Hamilton reports 2023 third quarter results

Hamilton has released its financial results for the third quarter, after going public last month.

In the third quarter, the company recorded net income of $44 million and a combined ratio of 92.6%. For the nine months year to date, net income was $132 million and combined ratio was 90.2%.

Gross premiums written in Q3 increased by $73.3 million, or 18.3%, to $474.1 million with an increase of $37.9 million, or 14.1% in the international segment, and $35.4 million, or 26.9% in the Bermuda segment. For the first nine months of the year, Hamilton reported $1.5 billion in written premiums, compared to $1.3 billion for the same period last year.

“These results reflect the remarkable transformation of our business over the past few years, notably our commitment to underwriting profitability. I am incredibly proud of the Hamilton team and what we have achieved together. Hamilton will continue to lean into the current market with the benefit of newly raised capital. Our underwriting platforms in Bermuda, at Lloyd’s and in the US are focused on specialty insurance and reinsurance, and we see tremendous opportunity to expand our business and relationships with key customers and intermediaries.” – Pina Albo, CEO of Hamilton.