Hamilton Insurance Group上半年淨收入4.718億美元 投資收益成亮點

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 10-Q
__________________________________

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) 
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) 
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to 
Commission file number: 001-41862
__________________________________
Hamilton Insurance Group, Ltd.
(Exact name of registrant as specified in its charter) 
__________________________________

Bermuda
98-1153847

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

Wellesley House North, 1st Floor, 90 Pitts Bay Road 
Pembroke HM 08
Bermuda

(Address of Principal Executive Offices and Zip Code)

(441) 405-5200
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Class B common shares, par value $0.01 per share
HGNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
☒ Yes ☐ No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒
Accelerated filer☐
Non-accelerated filer☐
Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No 
The registrant's number of Class B common shares outstanding as of July 31, 2026 was 65,890,659.

Hamilton Insurance Group, Ltd.

Table of Contents

Page
Part I. Financial Information

Item 1. Financial Statements
4

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
34

Item 3. Quantitative and Qualitative Disclosures About Market Risk
85

Item 4. Controls and Procedures
85

Part II. Other Information

Item 1. Legal Proceedings
87

Item 1A. Risk Factors
87

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
87

Item 3. Defaults Upon Senior Securities
87

Item 4. Mine Safety Disclosures
87

Item 5. Other Information
87

Item 6. Exhibits
88

Signatures
89

1

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Hamilton Insurance Group, Ltd. ("Quarterly Report") includes "forward looking statements" pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as "believes," "expects," "may," "will," "target," "should," "could," "would," "seeks," "intends," "plans," "contemplates," "estimates," "forecasts," or "anticipates," or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements appear in a number of places throughout this Quarterly Report and relate to matters such as our industry, growth strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, business plans (including syndicate capacity forecasts) and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from the forward-looking statements contained herein. Such risks, uncertainties, and other important factors include, among others, the risks, uncertainties and factors set forth in "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"), our other subsequent periodic reports filed with the Securities and Exchange Commission and the following:

•challenges from competitors, including those arising from industry consolidation, alternative capital and technological advancements, including the increasing use of advanced analytics and artificial intelligence;
•unpredictable events, including natural catastrophes and man‑made disasters, global climate change and emerging claim, litigation and coverage issues that may increase loss severity or expand coverage obligations;
•our ability, or that of the third parties on which we rely, to ensure reserves are adequate to cover actual losses and to accurately assess underwriting risk, models, assumptions, data quality and the pricing of risks, particularly in long‑tail, low‑frequency or emerging lines of business;
•our ability to defend and protect our intellectual property rights, including our proprietary technology platforms and data, to comply with obligations under license and technology agreements or to obtain or renew licenses to technology or data on reasonable terms;
•the impact of risks associated with human error, misconduct or fraud, model uncertainty, cybersecurity threats such as cyber‑attacks and security breaches, misuse of artificial intelligence and our reliance on third‑party information technology systems that may fail, be disrupted or require replacement;
•our ability to secure necessary credit facilities, letters of credit or other forms of financing or collateral on favorable terms or at all;
•our limited financial and operational flexibility due to covenants and other restrictions in our existing or future credit facilities and debt arrangements;
•our exposure to the credit risk of insurance and reinsurance intermediaries on which we rely for the collection of premiums and payment of claims;
•our failure to pay claims in a timely manner, significant reserve strengthening, or the need to sell investments under unfavorable market or other conditions in order to meet liquidity requirements;
•downgrades, potential downgrades or other negative actions by rating agencies, including changes in rating agency methodologies;
•our ability to manage risks associated with adverse macroeconomic conditions, geopolitical instability and global events, including current or anticipated military conflicts, public health crises, terrorism, sanctions, inflation, rising interest rates, energy price volatility and other disruptions;
•the cyclical nature of the insurance and reinsurance business, which may result in declines in pricing and more competitive terms and conditions;
•our results of operations fluctuating significantly from period to period and not being indicative of our long‑term prospects;
•our ability to execute our strategy and to adapt our business and strategic plans in response to changing market, regulatory and competitive conditions;
•our dependence on key executives and other personnel, including the potential loss of Bermudian or other critical personnel, and our ability to attract and retain qualified employees in highly competitive labor markets;
2

