 53,002 | | Diluted Income (Loss) Per Share | 1.38 | 0.49 | [Unaudited Condensed Consolidated Statements of Shareholders' Equity](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity) Table: Unaudited Condensed Consolidated Statements of Shareholders' Equity | Metric | March 31, 2024 ($ in thousands) | March 31, 2023 ($ in thousands) | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Total Shareholders' Equity | 2,209,505 | 1,716,440 | | Net Income (Loss) | 277,332 | 53,002 | | Share Compensation Expense | 7,293 | 2,373 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Table: Unaudited Condensed Consolidated Statements of Cash Flows | Activity | Three Months Ended March 31, 2024 ($ in thousands) | Three Months Ended March 31, 2023 ($ in thousands) | | :----------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Net cash provided by (used in) operating activities | 158,200 | 12,086 | | Net cash provided by (used in) investing activities | 194,127 | (132,129) | | Net cash provided by (used in) financing activities | (68,376) | (3,117) | | Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 279,743 | (122,388) | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Organization](index=12&type=section&id=Note%201.%20Organization) - Hamilton Insurance Group, Ltd. (Hamilton Group) was incorporated in Bermuda in 2013 and completed an initial public offering (IPO) of its Class B common shares on November 14, 2023, generating net proceeds of **$80.6 million**[30](index=30&type=chunk) - The company operates globally through key subsidiaries including Hamilton Re (Bermuda), Hamilton Managing Agency Limited (London), Hamilton Insurance Designated Activity Company (Dublin), Hamilton Managing General Agency Americas LLC (US), and Hamilton Select Insurance Inc. (US E&S carrier)[31](index=31&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - Hamilton Re has a significant investment commitment in Two Sigma Hamilton Fund, LLC (TS Hamilton Fund), an amount up to the lesser of **$1.8 billion** or **60% of Hamilton Group's net tangible assets**[38](index=38&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=13&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) - The unaudited condensed consolidated financial statements are prepared in accordance with GAAP and Article 10 of Regulation S-X, reflecting all necessary adjustments for fair presentation[43](index=43&type=chunk) - There have been no material changes to the company's significant accounting policies as described in its Annual Report on Form 10-K for 2023[42](index=42&type=chunk) - Recently issued accounting pronouncements, ASU 2023-07 (Segment Reporting) and ASU 2023-09 (Income Taxes), are not expected to have a material impact on the company's financial position or results[46](index=46&type=chunk)[47](index=47&type=chunk) [Note 3. Investments](index=14&type=section&id=Note%203.%20Investments) Table: Investments by Type | Investment Type | Fair Value (Mar 31, 2024, $ in thousands) | Fair Value (Dec 31, 2023, $ in thousands) | | :--------------------------------- | :---------------------------------------- | :---------------------------------------- | | Fixed Maturity Investments | 1,877,130 | 1,831,268 | | Short-Term Investments | 352,068 | 428,878 | | Investments in Two Sigma Funds | 953,659 | 851,470 | - The company's investments in Two Sigma Funds (FTV, STV, ESTV) aim for absolute dollar-denominated returns through multiple hedged and leveraged systematic investment strategies[52](index=52&type=chunk) - Pledged investments at fair value totaled **$237.0 million** for Lloyd's capital requirements, **$54.1 million** for U.S. state regulatory authorities, and **$36.7 million** for other underwriting obligations as of March 31, 2024[65](index=65&type=chunk) [Note 4. Fair Value](index=19&type=section&id=Note%204.%20Fair%20Value) - Fair value measurements prioritize inputs into a three-level hierarchy: Level 1 (unadjusted quoted prices in active markets), Level 2 (observable inputs other than Level 1), and Level 3 (unobservable inputs)[69](index=69&type=chunk) - The company's fixed maturity and short-term investments are predominantly classified as **Level 2**, with fair values determined using observable market inputs such as quoted prices, reported trades, benchmark yields, and credit spreads[70](index=70&type=chunk)[73](index=73&type=chunk) [Note 5. Variable Interest Entities](index=22&type=section&id=Note%205.%20Variable%20Interest%20Entities) - Two Sigma Hamilton Fund (TS Hamilton Fund) is identified as a Variable Interest Entity (VIE), and Hamilton Group is determined to be its primary beneficiary[76](index=76&type=chunk) Table: Non-controlling Interest Activity | Non-controlling Interest Activity | Three Months Ended March 31, 2024 ($ in thousands) | Three Months Ended March 31, 2023 ($ in thousands) | | :-------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Balance - beginning of period | 133 | 119 | | Withdrawals | (65,564) | (1,509) | | Incentive allocation | 120,137 | 1,509 | - Total net assets managed by TS Hamilton Fund increased to **$1.92 billion** at March 31, 2024, from **$1.73 billion** at December 31, 2023[78](index=78&type=chunk) [Note 6. Reinsurance](index=23&type=section&id=Note%206.%20Reinsurance) Table: Reinsurance Recoverables | Metric | March 31, 2024 ($ in millions) | December 31, 2023 ($ in millions) | | :--------------------------------- | :------------------------------- | :-------------------------------- | | Premiums Receivable (net) | 856.1 | 658.4 | | Paid Losses Recoverable (net) | 169.5 | 145.2 | | Unpaid Losses & LAE Recoverable (net) | 1,200.0 | 1,200.0 | - The company utilizes catastrophe bond reinsurance, with Easton Re providing **$200 million** in multi-year risk transfer capacity for U.S. named storm and U.S./Canada earthquake risk, effective January 1, 2024[90](index=90&type=chunk) - At March 31, 2024, **74.3%** of reinsurance recoverable balances were rated A- or better, and **25.2%** were collateralized[87](index=87&type=chunk) [Note 7. Reserve for Losses and Loss Adjustment Expenses](index=25&type=section&id=Note%207.