Hamilton Insurance Group (NYSE: HG) posts strong 2025 results and declares $2 special dividend

Q: What special dividend did Hamilton Insurance Group (HG) declare?

Hamilton’s Board declared a special dividend of $2.00 per common share , totaling approximately $206.0 million . The dividend is payable on March 30, 2026 to common shareholders of record on March 6, 2026 , reflecting the company’s strong capital position.

Q: How much did Hamilton Insurance Group’s (HG) book value per share grow in 2025?

Hamilton’s book value per common share increased to $28.50 at December 31, 2025, up 24.2% from $22.95 a year earlier. Tangible book value per share reached $27.62 , highlighting substantial value creation for shareholders during the year.

Q: What was Hamilton Insurance Group’s (HG) return on equity in 2025?

Hamilton reported a 22.4% return on average common equity for 2025 and an operating return on average common equity of 19.5% . These figures indicate the company generated strong profits relative to its equity base throughout the year.

Q: How did catastrophe losses affect Hamilton Insurance Group (HG) in 2025?

Hamilton incurred $159.0 million in catastrophe losses, net of reinsurance, in 2025. These were mainly from California wildfires , severe convective storms and the Queensland hailstorms, yet the company still achieved a full-year combined ratio of 92.9% .

Q: What were Hamilton Insurance Group’s (HG) key investment results for 2025?

Hamilton generated $775.1 million in total net realized and unrealized gains and investment income in 2025. This included $511.8 million of net investment income, with strong contributions from the Two Sigma Hamilton Fund and the fixed income and cash portfolios.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Hamilton Insurance Group reported very strong fourth-quarter and full-year 2025 results and declared a sizable special dividend. For 2025, net income attributable to common shareholders was $576.7 million, or $5.55 diluted EPS, with a 22.4% return on average common equity. Gross premiums written rose 20.7% to $2.9 billion, net premiums earned increased 21.6% to $2.1 billion, and the full-year combined ratio was 92.9%, indicating underwriting profitability despite $159.0 million of catastrophe losses, mainly from California wildfires.

Investment performance was a key contributor, with $775.1 million in total net realized and unrealized gains and investment income, including strong returns from the Two Sigma Hamilton Fund. Book value per share climbed 24.2% to $28.50, and tangible book value per share reached $27.62. Reflecting this capital strength, the Board declared a special dividend of $2.00 per common share, totaling about $206.0 million, payable on March 30, 2026 to shareholders of record on March 6, 2026.

Insights

Hamilton delivered record profitability, strong growth, and a large capital return via a special dividend.

Hamilton combined robust underwriting with outsized investment gains in 2025. Net income attributable to common shareholders was $576.7 million, up about 44% versus the prior year, on gross premiums written of $2.9 billion and a full-year combined ratio of 92.9%, signaling profitable underwriting.

Capital generation was strong, with book value per share rising 24.2% to $28.50 and tangible book value per share at $27.62. Total cash and invested assets reached $5.9 billion, while shareholders’ equity increased to $2.8 billion, supporting a full-year return on average common equity of 22.4%.

The Board’s $2.00 per share special dividend, about $206.0 million payable on March 30, 2026, returns a meaningful portion of this value to shareholders. Future filings and conference-call commentary around catastrophe exposure, evolving loss ratios, and market conditions will help clarify how repeatable this level of profitability and capital return may be.

02/19/2026 - 04:18 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

February 19, 2026

Date of Report (date of earliest event reported)

___________________________________

Hamilton Insurance Group, Ltd.

(Exact name of registrant as specified in its charter)

___________________________________


Bermuda (State or other jurisdiction of incorporation or organization)	001-41862 (Commission File Number)	98-1153847 (I.R.S. Employer Identification Number)
Wellesley House North, 1st Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08
(Address of principal executive offices and zip code)
(441) 405-5200
(Registrant's telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which

registered

Class B common shares, par value $0.01 per share

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 – Results of Operations and Financial Condition

On February 19, 2026, Hamilton Insurance Group, Ltd. (the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 2025 and the availability of its corresponding supplementary financial information. Copies of this press release and the supplementary financial information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. In addition, a copy of our investor presentation which may be referred to during our earnings call is furnished as Exhibit 99.3.

Item 8.01 - Other Events

As noted in the press release referenced in Item 2.02 above, the Company announced that its Board of Directors declared a special dividend of $2.00 per common share outstanding, which will result in an aggregate payment of approximately $206.0 million. The dividend is payable on March 30, 2026, to common shareholders of record on March 6, 2026.

