Hamilton Insurance Group, Ltd.

Hello and welcome to the Hamilton Insurance Group earnings conference call. As a reminder, this call is being webcast and will also be available for replay with links on the Hamilton Investor Relations website. I'd now like to turn the call over to Daria Neferatos, Vice President, Investor Relations and Finance. Please go ahead.

Thanks, Operator. Hi, everyone, and welcome to the Hamilton Insurance Group fourth quarter 2025 earnings conference call. The Hamilton executives leading today's call are Pina Albo, Group Chief Executive Officer, and Craig Howey, Group Chief Financial Officer. We are also joined by other members of the Hamilton management team. Before we begin, note that Hamilton financial disclosures, including our earnings release, contain important information regarding forward-looking statements. Management comments regarding potential future developments are subject to the risks and uncertainties as detailed. Management may also refer to certain non-GAAP financial measures. These items are reconciled in our earnings release and financial supplement. With that, I'll hand it over to Pina.

Thank you, Dorian. Hello, everyone, and thank you for joining us. As we begin today's call, I want to take a moment to reflect on how far we've come at Hamilton. We've been a public company since November of 2023, and since then, we've delivered consistently strong results. Results that allowed tangible book value per share to grow 67% since the IPO. That's a remarkable achievement by anyone's measure. With that intro, and before I share more details on our quarterly results, there are three key drivers I'd like to point to that underpin the sustainability of our performance. First, the Hamilton team, namely our strong operational and underwriting culture. Our underwriters are technical and experienced in cycle management, leaning in when and where rates terms and conditions are attractive and leaning out when and where this is not the case. This approach has allowed us to post. Another year of record performance in 2025. so kudos to you team Hamilton. Second, our success is rooted in relationships, namely those we've built with clients and brokers across our hybrid platform. For reinsurance, our key client strategy, which involves supporting targeted partners across multiple lines, has created broad and resilient trading relationships, allowing us to secure the signings we target even in competitive environments. Across our insurance platforms, our specialized product offering and technical expertise serve as strong differentiators, positioning us well with our producers. And last but not least, our strong capital position. Our balance sheet remains robust with low debt leverage, prudent reserves, and strong financial strength ratings, all of which support our business and our performance. Now, let me move on to our results. In 2025, Hamilton delivered record net income of $577 million or return on average equity of 22%. We grew gross premiums written 21% to a record $2.9 billion. We reported a combined ratio of 92.9% and grew tangible book value per share by 25%. Again, these results reflect not only our skilled risk selection, commitment to cycle management, and strong broker and client relationships, but also the overall strength and stability of the organization we've built. After several hard market years, we now find ourselves in a transitioning market, but importantly, one that still provides ample pockets of attractive opportunities for underwriters like ours who are technical, astute, and nimble. A perfect segue to our fourth quarter highlights. We continue to deliver excellent top line growth this quarter with gross premiums written increasing 23%. In so doing, we focused on business where pricing and terms remained compelling and backed away from business which should not meet our return hurdles. Again, the fact that we are nimble and diversified across insurance, reinsurance and multiple lines of business allows us to do that. Let me break down how this approach showed up across our three underwriting platforms. Starting with Bermuda, our Bermuda segment grew 27% this quarter, driven by casualty reinsurance, which is predominantly written on a quota share basis. This business continues to enjoy healthy underlying rate increases, which in turn flow through to us. Our growth this quarter came from a combination of new business written earlier in the year earning in, largely general liability and professional lines, and expanded participations on renewal business with our targeted key clients. As a reminder, unlike many of our peers, our growth in casualty was recent, started from a small base, and occurred during a period when underlying rates had been improving considerably. Turning to the property book we write in Bermuda and evidencing the flip side of cycle management, we continued to reduce our participations on large property DNF insurance accounts where competition was strong And consequently, pricing did not meet our required thresholds. Moving to international, which houses Hamilton Global Specialty and Hamilton Select, gross premiums written grew 20% in the quarter. Starting with Hamilton Global Specialty, gross premiums written were up 21% driven by specialty and casualty classes in lines where we leaned into attractive opportunities. For example, we grew mergers and acquisitions and marine lines with a particular boost from the recent launch of our new marine cargo offering. On the other hand, and similar to what we did in Bermuda, we paired back our writings of large property DNF insurance accounts, which did not meet our return expectations. And finally, Hamilton Select, our U.S. ENF platform, which focused solely on casualty classes in 2025, grew 19% in the quarter. Growth was driven by excess casualty, products and contractors, and small business, where we were able to secure attractive pricing, terms, and conditions, but we wrote less professional liability business as we were not satisfied with the pricing environment. Now that is cycle management in action. Let me now turn to the January 1st renewal season. Overall, we entered the renewal period from a position of strength. Our capital is robust, our underwriting discipline unwavering, and our relationships with clients and brokers strong. Consequently, this was a constructive renewal for us, one where we were able to deploy capital while protecting margins. Starting with Property Cat, the renewal season was defined by abundant capacity and strong competition, particularly on the higher layers. As you will have heard from my peers, pricing for global property catastrophe business declined at 1.1, but discipline prevailed to keep terms, conditions, and attachment points largely consistent with post-reset levels. We focused our capital deployment on well-performing property accounts where risk-adjusted pricing remained attractive. We also leveraged cost-effective retrocession where we benefited from double-digit rate reductions to maintain adequate margins even as headline rates declined. Turning to casualty. Competition on casualty reinsurance was more measured going into 1, 1, strong underlying insurance rate increases that flow through to the proportional business. We support continues a pace and seating commissions were generally flat. In fact, given the attractiveness of underlying rates, some students chose to retain more of their own business, but we still managed to grow our modest shares on core key clients, a factor that contributed to our growth. As I have said in prior calls, our focus in the casualty area continues to be on those clients who retain a large percentage of their business, provide us good data, and continue to invest in their in-house claims handling. In specialty reinsurance, conditions remained favorable for buyers with increased reinsurer appetite and limited growth opportunities overall, though the picture varied meaningfully by class. Our key client cross-class engagement shone through here, providing some increased signings and new business opportunities, including in our relatively new credit, bond, and political risk offering. Overall for 1.1, the good news for us was that we were able to secure our targeted signings in a competitive market where even our clients were looking to retain more of their own business net. As I look further into 2026, we expect the market to remain competitive, but that pricing across the lines of business that we target to remain largely risk adequate. Consequently, While we are confident in our ability to continue to find attractive opportunities, I expect our growth going forward to be more measured than it was in the past. In other words, in areas where the market gets too competitive, we will not chase top line at the expense of the bottom line. This disciplined approach will ensure we deliver sustainable results. And with that, I'll turn the call over to Craig for some more depth into our financials for the quarter and 2025.