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Hamilton Insurance Group, Ltd. Class B
(NYSE:HG)
Select Model
Select Model
Rating:80Outperform
Price Target:
$41.00
▲(16.25% Upside)
Action:Reiterated
Date:10/28/26
HG scores well primarily on strong financial performance (scaled revenues, improved profitability, low leverage/strong equity base, and solid cash generation) and an attractive valuation (low ~6x P/E). Technicals add a mild positive bias with price above key moving averages and neutral momentum readings. The latest earnings call is supportive on guidance and capital returns, but underwriting volatility (cat losses, combined ratio pressure, and reserve strengthening) meaningfully tempers the overall score.
Positive Factors
Revenue and profitability growth
Hamilton has materially expanded its revenue base while recovering from the 2022 loss to achieve strong recent profitability. This combination indicates greater operating scale and earnings capacity, although underwriting-driven variability means the durability of margins still depends on disciplined risk selection.
Negative Factors
Underwriting volatility
The weaker combined ratio and lower underwriting income show that strong reported earnings do not eliminate exposure to claims variability. If underwriting performance remains pressured, profitability and return on equity could fluctuate materially despite Hamilton’s broader revenue scale and investment income.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profitability growth
Hamilton has materially expanded its revenue base while recovering from the 2022 loss to achieve strong recent profitability. This combination indicates greater operating scale and earnings capacity, although underwriting-driven variability means the durability of margins still depends on disciplined risk selection.
Read all positive factors
Hamilton Insurance Group, Ltd. Class B Key Performance Indicators (KPIs)
Any
Gross Premiums Written by Geography
Total premiums the company writes in each region before any reinsurance is applied, reflecting sales volume and market share. Highlights where the business is expanding or contracting and where underwriting exposure and growth potential are concentrated.
Total premiums the company writes in each region before any reinsurance is applied, reflecting sales volume and market share. Highlights where the business is expanding or contracting and where underwriting exposure and growth potential are concentrated.
Data provided by:
The Fly
The FlyHamilton Insurance Group, Ltd. Class B (HG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.50B
Dividend Yield6.99%
Average Volume (3M)395.04K
Price to Earnings (P/E)6.0
Beta (1Y)0.18
Revenue Growth17.41%
EPS Growth57.09%
CountryUS
Employees600
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)5.88
Shares Outstanding65,890,656
10 Day Avg. Volume387,483
30 Day Avg. Volume395,040
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.00
Price to Sales (P/S)1.03
P/FCF Ratio3.36
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue1.19
Enterprise Value/Gross Profit2.27
Enterprise Value/Ebitda4.05
Forecast
1Y Price Target
$38.14Price Target Upside8.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)5.08
Revenue Forecast (FY)$3.23B
Hamilton Insurance Group, Ltd. Class B Business Overview & Revenue Model
Company Description
Hamilton Insurance Group Ltd. is a holding company, which provides insurance and reinsurance services. It operates through the International and Bermuda segments. The International segment comprises of property, specialty, and casualty insurance a...
How the Company Makes Money
Hamilton Insurance Group, Ltd. primarily makes money through (1) underwriting income and (2) investment income on its float (the premiums held before claims are paid). Underwriting-related revenue is generated when the company writes insurance and...
Hamilton Insurance Group, Ltd. Class B Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 10, 2027
Earnings Call Sentiment Positive
The quarter reflects a generally positive underlying performance supported by strong balance sheet, solid premium growth, excellent investment returns and strategic initiatives (Select upgrade, AI/tech, disciplined capital deployment). However, underwriting results were pressured by catastrophe activity (largely the Middle East conflict), a higher combined ratio and a modest reserve strengthening, and some rate pressure in property/reinsurance. Management emphasized selective growth and margin protection, and reiterated loss-ratio and growth guidance, suggesting confidence in returning to targeted underwriting metrics over the cycle.Positive Updates
Top-line growth and premium expansion
Group premium growth was healthy year-to-date: total group premiums grew ~14% in the first half to $1.8 billion (from $1.6 billion). International GWP in the quarter was $420 million (+22% YoY), Hamilton Select grew 18% in the quarter, and Bermuda insurance/reinsurance wrote $411 million (+12% YoY); Bermuda H1 premium rose to $908 million (+8% YoY).
Negative Updates
Underwriting results weakened; lower underwriting income
Group combined ratio deteriorated to 95.0% in Q2 (from 86.8% in Q2 2025). Underwriting income fell to $29 million in the quarter versus $67 million a year earlier. International underwriting income fell to $9 million (from $27 million) and Bermuda to $20 million (from $40 million).
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line growth and premium expansion
Group premium growth was healthy year-to-date: total group premiums grew ~14% in the first half to $1.8 billion (from $1.6 billion). International GWP in the quarter was $420 million (+22% YoY), Hamilton Select grew 18% in the quarter, and Bermuda insurance/reinsurance wrote $411 million (+12% YoY); Bermuda H1 premium rose to $908 million (+8% YoY).