As provided in General Instruction B.2 of Form 8-K, the information under Item 2.02 and the exhibits to this report are being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section, nor shall they be deemed to be incorporated by reference into any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01 - Financial Statements and Exhibits

(d):The following exhibits are being filed herewith:


Exhibit No.						Description
99.1						Press Release, dated February 19, 2026, issued by Hamilton Insurance Group, Ltd.
99.2						Supplementary Financial Information - December 31, 2025
99.3						Investor Presentation - December 31, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 19, 2026.


			HAMILTON INSURANCE GROUP, LTD.

			By:			/s/ Brian Deegan
			Name:			Brian Deegan
			Title:			Group Chief Accounting Officer

Hamilton Reports $577 million of Net Income, 24% Growth in Book Value Per Share, and Declares Special Dividend

PEMBROKE, Bermuda, February 19, 2026 – Hamilton Insurance Group, Ltd. (NYSE: HG; “Hamilton” or the “Company”) today announced financial results for the fourth quarter and full year ended December 31, 2025.

Commenting on the results, Pina Albo, CEO of Hamilton, said:

“Hamilton delivered another record result in 2025, with net income of $577 million, or a 44% increase over net income last year, and a 22% return on average equity. Gross premiums written grew 21% to $2.9 billion, our combined ratio was 92.9%, and book value per share increased 24%. Since our listing in 2023, we have posted excellent underwriting results while growing book value per share 64%. With these exceptional results, the Board of Directors declared a special dividend of $2.00 per common share.

These results underscore the strength and stability of the organization we’ve built and are a direct reflection of the hard work and commitment of our talented team. We’ve entered a transitioning market environment from a position of strength - and we are built to manage the cycle with discipline and confidence.”

Special Dividend

On February 18, 2026, the Company’s Board of Directors declared a special dividend of $2.00 per common share outstanding, which will result in an aggregate payment of approximately $206.0 million. The dividend is payable on March 30, 2026, to common shareholders of record on March 6, 2026.

Consolidated Highlights – Full Year

•Net income of $576.7 million, or $5.55 per diluted share and operating income of $502.5 million, or $4.84 per diluted share;

•Return on average equity of 22.4% and operating return on average equity of 19.5%;

•Gross premiums written of $2.9 billion, an increase of 20.7% compared to the full year 2024;

•Net premiums earned of $2.1 billion, an increase of 21.6% compared to the full year 2024;

•Combined ratio of 92.9%;

•Underwriting income of $148.8 million;

•California wildfires losses of $142.8 million, net of reinsurance and $16.9 million of reinstatement premiums;

•Net investment income of $511.8 million, comprised of Two Sigma Hamilton Fund returns of $300.9 million, and fixed income, short term and cash and cash equivalents returns of $210.9 million;

•Book value per share of $28.50, an increase of 24.2% compared to December 31, 2024; and

•Repurchased common shares of $93.4 million in 2025.

Consolidated Highlights – Fourth Quarter

•Net income of $172.2 million, or $1.69 per diluted share and operating income of $168.2 million, or $1.65 per diluted share;

•Annualized return on average equity of 25.1% and annualized operating return on average equity of 24.5%;

•Gross premiums written of $669.0 million, an increase of 23.0% compared to the fourth quarter of 2024;

•Net premiums earned of $576.7 million, an increase of 19.7% compared to the fourth quarter of 2024;

•Combined ratio of 87.0%;

•Underwriting income of $75.5 million;

•Net investment income of $98.1 million, comprised of Two Sigma Hamilton Fund returns of $56.0 million, and fixed income, short term and cash and cash equivalents returns of $42.1 million; and

•Repurchased common shares of $7.7 million in the fourth quarter of 2025.

Consolidated Results – Fourth Quarter


	For the Three Months Ended
($ in thousands, except for per share amounts and percentages)	December 31, 2025		December 31, 2024		Change
Gross premiums written	$	668,968	$	543,937	$	125,031
Net premiums written	548,373		453,326		95,047
Net premiums earned	576,686		481,867		94,819
Underwriting income (loss)	$	75,536	$	22,444	$	53,092
Combined ratio	87.0%		95.4%		(8.4 pts)

Net income (loss) attributable to common shareholders	$	172,185	$	33,920	$	138,265
Income (loss) per share attributable to common shareholders - diluted	$	1.69	$	0.32


