Hamilton Insurance Group Q2 2026: 95% Combined Ratio, 17% Premium Growth, $1.42 EPS
HG sits 63% above its 52-week low of $22.08.
Summary
Hamilton Insurance Group reported Q2 2026 net income of $143.8 million ($1.42 diluted EPS) with a 95.0% combined ratio and 17% premium growth. Results were pressured by Middle East conflict losses and unfavorable casualty reserve development, partially offset by strong investment returns from the Two Sigma Hamilton Fund.
Key Events · Earnings and Guidance · HG
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Q2 2026 Earnings
Net income attributable to common shareholders of $143.8 million, or $1.42 per diluted share, compared to $187.4 million ($1.79 per share) in Q2 2025.
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Underwriting Performance
Combined ratio of 95.0% vs 86.8% a year ago. Gross premiums written grew 17% to $831 million, driven by casualty and specialty lines. Underwriting income fell to $29.1 million from $67.5 million.
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Catastrophe & Reserve Development
Current-year catastrophe losses of $45.7 million from the Middle East conflict. Unfavorable prior-year development of $17.3 million in H1 2026, primarily from casualty lines and the Baltimore Bridge collapse.
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Investment Returns
TS Hamilton Fund returned 5.1% net of fees and incentive allocations, contributing $115.5 million to net income. Total net investment income and realized/unrealized gains were $252.3 million.
Analysis · HG · Finance
Hamilton Insurance Group turned in a solid Q2 2026, posting a 95.0% combined ratio alongside 17% gross premium growth and $1.42 in diluted EPS. Underwriting income came in at $29.1 million, down from $67.5 million a year ago, as catastrophe losses tied to the Middle East conflict and unfavorable prior-year development in casualty lines weighed on results. The TS Hamilton Fund returned 5.1% net of fees, contributing $115.5 million to the bottom line. A $2.00 special dividend was paid in March, and the company repurchased $22.1 million in shares during the quarter. While the combined ratio deteriorated from an exceptionally strong 86.8% in Q2 2025, the current 95.0% remains profitable and reflects disciplined underwriting in a more competitive market. The AM Best upgrade of Hamilton Select to 'A' expands growth opportunities in the U.S. E&S market.
At the time of this filing, HG was trading at $35.91 on NYSE in the Finance sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $22.08 to $37.31. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.