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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