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Hamilton Insurance Group, Ltd. Class B
(NYSE:HG)
Select Model
Select Model
Rating:80Outperform
Price Target:
$41.00
▲(13.38% Upside)
Action:Reiterated
Date:08/08/26
HG scores well primarily on strong fundamentals—scaled revenue, restored profitability, and a very low-leverage balance sheet—supported by solid cash generation. Valuation is also favorable given the low P/E. The main offsets are reinsurance-cycle volatility and recent underwriting pressure (higher combined ratio and catastrophe losses), while technicals remain supportive but not exceptionally strong.
Positive Factors
Scale & Revenue Growth
Sustained multi-year top-line expansion indicates the business has scaled its underwriting platforms and distribution. Larger premium volumes improve risk diversification, spread fixed costs and support selective product launches, making earnings and capital deployment more durable over cycles.
Negative Factors
Underwriting Volatility / Elevated Combined Ratio
A rising combined ratio signals underwriting margin pressure that can persist across renewals. In reinsurance, cyclicality means higher loss years materially depress earnings and ROE; managing through these swings requires sustained pricing discipline and reserve accuracy to protect capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Revenue Growth
Sustained multi-year top-line expansion indicates the business has scaled its underwriting platforms and distribution. Larger premium volumes improve risk diversification, spread fixed costs and support selective product launches, making earnings and capital deployment more durable over cycles.
Read all positive factors
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 (HG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.57B
Dividend YieldN/A
Average Volume (3M)489.70K
Price to Earnings (P/E)5.7
Beta (1Y)0.28
Revenue Growth20.32%
EPS Growth98.92%
CountryUS
Employees600
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)3.11
Shares Outstanding66,532,270
10 Day Avg. Volume406,021
30 Day Avg. Volume489,699
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$38.60Price Target Upside6.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)4.57
Revenue Forecast (FY)$2.98B
Hamilton Insurance Group, Ltd. Class B Business Overview & Revenue Model
Company Description
Hamilton Insurance Group Ltd. is a holding company, which provides insurance and reinsurance services. It operates through the International and Bermuda segments. The International segment comprises of property, specialty, and casualty insurance a...
How the Company Makes Money
Hamilton Insurance Group primarily makes money through (1) underwriting income and (2) investment income. Underwriting income is generated by collecting premiums for insurance and reinsurance policies and managing the total cost of claims, claim a...
Hamilton Insurance Group, Ltd. Class B Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The quarter reflects a generally positive underlying performance supported by strong balance sheet, solid premium growth, excellent investment returns and strategic initiatives (Select upgrade, AI/tech, disciplined capital deployment). However, underwriting results were pressured by catastrophe activity (largely the Middle East conflict), a higher combined ratio and a modest reserve strengthening, and some rate pressure in property/reinsurance. Management emphasized selective growth and margin protection, and reiterated loss-ratio and growth guidance, suggesting confidence in returning to targeted underwriting metrics over the cycle.Positive Updates
Top-line growth and premium expansion
Group premium growth was healthy year-to-date: total group premiums grew ~14% in the first half to $1.8 billion (from $1.6 billion). International GWP in the quarter was $420 million (+22% YoY), Hamilton Select grew 18% in the quarter, and Bermuda insurance/reinsurance wrote $411 million (+12% YoY); Bermuda H1 premium rose to $908 million (+8% YoY).
Negative Updates
Underwriting results weakened; lower underwriting income
Group combined ratio deteriorated to 95.0% in Q2 (from 86.8% in Q2 2025). Underwriting income fell to $29 million in the quarter versus $67 million a year earlier. International underwriting income fell to $9 million (from $27 million) and Bermuda to $20 million (from $40 million).
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line growth and premium expansion
Group premium growth was healthy year-to-date: total group premiums grew ~14% in the first half to $1.8 billion (from $1.6 billion). International GWP in the quarter was $420 million (+22% YoY), Hamilton Select grew 18% in the quarter, and Bermuda insurance/reinsurance wrote $411 million (+12% YoY); Bermuda H1 premium rose to $908 million (+8% YoY).