•foreign operational risks, including foreign currency risk, political instability, regulatory uncertainty and differing legal regimes in jurisdictions where we operate;
•our ability to identify, execute and integrate growth opportunities, including acquisitions or other strategic transactions, and to realize the anticipated benefits of such initiatives;
•risks arising from our management of alternative reinsurance platforms and vehicles for third‑party investors;
•our inability to control the asset allocation, investment decisions or performance of the Two Sigma Hamilton Fund, LLC (the "TS Hamilton Fund") and our limited ability to withdraw capital from the TS Hamilton Fund;
•conflicts of interest, governance, operational or regulatory risks involving Two Sigma Investments, LP ("Two Sigma"), the TS Hamilton Fund or their respective affiliates that could adversely affect investment performance or our business;
•the historical performance of Two Sigma or the TS Hamilton Fund not being indicative of future performance or our future results;
•risks associated with our investment strategy, including the use of leverage, derivatives, illiquid assets and concentration risk, which may be greater than those faced by some of our competitors;
•our potentially becoming subject to additional or increased taxation, including U.S. federal income tax, Bermuda tax or other taxes, as a result of changes in tax laws, interpretations or our operations;
•the potential classification of us or our subsidiaries as a passive foreign investment company or becoming subject to U.S. withholding and information reporting requirements under the U.S. Foreign Account Tax Compliance Act ("FATCA");
•our ability to compete effectively in a highly regulated industry in light of new or changing domestic or international laws and regulations, including accounting standards and evolving regulatory interpretations;
•the suspension, limitation or revocation of licenses or approvals required by our insurance and reinsurance subsidiaries;
•significant legal, regulatory or governmental proceedings or investigations;
•restrictions on our insurance and reinsurance subsidiaries’ ability to pay dividends or make other distributions to us;
•challenges and costs associated with compliance with public company disclosure, governance and internal control requirements;
•the limited ability of investors to influence corporate matters due to our multi‑class share structure and the voting provisions in our Bye‑laws;
•the risk that anti‑takeover provisions in our Bye‑laws or Bermuda law could discourage, delay or prevent a change in control, even if beneficial to shareholders; and
•difficulties investors may face in enforcing judgments or protecting their interests against us or our directors and officers.

There may be other factors that could cause our actual results to differ materially from the forward-looking statements, including factors disclosed under the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our annual Report on Form 10-K and our subsequent quarterly reports on Form 10-Q, including this Quarterly Report. You should evaluate all forward-looking statements made herein in the context of these risks and uncertainties.

You should read this information completely and with the understanding that actual future results may be materially different from expectations. We caution you that the risks, uncertainties, and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits, or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements contained herein apply only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

Available Information

We encourage investors and others to frequently visit our website, www.hamiltongroup.com, including our Investor Relations web pages investors.hamiltongroup.com. Information found on, or accessible through, our website is not a part of, and is not incorporated into this Quarterly Report. Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are available, free of charge, on our website as soon as reasonably practicable after we file such material electronically with, or furnish it to, the U.S. Securities and Exchange Commission (the "SEC"). The SEC also maintains a website that contains our SEC filings. The address of the site is www.sec.gov.
3

Part I. Financial Information

Item 1. Financial Statements

Index To Unaudited Condensed Consolidated Financial Statements

Page
Unaudited Condensed Consolidated Balance Sheets
5

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
6

Unaudited Condensed Consolidated Statements of Shareholders’ Equity
7

Unaudited Condensed Consolidated Statements of Cash Flows
8

Notes to the Unaudited Condensed Consolidated Financial Statements

Note 1. Organization
9

Note 2. Summary of Significant Accounting Policies
10

Note 3. Investments
11

Note 4. Fair Value
16

Note 5. Variable Interest Entities
18

Note 6. Reinsurance
19

Note 7. Reserve for Losses and Loss Adjustment Expenses
21

Note 8. Segment Reporting
23

Note 9. Debt and Credit Facilities
28

Note 10. Share Capital
30

Note 11. Earnings Per Share
33

4

Hamilton Insurance Group, Ltd.
Unaudited Condensed Consolidated Balance Sheets

($ in thousands, except share information) 
June 30,
2026December 31,
2025
Assets

