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Hamilton Insurance Group, Ltd. Class B (HG)
NYSE:HG
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Hamilton Insurance Group, Ltd. Class B
(NYSE:HG)
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Select Model
Rating:82Outperform
Price Target:
$36.00
▲(14.10% Upside)
Action:ReiteratedDate:02/26/26
Overall score is driven mainly by strong financial performance (improving profitability, low leverage, rising ROE) and a supportive earnings-call outlook with ongoing capital returns, partially offset by underwriting loss volatility and uneven cash conversion. Technicals are constructive, and valuation is attractive on a low P/E.
Positive Factors
Balance-sheet strength
Very low financial leverage with equity growth provides durable capital capacity to absorb underwriting shocks, support larger lines, and finance growth. A conservatively levered balance sheet underpins credibility with reinsurers, regulators and distribution partners across cycles.
Improving profitability and growth
Sustained top-line expansion and rising returns on equity reflect scalable underwriting and pricing discipline. Multi-year revenue and margin improvement signal durable competitive positioning, enabling reinvestment in segments and strengthening long-term organic capital generation.
Strong cash generation & capital returns
Growing operating cash flow and explicit capital return programs show the company converts underwriting and investment gains into distributable capital. That cash flexibility supports buybacks/dividends, strengthens shareholder alignment, and allows measured balance-sheet deployment over cycles.
Negative Factors
Underwriting volatility / large losses
Elevated large-loss activity and rising attritional ratios highlight inherent underwriting volatility in specialty/reinsurance. Persistent large events can swing combined ratios and earnings, requiring sustained capital buffers and conservative cycle management to maintain margin durability.
Business‑mix shift to casualty pressures margins
A shift toward casualty (higher attritional loss profiles) and regional margin pressure creates structural margin headwinds. If mix change persists, underwriting margins and segment returns may remain below prior property-heavy vintages, requiring tighter selection and pricing discipline.
Reporting/guidance change raises attritional metric
Management's definitional change shifting more events into attritional raises reported loss ratios and complicates year-over-year comparisons. This structural reporting change can obscure trend analysis and may necessitate adjusted metrics to assess true underwriting performance over time.
Hamilton Insurance Group, Ltd. Class B (HG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.13B
Dividend YieldN/A
Average Volume (3M)612.97K
Price to Earnings (P/E)5.4
Beta (1Y)0.19
Revenue Growth22.79%
EPS Growth-5.17%
CountryUS
Employees600
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)1.65
Shares Outstanding66,417,260
10 Day Avg. Volume710,631
30 Day Avg. Volume612,971
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)1.00
Price to Sales (P/S)1.03
P/FCF Ratio3.36
Enterprise Value/Market Cap0.69
Enterprise Value/Revenue0.73
Enterprise Value/Gross Profit1.67
Enterprise Value/Ebitda2.49
Forecast
1Y Price Target
$33.67Price Target Upside6.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)4.27
Revenue Forecast (FY)$3.03B
Hamilton Insurance Group, Ltd. Class B Business Overview & Revenue Model
Company DescriptionHamilton Insurance Group, Ltd., through its subsidiaries, engages in underwriting specialty insurance and reinsurance risks in Bermuda and internationally. The company offers casualty reinsurance products, such as commercial motor, general liability, healthcare, multiline, personal motor, professional liability, umbrella and excess casualty, and worker's compensation and employer's liability reinsurance; property treaty reinsurance; and specialty reinsurance solutions, including accident and health, aviation, crisis management, financial lines, marine and energy, multiline specialty, and satellite reinsurance. It also provides accident and health, cyber, excess energy, environmental, financial lines, fine art and specie, kidnap and ransom, M&A, marine and energy liability, political risk, professional liability, property binders, property D&F, space, upstream energy, general and excess casualty, war and terrorism, allied medical, management liability, medical professionals, products liability and contractors, and small business casualty insurance plans. The company was incorporated in 2013 and is based in Pembroke, Bermuda with additional locations in Dublin, Ireland; London, United Kingdom; Miami, Florida; New York, New York; and Glen Allen, Virginia.
How the Company Makes MoneyHamilton Insurance Group generates revenue primarily through the underwriting of insurance policies and the collection of premiums from policyholders. The company earns income by assessing risk and pricing policies accordingly, allowing them to build a portfolio of insurance products that caters to diverse market needs. Key revenue streams include premiums from commercial property, liability, and specialty insurance lines. Additionally, the company may earn investment income from the premiums collected before claims are paid out, as well as potential returns on investments of its reserves. Strategic partnerships with brokers and other financial institutions enhance distribution channels, contributing to the company's overall earnings by increasing market access and customer reach.