Book value per common share	$	28.50	$	22.95



Return on average common equity - annualized	25.1%		5.8%


	For the Three Months Ended
Key Ratios	December 31, 2025		December 31, 2024		Change
Attritional loss ratio - current year	56.5	%	51.2	%	5.3	pts
Attritional loss ratio - prior year	(3.1	%)	(1.3	%)	(1.8	pts)
Catastrophe loss ratio - current year	1.4	%	11.9	%	(10.5	pts)
Catastrophe loss ratio - prior year	(0.2	%)	(1.7	%)	1.5	pts
Loss and loss adjustment expense ratio	54.6	%	60.1	%	(5.5	pts)
Acquisition cost ratio	24.7	%	22.0	%	2.7	pts
Other underwriting expense ratio	7.7	%	13.3	%	(5.6	pts)
Combined ratio	87.0	%	95.4	%	(8.4	pts)

•Gross premiums written increased by $125.0 million, or 23.0%, to $669.0 million with an increase of $53.2 million, or 27.5%, in the Bermuda Segment, and $71.9 million, or 20.5%, in the International Segment.

•Net premiums written increased by $95.0 million, or 21.0%, to $548.4 million with an increase of $36.6 million, or 21.4%, in the Bermuda Segment, and $58.4 million, or 20.7%, in the International Segment.

•Net premiums earned increased by $94.8 million, or 19.7%, to $576.7 million with an increase of $34.8 million, or 14.9%, in the Bermuda Segment, and $60.1 million, or 24.1%, in the International Segment.

•The attritional loss ratio (current year), net of reinsurance, was 56.5%. The increase of 5.3 points was primarily driven by more large losses, compared to the same period in 2024, and a change in business mix, including an increase in casualty reinsurance business.

•Net favorable attritional prior year reserve development, net of reinsurance, was $18.1 million, primarily driven by favorable development in property and specialty classes.

•Catastrophe losses (current and prior year), net of reinsurance, were $7.0 million, driven by the Queensland hailstorms ($6.9 million) and severe convective storms ($1.0 million), partially offset by favorable prior year development ($0.9 million).

•The acquisition cost ratio increased by 2.7 points compared to the same period in 2024, primarily due to a change in business mix and higher profit commission costs on certain lines of business.

•The other underwriting expense ratio decreased by 5.6 points compared to the same period in 2024, primarily driven by Bermuda substance-based tax credits, an increase in net premiums earned and increased performance based management fees, which offset the other underwriting expense ratio.

International Segment Underwriting Results – Fourth Quarter


International Segment	For the Three Months Ended
($ in thousands, except for percentages)	December 31, 2025			December 31, 2024			Change
Gross premiums written	$	422,345		$	350,479		$	71,866
Net premiums written	340,588			282,161			58,427
Net premiums earned	309,299			249,234			60,065
Underwriting income (loss)	$	12,444		$	9,263		$	3,181

Key Ratios
Attritional loss ratio - current year	56.3		%	50.8		%	5.5		pts
Attritional loss ratio - prior year	(2.3		%)	(2.1		%)	(0.2		pts)
Catastrophe loss ratio - current year	0.0		%	7.8		%	(7.8		pts)
Catastrophe loss ratio - prior year	0.0		%	(0.8		%)	0.8		pts
Loss and loss adjustment expense ratio	54.0		%	55.7		%	(1.7		pts)
Acquisition cost ratio	26.3		%	22.6		%	3.7		pts
Other underwriting expense ratio	15.7		%	18.0		%	(2.3		pts)
Combined ratio	96.0		%	96.3		%	(0.3		pts)

•Gross premiums written increased by $71.9 million, or 20.5%, to $422.3 million, primarily driven by growth in both new and existing business in casualty, specialty and property insurance classes and our specialty reinsurance class.

•The attritional loss ratio (current year), net of reinsurance, of 56.3% was impacted by one large loss in our specialty insurance class.

•Net favorable attritional prior year reserve development, net of reinsurance, was $7.2 million, primarily driven by favorable development in property and specialty classes.

•Catastrophe losses (current and prior year), net of reinsurance, were $Nil.

•The acquisition cost ratio increased by 3.7 points compared to the same period in 2024, primarily driven by higher profit commission costs on certain lines of business and a change in business mix.

•The other underwriting expense ratio decreased by 2.3 points compared to the same period in 2024, primarily driven by growth in the premium base, partially offset by a decrease in third party fee income.

