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HG on NYSE

Hamilton Insurance Group, Ltd.

Fire company based in Pembroke, Bermuda2

In its 2026 annual report the company says: “We are a global specialty insurance and reinsurance company founded in Bermuda in 2013. We harness multiple drivers to create shareholder value. We operate globally, with underwriting operations in London, Dublin, Bermuda and across the United States.”9 Its shares trade on NYSE under the symbol HG.2

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Last updated Oct 21, 2026.

Overview

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  • TickerHG on NYSE2
  • IndustryFire, Marine & Casualty Insurance2
  • HeadquartersPembroke, Bermuda2
  • Incorporated inBermuda3
  • Business addressWellesley House North, 1St Floor, 90 Pitts Bay Road, Pembroke, D0 Hm083
  • Filer categoryLarge accelerated filer3
  • Legal formExempted Companies Limited by Shares2
  • LEI549300W92BN1FIEXG8712
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address90 Pitts Bay Road, Wellesley House North, 1st Floor, HM 08 Pembroke, Bermuda2
  • Registered withRegistrar of Companies (Ministry of Economic Development), 481172

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

28.9%Net margin4
24.7%Revenue growth, 20254
29.8%Return on equity4
0.05×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin10¢$278.9M
  • Other costs60¢$1.8B
  • Interest1¢$20.2M
  • Income tax1¢$15.1M
  • Profit29¢$840.0M

Out of $2.9B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks13¢$112.5M
  • Kept or used elsewhere87¢$729.8M

Out of $842.4M of cash from operations.4

Financial statements

Revenue564$2.9B in 2025+118% since 2021
0$1.0B$2.0B$3.0B2021: $1.3B$1.3B20212022: $1.2B$1.2B2022−8%2023: $1.6B$1.6B2023+27%2024: $2.3B$2.3B2024+48%2025: $2.9B$2.9B2025+25%
Net income564$840.0M in 2025+236% since 2021
-$250.0M0$250.0M$500.0M$750.0M$1.0B2021: $249.8M$249.8M20212022: -$29.9M-$29.9M20222023: $280.3M$280.3M20232024: $613.2M$613.2M2024+119%2025: $840.0M$840.0M2025+37%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Gross premiums written$2.9B$2.4B$2.0B
Reinsurance premiums ceded-$635.6M-$501.4M-$470.6M
Net premiums written$2.3B$1.9B$1.5B
Net change in unearned premiums-$177.8M-$186.4M-$161.9M
Net premiums earned$2.1B$1.7B$1.3B
Net realized and unrealized gains (losses) on investments$687.1M$511.4M$209.6M
Net investment income (loss)$88.0M$63.3M$30.5M
Total net realized and unrealized gains (losses) on investments and net investment income (loss)$775.1M$574.7M$240.1M
Other income (loss)$26.6M$23.8M$18.6M
Net foreign exchange gains (losses)-$6.0M-$3.2M-$6.2M
Total revenues$2.9B$2.3B$1.6B
Losses and loss adjustment expenses$1.3B$1.0B$714.6M
Acquisition costs$507.3M$388.9M$309.1M
General and administrative expenses$278.9M$271.1M$259.9M
Amortization of intangible assets$15.7M$15.5M$10.8M
Interest expense$20.2M$22.6M$21.4M
Total expenses$2.1B$1.7B$1.3B
Income (loss) before income tax$824.9M$621.6M$255.2M
Income tax expense (benefit)-$15.1M$8.4M-$25.1M
Net income (loss)$840.0M$613.2M$280.3M
Net income (loss) attributable to non-controlling interest$263.4M$212.7M$21.6M
Net income (loss) and other comprehensive income (loss) attributable to common shareholders$576.7M$400.4M$258.7M
Basic income (loss) per share attributable to common shareholders$5.75$3.81$2.47
Diluted income (loss) per share attributable to common shareholders$5.55$3.67$2.44

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Corporate structure

Hamilton Insurance Group, Ltd. sits at the top of its group. 3 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Hamilton Insurance Group, Ltd.

