Hamilton Insurance Group, Ltd. reported significant growth in its financial performance for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved gross premiums written of $553.4 million in Q3 2024, up from $474.1 million in Q3 2023, and $1.88 billion for the nine months, compared to $1.52 billion in the prior year. This growth was driven by increases in casualty, specialty, and property insurance classes, attributed to new business and a favorable rate environment.

Net premiums written also saw a substantial increase, reaching $477.9 million in Q3 2024, compared to $383.6 million in Q3 2023, and $1.47 billion for the nine months, up from $1.12 billion. Net premiums earned for Q3 2024 were $448.8 million, a significant rise from $337.0 million in Q3 2023, and $1.25 billion for the nine months, compared to $952.4 million in the previous year.

The company's net income for Q3 2024 was $61.0 million, compared to $52.6 million in Q3 2023, while net income for the nine months surged to $538.7 million from $146.9 million. Net income attributable to common shareholders for Q3 2024 was $78.3 million, up from $43.6 million, and $366.5 million for the nine months, compared to $131.9 million in 2023. Basic income per share increased to $0.77 for Q3 2024 from $0.42 in Q3 2023, and diluted income per share rose to $0.74 from $0.41.

Total assets as of September 30, 2024, reached $7.83 billion, up from $6.67 billion a year earlier, while total liabilities increased to $5.45 billion from $4.62 billion. Total shareholders' equity rose to $2.31 billion, compared to $2.05 billion in 2023. The company’s tangible book value per common share increased to $21.89, reflecting a 4.0% rise from the previous year.

Strategically, Hamilton Insurance Group has committed to invest up to $1.8 billion in the TS Hamilton Fund, which is managed by Two Sigma. The fund's fair value increased to $932.8 million as of September 30, 2024, from $851.5 million at the end of 2023. The company also executed share repurchases totaling $10.0 million during Q3 2024, with an authorization of up to $150 million for future repurchases.

The combined ratio for the nine months ended September 30, 2024, improved slightly to 89.9% from 90.2% in 2023, despite an increase in the attritional loss ratio, which rose to 53.9% from 51.8%. The company reported total losses and loss adjustment expenses of $726.6 million for the nine months, representing 58.0% of net premiums earned, compared to $528.5 million and 55.5% in the prior year.

Overall, Hamilton Insurance Group's robust performance reflects its strategic focus on sustainable underwriting profitability and capital management, positioning the company for continued growth in the specialty insurance and reinsurance markets.