Bermuda Segment Underwriting Results – Fourth Quarter


Bermuda Segment	For the Three Months Ended
($ in thousands, except for percentages)	December 31, 2025			December 31, 2024			Change
Gross premiums written	$	246,623		$	193,458		$	53,165
Net premiums written	207,785			171,165			36,620
Net premiums earned	267,387			232,633			34,754
Underwriting income (loss)	$	63,092		$	13,181		$	49,911

Key Ratios
Attritional loss ratio - current year	56.7		%	51.7		%	5.0		pts
Attritional loss ratio - prior year	(4.1		%)	(0.4		%)	(3.7		pts)
Catastrophe loss ratio - current year	3.0		%	16.1		%	(13.1		pts)
Catastrophe loss ratio - prior year	(0.4		%)	(2.6		%)	2.2		pts
Loss and loss adjustment expense ratio	55.2		%	64.8		%	(9.6		pts)
Acquisition cost ratio	22.8		%	21.3		%	1.5		pts
Other underwriting expense ratio	(1.6		%)	8.2		%	(9.8		pts)
Combined ratio	76.4		%	94.3		%	(17.9		pts)

•Gross premiums written increased by $53.2 million, or 27.5%, to $246.6 million, primarily driven by growth in both new and existing business in casualty and specialty reinsurance classes.

•The attritional loss ratio (current year), net of reinsurance, was 56.7%. The increase of 5.0 points was primarily driven by more large losses, compared to the same period in 2024, and a change in business mix, including an increase in casualty reinsurance business.

•Net favorable attritional prior year reserve development, net of reinsurance, was $10.9 million, primarily driven by favorable development in our property class.

•Catastrophe losses (current and prior year), net of reinsurance, were $7.0 million, primarily driven by the Queensland hailstorms, partially offset by favorable prior year development.

•The acquisition cost ratio increased by 1.5 points compared to the same period in 2024, primarily driven a change in business mix.

•The other underwriting expense ratio decreased by 9.8 points compared to the same period in 2024, primarily driven by Bermuda substance-based tax credits, increased performance based management fees, which offset the other underwriting expense ratio and an increase in net premiums earned.

Consolidated Underwriting Results – Full Year


	For the Years Ended
($ in thousands, except for per share amounts and percentages)	December 31, 2025		December 31, 2024		Change
Gross premiums written	$	2,923,145	$	2,422,582	$	500,563
Net premiums written	2,287,543		1,921,169		366,374
Net premiums earned	2,109,776		1,734,729		375,047
Underwriting income (loss)	$	148,823	$	149,364	$	(541)
Combined ratio	92.9%		91.3%		1.6 pts

Net income (loss) attributable to common shareholders	$	576,670	$	400,429	$	176,241
Income (loss) per share attributable to common shareholders - diluted	$	5.55	$	3.67
Book value per common share	$	28.50	$	22.95
Change in book value per share	24.2%		23.5%

Return on average common equity	22.4%		18.3%


	For the Years Ended
Key Ratios	December 31, 2025		December 31, 2024		Change
Attritional loss ratio - current year	54.4	%	53.1	%	1.3	pts
Attritional loss ratio - prior year	(2.2	%)	0.0	%	(2.2	pts)
Catastrophe loss ratio - current year	8.4	%	6.3	%	2.1	pts
Catastrophe loss ratio - prior year	(0.9	%)	(1.2	%)	0.3	pts
Loss and loss adjustment expense ratio	59.7	%	58.2	%	1.5	pts
Acquisition cost ratio	24.0	%	22.4	%	1.6	pts
Other underwriting expense ratio	9.2	%	10.7	%	(1.5	pts)
Combined ratio	92.9	%	91.3	%	1.6	pts

•Gross premiums written increased by $500.6 million, or 20.7%, to $2.9 billion, with an increase of $292.0 million, or 26.2%, in the Bermuda Segment, and $208.6 million, or 15.9%, in the International Segment.

•Net premiums written increased by $366.4 million, or 19.1%, to $2.3 billion, with an increase of $203.9 million, or 21.4%, in the Bermuda Segment, and $162.5 million, or 16.8%, in the International Segment.

•Net premiums earned increased by $375.0 million, or 21.6%, to $2.1 billion, with an increase of $206.6 million, or 24.4%, in the Bermuda Segment, and $168.4 million, or 19.0%, in the International Segment.

•The attritional loss ratio (current year), net of reinsurance, of 54.4% was impacted by a change in business mix, including an increase in casualty reinsurance business and certain large losses in our Bermuda specialty and property reinsurance classes.

•Net favorable attritional prior year reserve development, net of reinsurance, was $46.4 million, primarily driven by favorable development in property and specialty classes, partially offset by unfavorable development in certain casualty classes.

•Catastrophe losses (current and prior year), net of reinsurance, were $159.0 million, driven by the California wildfires ($159.7 million), severe convective storms ($10.9 million) and the Queensland hailstorms ($6.9 million), partially offset by favorable prior year development ($18.5 million).

•The acquisition cost ratio increased by 1.6 points compared to the same period in 2024, primarily due to a change in business mix and higher profit commission costs on certain lines of business.