  • Hamilton Insurance Group, Ltd. Pembroke, Bermuda
    • HAMILTON CORPORATE MEMBER LIMITED Subsidiary · London, United Kingdom
      • SYNDICATE 3334 Fund · London, United Kingdom

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Hamilton Insurance Group, Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$6.7M4 Dec 31, 2025$9.1M4 Dec 31, 2024−26.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.1B4 Dec 31, 2025$996.5M4 Dec 31, 2024+6.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$06 Dec 31, 2024$06 Dec 31, 2023
Intangible assets, net (excluding goodwill)$86.6M4 Dec 31, 2025$93.1M4 Dec 31, 2024−7.0%
Indefinite-lived intangibles (excluding goodwill)$37.2M4 Dec 31, 2025$37.2M4 Dec 31, 20240%
Finite-lived intangibles, gross$115.9M4 Dec 31, 2025$106.7M6 Dec 31, 2024+8.6%
Accumulated amortization$66.5M4 Dec 31, 2025$50.8M4 Dec 31, 2024+30.9%
Finite-lived intangibles, net$49.4M4 Dec 31, 2025$55.9M4 Dec 31, 2024−11.6%

Properties, in its own words

We lease office space in Bermuda, which houses our headquarters and principal executive offices, as well as in other locations throughout the U.S., U.K. and Ireland. We believe that our current office space is sufficient for us to conduct our operations, although our needs may change in the future. To date, the cost of acquiring and maintaining our office space has not been material to us as a whole.

Item 2 of the 10-K filed Feb 25, 2026.9

Leadership

Who has led Hamilton Insurance Group, Ltd., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Adrian Joseph Daws2023–2025
  2. Anita Breslin Kuchma2023–2025
  3. Giuseppina Albo2023–2025
  4. Megan Jane Thomas2023–2025
  5. Alexander James Baker2025–now

Chief financial officer

  1. Craig Howie2023–now
2025
Board members and other officers (26)

Timeline

  1. Aug 6, 20268-K Results of operations; Executive or director change41
  2. May 6, 20268-K Executive or director change; Shareholder vote; Regulation FD disclosure42
  3. Apr 30, 20268-K Results of operations43
  4. Apr 2, 20268-K Entered a material agreement; Ended a material agreement44
  5. Feb 25, 20268-K Executive or director change; Regulation FD disclosure45
  6. Feb 19, 20268-K Results of operations; Other events46
  7. Nov 12, 2025New chief executive Alexander James Baker becomes CEO10
  8. Nov 4, 20258-K Results of operations47
  9. Nov 4, 20258-K Other events48
  10. Oct 24, 20258-K Entered a material agreement; New debt or obligation49
  11. Aug 6, 20258-K Regulation FD disclosure50
  12. Aug 6, 20258-K Results of operations51
  13. Jul 17, 20258-K Regulation FD disclosure52
  14. Nov 9, 2023New chief executive Megan Jane Thomas becomes CEO14
  15. Nov 9, 2023New chief executive Giuseppina Albo becomes CEO13
  16. Nov 9, 2023New chief executive Anita Breslin Kuchma becomes CEO12
  17. Nov 9, 2023New chief executive Adrian Joseph Daws becomes CEO11
  18. Sep 4, 2013Founded Hamilton Insurance Group, Ltd. is founded2

Calendar

Coming up

  1. Oct 29, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.32 a share, on Nov 4, 2025.53

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results41
  2. Apr 30, 2026Reported quarterly or annual results43
  3. Feb 19, 2026Reported quarterly or annual results46
  4. Nov 4, 2025Reported quarterly or annual results47
  5. Aug 6, 2025Reported quarterly or annual results51
  6. May 7, 2025Reported quarterly or annual results54
  7. Feb 26, 2025Reported quarterly or annual results55
  8. Nov 6, 2024Reported quarterly or annual results56

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

357 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 32 major events, 241 insider forms, 10 large holders, 62 other. The latest 20:

