Hamilton Insurance Group, Ltd.

Hello, everyone. Thank you for joining us and welcome to the first quarter 2026 Hamilton Insurance Group Limited Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. As a reminder, this call is being webcast and will also be available for replay with links on the Hamilton Investor Relations website. I will now hand the conference over to Darian Niferatos, Head of Investor Relations. Darian, please go ahead.

Thanks operator. Hi everyone, and thank you for joining our earnings call. Before we begin, please note that certain statements made during this call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. These risks are provided in our earnings release and SEC filings. We will also refer to certain non-GAAP financial measures, which are reconciled to the most directly comparable GAAP measures in our earnings release and financial supplement, available on our website at investors.hamiltongroup.com. Now I'll introduce the Hamilton executives leading today's call. 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. With that, I'll hand it over to Pina.

Thank you, Darian. And hello, everyone. Let me start by welcoming you to Hamilton's first quarter 2026 earnings conference call. We're very pleased with our performance this quarter, particularly in the context of a global economic and geopolitical environment that has become more complex and volatile and an insurance market that remains competitive. Pricing across parts of the industry continues to come under pressure, so underwriting discipline takes center stage. In this context, we continue to stay true to our strong culture of cycle management this quarter, writing the business we wanted to write at pricing and terms that met our return requirements and stepping away from business that did not. We believe that sticking to this disciplined approach will continue to help us produce the kinds of results we have delivered since going public in 2023. On that note, Hamilton delivered very solid results in the first quarter with net income of $134 million, equal to an annualized return on average equity of 19%. This result was underpinned by an attritional loss ratio of 54.5%, strong investment income of $94 million, and thoughtful growth with gross premiums written increasing by 11% for the quarter. While this growth was more measured than in prior periods, it was selective, targeted, and fully aligned with the view we shared with you last quarter. Let me start with a few broader market observations before I walk through our segment results. Starting with reinsurance renewals. As you will have heard, record levels of industry capital, both traditional and ILS, and manageable CAT losses impacted the April 1 renewals, which largely involved property CAT reinsurance in the Asia-Pacific region. While this region does not form a large part of our book, we saw a continuation of the competitive pricing experienced at January 1 with outcomes broadly in line with expectations. Having said that, while pricing levels deteriorated, they were still risk adequate and structures, terms, and conditions remained largely intact. Other renewals in the quarter outside of this region were also competitive, but we were satisfied with the book we wrote and the signings we achieved. As for the upcoming mid-year renewals, which are largely property-driven, given robust capital positions, we expect pricing pressure to be similar to what we experienced so far this year. It is important to note that softening is coming off historic highs, so we expect margins, particularly in our portfolio, which is largely U.S.-driven, to remain above our thresholds. In reinsurance, we will continue to execute our strategy of supporting key clients with whom we have a broad trading relationship. That said, in this environment, growth for growth's sake is not the objective, at least not ours. Margin preservation, attachment points, and terms and conditions, which we expect to remain largely untouched, matter far more, and that philosophy will guide our underwriting decisions and our portfolio. Moving on to the broader geopolitical environment, The ongoing conflict in the Middle East is yet another reminder of the uncertainty embedded in today's risk landscape, which has implications for our industry. On a line of business level, based on what we have observed to date, direct insured losses are concentrated primarily in the specialty insurance classes such as marine hull and political violence, which we write. Losses will continue as long as the conflict does and may also impact reinsurance programs going forward. At this time, for Hamilton, our exposure remains manageable as we have always been mindful of the capacity we deploy in that region. The conflict in the Middle East may also have broader ramifications for our industry, namely inflationary pressures. We will continue to monitor this closely and make adjustments as warranted. Moving on to the segments, let's take a look at the top-line growth this quarter for Bermuda and International. In Bermuda, which renews about one-third of its business during the first quarter, we wrote $497 million in gross premiums, an increase of 5% over last year. Our most significant driver of growth came from casualty reinsurance. Some of this is attributable to business bound and prior quarters earning through, and the rest from business written during the quarter where we had the ability to increase our modest shares on accounts where underlying rates are still attractive, as well as some new business. Our casualty strategy remains unchanged. We focus on counterparties with a strong underwriting and claims culture who keep meaningful net retentions and with whom we enjoy broad trading relationships. Where those characteristics are not present, we are comfortable passing on the opportunity. I also want to highlight our recently announced casualty reinsurance sidecar, which reflects a proactive approach to capital and portfolio management. This structure allows Hamilton to support targeted casualty reinsurance growth while providing us with an additional source of fee income. The sidecar will provide reinsurance capital over a multi-year period with seeded premium over the duration of the structure projected to be about $300 million. Craig will discuss this in more detail shortly. Moving on to property reinsurance in Bermuda, premiums fell compared to the same period last year, mainly because of substantial non-recurring reinstatement premiums resulting from the California wildfires in the first quarter of 2025. If these reinstatement premiums are excluded, property reinsurance ratings during the quarter would have been largely flat, reflecting a disciplined approach in this market. Our specialty reinsurance line grew 2.7%. We grew our financial risk treaty account, both new and renewal business, but pulled back in multi-line accounts, which were not as attractive. On the insurance side of our Bermuda book, we also reduced writings in our large account property DNF book as we were not satisfied with the pricing. Now turning to our international segment, which houses Hamilton Global Specialty and Hamilton Select. International gross premiums written grew 20% over the prior period. Starting with Hamilton Global Specialty, gross premiums written were up 20%, driven by specialty and casualty classes, specifically in the core classes such as accident and health and M&A, which benefited from some seasonality in these lines and the continued earn out from the prior underwriting year. At the same time, we pulled back writings in our property binders and DNF lines where we saw rate reductions we were unwilling to support. Overall, our pricing assessments and underwriting framework continue to indicate that we are comfortable with the margins we are achieving on the business we are writing, but our teams are being more selective in many lines. And finally, a few words on Hamilton Select, our U.S. ENF platform. This business is all casualty insurance and grew 17% this quarter, driven by excess casualty, general casualty, and small business, where we still see attractive pricing, terms, and conditions. Growth in professional and medical professional lines, on the other hand, was muted given the competitive pricing environment. Overall for the quarter, Hamilton demonstrated a continued ability to manage the underwriting cycle appropriately. While submission flow remains healthy across many products we write, we were disciplined in binding only those risks that met our underwriting and pricing requirements. As a result, growth varied by class, which we view as the right outcome in the current environment. Stepping back, our message is a simple one. While the market still offers pockets of attractive business, it is one where cycle management is key. In other words, it is not a market where every opportunity should be written, nor one where top-line growth alone should be encouraged. This is a market where risk and client selection and the fortitude to walk away will serve as differentiators that ensure underwriting performance. It is a market that plays to Hamilton's thoughtful and disciplined approach and its culture of prioritizing sustainable profitability, strategic growth and thoughtful capital deployment. With that, I'll turn the call over to Craig to walk through the financial results in more detail.