•The other underwriting expense ratio decreased by 1.5 points compared to the same period in 2024, primarily driven by Bermuda substance-based tax credits and an increase in net premiums earned.

International Segment Underwriting Results – Full Year


International Segment	For the Years Ended
($ in thousands, except for percentages)	December 31, 2025			December 31, 2024			Change
Gross premiums written	$	1,517,060		$	1,308,460		$	208,600
Net premiums written	1,132,061			969,605			162,456
Net premiums earned	1,055,377			886,934			168,443
Underwriting income (loss)	$	52,209		$	39,433		$	12,776

Key Ratios
Attritional loss ratio - current year	54.0		%	53.5		%	0.5		pts
Attritional loss ratio - prior year	(2.8		%)	(0.4		%)	(2.4		pts)
Catastrophe loss ratio - current year	2.9		%	3.9		%	(1.0		pts)
Catastrophe loss ratio - prior year	0.0		%	(0.8		%)	0.8		pts
Loss and loss adjustment expense ratio	54.1		%	56.2		%	(2.1		pts)
Acquisition cost ratio	26.2		%	24.5		%	1.7		pts
Other underwriting expense ratio	14.7		%	14.9		%	(0.2		pts)
Combined ratio	95.0		%	95.6		%	(0.6		pts)

•Gross premiums written increased by $208.6 million, or 15.9%, to $1.5 billion, primarily driven by growth in both new and existing business in casualty, specialty and property insurance classes.

•The attritional loss ratio (current year), net of reinsurance, was 54.0%, an increase of 0.5 points compared to the same period in 2024.

•Net favorable attritional prior year reserve development, net of reinsurance, was $29.1 million, primarily driven by favorable development in property, specialty and casualty insurance classes.

•Catastrophe losses (current and prior year), net of reinsurance, were $30.2 million, primarily driven by the California wildfires, partially offset by favorable prior year development.

•The acquisition cost ratio increased by 1.7 points compared to the same period in 2024, primarily driven by higher profit commission costs on certain lines of business and a change in business mix.

•The other underwriting expense ratio decreased by 0.2 points compared to the same period in 2024.

Bermuda Segment Underwriting Results – Full Year


Bermuda Segment	For the Years Ended
($ in thousands, except for percentages)	December 31, 2025			December 31, 2024			Change
Gross premiums written	$	1,406,085		$	1,114,122		$	291,963
Net premiums written	1,155,482			951,564			203,918
Net premiums earned	1,054,399			847,795			206,604
Underwriting income (loss)	$	96,614		$	109,931		$	(13,317)

Key Ratios
Attritional loss ratio - current year	54.6		%	52.7		%	1.9		pts
Attritional loss ratio - prior year	(1.6		%)	0.5		%	(2.1		pts)
Catastrophe loss ratio - current year	13.9		%	8.9		%	5.0		pts
Catastrophe loss ratio - prior year	(1.7		%)	(1.7		%)	0.0		pts
Loss and loss adjustment expense ratio	65.2		%	60.4		%	4.8		pts
Acquisition cost ratio	21.9		%	20.3		%	1.6		pts
Other underwriting expense ratio	3.8		%	6.3		%	(2.5		pts)
Combined ratio	90.9		%	87.0		%	3.9		pts

•Gross premiums written increased by $292.0 million, or 26.2%, to $1.4 billion, primarily driven by growth in both new and existing business in casualty and property reinsurance classes.

•The attritional loss ratio (current year), net of reinsurance, of 54.6% was impacted by a change in business mix, including an increase in casualty reinsurance business and certain large losses in our specialty and property reinsurance classes.

•Net favorable attritional prior year reserve development, net of reinsurance, was $17.3 million, primarily driven by favorable development in property and specialty classes, partially offset by unfavorable development in certain casualty classes.

•Catastrophe losses (current and prior year), net of reinsurance, were $128.8 million, primarily driven by the California wildfires, severe convective storms and the Queensland hailstorms, partially offset by favorable prior year development.

•The acquisition cost ratio increased by 1.6 points compared to the same period in 2024, driven by a change in business mix, including more proportional business written in our casualty reinsurance class.

•The other underwriting expense ratio decreased by 2.5 points compared to the same period in 2024, primarily driven by Bermuda substance-based tax credits, increased performance based management fees, which offset the other underwriting expense ratio, and an increase in net premiums earned.

Investments and Shareholders’ Equity as of December 31, 2025

•Total cash and invested assets of $5.9 billion compared to $4.8 billion at December 31, 2024.

•Total shareholders’ equity of $2.8 billion compared to $2.3 billion at December 31, 2024.