  1. Sep 14, 20264 EDGAR
  2. Sep 11, 2026144 EDGAR
  3. Sep 10, 2026144 EDGAR
  4. Sep 8, 20264 EDGAR
  5. Sep 3, 2026144 EDGAR
  6. Aug 17, 20264 EDGAR
  7. Aug 13, 2026SCHEDULE 13G/A EDGAR
  8. Aug 7, 202610-Q EDGAR
  9. Aug 6, 20268-K EDGAR
  10. May 20, 20264 EDGAR
  11. May 19, 20264 EDGAR
  12. May 18, 2026144 EDGAR
  13. May 15, 20264 EDGAR
  14. May 15, 2026144 EDGAR
  15. May 15, 2026SCHEDULE 13G/A EDGAR
  16. May 13, 2026144 EDGAR
  17. May 12, 20264 EDGAR
  18. May 8, 2026144 EDGAR
  19. May 7, 20264 EDGAR
  20. May 7, 20264 EDGAR

The 357 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

47 open-market trades by officers, directors and large owners since October 2021: 6 buys and 41 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Duffin Timothy JamesChief Underwriting OfficerSale28,500$34.69$988.7KForm 4
Sep 10, 2026Duffin Timothy JamesChief Underwriting OfficerSale28,500$34.53$984.1KForm 4
Sep 3, 2026BROWN DAVID ADirectorSale50,000$36.12$1.8MForm 4
May 18, 2026BROWN DAVID ADirectorSale37,300$32.16$1.2MForm 4
May 15, 2026BROWN DAVID ADirectorSale12,700$31.82$404.1KForm 4
May 13, 2026Levenson Jonathan B.Group TreasurerSale6,075$30.61$186.0KForm 4
May 8, 2026Levenson Jonathan B.Group TreasurerSale3,030$30.67$92.9KForm 4
May 5, 2026Deegan Brian JohnGroup Chief Accounting OfficerSale11,000$30.69$337.6KForm 4
Apr 8, 2026COOPER BRADLEY EDirectorBuy99$31.01$3.1KForm 4
Nov 14, 2025Baker Alexander JamesCEO, Hamilton Global SpecialtySale18,350$26.19$480.6KForm 4
Sep 5, 2025Bernhard Keith DonaldGroup Chief Audit OfficerSale47,000$24.37$1.1MForm 4
Aug 15, 2025Krishnamoorthy VenkatanarayananGroup CTO and Group CDOSale18,988$24.00$455.7KForm 4
Aug 13, 2025Baker Alexander JamesCEO, Hamilton Global SpecialtySale6,000$23.79$142.7KForm 4
Aug 13, 2025Graves Megan JaneCEO, Hamilton ReSale50,000$23.75$1.2MForm 4
Aug 12, 2025Graves Megan JaneCEO, Hamilton ReSale50,000$23.27$1.2MForm 4
Jun 2, 2025Daws Adrian JosephCEO, Hamilton ReSale6,000$22.00$132.0KForm 4
May 19, 2025Vaughan Therese MDirectorBuy4,750$21.05$100.0KForm 4
May 16, 2025Thomas Megan JaneCEO, Hamilton ReSale25,000$21.02$525.5KForm 4
Mar 19, 2025Daws Adrian JosephCEO, Hamilton ReSale3,785$21.00$79.5KForm 4
Mar 14, 2025Thomas Megan JaneCEO, Hamilton ReSale53,256$20.06$1.1MForm 4

All 47 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Giuseppina (Pina) Albo63$1.3M$9.0M61
2025Craig Howie62$660.0K$3.9M61
2025Megan Graves$650.0K$3.4M61
2025Adrian Daws45$660.0K$3.1M61
2025Gemma Carreiro44$480.0K$2.1M61
2025Alex Baker45$509.2K$2.0M61
2024Chief Executive Officer$1.3M$8.6M61
2024Chief Financial Officer$640.0K$3.7M61
2024Former ChiefExecutive Officer of Hamilton Re$635.0K$3.2M61
2024Chief Executive Officer of Hamilton Re$491.7K$2.4M61
2024General Counsel$430.0K$1.7M61
2023Chief Executive Officer$1.3M$12.8M61
2023Chief Financial Officer$600.0K$4.0M61
2023Former ChiefExecutive Officer of Hamilton Re$590.0K$3.1M61
2023Chief Executive Officer of Hamilton Re$447.8K$2.3M61
2023General Counsel$400.0K$2.0M61