%20Reserve%20for%20Losses%20and%20Loss%20Adjustment%20Expenses) Table: Gross Unpaid Losses and Loss Adjustment Expenses | Metric | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :----------------------------------------- | :-------------------------------- | :--------------------------------- | | Gross unpaid losses and loss adjustment expenses | 3,148,782 | 3,030,037 | - Net unfavorable prior year development of **$12.1 million** for Q1 2024 was primarily driven by attritional losses in specialty and casualty contracts, partially offset by favorable development in property contracts[93](index=93&type=chunk) - The company recorded reserves of **$37.9 million** for the Baltimore Bridge collapse, **$64.4 million** for the Ukraine conflict, and **$15.8 million** for Covid-19 losses as of March 31, 2024[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [Note 8. Segment Reporting](index=26&type=section&id=Note%208.%20Segment%20Reporting) - The company has two reportable business segments: International (London, Dublin, and Hamilton Select operations) and Bermuda (Hamilton Re and Hamilton Re US)[101](index=101&type=chunk)[103](index=103&type=chunk) Table: Combined Ratio by Segment | Segment | Combined Ratio (Q1 2024) | Combined Ratio (Q1 2023) | | :---------------- | :----------------------- | :----------------------- | | International | 97.2 % | 89.1 % | | Bermuda | 85.5 % | 86.9 % | | Total | 91.5 % | 87.9 % | Table: Gross Premiums Written by Segment | Segment | Gross Premiums Written (Q1 2024, $ in thousands) | Gross Premiums Written (Q1 2023, $ in thousands) | | :---------------- | :----------------------------------------------- | :----------------------------------------------- | | International | 320,841 | 247,114 | | Bermuda | 401,100 | 291,050 | | Total | 721,941 | 538,164 | [Note 9. Debt and Credit Facilities](index=29&type=section&id=Note%209.%20Debt%20and%20Credit%20Facilities) - The company has an unsecured **$150 million** term loan credit arrangement, maturing on June 23, 2025, and was in compliance with all covenants as of March 31, 2024[111](index=111&type=chunk) Table: Debt and Credit Facility Commitments | Metric | March 31, 2024 ($ in thousands) | | :------------------------------------------------- | :-------------------------------- | | Available letter of credit and revolving loan facilities - commitments | 995,000 | | Available letter of credit and revolving loan facilities - in use | 745,958 | | Security pledged in TS Hamilton Fund | 237,461 | | Security pledged in fixed income portfolio | 251,588 | | Cash pledged | 2,339 | - Interest expense for Q1 2024 was **$5.7 million**, a modest increase from **$5.5 million** in Q1 2023, primarily due to the increase in the Secured Overnight Financing Rate (SOFR)[121](index=121&type=chunk) [Note 10. Share Capital](index=30&type=section&id=Note%2010.%20Share%20Capital) Table: Issued & Outstanding Shares by Class | Share Class | Issued & Outstanding (Mar 31, 2024) | Issued & Outstanding (Dec 31, 2023) | | :---------------- | :---------------------------------- | :---------------------------------- | | Class A | 28,644,807 | 28,644,807 | | Class B | 56,813,977 | 56,036,067 | | Class C | 25,544,229 | 25,544,229 | | Total | 111,003,013 | 110,225,103 | - Holders of Class A and Class B common shares generally have one vote per share, subject to voting limitations (**9.5%** or **14.92%** for class votes), while Class C common shares have no voting rights[124](index=124&type=chunk) [Note 11. Earnings Per Share](index=32&type=section&id=Note%2011.%20Earnings%20Per%20Share) Table: Earnings Per Share | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------------- | :-------------------------------- | :-------------------------------- | | Net income (loss) attributable to common shareholders | 157,174 | 51,492 | | Basic income (loss) per share | 1.42 | 0.50 | | Diluted income (loss) per share | 1.38 | 0.49 | [Note 12. Subsequent Events](index=32&type=section&id=Note%2012.%20Subsequent%20Events) - On May 8, 2024, the company entered into an agreement to repurchase **9,124,729 Class A common shares** at **$12.00 per share**, totaling **$109.5 million**, with the transaction expected to close on May 10, 2024[128](index=128&type=chunk) - Following the repurchase, the company will have **101,878,284 shares** issued and outstanding[128](index=128&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, condition, liquidity, and capital resources, including segment results and key metrics [Overview](index=35&type=section&id=Overview) - Hamilton Insurance Group is a global specialty insurance and reinsurance company, leveraging diverse underwriting operations (International and Bermuda segments), proprietary technology, a strong balance sheet, and a unique investment management relationship with Two Sigma[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - The company sees significant growth opportunities in both insurance and reinsurance markets, particularly benefiting from a strong rate environment and increased submissions in the E&S market[135](index=135&type=chunk)[136](index=136&type=chunk) - The investment portfolio includes the Two Sigma Hamilton Fund (TSHF), managed by Two Sigma for low-correlated absolute returns, and an investment-grade fixed income portfolio benefiting from strong interest rates[137](index=137&type=chunk)[138](index=138&type=chunk) - The Bermuda Government enacted a **15% corporate