The following is a summary of the Hamilton Insurance Group, Ltd. (HG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hamilton Insurance Group reported a Q1 net income of $157 million, up from $51 million in Q1 2023.

• The return on average equity was noted at 29.5%, more than double from 12.2% in the same period last year.

• An increase of 34% from Q1 2023 was seen in gross premiums written, reaching a record of $722 million.

• A conservative provision of $38 million was made regarding the Baltimore bridge collapse.

• Total assets reached $7.3 billion, up by 10% from the end of 2023, with shareholders' equity at $2.2 billion at the end of the first quarter, an 8% increase from the end of 2023.

Business Progress:

• The company achieved a record of six consecutive quarters of underwriting profitability with a combined ratio of 91.5%.

• Operating subsidiaries, Hamilton Re, and Hamilton Insurance Designated Activity Company received an AM Best rating upgrade to A.

• Continued growth was observed across property, casualty, and specialty classes with significant contributions from Hamilton Re, Hamilton Global Specialty, and Hamilton Select.

• A targeted share buyback was confirmed, which is expected to improve book value per share, earnings per share, and return on equity from the next quarter.

• Hamilton Insurance shows robust growth in the Excess and Surplus (E&S) line, especially in Hamilton Select, and anticipates growth in business opportunities due to the AM Best rating upgrade.

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