SEC filer profile

How Hamilton Insurance Group, Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHamilton Insurance Group, Ltd.1
  • CIK0001593275
  • Employer ID (EIN)98-11538479
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company9
  • Incorporated inBermuda9
  • Fiscal year endsDecember 311
  • Industry code (SIC)6331 Fire, Marine & Casualty Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business addressWellesley House North, 1St Floor, 90 Pitts Bay Road, Pembroke, D0 HM081
  • Phone(441) 405-52001
  • Shares outstanding65,890,659 as of Jul 31, 20268
  • Public float$1.1B as of Jun 30, 20259
  • AuditorErnst & Young Ltd., Hamilton, Bermuda PCAOB ID 1277; it also attests to the company’s internal control over financial reporting9
  • On EDGAR sinceDec 23, 20131
  • Filings359 in all: 4 (187), 3 (37), 144 (32), 8-K (32), 4/A (16), 10-Q (9), SC 13G (4), UPLOAD (4)1
    All 27 form types

    10-K (3), ARS (3), CORRESP (3), DEF 14A (3), DRS/A (3), DRSLTR (3), SC 13G/A (3), SCHEDULE 13G/A (3), D (2), DEFA14A (2), S-1/A (2), 3/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), EFFECT (1), S-1 (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Mar 24, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Class B common shares, par value $0.01 per shareHGNew York Stock Exchange

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).9

Risk factors and legal proceedings

The risks Hamilton Insurance Group, Ltd. names in Item 1A of its 10-K filed Feb 25, 2026: 55 risks under these headings, as written.9