income tax** effective January 1, 2025, but Hamilton Group expects to be exempt from the worldwide minimum tax until January 1, 2030, under certain conditions[143](index=143&type=chunk) [Summary of Critical Accounting Estimates](index=37&type=section&id=Summary%20of%20Critical%20Accounting%20Estimates) - There have been no material changes to the company's critical accounting estimates, including '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,' as disclosed in the 2023 Form 10-K[144](index=144&type=chunk) [Summary Results of Operations](index=38&type=section&id=Summary%20Results%20of%20Operations) [Consolidated Results of Operations](index=38&type=section&id=Consolidated%20Results%20of%20Operations) Table: Consolidated Results of Operations Summary | Metric | Three Months Ended March 31, 2024 ($ in thousands) | Three Months Ended March 31, 2023 ($ in thousands) | YoY Change (%) | | :------------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | :------------- | | Gross Premiums Written | 721,941 | 538,164 | 34.1 % | | Net Premiums Earned | 385,303 | 283,902 | 35.7 % | | Net Income (Loss) Attributable to Common Shareholders | 157,174 | 51,492 | 205.2 % | | Combined Ratio | 91.5 % | 87.9 % | 3.6 pts | | Loss and Loss Adjustment Expense Ratio | 60.3 % | 52.3 % | 8.0 pts | | Return on Average Common Shareholders' Equity | 7.4 % | 3.0 % | 4.4 pts | - The attritional loss ratio - current year increased by **8.1 percentage points** to **57.2%** in Q1 2024, primarily due to **$37.9 million** in losses from the Francis Scott Key Baltimore Bridge collapse[154](index=154&type=chunk) - Total net realized and unrealized gains (losses) on investments and net investment income (loss) from TS Hamilton Fund, prior to non-controlling interest, significantly increased to **$262.8 million** in Q1 2024 from **$10.1 million** in Q1 2023, driven by macroeconomic trading and single name equities[157](index=157&type=chunk)[158](index=158&type=chunk)[161](index=161&type=chunk) [Segment Information](index=42&type=section&id=Segment%20Information) [International Segment](index=43&type=section&id=International%20Segment) Table: International Segment Performance | Metric | Three Months Ended March 31, 2024 ($ in thousands) | Three Months Ended March 31, 2023 ($ in thousands) | YoY Change (%) | | :--------------------------------- | :------------------------------------------------- | :------------------------------------------------- | :------------- | | Gross Premiums Written | 320,841 | 247,114 | 29.8 % | | Net Premiums Earned | 196,814 | 149,515 | 31.6 % | | Underwriting Income (Loss) | 5,315 | 16,370 | (67.5) % | | Combined Ratio | 97.2 % | 89.1 % | 8.1 pts | | Loss and Loss Adjustment Expense Ratio | 59.0 % | 47.1 % | 11.9 pts | - The increase in the current year attritional loss ratio was primarily driven by **$11.8 million** of losses arising from the Baltimore Bridge collapse[177](index=177&type=chunk) - Unfavorable prior year attritional loss development of **2.9%** was primarily due to two large losses in specialty insurance, partially offset by smaller reserve releases[178](index=178&type=chunk) [Bermuda Segment](index=47&type=section&id=Bermuda%20Segment) Table: Bermuda Segment Performance | Metric | Three Months Ended March 31, 2024 ($ in thousands) | Three Months Ended March 31, 2023 ($ in thousands) | YoY Change (%) | | :--------------------------------- | :------------------------------------------------- | :------------------------------------------------- | :------------- | | Gross Premiums Written | 401,100 | 291,050 | 37.8 % | | Net Premiums Earned | 188,489 | 134,387 | 40.3 % | | Underwriting Income (Loss) | 27,207 | 17,693 | 53.8 % | | Combined Ratio | 85.5 % | 86.9 % | (1.4) pts | | Loss and Loss Adjustment Expense Ratio | 61.6 % | 58.2 % | 3.4 pts | - The current year attritional loss ratio increased by **10.3 percentage points** to **58.4%**, primarily driven by **$26.1 million** of losses from the Baltimore Bridge collapse[189](index=189&type=chunk) - Third-party fee income significantly increased to **$3.9 million** in Q1 2024 from **$0.1 million** in Q1 2023, driven by performance-based management fees recognized by Ada Capital Management Limited[187](index=187&type=chunk) [Corporate and Other](index=50&type=section&id=Corporate%20and%20Other) Table: Corporate and Other Financials | Metric | Three Months Ended March 31, 2024 ($ in thousands) | Three Months Ended March 31, 2023 ($ in thousands) | | :------------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Total Net Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss) - TSHF | 262,821 | 10,064 | | Corporate Expenses | 11,502 | 6,664 | | Net Foreign Exchange Gains (Losses) | (2,125) | (2,046) | - TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of **8.3%** in Q1 2024, significantly up from **0.5%** in Q1 2023[197](index=197&type=chunk) - Corporate expenses increased by **$4.8 million**, primarily due to **$3.7 million** of Value Appreciation Pool (VAP) expense, increased headcount, variable performance-based compensation, and professional fees associated with operating as a public company[205](index=205&type=chunk) [Key Operating and Financial Metrics](index=54&type=section&id=Key%20Operating%20and%20Financial%20Metrics) Table: Book Value per Common Share | Metric | March 31, 2024 | December 31, 2023 | Change (%) | | :--------------------------------- | :------------- | :---------------- | :--------- | | Book Value per Common Share | $19.90 | $18.58 | 7.1 % | | Tangible Book Value per Common Share | $19.07 | $17.75 | 7.4 % | Table: Return on Average Common Shareholders' Equity | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------------- | :-------------------------------- | :-------------------------------- | | Return