Fixed maturity investments, at fair value 
   (amortized cost 2026: $3,133,507; 2025: $3,210,940)
$3,114,054 $3,238,543 
Short-term investments, at fair value (amortized cost 2026: $355,729; 2025: $200,052)
356,453 200,459 
Investments in Two Sigma Funds, at fair value (cost 2026: $1,574,091; 2025: $1,355,563)
1,844,158 1,587,658 
Total investments
5,314,665 5,026,660 
Cash and cash equivalents
717,335 1,062,359 
Restricted cash and cash equivalents
111,631 109,731 
Premiums receivable
1,240,034 939,777 
Paid losses recoverable
99,228 93,659 
Deferred acquisition costs
294,669 257,203 
Unpaid losses and loss adjustment expenses recoverable
1,463,936 1,375,857 
Receivables for investments sold
185,133 58,029 
Prepaid reinsurance
454,535 296,351 
Intangible assets
83,163 86,624 
Other assets
299,570 265,363 
Total assets
$10,263,899 $9,571,613 

Liabilities, non-controlling interest, and shareholders’ equity

Liabilities

Reserve for losses and loss adjustment expenses
$4,783,094 $4,415,176 
Unearned premiums
1,654,491 1,377,474 
Reinsurance balances payable
491,148 296,400 
Payables for investments purchased
61,071 209,853 

Term loan, net of issuance costs
149,795 149,743 
Accounts payable and accrued expenses
131,905 177,320 
Payables to related parties
67,946 123,376 
Total liabilities
7,339,450 6,749,342 

Non-controlling interest – TS Hamilton Fund
73,613 172 

Shareholders’ equity

Common shares:

Class A, authorized (2026 and 2025: 26,444,807), par value $0.01;
  issued and outstanding (2026 and 2025: 17,320,078)
173 173 
Class B, authorized (2026 and 2025: 84,677,932), par value $0.01; 
   issued and outstanding (2026: 65,890,659 and 2025: 66,305,707)
659 663 
Class C, authorized (2026 and 2025: 15,403,649), par value $0.01; 
   issued and outstanding (2026 and 2025: 15,403,649)
154 154 
Additional paid-in capital
1,126,425 1,134,985 
Accumulated other comprehensive loss
(4,441)(4,441)
Retained earnings
1,727,866 1,690,565 
Total shareholders’ equity
2,850,836 2,822,099 

Total liabilities, non-controlling interest, and shareholders’ equity
$10,263,899 $9,571,613 

See accompanying notes to the unaudited condensed consolidated financial statements. 
5

Hamilton Insurance Group, Ltd.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months EndedSix Months Ended
June 30,June 30,
($ in thousands, except per share information)
2026202520262025
Revenues
Gross premiums written$831,041 $712,026 $1,771,152 $1,555,332 
Reinsurance premiums ceded(209,346)(155,712)(495,797)(395,143)
Net premiums written621,695 556,314 1,275,355 1,160,189 

Net change in unearned premiums(35,688)(45,151)(118,833)(150,098)
Net premiums earned586,007 511,163 1,156,522 1,010,091 

Net realized and unrealized gains (losses) on investments227,856 208,034 378,933 456,828 
Net investment income (loss)24,440 21,067 50,469 39,994 
Total net realized and unrealized gains (losses) on investments and net investment income (loss)252,296 229,101 429,402 496,822 

Other income (loss)3,904 5,014 10,655 9,676 
Net foreign exchange gains (losses)(2,629)(4,513)1,905 (7,039)
Total revenues839,578 740,765 1,598,484 1,509,550 

Expenses
Losses and loss adjustment expenses361,489 269,928 686,274 665,163 
Acquisition costs145,423 122,815 289,929 239,696 
General and administrative expenses66,931 68,828 128,395 131,530 

Amortization of intangible assets3,700 4,004 7,720 7,895 
Interest expense4,762 4,729 9,538 10,331 
Total expenses582,305 470,304 1,121,856 1,054,615 

Income (loss) before income tax257,273 270,461 476,628 454,935 
Income tax expense (benefit)2,470 2,675 4,793 5,882 
Net income (loss)254,803 267,786 471,835 449,053 

Net income (loss) attributable to non-controlling interest111,021 80,371 194,515 180,765 

Net income (loss) and other comprehensive income (loss) attributable to common shareholders$143,782 $187,415 $277,320 $268,288 

Per share data

Basic income (loss) per share attributable to common shareholders
$1.45 $1.85 $2.79 $2.64 
Diluted income (loss) per share attributable to common shareholders
$1.42 $1.79 $2.73 $2.56 

See accompanying notes to the unaudited condensed consolidated financial statements. 
6

Hamilton Insurance Group, Ltd.
Unaudited Condensed Consolidated Statements of Shareholders' Equity