Read all positive updates
Company Guidance
Management reiterated its forward guidance: a group attritional loss ratio of 55% (International 54.5%, Bermuda 56%), an average combined ratio in the low‑to‑mid‑90s and a return on equity in the teens (all on an average‑through‑the‑cycle basis), with full‑year 2026 premium growth expected in the low‑double‑digit range (year‑to‑date H1 growth ~14%, H1 premiums $1.8bn); they confirmed current‑year attritional expectations and noted ongoing capital actions (YTD share repurchases $42m, $22m in Q2, $137m remaining authorization) and a book value per share of $28.91 ($30.91 after accumulated dividends, up 8.5% from year‑end 2025).Hamilton Insurance Group, Ltd. Class B Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.98B | 2.74B | 2.38B | 1.62B | 1.29B | 1.34B |
| Gross Profit | 2.25B | 1.48B | 930.82M | 547.29M | 203.51M | 416.49M |
| EBITDA | 762.25M | 861.02M | 660.64M | 289.06M | 3.90M | 291.00M |
| Net Income | 585.71M | 576.67M | 400.43M | 258.73M | -98.00M | 188.18M |
Balance Sheet | ||||||
| Total Assets | 10.26B | 9.57B | 7.80B | 6.67B | 5.82B | 5.61B |
| Cash, Cash Equivalents and Short-Term Investments | 828.97M | 1.26B | 1.49B | 3.05B | 1.08B | 1.44B |
| Total Debt | 0.00 | 149.74M | 149.94M | 149.83M | 149.72M | 149.88M |
| Total Liabilities | 7.34B | 6.75B | 5.47B | 4.62B | 4.15B | 3.82B |
| Stockholders Equity | 2.85B | 2.82B | 2.33B | 2.05B | 1.66B | 1.79B |
Cash Flow | ||||||
| Free Cash Flow | 815.18M | 842.35M | 759.30M | 283.15M | 190.93M | 226.53M |
| Operating Cash Flow | 815.18M | 842.35M | 759.30M | 283.15M | 190.93M | 226.53M |
| Investing Cash Flow | -460.02M | -414.09M | -184.16M | -652.09M | 133.10M | 137.82M |
| Financing Cash Flow | -588.22M | -376.17M | -362.69M | 59.02M | -69.62M | -68.00M |
Hamilton Insurance Group, Ltd. Class B Risk Analysis
Hamilton Insurance Group, Ltd. Class B disclosed 57 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.23B | 6.81 | 31.69% | 0.89% | 22.11% | 90.84% | |
80 Outperform | $3.57B | 5.73 | 21.19% | ― | 20.32% | 98.92% | |
79 Outperform | $13.30B | 5.46 | 22.68% | 0.49% | -14.15% | 48.57% | |
78 Outperform | $15.52B | 12.68 | 5.37% | 1.56% | 18.66% | 55.67% | |
74 Outperform | $2.75B | 5.70 | 21.84% | ― | 22.55% | 371.77% | |
70 Outperform | $552.22M | 6.94 | 7.25% | ― | 0.10% | 77.35% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
HG
Hamilton Insurance Group, Ltd. Class B
35.91
14.72
69.51%
GLRE
Greenlight Capital Re
15.51
2.51
19.31%
RGA
Reinsurance Group
246.33
62.72
34.16%
RNR
Renaissancere Holdings
321.87
82.85
34.66%
SPNT
SiriusPoint
23.03
4.70
25.64%
HCI
HCI Group
188.69
35.89
23.49%
Hamilton Insurance Group, Ltd. Class B Corporate Events
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial Disclosures
Hamilton Insurance Extends CEO Contract, Affirms Growth Path
Positive
Aug 6, 2026
Hamilton Insurance Group reported strong results for the quarter ended June 30, 2026, with net income of about $144 million, operating income of $158 million, and an annualized operating return on average equity of roughly 23%. Gross premiums writ...
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.