on Average Common Shareholders' Equity | 7.4 % | 3.0 % | [Non-GAAP Measures](index=56&type=section&id=Non-GAAP%20Measures) - The company presents non-GAAP financial measures, including underwriting income (loss), third-party fee income, and other underwriting expenses, to provide a clearer understanding of core operational performance[219](index=219&type=chunk) Table: Non-GAAP Financial Metrics | Non-GAAP Metric | Three Months Ended March 31, 2024 ($ in thousands) | Three Months Ended March 31, 2023 ($ in thousands) | | :--------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Underwriting Income (Loss) | 32,522 | 34,063 | | Third Party Fee Income | 7,478 | 3,004 | | Other Underwriting Expenses | 43,353 | 39,142 | [Financial Condition, Liquidity and Capital Resources](index=58&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) [Financial Condition](index=58&type=section&id=Financial%20Condition) - The company maintains two segregated investment portfolios: a fixed maturities and short-term investments trading portfolio focused on capital preservation and liquidity, and an investment in Two Sigma Hamilton Fund (TS Hamilton Fund) for non-market correlated absolute returns[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk) Table: Total Cash & Investments | Metric | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :--------------------------------- | :-------------------------------- | :--------------------------------- | | Total Cash & Investments | 4,363,460 | 4,012,476 | | Fixed Maturity Investments | 1,877,130 | 1,831,268 | | Short-Term Investments | 352,068 | 428,878 | | Investments in Two Sigma Funds | 953,659 | 851,470 | [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) [Liquidity](index=62&type=section&id=Liquidity) - Management believes that significant cash flows from operations and a high-quality liquid investment portfolio provide sufficient liquidity for the foreseeable future[247](index=247&type=chunk) Table: Cash and Cash Equivalents | Metric | March 31, 2024 ($ in millions) | December 31, 2023 ($ in millions) | | :--------------------------------- | :------------------------------- | :-------------------------------- | | Unrestricted Cash and Cash Equivalents | 1,100.0 | 794.5 | | Restricted Cash and Cash Equivalents | 95.6 | 106.4 | [Holding Company](index=62&type=section&id=Holding%20Company) - Hamilton Insurance Group, Ltd. relies on dividends and distributions from its subsidiaries, receiving **$20.0 million** in Q1 2024 (vs. $Nil in Q1 2023)[249](index=249&type=chunk) - The estimated dividend distribution capacity of its subsidiaries was **$471.6 million** at December 31, 2023, providing sufficient liquidity for the holding company[249](index=249&type=chunk) [Operating Subsidiaries](index=63&type=section&id=Operating%20Subsidiaries) - Operating subsidiaries derive cash from net premiums and investment income, which typically fund operating expenses and dividend payments[250](index=250&type=chunk) - Each of the company's insurance subsidiaries and branches exceeded the minimum solvency, capital, and surplus requirements in their applicable jurisdictions at December 31, 2023[252](index=252&type=chunk) [Consolidated Cash Flows](index=63&type=section&id=Consolidated%20Cash%20Flows) Table: Consolidated Cash Flow Activities | Activity | Three Months Ended March 31, 2024 ($ in thousands) | Three Months Ended March 31, 2023 ($ in thousands) | | :----------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Operating activities | 158,200 | 12,086 | | Investing activities | 194,127 | (132,129) | | Financing activities | (68,376) | (3,117) | - Net cash provided by operating activities significantly increased due to timing differences in premium collection, reinsurance recoverables, and loss payments[254](index=254&type=chunk) - Net cash provided by investing activities shifted from a net outflow to a net inflow, primarily driven by the timing of investing activities and turnover in fixed maturities and short-term investments[255](index=255&type=chunk) [Capital Resources](index=64&type=section&id=Capital%20Resources) - The company's total capital increased by **7.9%** to **$2.2 billion** at March 31, 2024, from **$2.0 billion** at December 31, 2023, primarily driven by net income attributable to common shareholders[260](index=260&type=chunk) - Management monitors capital adequacy to meet rating agency and regulatory requirements and maintains flexibility to raise or return capital through share repurchases or dividends[259](index=259&type=chunk) [Debt](index=65&type=section&id=Debt) - The company has an unsecured **$150 million** term loan credit arrangement, which matures on June 23, 2025, and was in compliance with all financial covenants at March 31, 2024[261](index=261&type=chunk) Table: Outstanding Loan Balance | Metric | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :------------------------ | :-------------------------------- | :--------------------------------- | | Outstanding Loan Balance | 150,000 | 150,000 | [Common Shares](index=65&type=section&id=Common%20Shares) - The company's authorized and issued share capital includes Class A, Class B, and Class C common shares[263](index=263&type=chunk) - Class A and Class B common shares generally have voting rights, subject to certain limitations (**9.5%** or **14.92%** for class votes), while Class C common shares have no voting rights[263](index=263&type=chunk) [Credit Facilities](index=66&type=section&id=Credit%20Facilities) - The company utilizes several letter of credit facilities and a revolving loan facility, with total commitments of **$995 million**, to provide collateral for reinsureds and support capital requirements at Lloyd's[272](index=272&type=chunk) - These facilities are secured