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Hamilton Insurance Group, Ltd. Class B
(NYSE:HG)
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Rating:77Outperform
Price Target:
$39.00
▲(21.76% Upside)
Action:Reiterated
Date:05/09/26
The score is driven mainly by strong financial performance (profitability, cash generation, and low leverage) and a very low P/E valuation. The earnings call supports the outlook with improved underwriting results and shareholder returns, but investment-income weakness, reserve volatility, and pricing pressure temper the score. Technicals are mixed, with a longer-term uptrend but weaker near-term momentum.
Positive Factors
Underwriting profitability turnaround
A sustained move from a >110% combined ratio to sub-90% indicates meaningful, durable improvements in pricing, risk selection and claims control. That structural improvement supports higher underwriting margins over cycles, enabling the firm to generate repeatable earnings from core operations and preserve capital during future stress.
Negative Factors
Weakness in investment income; concentration
A material drop in investment income weakens a key earnings pillar for an insurer that relies on float. Heavy concentration (~38%) with a single manager magnifies performance and manager-risk; persistent lower investment yields or performance volatility can erode underwriting returns and constrain long-term ROE sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Underwriting profitability turnaround
A sustained move from a >110% combined ratio to sub-90% indicates meaningful, durable improvements in pricing, risk selection and claims control. That structural improvement supports higher underwriting margins over cycles, enabling the firm to generate repeatable earnings from core operations and preserve capital during future stress.
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
$3.40B
Dividend YieldN/A
Average Volume (3M)514.26K
Price to Earnings (P/E)5.5
Beta (1Y)0.29
Revenue Growth20.32%
EPS Growth98.92%
CountryUS
Employees600
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)6.28
Shares Outstanding66,532,270
10 Day Avg. Volume646,865
30 Day Avg. Volume514,257
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 Cap0.70
Enterprise Value/Revenue0.82
Enterprise Value/Gross Profit1.66
Enterprise Value/Ebitda2.66
Forecast
1Y Price Target
$38.20Price Target Upside19.26% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)4.55
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:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call delivered a broadly positive message: Hamilton reported a strong underwriting turnaround, double-digit premium growth, materially improved combined and loss ratios, healthy segment growth (International +20%, Select +17%), solid operating returns, active capital returns (special dividend and buybacks), and strategic capital deployment via a casualty sidecar. Offsetting risks include a sizeable decline in total investment income versus last year, moderation in Two Sigma returns (though still positive), higher attritional loss ratios consistent with annual guidance, a $14M prior-year reserve increase (Baltimore Bridge), and ongoing market pricing pressure—particularly in property and some midyear renewals. Management stressed discipline and selectivity, positioning the firm to favor sustainable profitability over aggressive growth.Positive Updates
Strong Earnings and Returns
Net income of $134 million in Q1 2026 (or $1.31 per diluted share) producing an annualized return on average equity of 19%. Operating income was $167 million ($1.64 per diluted share) with an annualized operating return on average equity of 24%, materially ahead of Q1 2025 (net income $81M; operating income $49M).
Negative Updates
Decline in Total Net Investment Income
Total net investment income declined to $94 million in Q1 2026 from $167 million in Q1 2025 (down $73M, approximately -43.7%), reflecting weaker fixed income and short-term gains compared with the prior-year quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Earnings and Returns
Net income of $134 million in Q1 2026 (or $1.31 per diluted share) producing an annualized return on average equity of 19%. Operating income was $167 million ($1.64 per diluted share) with an annualized operating return on average equity of 24%, materially ahead of Q1 2025 (net income $81M; operating income $49M).