  • Risks Related to Our Business and Industry
  • Competition and consolidation in the insurance and reinsurance industry could materially adversely affect our business, financial condition and results of operations.
  • Our losses and loss expense reserves may be inadequate to cover our actual losses.
  • Unpredictable catastrophic events could materially adversely affect our business, financial condition and results of operations.
  • Our business, financial condition and results of operations could be materially adversely affected if we do not accurately assess our underwriting risk.
  • Significant model and data uncertainty could result in losses materially exceeding our estimates.
  • A material proportion of our business relies on the assessment and pricing of individual risks by third parties.
  • Emerging claim and coverage issues, or other litigation, could materially adversely affect our business, financial condition and results of operations.
  • We, or agents we have appointed, may act based on inaccurate or incomplete information regarding the accounts we underwrite, or such agents may exceed their authority or commit fraud when binding policies on our behalf.
  • Operational risks, including human error, model uncertainty and reliance on third-party systems, could materially adversely affect our business, financial condition and results of operations.
  • Interruptions to or failures of the information technology systems upon which we rely, including those resulting from cybersecurity attacks and security breaches, could materially adversely affect our business, financial condition and results of operations.
  • The use or anticipated use of AI technologies, including generative AI, by us or third parties, may increase or create new operational, legal and reputational risks.
The other 44 risks
  • We may be unable to adequately protect or enforce our intellectual property rights, or we may face claims alleging infringement of third-party rights.
  • Global climate change may have a material adverse effect on our business, financial condition and results of operations.
  • We may not successfully alleviate risk through reinsurance arrangements. Additionally, we may not collect all amounts due from our reinsurers under our existing reinsurance arrangements.
  • Our results of operations may fluctuate significantly from period to period and may not be indicative of our long-term prospects.
  • The insurance and reinsurance business is historically cyclical and the pricing and terms for our products may decline, which would affect our profitability and ability to maintain or grow premiums.
  • If actual renewals of our existing contracts do not meet expectations, our business, financial condition and results of operations could be materially adversely affected.
  • We may be materially adversely affected by inflation.
  • Risks Related to Liquidity, Capital and Credit
  • Our external financial strength credit ratings could be downgraded.
  • We may require additional capital in the future, which may not be available or may only be available on unfavorable terms.
  • The covenants in our debt agreements limit our financial and operational flexibility, which could have a material adverse effect on our business, financial condition or results of operations.
  • Our inability to obtain the necessary credit facilities could affect our ability to offer reinsurance in certain markets.
  • Our reliance on intermediaries subjects us to their credit risk.
  • We could be forced to sell investments to meet our liquidity requirements.
  • Risks Related to Our Business Strategy
  • We depend on our key personnel to manage our business effectively and they may be difficult to replace.
  • Our employees could take excessive risks, which could materially adversely affect our business, financial condition and results of operations.
  • In connection with the implementation of our corporate strategies, we face risks associated with the acquisition or disposition of businesses, the entry into new lines of business, the integration of acquired businesses, the growth and development of these businesses and other strategic transactions.
  • We have significant foreign insurance and reinsurance that exposes us to certain additional risks, including foreign currency risks and political risks.
  • We are exposed to risks in connection with our management of alternative reinsurance platforms for third-party investors.
  • Risks Related to Our Investment Strategy
  • Reductions in the value of our investment portfolio could materially adversely affect our business, results of operations and financial condition.
  • Large claims or adverse market conditions could require us to liquidate investments at unfavorable times.
  • We maintain a fixed income portfolio which could be impacted by interest rate and credit risk.
  • We have significant exposure to, and limited control over, the TS Hamilton Fund, which materially constrains our flexibility and could materially adversely affect our business, financial condition and results of operations.
  • Our investment results depend heavily on Two Sigma and we are therefore exposed to their key person, governance, operational and technology risks. These risks could materially adversely affect our business, financial condition and results of operations, and our contractual remedies are limited.
  • The TS Hamilton Fund’s strategies involve significant leverage, derivatives, margin financing, short selling and hedging, which can amplify losses and create liquidity stress.
  • Conflicts of interest and regulatory scrutiny may adversely affect trade allocation, execution and performance.
  • Returns may be influenced by fee structures and guideline limitations, and prior performance is not a reliable predictor of future results.
  • Risks Relating to Taxation
  • Changes in tax laws, regulations and interpretations, and adverse tax determinations, could materially adversely affect the Company and certain shareholders.
  • U.S. Holders will be subject to adverse tax consequences if the Company is considered a PFIC for U.S. federal income tax purposes.
  • U.S. Holders of 10% or more of the Company’s Class B common shares may be subject to U.S. income taxation under the CFC rules.
  • U.S. Persons who own or are treated as owning Class B common shares may be subject to U.S. income taxation at ordinary income rates on their proportionate share of RPII of the Company's non-U.S. subsidiaries.
  • Information regarding a U.S. Holder’s identity may be reported to the relevant tax authority to ensure compliance with the FATCA and similar regimes.
  • The Company may become subject to additional tax compliance in Bermuda and other countries should Bermuda be reinstated on the EU’s list of non-cooperative jurisdictions for tax purposes.
  • We may become subject to Bermuda corporate income tax under the Corporate Income Tax Act 2023, which could adversely affect our financial condition and results of operations.
  • The application of the OECD BEPS Pillar 2 framework could adversely impact the Company’s tax liability.
  • Risks Related to Regulation
  • Compliance with existing regulations and potential changes in the regulatory landscape may have a material adverse effect on our business, financial condition and results of operations.
  • Changes in laws, regulations or accounting standards could materially affect our business, financial condition and results of operations.
  • We may be subject to significant legal, governmental or regulatory proceedings.
  • We are a holding company with no direct operations, and our insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to us is restricted by law.
  • Bermuda insurance laws regarding the change of control of insurance companies may limit the acquisition of our shares and the voting rights of certain shareholders.
  • Risks Related to Ownership of Our Class B Common Shares
  • There are provisions in our Bye-laws that may reduce the voting rights of our Class B common shares.
  • The multiple-class structure of our common shares may limit investors’ ability to influence corporate matters.
  • Anti-takeover provisions in our Bye-laws could delay management changes or limit share price.
  • Investors may have difficulties in serving process or enforcing judgments against us in the United States.
  • Because we currently expect to retain earnings to support our growth, investors may realize a return on their investment only through an increase in the market price of our Class B common shares.

Legal proceedings

The information required by this Item relating to legal proceedings is incorporated herein by reference to information included in Note 15, Commitments and Contingencies of the accompanying notes to our accompanying audited consolidated financial statements.

The opening of Item 3, Legal Proceedings.9

Sources

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