by pledged interests in the TS Hamilton Fund (**$237.5 million**), the fixed income portfolio (**$251.6 million**), and cash (**$2.3 million**) as of March 31, 2024[272](index=272&type=chunk) [Financial Strength Ratings](index=67&type=section&id=Financial%20Strength%20Ratings) - A.M. Best upgraded the Financial Strength Rating of Hamilton Re and HIDAC to '**A**' (Excellent) from '**A-**' (Excellent) on April 30, 2024, with a stable outlook[275](index=275&type=chunk) - Kroll Bond Rating Agency affirmed its '**A**' insurance financial strength rating for Hamilton Re and '**BBB+**' issuer rating for Hamilton Insurance Group, Ltd. on July 25, 2023, with a positive outlook[276](index=276&type=chunk) [Reserve for Losses and Loss Adjustment Expenses](index=67&type=section&id=Reserve%20for%20Losses%20and%20Loss%20Adjustment%20Expenses) - The company establishes loss reserves using actuarial models, historical industry experience, and loss development patterns, believing its recorded reserves are management's best estimate of ultimate liabilities[277](index=277&type=chunk) - The company utilizes reinsurance to reduce potential losses from claim events, recording amounts recoverable under reinsurance contracts as assets[280](index=280&type=chunk) [Recent Accounting Pronouncements](index=68&type=section&id=Recent%20Accounting%20Pronouncements) - No recently issued accounting pronouncements are expected to have a material impact on the company's results of operations, financial condition, or liquidity[281](index=281&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risks, including interest rate, credit, equity, and foreign currency, remain unchanged from the 2023 Form 10-K - The company's principal market risks include interest rate risk, credit spread risk, equity price risk, and foreign currency risk[282](index=282&type=chunk) - There were no material changes to these market risks as disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023[282](index=282&type=chunk) [Item 4. Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective, and no material changes in internal control over financial reporting occurred [Evaluation of Disclosure Controls and Procedures](index=68&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, providing reasonable assurance for timely and accurate reporting[283](index=283&type=chunk) [Changes in Internal Control Over Financial Reporting](index=68&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) - No changes in internal control over financial reporting were identified during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[284](index=284&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) No material changes to legal proceedings have occurred since the 2023 Form 10-K filing - No material changes to legal proceedings from the Form 10-K for the year ended December 31, 2023[285](index=285&type=chunk) [Item 1A. Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the 2023 Form 10-K filing - No material changes to risk factors from the Form 10-K for the year ended December 31, 2023[286](index=286&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=69&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 613,734 common shares in Q1 2024, mainly for employee tax obligations and warrant exercises Table: Common Shares Purchased | Period | Total Shares Purchased | | :------------------ | :--------------------- | | January 1 - 31, 2024 | 368,907 | | March 1 - 31, 2024 | 244,827 | | Total | 613,734 | - Shares were purchased from employees for withholding tax obligations on restricted stock awards and in respect of the purchase price for warrants exercised[288](index=288&type=chunk) - No shares were purchased under a publicly announced repurchase program during the first quarter of 2024[288](index=288&type=chunk) [Item 3. Defaults Upon Senior Securities](index=69&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None[290](index=290&type=chunk) [Item 4. Mine Safety Disclosures](index=69&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[291](index=291&type=chunk) [Item 5. Other Information](index=69&type=section&id=Item%205.%20Other%20Information) No other information is reported under this item - None[292](index=292&type=chunk) [Item 6. Exhibits](index=70&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including agreements and certifications - Exhibits include a Share Purchase Agreement (10.1), CEO and CFO Certifications (31.1, 31.2, 32.1, 32.2), and Interactive Data Files (101, 104)[294](index=294&type=chunk) [Signatures](index=71&type=section&id=Signatures) The report is officially signed by the Group Chief Financial Officer and Group Chief Accounting Officer - The report was signed by Craig Howie, Group Chief Financial Officer, and Brian Deegan, Group Chief Accounting Officer, on May 9, 2024[297](index=297&type=chunk)

Hamilton Reports 2024 First Quarter Results Net Income of $157 Million; Six Consecutive Quarters of Underwriting Income PEMBROKE, Bermuda, May 8, 2024 – Hamilton Insurance Group, Ltd. (NYSE: HG; "Hamilton" or "the Company") today announced financial results for the first quarter ended March 31, 2024. Commenting on the financial results, Pina Albo, CEO of Hamilton, said: "I am very proud of Hamilton's financial results for the first quarter. Not only did we generate strong underwriting and investment returns ...

The majority of U.S. stocks ended in the red on the last day of April, as recent data reflected a higher-than-expected rise in labor costs. This data, in addition to the dismal market consensus, with most investors expecting the U.S. central bank to leave interest rates unchanged, must have added to Wall Street’s woes.  In such a situation, an investor might not feel confident about investing in the stock market. However, a prudent investor knows that this is the right time to buy stocks that are safe bets. ...