Hamilton Insurance Group, Ltd. Class B Key Performance Indicators (KPIs)
Any
Gross Premiums Written by Geography
Total premiums the company writes in each region before any reinsurance is applied, reflecting sales volume and market share. Highlights where the business is expanding or contracting and where underwriting exposure and growth potential are concentrated.
Total premiums the company writes in each region before any reinsurance is applied, reflecting sales volume and market share. Highlights where the business is expanding or contracting and where underwriting exposure and growth potential are concentrated.
Data provided by:
The Fly
The FlyHamilton Insurance Group, Ltd. Class B Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive financial momentum: record earnings, double-digit top-line growth, improved combined ratios, strong investment returns, a robust balance sheet, and active capital returns (special dividend and buybacks). These positives were tempered by higher attritional losses and elevated large-loss activity in the quarter, mix shifts toward casualty with higher attritional rates, targeted pullbacks from large property accounts amid competitive pricing, and a definitional change raising reported attritional ratios in 2026. Overall, management emphasized disciplined underwriting, capital strength, and measured future growth.Q4-2025 Updates
Positive Updates
Record Net Income and Strong Profitability
Record 2025 net income of $577,000,000, up 44% versus $400,000,000 in 2024; full-year return on average equity of 22% (vs. 18% prior year). Fourth-quarter net income of $172,000,000 ($1.69 diluted), producing an annualized ROAE of 25%.
Material Top-Line Growth
Gross premiums written (GPW) grew 21% for full-year 2025 to $2.9 billion and increased 23% in the fourth quarter; segment growth included Bermuda +26% FY to $1.4 billion and International +16% FY to $1.5 billion.
Improved Underwriting Metrics and Combined Ratio
Full-year combined ratio improved to 92.9%. Fourth-quarter underwriting income of $76,000,000 (vs. $22,000,000 prior year quarter) and Q4 combined ratio of 87% (vs. 95.4% in Q4 2024). Loss ratio improved in Q4 to 54.6%, down 5.5 points vs prior period driven by meaningfully lower net catastrophe losses (9.0 points better than 2024).
Balance Sheet and Book Value Appreciation
Shareholders' equity of $2.8 billion (up 21% YoY). Book value per share $28.50, up 24% YoY; management also reported tangible book value per share growth of ~25% since IPO and ~25% year-over-year in 2025 commentary.
Strong Investment Performance
Q4 net investment income $98,000,000 (vs. $36,000,000 in 2024). Two Sigma Hamilton Fund produced $56,000,000 in Q4 (2.6%) and a 16% net return ($310,000,000) for full-year 2025; fixed income returned 1.2% ($38,000,000) in the quarter with new-money yield of 4.2%.
Capital Return and Active Capital Management
Board declared a $2.00 per-share special dividend (~$206,000,000). Share repurchases of $93,000,000 in 2025 at an average $22.13 per share and $178,000,000 of repurchase authorization remaining, demonstrating ability to return capital while pursuing growth.
Bermuda Tax Credit and Favorable Tax Items
Recorded a Bermuda substance-based tax credit of $20,700,000 in 2025 (offsets: $17.3M in Bermuda other underwriting expenses and $3.4M in corporate). Also recorded a $28,000,000 tax benefit from release of valuation allowances. Expect ~ $27M Bermuda credit in 2026 (75% phase-in).
Disciplined Cycle Management and Platform Diversification
Management emphasized disciplined underwriting/cycle management: selectively growing where pricing/terms are attractive (e.g., casualty reinsurance, specialty, E&S casualty) and reducing participation in large property accounts with weak returns, enabling sustainable profitability and targeted signings during a competitive renewals season.
Negative Updates
Higher Attritional Losses and Large-Loss Activity
Attritional loss ratio increased: full-year attritional 54.4% (vs. 53.1% in 2024). Q4 attritional rose to 56.5% (from 51.2% prior Q4) driven by more large losses and business-mix shifts toward casualty reinsurance. Management noted elevated large losses in the quarter (largest was a satellite loss impacting specialty).