Read all positive updates
Company Guidance
The guidance emphasized disciplined cycle management with specific metric targets: management expects full‑year 2026 attritional loss ratios around 55% at the group level (International ~54.5%, Bermuda ~56%) after the large‑loss threshold change (new large loss/cat threshold ~$10 million), and expects midyear (6/1–7/1) renewals to see pricing pressure similar to year‑to‑date but with attachment points, terms and conditions largely intact so margins—particularly in the U.S.‑driven portfolio—remain above Hamilton’s thresholds; the new casualty sidecar will cede roughly $300 million of premium over a multiyear period (Bermuda retained ~74% of Q1 GWP vs 79% prior), investment new‑money yield was 4.3% with portfolio duration 3.7 years and average YTM 4.5%, Two Sigma returned 4.3% in Q1 and represents ~38% of investments, and capital priorities remain active (Q1 special dividend $200M paid, $20M buybacks, $159M remaining repurchase authorization).Hamilton Insurance Group, Ltd. Class B Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.90B | 2.74B | 2.38B | 1.62B | 1.29B | 1.34B |
| Gross Profit | 1.43B | 1.48B | 930.82M | 547.29M | 203.51M | 416.49M |
| EBITDA | 895.12M | 861.02M | 660.64M | 289.06M | 3.90M | 291.00M |
| Net Income | 629.34M | 576.67M | 400.43M | 258.73M | -98.00M | 188.18M |
Balance Sheet | ||||||
| Total Assets | 9.86B | 9.57B | 7.80B | 6.67B | 5.82B | 5.61B |
| Cash, Cash Equivalents and Short-Term Investments | 4.31B | 1.26B | 1.49B | 3.05B | 1.08B | 1.44B |
| Total Debt | 149.77M | 149.74M | 149.94M | 149.83M | 149.72M | 149.88M |
| Total Liabilities | 7.11B | 6.75B | 5.47B | 4.62B | 4.15B | 3.82B |
| Stockholders Equity | 2.72B | 2.82B | 2.33B | 2.05B | 1.66B | 1.79B |
Cash Flow | ||||||
| Free Cash Flow | 908.28M | 842.35M | 759.30M | 283.15M | 190.93M | 226.53M |
| Operating Cash Flow | 908.28M | 842.35M | 759.30M | 283.15M | 190.93M | 226.53M |
| Investing Cash Flow | -344.43M | -414.09M | -184.16M | -652.09M | 133.10M | 137.82M |
| Financing Cash Flow | -530.37M | -376.17M | -362.69M | 59.02M | -69.62M | -68.00M |
Hamilton Insurance Group, Ltd. Class B Technical Analysis
Positive
32.03
Price Trends
31.65
Positive
30.74
Positive
27.69
Positive
Market Momentum
0.90
Negative
64.49
Neutral
72.06
Neutral
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 32.03 is below the 20-day moving average (MA) of 32.89, above the 50-day MA of 31.65, and above the 200-day MA of 27.69, indicating a bullish trend. The MACD of 0.90 indicates Negative momentum. The RSI at 64.49 is Neutral, neither overbought nor oversold. The STOCH value of 72.06 is Neutral, 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 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $2.29B | 7.03 | 32.64% | 0.82% | 22.11% | 90.84% | |
77 Outperform | $3.40B | 5.51 | 23.38% | ― | 20.32% | 98.92% | |
75 Outperform | $14.91B | 12.34 | 9.47% | 1.76% | 18.66% | 55.67% | |
74 Outperform | $13.74B | 5.18 | 24.71% | 0.57% | -8.19% | 90.81% | |
73 Outperform | $2.88B | 6.00 | 22.02% | ― | 22.94% | 317.95% | |
72 Outperform | $552.88M | 6.83 | 11.68% | ― | 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
34.60
15.42
80.35%
GLRE
Greenlight Capital Re
16.56
3.25
24.42%
RGA
Reinsurance Group
231.16
39.40
20.55%
RNR
Renaissancere Holdings
314.99
78.92
33.43%
SPNT
SiriusPoint
24.65
6.25
33.97%
HCI
HCI Group
182.60
45.00
32.70%
Hamilton Insurance Group, Ltd. Class B Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Hamilton Insurance Adds Industry Veteran Peter Wilson to Board
Positive
May 6, 2026
At its 2026 Annual General Meeting, held with a record date of March 17, 2026, Hamilton Insurance Group, Ltd. reported that 77,050,957 of 84,041,833 eligible Class A and Class B shares were present or represented by proxy, with each share entitled...
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.