Read all positive updates
Company Guidance
Management reiterated its forward guidance: a group attritional loss ratio of 55% (International 54.5%, Bermuda 56%), an average combined ratio in the low‑to‑mid‑90s and a return on equity in the teens (all on an average‑through‑the‑cycle basis), with full‑year 2026 premium growth expected in the low‑double‑digit range (year‑to‑date H1 growth ~14%, H1 premiums $1.8bn); they confirmed current‑year attritional expectations and noted ongoing capital actions (YTD share repurchases $42m, $22m in Q2, $137m remaining authorization) and a book value per share of $28.91 ($30.91 after accumulated dividends, up 8.5% from year‑end 2025).Hamilton Insurance Group, Ltd. Class B Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.99B | 2.74B | 2.38B | 1.62B | 1.29B | 1.34B |
| Gross Profit | 1.57B | 1.48B | 930.82M | 547.29M | 203.51M | 416.49M |
| EBITDA | 881.67M | 861.02M | 660.64M | 289.06M | 3.90M | 291.00M |
| Net Income | 585.71M | 576.67M | 400.43M | 258.73M | -98.00M | 188.18M |
Balance Sheet | ||||||
| Total Assets | 10.26B | 9.57B | 7.80B | 6.67B | 5.82B | 5.61B |
| Cash, Cash Equivalents and Short-Term Investments | 4.19B | 1.26B | 1.49B | 3.05B | 1.08B | 1.44B |
| Total Debt | 149.79M | 149.74M | 149.94M | 149.83M | 149.72M | 149.88M |
| Total Liabilities | 7.34B | 6.75B | 5.47B | 4.62B | 4.15B | 3.82B |
| Stockholders Equity | 2.85B | 2.82B | 2.33B | 2.05B | 1.66B | 1.79B |
Cash Flow | ||||||
| Free Cash Flow | 815.18M | 842.35M | 759.30M | 283.15M | 190.93M | 226.53M |
| Operating Cash Flow | 815.18M | 842.35M | 759.30M | 283.15M | 190.93M | 226.53M |
| Investing Cash Flow | -460.02M | -414.09M | -184.16M | -652.09M | 133.10M | 137.82M |
| Financing Cash Flow | -588.22M | -376.17M | -362.69M | 59.02M | -69.62M | -68.00M |
Hamilton Insurance Group, Ltd. Class B Technical Analysis
Neutral
35.27
Price Trends
34.91
Positive
34.50
Positive
31.87
Positive
Market Momentum
0.49
Negative
51.64
Neutral
49.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HG, the sentiment is Neutral. The current price of 35.27 is above the 20-day moving average (MA) of 35.21, above the 50-day MA of 34.91, and above the 200-day MA of 31.87, indicating a bullish trend. The MACD of 0.49 indicates Negative momentum. The RSI at 51.64 is Neutral, neither overbought nor oversold. The STOCH value of 49.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HG.
Hamilton Insurance Group, Ltd. Class B Risk Analysis
Hamilton Insurance Group, Ltd. Class B disclosed 57 risk factors in its most recent earnings report. Hamilton Insurance Group, Ltd. Class B reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Hamilton Insurance Group, Ltd. Class B Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $3.53B | 17.48 | 21.61% | 0.33% | 60.27% | 30.93% | |
80 Outperform | $3.50B | 6.03 | 21.19% | 6.99% | 17.41% | 57.09% | |
79 Outperform | $14.18B | 8.71 | 13.44% | 0.48% | -14.15% | 48.57% | |
78 Outperform | $15.00B | 8.33 | 12.43% | 2.05% | -5.12% | 146.14% | |
72 Outperform | $2.60B | 13.26 | 16.84% | ― | 37.99% | 34.78% | |
71 Outperform | $2.94B | 6.11 | 21.84% | 5.06% | 22.55% | 371.77% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
HG
Hamilton Insurance Group, Ltd. Class B
34.68
12.52
56.52%
EG
Everest Group
386.88
84.77
28.06%
RNR
Renaissancere Holdings
332.19
85.98
34.92%
SPNT
SiriusPoint
25.27
7.02
38.47%
PLMR
Palomar Holdings
136.44
24.34
21.71%
SKWD
Skyward Specialty Insurance Group, Inc.
57.96
12.95
28.77%
Hamilton Insurance Group, Ltd. Class B Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Hamilton Insurance Amends Major Lloyd’s Credit Facility
Positive
Oct 27, 2026
Hamilton Insurance Group, Ltd., via its subsidiary Hamilton Re, Ltd., utilizes a letter of credit facility to provide Funds at Lloyd’s that support the capital requirements of Lloyd’s of London Syndicate 4000. This structure underpins ...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial Disclosures
Hamilton Insurance Extends CEO Contract, Affirms Growth Path
Positive
Aug 6, 2026
Hamilton Insurance Group reported strong results for the quarter ended June 30, 2026, with net income of about $144 million, operating income of $158 million, and an annualized operating return on average equity of roughly 23%. Gross premiums writ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.