v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has determined its reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations and has identified two reportable business segments - International and Bermuda. Each of the Company's identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker ("CODM"): the Chief Executive Officer of the consolidated group. The CODM's responsibilities include providing leadership to all levels of employees; developing culture, values, and ethos; setting the Company's strategy, vision and direction; and overall responsibility for the success and profitability of the Company, including evaluating segment performance.

The CODM evaluates reportable segment performance based on the segments' respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses, net of third party fee income. General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As the Company does not manage its assets by reportable segment, investment income and assets are not allocated to reportable segments.

The Company's core business is underwriting and its underwriting results are reflected in its reportable segments: (1) International, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. The Company considers many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments.

Corporate includes net realized and unrealized gains (losses) on investments, net investment income (loss), net foreign exchange gains (losses), general and administrative expenses not incurred by the reportable segments, amortization of intangible assets, interest expense, and income tax expense (benefit).
($ in thousands)
Three Months Ended June 30, 2026InternationalBermudaCorporateTotal
Gross premiums written$420,073 $410,968 $— $831,041 
Net premiums written$322,843 $298,852 $— $621,695 
Net premiums earned$302,623 $283,384 $— $586,007 
Third party fee income1,820 2,084 — 3,904 
Losses and loss adjustment expenses174,274 187,215 — 361,489 
Acquisition costs80,287 65,136 — 145,423 
Other underwriting expenses40,758 13,129 — 53,887 
Underwriting income (loss)$9,124 $19,988 $— $29,112 
Net realized and unrealized gains (losses) on investments227,856 227,856 
Net investment income (loss)24,440 24,440 
Net foreign exchange gains (losses)(2,629)(2,629)
Corporate expenses(13,044)(13,044)
Amortization of intangible assets(3,700)(3,700)
Interest expense(4,762)(4,762)
Income (loss) before income tax257,273 
Income tax (expense) benefit(2,470)(2,470)
Net income (loss)254,803 
Net income (loss) attributable to non-controlling interest111,021 111,021 
Net income (loss) attributable to common shareholders$143,782 
Key Ratios
Attritional loss ratio - current year51.1 %55.7 %53.3 %
Attritional loss ratio - prior year development(4.6)%4.6 %(0.1)%
Catastrophe loss ratio - current year11.1 %4.3 %7.8 %
Catastrophe loss ratio - prior year development0.0 %1.5 %0.7 %
Loss and loss adjustment expense ratio57.6 %66.1 %61.7 %
Acquisition cost ratio26.5 %23.0 %24.8 %
Other underwriting expense ratio12.9 %3.9 %8.5 %
Combined ratio97.0 %93.0 %95.0 %
($ in thousands)
Three Months Ended June 30, 2025InternationalBermudaCorporateTotal
Gross premiums written$344,799 $367,227 $— $712,026 
Net premiums written$258,089 $298,225 $— $556,314 
Net premiums earned$253,209 $257,954 $— $511,163 
Third party fee income3,832 1,182 — 5,014 
Losses and loss adjustment expenses124,733 145,195 — 269,928 
Acquisition costs65,683 57,132 — 122,815 
Other underwriting expenses39,507 16,468 — 55,975 
Underwriting income (loss)$27,118 $40,341 $— $67,459 
Net realized and unrealized gains (losses) on investments208,034 208,034 
Net investment income (loss)21,067 21,067 
Net foreign exchange gains (losses)(4,513)(4,513)
Corporate expenses(12,853)(12,853)
Amortization of intangible assets(4,004)(4,004)
Interest expense(4,729)(4,729)
Income (loss) before income tax270,461 
Income tax (expense) benefit(2,675)(2,675)
