Hamilton Insurance Group has reported a Q3 2023 net income of $43.6 million, up considerably from Q3 2022’s loss of $136.1 million, while gross written premiums also grew 18.3% to $474.1 million.
The firm’s overall combined ratio in Q3 was much improved at 92.6%, down 29.9% from last year, with better performance across both reporting segments (International combined ratio of 97.7% and Bermuda combined ratio of 86.9%).
Hamilton’s Underwriting income in Q3 also expanded, hitting $24.9 million compared to a loss of $66.1 million last year. The annualised return on average equity in Q3 was 9.8%.
Meanwhile, catastrophe losses (current and prior year), net of reinsurance, were $7.2 million, or 2.1 points, driven by the Hawaii wildfires, Hurricane Idalia, Vermont Floods and certain smaller wind events.
Hamilton said that these were partially offset by favourable development on convective storms from earlier this year and favourable prior-year development. Net investment income in Q3 stood at $46.3 million.
Commenting on the results, Pina Albo, CEO of Hamilton, said, “It has been a momentous few weeks for Hamilton having closed our initial public offering on November 14th, and we are pleased to be reporting our first quarterly results as a public company.
“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.”
Albo concluded, “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.”
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