On this page of StockholderLetter.com we present the latest annual shareholder letter from Hamilton Insurance Group, Ltd. — ticker symbol HG. Reading current and past HG letters to shareholders can bring important insights into the investment thesis.

 •  3/27/2025 Letter Continued (Full PDF)
 •  4/25/2024 HG Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  HG Benford's Law Stock Score = 89

HG Shareholder/Stockholder Letter Transcript:

Annual
Report
2 02 4


2024 FINANCIAL HIGHLIGHTS
$2.4B
$2.3B
$400M
GROSS PREMIUMS WRITTEN
SHAREHOLDERS    EQUITY
NET INCOME
$4.8B
91.3%
600+
INVESTED ASSETS AND CASH
COMBINED RATIO
EMPLOYEES
$149M
A(1)(2) / A-(3)
UNDERWRITING INCOME
FINANCIAL STRENGTH RATINGS
(1) AM BEST RATINGS OF HAMILTON RE, LTD. AND HAMILTON INSURANCE DAC
(2) KBRA RATINGS OF HAMILTON RE, LTD.
(3) FITCH RATINGS OF HAMILTON RE, LTD. AND HAMILTON INSURANCE DAC
A Scaled Global Operation     Managing Across Market Cycles
Our business is diversified by (re)insurance, main classes of business, and segment.
INSURANCE/REINSURANCE
53% Insurance
47% Reinsurance
Hamilton Insurance Group, Ltd.
CLASS OF BUSINESS
45% Casualty
30% Specialty
25% Property
BUSINESS SEGMENTS
54% International
46% Bermuda
Annual Report 2024
1

LETTER TO SHAREHOLDERS
In November of 2023, I was
privileged and proud to lead
the talented team at Hamilton
through its successful listing on
the New York Stock Exchange.  
One year later, I stand even more
proud given our team   s ability
to produce record financial
results in a year with no shortage
of catastrophe activity, both
natural and man-made.
Against this background, for the full year 2024
Hamilton produced over $400 million of net
income, an 18.3% return on average equity,
and 23.5% growth in book value per share.
of accretive share repurchases. I am pleased to
Our common shares, traded under ticker
report that we delivered on all of these goals.
symbol    HG    delivered a total return of 27.3%
(compared to the 25.0% return of the S&P
500), a notable achievement for Hamilton
in its first full year as a public company.
A few comments on sustainable underwriting
profitability, which is the foundation of our
business. Our goal is to achieve underwriting
profitability throughout market cycles by
During our initial public offering process, we
focusing relentlessly on underwriting discipline
set several important objectives for 2024:
and shared accountability for results across
deploying capital through our underwriting
our organization. The output of this objective
platforms into a robust marketplace, producing
is clearly reflected in our strong underwriting
sustainable underwriting profitability, achieving
performance for the full year 2024, following
a ratings upgrade and being good stewards of
a similar strong performance in 2023. Our
capital, including, in this context, making use
2024 combined ratio of 91.3% demonstrates
Hamilton Insurance Group, Ltd.
Annual Report 2024
2

Hamilton   s success in navigating the
appreciate the significant resources Hamilton
challenging global insurance environment
has on hand to honor its responsibilities. In
during a year with over $140 billion of insured
this context, during 2024 Hamilton received
global natural catastrophe losses, the collapse
a ratings upgrade from AM Best to an    A   
of the Francis Key Scott Bridge, continued
rating level for both Hamilton Re and Hamilton
social and economic inflation and political
Insurance DAC. This higher rating has many
and economic volatility around the world.
benefits including access to additional business
As an insurance and reinsurance company,
we seek to generate profits through both our
opportunities, new clients, new programs and
increased shares with existing customers.
underwriting activities and our investment
strategy. Our investment portfolio is well
balanced between traditional fixed income
instruments     largely highly rated corporate
and government bonds     and the Two Sigma
Hamilton Fund, an investment vehicle that
has been a cornerstone of Hamilton   s portfolio
since the beginning of the Company. Since
inception in 2014, the Two Sigma Hamilton
Fund has provided annualized returns of
nearly 13%, with minimal downside volatility.
The strength of our 2024 results puts us in an
excellent position to navigate the insurance and
reinsurance environment, whatever the future
brings. I say this with confidence given our
financial resources, the strength of our three
underwriting platforms, our diversified product
offering and, most importantly, the strong
talent throughout our entire organization.
Our two reporting segments, International
and Bermuda, house our three underwriting
platforms: Hamilton Global Specialty (London
and Dublin), Hamilton Select (US) under the
former, and Hamilton Re (Bermuda and US)
under the latter. Each platform has a distinct
focus, in terms of insurance or reinsurance,
mix of business (property, casualty, and
Starting with our financial resources, Hamilton
specialty), and geographic reach. Individually
ended 2024 with $2.3 billion of shareholder   s
and collectively, these platforms allow us
equity, low debt leverage of 6.1%, and a track
to build a well-diversified book of business
record of disciplined reserving. Our products
and position Hamilton to manage the global
    insurance and reinsurance     are promises
insurance and reinsurance cycles effectively.
to pay, and our customer and broker partners
Hamilton Insurance Group, Ltd.
Annual Report 2024
3



 3/27/2025 Letter Continued (Full PDF)