Segment-Level Margin Pressure in Bermuda (FY)
Bermuda full-year combined ratio worsened to 90.9% (from 87.0% in 2024) due to more large losses and a shift toward casualty reinsurance which carries higher attritional loss ratios, with Bermuda current-year attritional increasing 5.0 points to 56.7% in Q4.
Property Market Competition and Pricing Declines
January 1 renewals saw abundant capacity and strong competition in global property catastrophe (headline pricing declined at 1/1). Management reduced participations on large property D&F accounts where pricing did not meet return thresholds, signaling constrained opportunities and more measured future growth in those pockets.
Expense and Business-Mix Pressures in International
International Q4 expense ratio increased to 42% (up 1.4 points) driven by acquisition cost ratio changes (less ceding commissions, more profit commissions) and lower third-party fee income; International Q4 current-year attritional was higher due to large loss activity.
Guidance Change That Raises Reported Attritional Ratio
Management raised the threshold for catastrophe/headline loss from $5.0M to $10.0M (effective 2026), which will move more events into the attritional bucket and raise the reported attritional loss ratio guidance (~55% groupwide; Bermuda ~56%, International ~54.5%), complicating year-over-year comparisons.
Growth Expected to Moderate
Management cautioned that while attractive pockets remain, the market is transitioning and competitive; therefore future growth is expected to be more measured and selective to protect margins rather than chase top-line growth.
Company Guidance
Management's guidance for 2026 emphasized disciplined underwriting and a handful of concrete metrics: the company raised its catastrophe/headline-loss threshold from $5,000,000 to $10,000,000 (so attritional will now include losses < $10M) and expects a group attritional loss ratio of about 55% (International ~54.5%, Bermuda ~56%) with catastrophe losses running roughly 6–7% for the year; other underwriting expense ratios should continue to decline, corporate expenses are guided to $45–50 million, there will be no value-appreciation-pool (VAP) expense in 2026, and the Bermuda substance-based tax credit is expected to be about $27 million in 2026 (75% phase‑in), while management expects growth to be more measured going forward and will continue active capital returns (special dividend $2.00/share ≈ $206M, $93M repurchased in 2025, $178M buyback authorization remaining).Hamilton Insurance Group, Ltd. Class B Financial Statement Overview
Summary
Strong multi-year improvement in scale and profitability, supported by very low leverage (debt-to-equity ~0.05) and rising returns (ROE ~20%+). The key offset is inherent volatility for the model (2022 loss) plus uneven cash conversion versus earnings, which warrants monitoring.Income Statement
Profitability and momentum have improved meaningfully: revenue rose from $1.62B (2023) to $2.91B (2025), while net margins expanded from ~16.0% (2023) to ~19.8% (2025) and operating margins strengthened to ~29.1% (2025). The key weakness is earnings volatility earlier in the period (a net loss in 2022), which highlights potential exposure to underwriting and market-cycle swings despite the strong recent run-rate.82
Very Positive
Balance Sheet
The balance sheet looks conservatively levered, with debt staying near $150M while equity grew to $2.82B (2025), keeping debt-to-equity very low (~0.05). Returns on shareholders’ capital are strong and improving (ROE rising to ~20.4% in 2025). A watch item is that assets have grown quickly (to $9.57B), which can add complexity and sensitivity to investment/insurance risk even with low financial leverage.88
Very Positive
Cash Flow
Cash generation is solid and scaling, with operating cash flow increasing from $283M (2023) to $842M (2025) and free cash flow tracking operating cash flow. The main concern is variability in cash conversion versus earnings (the operating cash flow to net income relationship is inconsistent, including a low reading in 2025), suggesting working-capital/reserve timing and volatility that investors should monitor.74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.74B | 2.38B | 1.62B | 1.29B | 1.34B |
| Gross Profit | 1.65B | 930.82M | 547.29M | 203.51M | 416.49M |
| EBITDA | 861.02M | 660.64M | 289.06M | 3.90M | 291.00M |
| Net Income | 576.67M | 400.43M | 258.73M | -98.00M | 188.18M |
Balance Sheet | |||||
| Total Assets | 9.57B | 7.80B | 6.67B | 5.82B | 5.61B |
| Cash, Cash Equivalents and Short-Term Investments | 1.17B | 1.49B | 1.22B | 1.08B | 1.44B |
| Total Debt | 149.74M | 149.94M | 149.83M | 149.72M | 149.88M |
| Total Liabilities | 6.75B | 5.47B | 4.62B | 4.15B | 3.82B |
| Stockholders Equity | 2.82B | 2.33B | 2.05B | 1.66B | 1.79B |
Cash Flow | |||||
| Free Cash Flow | 842.35M | 759.30M | 283.15M | 190.93M | 226.53M |
| Operating Cash Flow | 842.35M | 759.30M | 283.15M | 190.93M | 226.53M |
| Investing Cash Flow | -414.09M | -184.16M | -652.09M | 133.10M | 137.82M |
| Financing Cash Flow | -376.17M | -362.69M | 59.02M | -69.62M | -68.00M |
Hamilton Insurance Group, Ltd. Class B Technical Analysis
Positive
31.55
Price Trends
28.42
Positive
27.00
Positive
24.67
Positive
Market Momentum
0.95
Negative
65.11
Neutral
88.08
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HG, the sentiment is Positive. The current price of 31.55 is above the 20-day moving average (MA) of 30.05, above the 50-day MA of 28.42, and above the 200-day MA of 24.67, indicating a bullish trend. The MACD of 0.95 indicates Negative momentum. The RSI at 65.11 is Neutral, neither overbought nor oversold. The STOCH value of 88.08 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HG.