Net income (loss)267,786 
Net income (loss) attributable to non-controlling interest80,371 80,371 
Net income (loss) attributable to common shareholders$187,415 
Key Ratios
Attritional loss ratio - current year51.9 %54.2 %53.0 %
Attritional loss ratio - prior year development(3.0)%2.0 %(0.5)%
Catastrophe loss ratio - current year0.6 %3.2 %1.9 %
Catastrophe loss ratio - prior year development(0.2)%(3.1)%(1.6)%
Loss and loss adjustment expense ratio49.3 %56.3 %52.8 %
Acquisition cost ratio25.9 %22.1 %24.0 %
Other underwriting expense ratio14.1 %5.9 %10.0 %
Combined ratio89.3 %84.3 %86.8 %
($ in thousands)
Six Months Ended June 30, 2026InternationalBermudaCorporateTotal
Gross premiums written$862,982 $908,170 $— $1,771,152 
Net premiums written$610,280 $665,075 $— $1,275,355 
Net premiums earned$593,414 $563,108 $— $1,156,522 
Third party fee income4,367 6,288 — 10,655 
Losses and loss adjustment expenses338,129 348,145 — 686,274 
Acquisition costs161,491 128,438 — 289,929 
Other underwriting expenses82,057 22,222 — 104,279 
Underwriting income (loss)$16,104 $70,591 $— $86,695 
Net realized and unrealized gains (losses) on investments378,933 378,933 
Net investment income (loss)50,469 50,469 
Net foreign exchange gains (losses)1,905 1,905 
Corporate expenses(24,116)(24,116)
Amortization of intangible assets(7,720)(7,720)
Interest expense(9,538)(9,538)
Income (loss) before income tax476,628 
Income tax (expense) benefit(4,793)(4,793)
Net income (loss)471,835 
Net income (loss) attributable to non-controlling interest194,515 194,515 
Net income (loss) attributable to common shareholders$277,320 
Key Ratios
Attritional loss ratio - current year53.0 %54.9 %53.9 %
Attritional loss ratio - prior year development(1.7)%4.1 %1.1 %
Catastrophe loss ratio - current year5.7 %2.1 %4.0 %
Catastrophe loss ratio - prior year development0.0 %0.7 %0.3 %
Loss and loss adjustment expense ratio57.0 %61.8 %59.3 %
Acquisition cost ratio27.2 %22.8 %25.1 %
Other underwriting expense ratio13.1 %2.8 %8.1 %
Combined ratio97.3 %87.4 %92.5 %
($ in thousands)
Six Months Ended June 30, 2025InternationalBermudaCorporateTotal
Gross premiums written$714,757 $840,575 $— $1,555,332 
Net premiums written$487,063 $673,126 $— $1,160,189 
Net premiums earned$493,775 $516,316 $— $1,010,091 
Third party fee income8,164 1,512 — 9,676 
Losses and loss adjustment expenses270,405 394,758 — 665,163 
Acquisition costs128,473 111,223 — 239,696 
Other underwriting expenses75,130 30,579 — 105,709 
Underwriting income (loss)$27,931 $(18,732)$— $9,199 
Net realized and unrealized gains (losses) on investments456,828 456,828 
Net investment income (loss)39,994 39,994 
Net foreign exchange gains (losses)(7,039)(7,039)
Corporate expenses(25,821)(25,821)
Amortization of intangible assets(7,895)(7,895)
Interest expense(10,331)(10,331)
Income (loss) before income tax454,935 
Income tax (expense) benefit(5,882)(5,882)
Net income (loss)449,053 
Net income (loss) attributable to non-controlling interest180,765 180,765 
Net income (loss) attributable to common shareholders$268,288 
Key Ratios
Attritional loss ratio - current year52.0 %53.0 %52.5 %
Attritional loss ratio - prior year development(3.3)%(0.1)%(1.7)%
Catastrophe loss ratio - current year6.2 %26.9 %16.8 %
Catastrophe loss ratio - prior year development(0.1)%(3.3)%(1.7)%
Loss and loss adjustment expense ratio54.8 %76.5 %65.9 %
Acquisition cost ratio26.0 %21.5 %23.7 %
Other underwriting expense ratio13.6 %5.6 %9.5 %
Combined ratio94.4 %103.6 %99.1 %
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:

Three Months EndedSix Months Ended
June 30,June 30,
($ in thousands)2026202520262025
International
Lloyd's of London$256,722 $204,740 $522,039 $439,983 
Ireland114,429 98,769 251,075 198,459 
U.S.48,922 41,290 89,868 76,315 
   Total International420,073 344,799 862,982 714,757 
Bermuda410,968 367,227 908,170 840,575 
    Total$831,041 $712,026 $1,771,152 $1,555,332