Hamilton Insurance Group, Ltd. (HG) Stock Analysis

Hamilton Insurance Group is a Bermuda-headquartered specialty insurance and reinsurance holding company with operations across International and Bermuda platforms. It writes complex casualty, specialty, property-catastrophe, cyber, marine, energy, and financial risks for global enterprises, insurers, and wholesale brokers. The company combines a clean, relatively young underwriting book with technology-enabled underwriting and a strategic Two Sigma investment partnership. **Growth remains strong:** 2025 GPW reached $2.91 billion, up from $1,018.0 million in 2021, while Q2 2026 GPW increased 16.7% year over year to $831.0 million. Q2 revenue rose 13.3% to $839.6 million, and non-GAAP operating EPS of $1.56 exceeded the $1.13 consensus by 38.05%. Catastrophe losses pushed the combined ratio to 95.0% from 86.8%, but operating profitability remained robust, with a 22.7% operating ROE and $141.3 million of net investment income. **Valuation is compelling:** the stock trades near 6.13x trailing P/E and 1.21x book, despite annualized operating ROEs above 20%. Near-term catalysts include Hamilton Select growth, the $300 million Sixth Street sidecar, third-party fee income, buybacks, and potential re-rating toward the 10–12x specialty P&C peer P/E range.