Hamilton Insurance Group, Ltd. Class B Risk Analysis
Hamilton Insurance Group, Ltd. Class B disclosed 80 risk factors in its most recent earnings report. Hamilton Insurance Group, Ltd. Class B reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Hamilton Insurance Group, Ltd. Class B Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $3.13B | 5.45 | 22.39% | ― | 22.79% | -5.17% | |
80 Outperform | $13.35B | 5.40 | 23.79% | 0.57% | -3.96% | -48.08% | |
79 Outperform | $2.29B | 7.76 | 40.02% | 0.82% | 8.71% | 17.26% | |
78 Outperform | $14.23B | 12.19 | 9.74% | 1.76% | 2.10% | 19.23% | |
72 Outperform | $2.51B | 5.84 | 20.86% | ― | 7.87% | -4.68% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $489.32M | -303.38 | -0.28% | ― | 5.83% | -101.38% |
* Financial Sector Average
HG
Hamilton Insurance Group, Ltd. Class B
31.55
11.95
60.97%
GLRE
Greenlight Capital Re
14.35
0.49
3.54%
RGA
Reinsurance Group
216.97
21.69
11.11%
RNR
Renaissancere Holdings
307.03
67.30
28.07%
SPNT
SiriusPoint
21.49
6.37
42.13%
HCI
HCI Group
173.76
35.16
25.37%
Hamilton Insurance Group, Ltd. Class B Corporate Events
Business Operations and StrategyExecutive/Board Changes
Hamilton Insurance Appoints Roston to Board, Committees
Positive
Feb 25, 2026
On February 20, 2026, Hamilton Insurance Group, Ltd. implemented a Magnitude Investor director designation change, with investment professional Marc N. Roston succeeding H. Hawes Bostic, III as Magnitude’s shareholder‑appointed representative on Hamilton’s Board of Directors. The company disclosed that Bostic’s departure did not stem from any disagreement over operations or policies, and that as a shareholder‑appointed director Roston will serve without board compensation aside from expense reimbursement.
Announced publicly in a February 25, 2026 press release, Roston’s appointment includes expected service on the Board’s Investments and Technology Committees, bringing more than 30 years of experience in financial analysis and business strategy across hedge funds, private equity, insurance companies and family offices. His addition is positioned to strengthen Hamilton’s board effectiveness and oversight in capital deployment and technology‑related matters as the company continues to execute its growth strategy following its New York Stock Exchange listing.
The most recent analyst rating on (HG) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Hamilton Insurance Group, Ltd. Class B stock, see the HG Stock Forecast page.
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Hamilton Insurance Posts Record 2025 Results, Declares Special Dividend
Positive
Feb 19, 2026
Hamilton Insurance Group reported record results for 2025 on February 19, 2026, posting net income of $576.7 million, a 22.4% return on average equity, and a combined ratio of 92.9%, while growing gross written premiums 20.7% to $2.9 billion despite significant California wildfire losses. The company also lifted book value per share by 24.2% to $28.50, continued share repurchases totaling $93.4 million, and its board declared a $2.00 per share special dividend, or about $206 million in aggregate, payable March 30, 2026 to shareholders of record on March 6, 2026, underscoring strong capital generation and shareholder-return focus.
The most recent analyst rating on (HG) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Hamilton Insurance Group, Ltd. Class B stock, see the HG Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.