Hamilton Insurance Group, Ltd. (HG) Stock

Hamilton Insurance Group, Ltd. (HG) is a Financials stock trading at $35.53 (as of 2026-09-02), with a market capitalization of $2.36B and a trailing P/E of 2.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Hamilton Insurance Group, Ltd., through its subsidiaries, engages in underwriting specialty insurance and reinsurance risks in Bermuda and internationally. The company offers casualty reinsurance products, such as commercial motor, general liability, healthcare, multiline, personal motor, professional liability, umbrella and excess casualty, and worker's compensation and employer's liability reinsurance; property treaty reinsurance; and specialty reinsurance solutions, including accident and health, aviation, crisis management, financial lines, marine and energy, multiline specialty, and satellite reinsurance. It also provides accident and health, cyber, excess energy, environmental, financial lines, fine art and specie, kidnap and ransom, M&A, marine and energy liability, political risk, professional liability, property binders, property D&F, space, upstream energy, general and excess casualty, war and terrorism, allied medical, management liability, medical professionals, products liability and contractors, and small business casualty insurance plans. The company was incorporated in 2013 and is based in Pembroke, Bermuda with additional locations in Dublin, Ireland; London, United Kingdom; Miami, Florida; New York, New York; and Glen Allen, Virginia.

Understand Hamilton Insurance Group, Ltd.: how it makes money

Hamilton is a Bermuda-based specialty reinsurer that underwrites casualty, property, and niche risks for insurers worldwide, earning premium income and investment returns. The book splits between a mature Bermuda segment and a faster-growing international one, with Hamilton Select emerging as a lower-middle-market growth engine.

Profit is the spread between underwriting losses and acquisition costs versus earned premiums plus investment income earned on the premium float.

Business quality (Solid): A 32% ROE and 31% operating margin point to disciplined underwriting, while the 2.6x P/E (versus a 13x industry average) implies the market is pricing in reserve or catastrophe risk.

Valuation: At 3× earnings, HG trades 80% below the Insurance average (13×). Note: the low multiple may reflect one-time earnings items.

Bull case

  • 95% combined ratio despite cat hits: Management cited a 95% combined ratio in Q2 FY26 even with elevated catastrophe losses, showing the underwriting team can absorb cat events without breaching profitability.
  • Hamilton Select growing at 18%: Hamilton Select premiums grew 18% while expanding into lower-middle-market specialty risks, giving the group a faster-growth book that diversifies away from the mature Bermuda treaty portfolio.
  • Trading at a steep discount: The stock sits at a 2.6x P/E versus a 13x insurance-industry average, roughly 80% below peers, implying the market assigns heavy probability to future reserve or catastrophe losses that have not yet materialized.

Bear case

  • Property rates softening on oversupply: Management flagged that property pricing remains under pressure from abundant market supply, which could compress future premium income and erode the combined ratio if the trend persists into renewal cycles.
  • Unfavorable Bermuda reserve development: Casualty reserve reviews produced unfavorable prior-year development in the Bermuda book, a signal that earlier loss estimates were too low and that future quarters may absorb similar charges.
  • Investment income shrinking YoY: Investment income declined year over year even with strong fund performance, meaning the earning-asset side of the float is no longer a reliable offset to underwriting soft spots.
Valuation — source: SEC EDGAR (first-party)
Price$35.53
Market Cap$2.36B
P/E Ratio2.7
EV / EBITDA2.0
Price / Book0.83
Price / Sales0.79
DCF Value (model)$318.73
DCF Upside vs Price797.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.91B
Net Margin28.9%
Revenue Growth (YoY)13.3%
EPS Growth (YoY)-21.6%
Valuation vs Sector & Industry
Stock P/E2.7
Sector P/E (Financials)14.9
Industry P/E (Insurance)12.1
vs Sector-81.6%
vs Industry-77.4%
Company
SectorFinancials
IndustryInsurance
CEOGiuseppina Carmela Albo
Employees600
CountryBM
IPO Date2023-11-13

Hamilton Insurance Group, Ltd. earnings call transcripts

  • HG Q2 FY26 earnings call transcript (reported 2026-08-06) · analysis

All HG earnings calls

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HG earnings history · HG institutional & insider holders · HG KPIs & operating metrics · HG financials · HG investor presentations & press releases · HG SEC filings · HG peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.