Shares of Hamilton Insurance (HG) have gained 5.9% over the past four weeks to close the last trading session at $13.75, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $19 indicates a potential upside of 38.2%.The mean estimate comprises five short-term price targets with a standard deviation of $2.24. While the lowest estimate of $16 indicates a 16.4% increase from the current ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) For the fiscal year ended December 31, 2023 OR ☐ 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 jurisd ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Consolidated Highlights – Fourth Quarter 2023](index=1&type=section&id=Consolidated%20Highlights%20%E2%80%93%20Fourth%20Quarter) In the fourth quarter of 2023, Hamilton reported a significant turnaround with a net income of $126.9 million, compared to a loss in the prior year, driven by strong underwriting performance and substantial net investment income. The results were also positively impacted by a one-time income tax benefit from the enactment of the Bermuda Corporate Income Tax Act of 2023 Q4 2023 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Income | $126.9 million | | Annualized Return on Average Equity (ROAE) | 26.4% | | Gross Premiums Written | $433.8 million | | Net Premiums Earned | $366.1 million | | Combined Ratio | 90.2% | | Underwriting Income | $36.0 million | | Net Investment Income | $113.8 million | | Income Tax Benefit | $35.1 million | - Corporate expenses for the quarter were **$44.9 million**, which included **$18.9 million** in compensation costs related to the Value Appreciation Pool[5](index=5&type=chunk) [Consolidated Highlights – Full Year 2023](index=1&type=section&id=Consolidated%20Highlights%20%E2%80%93%20Full%20Year) For the full year 2023, Hamilton achieved a net income of $258.7 million and a return on average equity of 13.9%, marking a substantial improvement from the net loss in 2022. Growth was robust, with gross premiums written approaching $2 billion, alongside a strong combined ratio of 90.1% and significant underwriting and investment income Full Year 2023 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Income | $258.7 million | | Return on Average Equity (ROAE) | 13.9% | | Gross Premiums Written | $1,951.0 million | | Net Premiums Earned | $1,318.5 million | | Combined Ratio | 90.1% | | Underwriting Income | $129.9 million | | Net Investment Income | $218.3 million | | Income Tax Benefit | $35.1 million | - Full-year corporate expenses were **$76.7 million**, including **$30.3 million** in compensation costs from the Value Appreciation Pool[5](index=5&type=chunk) [Consolidated Financial Results](index=3&type=section&id=Consolidated%20Financial%20Results) [Fourth Quarter 2023 Consolidated Results](index=3&type=section&id=Fourth%20Quarter%202023%20Consolidated%20Results) In Q4 2023, Hamilton's gross premiums written grew 27.1% year-over-year to $433.8 million, driven by growth in both the International and Bermuda segments. Despite a slight increase in the combined ratio to 90.2% due to catastrophe losses, the company reported a net income of $126.9 million, a stark reversal from the $59.0 million loss in Q4 2022, largely due to strong investment gains Q4 2023 vs Q4 2022 Consolidated Performance | Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Gross Premiums Written | $433.8M | $341.3M | +27.1% | | Net Premiums Earned | $366.1M | $312.2M | +17.3% | | Underwriting Income | $36.0M | $38.6M | -6.7% | | Combined Ratio | 90.2% | 87.6% | +2.6 pts | | Net Income (Loss) | $126.9M | ($59.0M) | +$185.9M | | Diluted EPS | $1.15 | ($0.57) | +$1.72 | - Gross premiums written increased by **$92.5 million**, with the International Segment growing **16.7%** and the Bermuda Segment growing **49.9%**[7](index=7&type=chunk) - Catastrophe losses, net of reinsurance, were **$6.5 million**, or **1.8 points** on the combined ratio, primarily from the Hawaii wildfires and March storms[7](index=7&type=chunk) [Full Year 2023 Consolidated Results](index=4&type=section&id=Full%20Year%202023%20Consolidated%20Results) For the full year 2023, Hamilton demonstrated significant improvement, with gross premiums written increasing 18.5% to nearly $2.0 billion. The combined ratio improved dramatically by 12.7 points to 90.1%, driven by lower catastrophe losses compared to 2022. This led to a substantial underwriting income of $129.9 million and a net income of $258.7 million, reversing the prior year's losses Full Year 2023 vs Full Year 2022 Consolidated Performance | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Gross Premiums Written | $1,951.0M | $1,646.7M | +18.5% | | Net Premiums Earned | $1,318.5M | $1,143.7M | +15.3% | | Underwriting Income (Loss) | $129.9M | ($31.7M) | +$161.6M | | Combined Ratio | 90.1% | 102.8% | -12.7 pts | | Net Income (Loss) | $258.7M | ($98.0M) | +$356.7M | | Diluted EPS | $2.44 | ($0.95) | +$3.39 | - The significant improvement in the combined ratio was primarily due to a decrease in the catastrophe loss ratio from **16.3%** in 2022 to **3.2%** in 2023[8](index=8&type=chunk) - Full-year catastrophe losses were **$36.9 million** (**2.8 points**), driven by events including the Hawaii wildfires, March storms, and Hurricane Idalia[9](index=9&type=chunk) [Segment Underwriting Results](index=6&type=section&id=Segment%20Underwriting%20Results) [Fourth Quarter 2023 Segment Results](index=6&type=section&id=Fourth%20Quarter%202023%20Segment%20Results) In Q4 2023, the Bermuda Segment was the primary driver of profitability with $34.2 million in underwriting income and a strong combined ratio of 79.6%. The International Segment's underwriting income decreased significantly