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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Rating:82Outperform
Price Target:
$36.00
▲(17.00% 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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Hamilton Insurance Group, Ltd. Class B (HG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.09B
Dividend YieldN/A
Average Volume (3M)461.60K
Price to Earnings (P/E)4.9
Beta (1Y)0.26
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. Volume353,721
30 Day Avg. Volume461,602
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 Cap0.68
Enterprise Value/Revenue0.72
Enterprise Value/Gross Profit1.67
Enterprise Value/Ebitda2.44
Forecast
1Y Price Target
$34.00Price Target Upside10.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)4.16
Revenue Forecast (FY)$3.02B
Hamilton Insurance Group, Ltd. Class B Business Overview & Revenue Model
Company Description
Hamilton 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 liabili...
How the Company Makes Money
Hamilton 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 bu...
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:Apr 30, 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.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%.
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).
Read all updates
Q4-2025 Updates
Positive
Negative
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%.
Read all positive updates
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
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
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 | 1.48B | 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
30.77
Price Trends
28.97
Positive
27.20
Positive
24.55
Positive
Market Momentum
0.65
Negative
62.66
Neutral
63.70
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 30.77 is above the 20-day moving average (MA) of 29.76, above the 50-day MA of 28.97, and above the 200-day MA of 24.55, indicating a bullish trend. The MACD of 0.65 indicates Negative momentum. The RSI at 62.66 is Neutral, neither overbought nor oversold. The STOCH value of 63.70 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $3.09B | 4.91 | 22.09% | ― | 22.79% | -5.17% | |
80 Outperform | $13.41B | 4.70 | 24.24% | 0.57% | -3.96% | -48.08% | |
78 Outperform | $2.02B | 5.59 | 38.04% | 0.82% | 8.71% | 17.26% | |
75 Outperform | $614.08M | 6.59 | 11.10% | ― | 5.83% | -101.38% | |
75 Outperform | $2.66B | 5.55 | 20.87% | ― | 7.87% | -4.68% | |
73 Outperform | $13.62B | 11.38 | 9.48% | 1.76% | 2.10% | 19.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
HG
Hamilton Insurance Group, Ltd. Class B
31.14
13.99
81.60%
GLRE
Greenlight Capital Re
18.07
4.82
36.38%
RGA
Reinsurance Group
207.75
28.48
15.88%
RNR
Renaissancere Holdings
310.76
74.36
31.46%
SPNT
SiriusPoint
22.76
6.40
39.12%
HCI
HCI Group
155.28
10.86
7.52%
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 represe...
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 despi...
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.