•Book value per share of $28.50 compared to $22.95 at December 31, 2024, an increase of 24.2%.

Conference Call Details and Additional Information

Conference Call Information

Hamilton will host a conference call to discuss its financial results on Friday, February 20, 2026, at 9:00 a.m. Eastern Time. A live, audio webcast of the conference call can be accessed through the Investors portal of the Company’s website at investors.hamiltongroup.com where a replay of the call will also be available.

For access to the webcast, please log in a few minutes in advance to complete any necessary registration.

Additional Information

In addition to the information provided in the Company's earnings release, we have also made available supplementary financial information and an investor presentation which may be referred to during the conference call and will be available on the Company’s website at investors.hamiltongroup.com.

About Hamilton Insurance Group, Ltd.

Hamilton is a Bermuda-headquartered specialty insurance and reinsurance company that underwrites risks on a global basis through its wholly owned subsidiaries. Its three underwriting platforms: Hamilton Global Specialty, Hamilton Select and Hamilton Re, each with dedicated and experienced leadership, provide access to diversified and profitable business around the world.

For more information about Hamilton, visit our website at www.hamiltongroup.com or find us on LinkedIn at Hamilton.

Consolidated Balance Sheet


($ in thousands, except share information)	December 31, 2025		December 31, 2024
Assets
Fixed maturity investments, at fair value (amortized cost 2025: $3,210,940; 2024: $2,422,917)	$	3,238,543	$	2,377,862
Short-term investments, at fair value (amortized cost 2025: $200,052; 2024: $495,630)	200,459		497,110
Investments in Two Sigma Funds, at fair value (cost 2025: $1,355,563; 2024: $805,623)	1,587,658		939,381
Total investments	5,026,660		3,814,353
Cash and cash equivalents	1,062,359		996,493
Restricted cash and cash equivalents	109,731		104,359
Premiums receivable	939,777		771,707
Paid losses recoverable	93,659		134,406
Deferred acquisition costs	257,203		208,985
Unpaid losses and loss adjustment expenses recoverable	1,375,857		1,171,040
Receivables for investments sold	58,029		74,006
Prepaid reinsurance	296,351		218,921
Intangible assets	86,624		93,121
Other assets	265,363		208,642
Total assets	$	9,571,613	$	7,796,033

Liabilities, non-controlling interest, and shareholders' equity
Liabilities
Reserve for losses and loss adjustment expenses	$	4,415,176	$	3,532,491
Unearned premiums	1,377,474		1,122,277
Reinsurance balances payable	296,400		261,275
Payables for investments purchased	209,853		115,427
Term loan, net of issuance costs	149,743		149,945
Accounts payable and accrued expenses	177,320		185,361
Payables to related parties	123,376		100,420
Total liabilities	6,749,342		5,467,196

Non-controlling interest – TS Hamilton Fund	172		128

Shareholders’ equity
Common shares:
Class A, authorized (2025: 26,444,807 and 2024: 26,944,807), par value $0.01; issued and outstanding (2025: 17,320,078 and 2024: 17,820,078)	173		178
Class B, authorized (2025: 84,677,932 and 2024: 80,205,911), par value $0.01; issued and outstanding (2025: 66,305,707 and 2024: 64,271,249)	663		643
Class C, authorized (2025: 15,403,649 and 2024: 19,375,670), par value $0.01; issued and outstanding (2025: 15,403,649 and 2024: 19,375,670)	154		194
Additional paid-in capital	1,134,985		1,163,609
Accumulated other comprehensive loss	(4,441)		(4,441)
Retained earnings	1,690,565		1,168,526
Total shareholders' equity	2,822,099		2,328,709

Total liabilities, non-controlling interest, and shareholders' equity	$	9,571,613	$	7,796,033

Consolidated Statement of Operations


	Three Months Ended				Years Ended
	December 31,				December 31,
($ in thousands, except for per share amounts)	2025		2024		2025		2024
Revenues
Gross premiums written	$	668,968	$	543,937	$	2,923,145	$	2,422,582
Reinsurance premiums ceded	(120,595)		(90,611)		(635,602)		(501,413)
Net premiums written	548,373		453,326		2,287,543		1,921,169

Net change in unearned premiums	28,313		28,541		(177,767)		(186,440)
Net premiums earned	576,686		481,867		2,109,776		1,734,729

Net realized and unrealized gains (losses) on investments	115,148		56,556		687,111		511,407
Net investment income (loss)	25,300		19,600		88,021		63,267
Total net realized and unrealized gains (losses) on investments and net investment income (loss)	140,448		76,156		775,132		574,674


