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We are a global specialty insurance and reinsurance company founded in Bermuda in 2013. (Incorporated in Bermuda)
We harness multiple drivers to create shareholder value. These include diverse underwriting operations supported by proprietary technology and a team of over 500 full-time employees, a strong balance sheet, and a unique investment management relationship with Two Sigma Investments, LP (“Two Sigma”).
We operate globally, with underwriting operations in Lloyd’s of London (“Lloyd’s”), Ireland, Bermuda, and the United States. We are led by an entrepreneurial and experienced management team that have almost tripled our gross premiums written over the last five years, from $571 million for the year ended November 30, 2018 to $1.6 billion for the year ended December 31, 2022, while also reducing our combined ratio by 22 percentage points. We believe the combined effects of organic premium growth, strategic acquisition, new market developments and continuous platform cost optimization leave us well positioned to capitalize on the favorable market conditions across the lines of business written by our established and scaled underwriting platforms.
We operate three principal underwriting platforms (Hamilton Global Specialty, Hamilton Select and Hamilton Re) that are categorized into two reporting business segments (International and Bermuda):
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International: Accounting for 57% of gross premiums written for the year ended December 31, 2022, International consists of business written out of our Lloyd’s syndicate and subsidiaries based in the United Kingdom, Ireland, and the United States, and includes the Hamilton Global Specialty and Hamilton Select platforms.
◦Hamilton Global Specialty focuses predominantly on commercial specialty and casualty insurance for medium to large-sized accounts and specialty reinsurance products written by Lloyd’s Syndicate 4000 and Hamilton Insurance DAC (“HIDAC”). Syndicate 4000, a leading Lloyd’s syndicate, generates a significant portion of premium from the U.S. Excess & Surplus (“E&S”) market and has ranked among the most profitable and least volatile syndicates at Lloyd’s over the last 10 years.
◦Hamilton Select, our recently launched U.S. domestic E&S carrier, writes casualty insurance for small to mid-sized clients in the hard-to-place niche of the U.S. E&S market. We believe it presents meaningful and profitable growth opportunities in the near to long term, further expanding our footprint in the U.S. E&S market.
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Bermuda: Accounting for 43% of our gross premiums written for the year ended December 31, 2022, Bermuda consists of the Hamilton Re platform, made up of Hamilton Re, Ltd. (“Hamilton Re”) and Hamilton Re US. Hamilton Re writes property, casualty and specialty reinsurance business on a global basis and also offers high excess Bermuda market specialty insurance products, predominantly for large U.S. commercial risks. Hamilton Re US writes casualty and specialty reinsurance business on a global basis.
*Note: Net income attributable to common shareholders and revenue are for the 12 months that ended June 30, 2023.
(Hamilton Insurance Group priced its IPO at $15.00 – $1.00 below the bottom of its $16.00-to-$18.00 range – and sold 15.0 million shares – the number in the prospectus – to raise $225.0 million on Nov. 9, 2023. Background: Hamilton Insurance Group, Ltd. disclosed the terms for its IPO in an S-1/A filing dated Nov. 1, 2023: 15.0 million Class B common shares at $16.00 to $18.00 to raise $255.0 million. Of the 15.0 million shares, the company is offering 6.25 million shares and selling stockholders are offering 8.75 million shares. The company will not receive any proceeds from the sale of the selling stockholders’ shares. Background: Hamilton Insurance Group, Ltd. filed its S-1 on Oct. 16, 2023, without disclosing terms for its IPO. The Bermuda-based insurance and reinsurance company submitted confidential IPO documents to the SEC on May15, 2023.)
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