Three Months EndedSix Months Ended
June 30,June 30,
($ in thousands)2026202520262025
Common shares

Balance, beginning of period
$992 $1,017 $990 $1,015 
Issuance of common shares
1 — 14 11 
Repurchases of common shares
(7)(16)(18)(25)
Balance, end of period
986 1,001 986 1,001 

Additional paid-in capital

Balance, beginning of period
1,127,868 1,160,569 1,134,985 1,163,609 
Issuance of common shares
(1)(1)(14)(12)
Repurchases of common shares
(8,219)(18,836)(20,982)(28,508)
Share compensation expense
6,777 6,839 12,436 13,482 

Balance, end of period
1,126,425 1,148,571 1,126,425 1,148,571 

Accumulated other comprehensive income (loss)

Balance, beginning and end of period
(4,441)(4,441)(4,441)(4,441)

Retained earnings

Balance, beginning of period
1,598,031 1,242,194 1,690,565 1,168,526 
Net income (loss)
254,803 267,786 471,835 449,053 
Net income (loss) attributable to non-controlling interest
(111,021)(80,371)(194,515)(180,765)

Dividends on common shares
22 — (205,738)— 
Repurchases of common shares
(13,969)(16,149)(34,281)(23,354)
Balance, end of period
1,727,866 1,413,460 1,727,866 1,413,460 

Total shareholders’ equity
$2,850,836 $2,558,591 $2,850,836 $2,558,591 

 
See accompanying notes to the unaudited condensed consolidated financial statements. 
7

Hamilton Insurance Group, Ltd.
Unaudited Condensed Consolidated Statements of Cash Flows

Six Months Ended
($ in thousands)June 30,
Operating activities
20262025
Net income (loss)
$471,835 $449,053 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization
8,400 8,660 

Share compensation expense
12,436 13,482 
Net realized (gains) losses on investments 
(387,751)(314,787)
Change in net unrealized (gains) losses on investments
8,818 (142,041)

Other items
2,639 (26,617)
Change in:

Premiums receivable
(300,257)(276,873)
Paid losses recoverable
(5,569)2,573 
Deferred acquisition costs
(37,466)(44,417)
Prepaid reinsurance
(158,184)(141,969)
Unpaid losses and loss adjustment expenses recoverable
(88,079)(65,620)

Other assets
(33,273)(14,255)
Reserve for losses and loss adjustment expenses
367,918 451,790 
Unearned premiums
277,017 292,067 
Reinsurance balances payable
194,748 155,976 
Accounts payable and accrued expenses and other
(107,088)(93,710)
Net cash provided by (used in) operating activities
226,144 253,312 

Investing activities

Proceeds from redemptions from Two Sigma Funds
2,119,223 1,449,027 
Contributions to Two Sigma Funds
(1,955,306)(1,582,403)

Purchases of fixed maturity investments
(1,985,618)(1,084,680)
Proceeds from sales, redemptions and maturity of fixed maturity investments
2,064,654 832,969 
Purchases of short-term investments
(729,859)(658,568)
Proceeds from sales of short-term investments
581,907 860,370 
Change in receivables for investments sold
(127,104)35,735 
Change in payables for investments purchased
(148,782)12,102 

Other
(5,870)(5,378)
Net cash provided by (used in) investing activities
(186,755)(140,826)

Financing activities

Issuance of common shares
14 11 
Repurchases of common shares
(55,281)(51,887)
Contribution of additional paid-in capital
(14)(12)
Term loan, net of issuance costs
— (311)

Withdrawal of non-controlling interest
(121,074)(111,601)
Dividends on common shares paid(199,495)— 
Net cash provided by (used in) financing activities
(375,850)(163,800)

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
(6,663)21,759 

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
(343,124)(29,555)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period
1,172,090 1,100,852 
Cash and cash equivalents and restricted cash and cash equivalents, end of period
$828,966 $1,071,297 

See accompanying notes to the unaudited condensed consolidated financial statements. 
8

Hamilton Insurance Group, Ltd.
Notes to the Unaudited Condensed Consolidated Financial Statements

1. Organization

Hamilton Insurance Group, Ltd. ("Hamilton Group", the "Group", the "Company", "we", "us" or "our"), the ultimate group holding company, was incorporated on September 4, 2013, under the laws of Bermuda. On November 14, 2023, the Company consummated an initial public offering ("IPO") of its Class B common sh