Other income (loss)	12,756		5,818		26,601		23,752
Net foreign exchange gains (losses)	(1,563)		6,652		(5,985)		(3,231)
Total revenues	728,327		570,493		2,905,524		2,329,924

Expenses
Losses and loss adjustment expenses	314,646		289,695		1,258,521		1,010,173
Acquisition costs	142,181		105,872		507,290		388,931
General and administrative expenses	73,078		88,960		278,910		271,124

Amortization of intangible assets	3,815		3,747		15,709		15,520
Interest expense	4,925		5,526		20,189		22,616
Total expenses	538,645		493,800		2,080,619		1,708,364

Income (loss) before income tax	189,682		76,693		824,905		621,560
Income tax expense (benefit)	(24,872)		2,284		(15,124)		8,402
Net income (loss)	214,554		74,409		840,029		613,158

Net income (loss) attributable to non-controlling interest	42,369		40,489		263,359		212,729

Net income (loss) and other comprehensive income (loss) attributable to common shareholders	$	172,185	$	33,920	$	576,670	$	400,429

Per share data
Basic income (loss) per share attributable to common shareholders	$	1.74	$	0.33	$	5.75	$	3.81
Diluted income (loss) per share attributable to common shareholders	$	1.69	$	0.32	$	5.55	$	3.67

Non-GAAP Financial Measures Reconciliation

We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements that management uses to assess our operating results are considered non-GAAP financial measures under Regulation G and Item 10(e) of Regulation S-K, each promulgated by the SEC. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Where appropriate, reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included below.

Operating Income (Loss) Attributable to Common Shareholders, Operating Income (Loss) Attributable to Common Shareholders per Common Share - Diluted and Operating Return on Average Common Shareholders' Equity - Annualized

Operating income (loss) attributable to common shareholders, as used herein, differs from net income (loss) and other comprehensive income (loss) attributable to common shareholders, which we believe is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on fixed maturity and short term investments, and net foreign exchange gains and losses. We also use operating income (loss) attributable to common shareholders to calculate operating income (loss) attributable to common shareholders per common share - diluted and operating return on average common shareholders' equity - annualized.

We believe that operating income (loss) attributable to common shareholders, operating income (loss) attributable to common shareholders per common share - diluted and operating return on average common shareholders' equity - annualized are meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance.

The following tables are a reconciliation of: net income (loss) and other comprehensive income (loss) attributable to common shareholders to operating income (loss) attributable to common shareholders; net income (loss) and other comprehensive income (loss) attributable to common shareholders per common share - diluted to operating income (loss) attributable to common shareholders per common share - diluted; and return on average common shareholders' equity - annualized to operating return on average common shareholders' equity - annualized. Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.


	Three Months Ended				Years Ended
	December 31,				December 31,
($ in thousands, except for per share amounts)	2025		2024		2025		2024
Net income (loss) and other comprehensive income (loss) attributable to common shareholders	$	172,185	$	33,920	$	576,670	$	400,429
Adjustment for:
Net realized (gains) losses on investments - Fixed maturity and short-term investments(1)	(3,229)		441		(7,369)		2,023
Net unrealized (gains) losses on investments - Fixed maturity and short-term investments(1)	(2,275)		59,212		(72,771)		8,908
Net foreign exchange (gains) losses	1,563		(6,652)		5,985		3,231
Operating income (loss) attributable to common shareholders	$	168,244	$	86,921	$	502,515	$	414,591


Net income (loss) and other comprehensive income (loss) attributable to common shareholders per common share - diluted	$	1.69	$	0.32	$	5.55	$	3.67
Adjustment for:
Net realized (gains) losses on investments - Fixed maturity and short-term investments(1)	(0.03)		—		(0.07)		0.02
Net unrealized (gains) losses on investments - Fixed maturity and short-term investments(1)	(0.02)		0.56		(0.70)		0.08
Net foreign exchange (gains) losses	0.01		(0.06)		0.06		0.03
Operating income (loss) attributable to common shareholders per common share - diluted	$	1.65	$	0.82	$	4.84	$	3.80


Return on average common shareholders' equity - annualized	25.1	%	5.8	%	22.4	%	18.3	%
Adjustment for:
Net realized (gains) losses on investments - Fixed maturity and short-term investments(1)	(0.5)	%	0.1	%	(0.3)	%	0.1	%
Net unrealized (gains) losses on investments - Fixed maturity and short-term investments(1)	(0.3)	%	10.2	%	(2.8)	%	0.4	%
Net foreign exchange (gains) losses	0.2	%	(1.1)	%	0.2	%	0.1	%
Operating return on average common shareholders' equity - annualized	24.5	%	15.0	%	19.5	%	18.9	%

(1) Fixed income portfolio managed by our external investment managers only.