to $1.9 million, with its combined ratio rising to 99.1% due to higher expenses and less favorable prior year development [International Segment](index=6&type=section&id=Q4%202023%20International%20Segment) Q4 2023 International Segment Performance | Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Gross Premiums Written | $273.5M | $234.3M | +16.7% | | Underwriting Income | $1.9M | $15.7M | -87.9% | | Combined Ratio | 99.1% | 90.9% | +8.2 pts | - Premium growth was driven by specialty and casualty insurance and reinsurance classes[11](index=11&type=chunk) - The increase in the combined ratio was primarily due to a **4.3 point** rise in the other underwriting expense ratio from higher incentive compensation costs and less favorable prior year reserve development compared to Q4 2022[11](index=11&type=chunk)[12](index=12&type=chunk) [Bermuda Segment](index=7&type=section&id=Q4%202023%20Bermuda%20Segment) Q4 2023 Bermuda Segment Performance | Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Gross Premiums Written | $160.3M | $107.0M | +49.9% | | Underwriting Income | $34.2M | $23.0M | +48.9% | | Combined Ratio | 79.6% | 83.6% | -4.0 pts | - Strong premium growth was attributed to expanded participation, improved pricing in casualty reinsurance, and new business[14](index=14&type=chunk) - The combined ratio improved due to a lower other underwriting expense ratio and a better attritional loss experience, despite incurring **4.1 points** of current year catastrophe losses[13](index=13&type=chunk)[14](index=14&type=chunk) [Full Year 2023 Segment Results](index=8&type=section&id=Full%20Year%202023%20Segment%20Results) For the full year 2023, both segments delivered strong growth and improved profitability. The Bermuda Segment saw a remarkable turnaround, posting $92.9 million in underwriting income compared to a loss in 2022, with its combined ratio improving by 25 points. The International Segment also grew underwriting income to $37.0 million and improved its combined ratio to 94.7% [International Segment](index=8&type=section&id=FY%202023%20International%20Segment) Full Year 2023 International Segment Performance | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Gross Premiums Written | $1,105.5M | $933.2M | +18.5% | | Underwriting Income | $37.0M | $20.2M | +83.2% | | Combined Ratio | 94.7% | 96.7% | -2.0 pts | - The combined ratio improved due to a significantly lower catastrophe loss ratio (**1.5%** vs **7.2%** in 2022) and a lower acquisition cost ratio[15](index=15&type=chunk) [Bermuda Segment](index=10&type=section&id=FY%202023%20Bermuda%20Segment) Full Year 2023 Bermuda Segment Performance | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Gross Premiums Written | $845.5M | $713.4M | +18.5% | | Underwriting Income (Loss) | $92.9M | ($51.9M) | +$144.8M | | Combined Ratio | 84.9% | 109.9% | -25.0 pts | - The dramatic improvement in the combined ratio was driven by a **22.0 point** reduction in the current year catastrophe loss ratio compared to 2022[17](index=17&type=chunk) - Premium growth was driven by new business and rate increases in casualty reinsurance and property insurance classes[18](index=18&type=chunk) [Financial Condition and Statements](index=10&type=section&id=Financial%20Condition%20and%20Statements) [Investments and Shareholders' Equity](index=10&type=section&id=Investments%20and%20Shareholders%27%20Equity) As of December 31, 2023, Hamilton's financial position strengthened significantly, with total invested assets and cash increasing to $4.0 billion. Total shareholders' equity grew to $2.0 billion, and book value per share rose by 15.1% to $18.58 during the year Key Balance Sheet Items (Year-End 2023 vs 2022) | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Invested Assets and Cash | $4.0 billion | $3.4 billion | | Total Shareholders' Equity | $2.0 billion | $1.7 billion | | Book Value Per Share | $18.58 | $16.14 | [Consolidated Balance Sheet](index=12&type=section&id=Consolidated%20Balance%20Sheet) The consolidated balance sheet as of December 31, 2023, shows total assets of $6.67 billion, up from $5.82 billion at year-end 2022. The growth was supported by increases in investments and premiums receivable. Total liabilities also increased to $4.62 billion, primarily due to higher reserves for losses and unearned premiums, while total shareholders' equity rose to $2.05 billion Consolidated Balance Sheet Summary (As of Dec 31) | ($ in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | **Total Investments** | **$3,111,616** | **$2,286,323** | | Cash and cash equivalents | $794,509 | $1,076,420 | | **Total Assets** | **$6,671,355** | **$5,818,965** | | Reserve for losses and loss adjustment expenses | $3,030,037 | $2,856,275 | | **Total Liabilities** | **$4,623,372** | **$4,154,663** | | **Total Shareholders' Equity** | **$2,047,850** | **$1,664,183** | [Consolidated Statement of Operations](index=14&type=section&id=Consolidated%20Statement%20of%20Operations) The full-year 2023 statement of operations reflects a significant turnaround, with total revenues reaching $1.57 billion compared to $1.23 billion in 2022. This was driven by higher net premiums earned and a substantial increase in investment gains. The company swung from a net loss of $98.0 million in 2022 to a net income of $258.7 million attributable to common shareholders in 2023 Consolidated Statement of Operations Summary (Years Ended Dec 31) | ($ in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Net Premiums Earned | $1,318,533 | $1,143,714 | | Total Net Investment Gains | $239,855 | $64,870 | | **Total Revenues** | **$1,571,045** | **$1,233,028** | | Losses and loss adjustment expenses | $714,603 | $758,333 | | **Total Expenses** | **$1,315,824** | **$1,259,859** | | **Net Income (Loss) Attributable to Common Shareholders** | **$258,727** | **($97,999)** | [Non-GAAP Financial Measures Reconciliation](index=16&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides reconciliations for non-GAAP financial measures used by the company, such as Underwriting Income, Third Party Fee Income, and Other Underwriting Expenses, to their most comparable U.S. GAAP figures. The company believes these measures enhance the understanding of its core operational performance by excluding factors like investment market conditions and corporate overhead [Underwriting Income (Loss)](index=16&type=section&id=Underwriting%20Income%20%28Loss%29) Underwriting income is a non-GAAP measure calculated as net premiums earned less losses, acquisition costs, and other underwriting expenses. For the full year 2023, underwriting income was $129.9 million, a significant improvement from a loss of $31.7 million in 2022. This measure is reconciled to the GAAP measure of net income Reconciliation of Underwriting Income to Net Income | ($ in thousands) | For the Year 2023 | For the Year 2022 | | :--- | :--- | :--- | | **Underwriting income (loss)** | **$129,851** | **($31,717)** | | Total net investment gains | $239,855 | $64,870 | | Corporate expenses | ($76,691) | ($20,142) | | Interest expense | ($21,434) | ($15,741) | | Income tax benefit (expense) | $25,066 | ($3,104) | | Other adjustments | ($16,386) | ($24,081) | | **Net income (loss), prior to non-controlling interest** | **$280,287** | **($29,935)** | [Third Party Fee Income](index=18&type=section&id=Third%20Party%20Fee%20Income) Third party fee income, which is included in underwriting income, consists of fees from management services provided to third-party syndicates and performance fees from its third-party capital manager. This income increased to $18.2 million in 2023 from $11.6 million in 2022 Reconciliation of Third Party Fee Income to Other Income | ($ in thousands) | For the Year 2023 | For the Year 2022 | | :--- | :--- | :--- | | **Third party fee income** | **$18,234** | **$11,631** | | Other income (loss), excluding third party fee income | $397 | ($315) | | **Other income (loss)** | **$18,631** | **$11,316** | [Other Underwriting Expenses](index=18&type=section&id=Other%20Underwriting%20Expenses) Other underwriting expenses are general and administrative costs directly attributable to underwriting operations, excluding corporate holding company costs. For 2023, these expenses were $183.2 million, reconciled from the total GAAP general and administrative expenses of $259.9 million Reconciliation of Other Underwriting Expenses to G&A Expenses | ($ in thousands) | For the Year 2023 | For the Year 2022 | | :--- | :--- | :--- | | **Other underwriting expenses** | **$183,165** | **$157,540** | | Corporate expenses | $76,691 | $20,142 | | **General and administrative expenses** | **$259,856** | **$177,682** | [Forward-Looking Statements](index=19&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding the company's future performance and events. It cautions that actual results may differ materially from expectations due to various risks and uncertainties inherent in the insurance and reinsurance business [Key Risk Factors](index=19&type=section&id=Key%20Risk%20Factors) The company identifies several key risk factors that could impact its financial results. These include the unpredictability of catastrophic events, inaccuracies in underwriting risk assessment, the cyclical nature of the insurance market, risks associated with its investment in the Two Sigma Hamilton Fund, and potential changes in the regulatory environment - Key operational risks include unpredictable catastrophic events, climate change, inadequate loss reserves, and reliance on models for pricing risk[37](index=37&type=chunk) - Investment risks are highlighted, particularly the lack of control over the Two Sigma Hamilton Fund's portfolio and potential conflicts of interest with Two Sigma[37](index=37&type=chunk) - The company also notes risks related to macroeconomic conditions, competition, rating agency actions, dependence on key executives, and regulatory changes[37](index=37&type=chunk)[39](index=39&type=chunk) [Company and Contact Information](index=11&type=section&id=Company%20and%20Contact%20Information) [About Hamilton Insurance Group, Ltd.](index=11&type=section&id=About%20Hamilton%20Insurance%20Group%2C%20Ltd.) Hamilton is a Bermuda-based company that underwrites specialty insurance and reinsurance globally through its three platforms: Hamilton Global Specialty, Hamilton Re, and Hamilton Select. These platforms provide access to diverse and profitable markets worldwide - Hamilton is headquartered in Bermuda and operates globally in specialty insurance and reinsurance[22](index=22&type=chunk) - The company's business is conducted through three main underwriting platforms: Hamilton Global Specialty, Hamilton Re, and Hamilton Select[22](index=22&type=chunk) [Conference Call and Additional Information](index=11&type=section&id=Conference%20Call%20and%20Additional%20Information) Hamilton will host a conference call on March 7, 2024, at 10:00 a.m. ET to discuss its financial results. A live webcast and supplementary financial information will be available on the company's investor relations website - A conference call to discuss the results is scheduled for Thursday, March 7, 2024, at 10:00 a.m. ET[19](index=19&type=chunk) - Supplementary financial information and an investor presentation are available on the company's website at investors.hamiltongroup.com[21](index=21&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Bermuda 98-1153847 FORM 10-Q __________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ 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 n ...