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HG

Hamilton Insurance Group, Ltd.

HG

Hamilton Insurance Group, Ltd. • NYSE
$27.28 ▼ -1.16% (-0.32)
Market Cap $2.76 B
52w High $27.88
52w Low $16.80
Dividend Yield 0%
P/E 6.46
Volume 144.47K
Outstanding Shares 101.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $681.539M ▼ $83.235M ▲ $136.2M ▼ 19.984% ▼ $1.37 ▼ $189.561M ▼
Q2-2025 $754.484M ▼ $77.561M ▲ $187.415M ▲ 24.84% ▲ $1.85 ▲ $279.52M ▲
Q1-2025 $781.746M ▲ $72.194M ▼ $80.872M ▲ 10.345% ▲ $0.8 ▲ $194.404M ▲
Q4-2024 $582.955M ▲ $98.233M ▲ $33.92M ▼ 5.819% ▼ $0.33 ▼ $85.604M ▲
Q3-2024 $65.558M $62.392M $78.25M 119.36% $0.74 $75.041M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.417B ▼ $9.213B ▲ $6.47B ▲ $2.662B ▲
Q2-2025 $1.999B ▲ $8.913B ▲ $6.285B ▲ $2.559B ▲
Q1-2025 $1.396B ▼ $8.343B ▲ $5.904B ▲ $2.399B ▲
Q4-2024 $1.494B ▼ $7.796B ▼ $5.467B ▲ $2.329B ▲
Q3-2024 $1.613B $7.827B $5.453B $2.314B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $176.423M ▼ $295.613M ▲ $-230.553M ▼ $-68.792M ▲ $-6.08M ▼ $295.613M ▲
Q2-2025 $267.787M ▲ $218.411M ▲ $9.758M ▲ $-85.547M ▼ $158.235M ▲ $218.411M ▲
Q1-2025 $181.266M ▲ $34.901M ▼ $-150.584M ▼ $-78.253M ▲ $-187.79M ▼ $34.901M ▼
Q4-2024 $74.409M ▲ $284.09M ▲ $-88.884M ▲ $-127.378M ▼ $49.597M ▲ $284.09M ▲
Q3-2024 $61.035M $160.575M $-225.185M $-10.009M $-63.597M $160.575M

Five-Year Company Overview

Income Statement

Income Statement Hamilton’s income statement shows a company that has scaled meaningfully and turned the corner to consistent profitability. Revenue has climbed steadily over the last few years, with especially strong growth recently, which suggests the business is gaining traction in its chosen markets. Profitability has improved markedly compared with the loss-making period a few years ago. The company has moved from net losses to solid net income, which is a clear sign that underwriting, pricing, and expense discipline have strengthened. That said, operating profit peaked in the prior year and then eased even as revenue increased, which hints at some margin pressure—likely from higher claims, reinsurance costs, or growth-related expenses. Overall, the trend is from a young, volatile earnings profile toward a more stable, profitable one, but the recent dip in operating leverage shows that earnings can still be influenced by market conditions and loss experience, as is typical for specialty insurers and reinsurers.

Balance Sheet

Balance Sheet The balance sheet looks conservative and gradually stronger over time. Total assets have expanded each year, reflecting business growth and a larger underwriting footprint. Cash levels are healthy relative to the company’s size and have remained broadly stable, which helps support claims-paying ability and day‑to‑day operations. Debt is very modest compared with the equity base, implying low financial leverage. This reduces balance‑sheet risk and gives management flexibility during stress periods or when attractive growth opportunities arise. Shareholders’ equity has increased steadily, driven by retained earnings as profitability has improved. In simple terms, Hamilton appears to be growing while keeping its capital structure prudent. For an insurance and reinsurance company operating in volatile risk markets, this relatively cautious balance‑sheet stance is a key strength, though it will always be important to watch how capital holds up through future large‑loss events.

Cash Flow

Cash Flow Cash generation has improved significantly. Operating cash flow has shifted from being weak or negative a few years ago to clearly positive more recently, indicating that the underlying insurance operations are now producing cash rather than consuming it. Free cash flow closely tracks operating cash flow because capital spending needs are light. The business model is capital‑intensive in terms of regulatory capital and reserves, but not in terms of physical investment in property and equipment. This means that once underwriting becomes disciplined and profitable, a good portion of earnings can turn into cash. The main takeaway is that the cash flow profile has moved from early‑stage, somewhat strained, to healthier and more self‑funding, which supports growth initiatives and capital management decisions—but as with all insurers, this can fluctuate with loss experience and investment returns.

Competitive Edge

Competitive Edge Hamilton competes in specialty insurance and reinsurance rather than in plain‑vanilla, highly commoditized lines. This focus on more complex, bespoke risks—often placed through Lloyd’s and other specialty markets—gives it a competitive edge based on expertise rather than on price alone. The group is structured around three platforms: global specialty, U.S. specialty (Excess & Surplus lines), and reinsurance. This gives diversification across geographies and product types. It can shift emphasis between segments depending on where market conditions are most attractive, which is particularly valuable in a cyclical industry. Hamilton’s culture emphasizes disciplined, data‑driven underwriting and a willingness to walk away from underpriced business. Combined with its presence at Lloyd’s and its experience in niche areas such as aviation, crisis management, and financial lines, this builds a differentiated position. However, it still competes against very large, established global players, and its shorter track record and smaller scale are ongoing challenges in winning the most attractive risks at the best terms.

Innovation and R&D

Innovation and R&D Innovation at Hamilton centers on technology and analytics rather than traditional laboratory‑style R&D. The firm has invested heavily in its Hamilton Analytics and Risk Platform (HARP), which aims to use data and advanced modeling to refine risk selection, pricing, and portfolio management. This is designed to improve underwriting quality and reduce volatility over time. Historically, its partnership with quantitative firm Two Sigma shaped a culture that is comfortable with data science, algorithms, and systematic decision‑making. That mindset carries through today in the way the company approaches underwriting and investments. Hamilton has also modernized its operational backbone with systems like Vertafore for agency management and Phinsys for financial processes, which should support scalability and efficiency. Strategically, the company is expanding into new specialty segments such as credit, bond, and political risk reinsurance and is building out its U.S. property and E&S offerings. These moves reflect both product innovation and a willingness to enter emerging or underserved niches. The opportunity is to translate its tech‑driven approach into consistently superior underwriting results; the risk is execution—ensuring that new products and platforms are priced correctly and integrated smoothly into the overall risk portfolio.

Summary

Hamilton Insurance Group presents as a relatively young, specialty-focused insurer and reinsurer that has moved from early losses to solid profitability and healthier cash generation. Revenue and scale are trending upward, while the balance sheet remains conservatively financed, with low debt and growing equity. Its competitive strengths lie in its focus on complex, specialty risks; a diversified platform across global specialty, U.S. E&S, and reinsurance; and a culture of disciplined, data‑driven underwriting. The firm’s technology investments and analytics platform, along with modern operational systems, are intended to create a quieter, more predictable earnings profile over time, even in a volatile risk environment. Key uncertainties include the normal cyclicality of insurance and reinsurance, exposure to large loss events, and the need to prove that its recent profitability is sustainable through different market and catastrophe cycles. Execution on new specialty lines and ongoing digital initiatives will be important watch points. Overall, the story is one of a growing, tech‑enabled specialty player with improving fundamentals but still a relatively short track record as a public company and the usual industry‑specific risks to navigate.

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