Hamilton Insurance Group Ltd-B 2024年度报告

2024 FINANCIAL HIGHLIGHTS $400MNET INCOME A(1)(2)/ A-(3) $149M A Scaled Global Operation – Managing Across Market Cycles Our business is diversified by (re)insurance, main classes of business, and segment. LETTER TO SHAREHOLDERS InNovemberof2023,Iwasprivileged and proud to leadthe talented team at Hamiltonthrough its successful listing ontheNewYorkStockExchange.Oneyearlater,Istandevenmoreproud given our team’s abilitytoproducerecordfinancialresultsinayearwithnoshortageofcatastropheactivity,bothnatural and man-made. Against this background, for the full year 2024Hamilton produced over $400 million of netincome, an 18.3% return on average equity,and 23.5% growth in book value per share.Our common shares, traded under tickersymbol “HG” delivered a total return of 27.3%(compared to the 25.0% return of the S&P500), a notable achievement for Hamiltonin its first full year as a public company. of accretive share repurchases. I am pleased toreport that we delivered on all of these goals. A few comments on sustainable underwritingprofitability, which is the foundation of ourbusiness. Our goal is to achieve underwritingprofitability throughout market cycles byfocusing relentlessly on underwriting disciplineand shared accountability for results acrossour organization. The output of this objectiveis clearly reflected in our strong underwritingperformance for the full year 2024, followinga similar strong performance in 2023. Our2024 combined ratio of 91.3% demonstrates During our initial public offering process, weset several important objectives for 2024:deploying capital through our underwritingplatforms into a robust marketplace, producingsustainable underwriting profitability, achievinga ratings upgrade and being good stewards ofcapital, including, in this context, making use appreciate the significant resources Hamiltonhas on hand to honor its responsibilities. Inthis context, during 2024 Hamilton receiveda ratings upgrade from AM Best to an “A”rating level for both Hamilton Re and HamiltonInsurance DAC. This higher rating has manybenefits including access to additional businessopportunities, new clients, new programs andincreased shares with existing customers. Hamilton’s success in navigating thechallenging global insurance environmentduring a year with over $140 billion of insuredglobal natural catastrophe losses, the collapseof the Francis Key Scott Bridge, continuedsocial and economic inflation and politicaland economic volatility around the world. As an insurance and reinsurance company,we seek to generate profits through both ourunderwriting activities and our investmentstrategy. Our investment portfolio is wellbalanced between traditional fixed incomeinstruments – largely highly rated corporateand government bonds – and the Two SigmaHamilton Fund, an investment vehicle thathas been a cornerstone of Hamilton’s portfoliosince the beginning of the Company. Sinceinception in 2014, the Two Sigma HamiltonFund has provided annualized returns ofnearly 13%, with minimal downside volatility. The strength of our 2024 results puts us in anexcellent position to navigate the insurance andreinsurance environment, whatever the futurebrings. I say this with confidence given ourfinancial resources, the strength of our threeunderwriting platforms, our diversified productoffering and, most importantly, the strongtalent throughout our entire organization. Our two reporting segments, Internationaland Bermuda, house our three underwritingplatforms: Hamilton Global Specialty (Londonand Dublin), Hamilton Select (US) under theformer, and Hamilton Re (Bermuda and US)under the latter. Each platform has a distinctfocus, in terms of insurance or reinsurance,mix of business (property, casualty, andspecialty), and geographic reach. Individuallyand collectively, these platforms allow usto build a well-diversified book of businessand position Hamilton to manage the globalinsurance and reinsurance cycles effectively. Starting with our financial resources, Hamiltonended 2024 with $2.3 billion of shareholder’sequity, low debt leverage of 6.1%, and a trackrecord of disciplined reserving. Our products– insurance and reinsurance – are promisesto pay, and our customer and broker partners In 2023 and 2024, we capitalized onimprovements in terms, conditions andattachment points within the propertycatastrophe market. Our AM Best ratingupgrade also opened many opportunitiesfor Hamilton Re in the casualty reinsurancespace. While others scaled back due tounprofitable underwriting results from older,legacy years – where our exposure remainslimited – we strategically leaned into thesefavorable market conditions to drive growth. Within Hamilton Global Specialty, whichwrites more than 20 lines of insurance, wefound opportunity to expand our writingsin a number of classes, notably personalaccident, political violence, and specie &fine art. These are examples of businessthat have a historical and natural homein the London market and match o