Underwriting Income (Loss)

We calculate underwriting income (loss) on a pre-tax basis as net premiums earned less losses and loss adjustment expenses, acquisition costs and other underwriting expenses (net of third party fee income). We believe that this measure of our performance focuses on the core fundamental performance of the Company’s reportable segments in any given period and is not distorted by investment market conditions, corporate expense allocations or income tax effects.

The following table reconciles underwriting income (loss) to net income (loss), the most directly comparable GAAP financial measure:


	Three Months Ended				Years Ended
	December 31,				December 31,
($ in thousands)	2025		2024		2025		2024
Underwriting income (loss)	$	75,536	$	22,444	$	148,823	$	149,364
Total net realized and unrealized gains (losses) on investments and net investment income (loss)	140,448		76,156		775,132		574,674


Net foreign exchange gains (losses)	(1,563)		6,652		(5,985)		(3,231)
Corporate expenses	(15,999)		(19,286)		(57,167)		(61,111)

Amortization of intangible assets	(3,815)		(3,747)		(15,709)		(15,520)
Interest expense	(4,925)		(5,526)		(20,189)		(22,616)
Income tax (expense) benefit	24,872		(2,284)		15,124		(8,402)
Net income (loss), prior to non-controlling interest	$	214,554	$	74,409	$	840,029	$	613,158

Third Party Fee Income

Third party fee income includes income that is incremental and/or directly attributable to our underwriting operations. It is primarily comprised of fees earned by the International Segment for management services provided to third party syndicates and consortia and by the Bermuda Segment for performance based management fees generated by our third party capital manager, Ada Capital Management Limited. We believe that this measure is a relevant component of our underwriting income (loss).

The following table reconciles third party fee income to other income, the most directly comparable GAAP financial measure:


	Three Months Ended				Years Ended
	December 31,				December 31,
($ in thousands)	2025		2024		2025		2024
Third party fee income	$	12,756	$	5,818	$	26,601	$	23,752

Other income (loss)	$	12,756	$	5,818	$	26,601	$	23,752

Other Underwriting Expenses

Other underwriting expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Note 9, Segment Reporting in the audited condensed consolidated financial statements, it is considered a non-GAAP financial measure when presented elsewhere.

Corporate expenses include holding company costs necessary to support our reportable segments. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from other underwriting expenses, and therefore, underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to other underwriting expenses, also includes corporate expenses.

The following table reconciles other underwriting expenses to general and administrative expenses, the most directly comparable GAAP financial measure:


	Three Months Ended				Years Ended
	December 31,				December 31,
($ in thousands)	2025		2024		2025		2024
Other underwriting expenses	$	57,079	$	69,674	$	221,743	$	210,013
Corporate expenses	15,999		19,286		57,167		61,111
General and administrative expenses	$	73,078	$	88,960	$	278,910	$	271,124

Other Underwriting Expense Ratio

Other Underwriting Expense Ratio is a measure of the other underwriting expenses (net of third party fee income) incurred by the Company and is expressed as a percentage of net premiums earned.

Loss Ratio

Attritional Loss Ratio – current year is the attritional losses incurred by the company relating to the current year divided by net premiums earned.

Attritional Loss Ratio – prior year development is the attritional losses incurred by the company relating to prior years divided by net premiums earned.

Catastrophe Loss Ratio – current year is the catastrophe losses incurred by the company relating to the current year divided by net premiums earned.

Catastrophe Loss Ratio – prior year development is the catastrophe losses incurred by the company relating to prior years divided by net premiums earned.

Combined Ratio

Combined Ratio is a measure of our underwriting profitability and is expressed as the sum of the loss and loss adjustment expense ratio, acquisition cost ratio and other underwriting expense ratio. A combined ratio under 100% indicates an underwriting profit, while a combined ratio over 100% indicates an underwriting loss.

Special Note Regarding Forward-Looking Statements

This information includes “forward looking statements” pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “target,” “should,” “could,” “would,” “seeks,” “intends,” “plans,” “contemplates,” “estimates,” “forecasts,” or “anticipates,” or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements appear in a number of places throughout and relate to matters such as our industry, growth strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, business plans (including syndicate capacity forecasts), and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from the forward-looking statements contained herein. Such risks, uncertainties, and other important factors include, among others, the risks, uncertainties and factors set forth in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”) and other periodic reports filed with the Securities and Exchange Commission and the following:

•challenges from competitors, including those arising from industry consolidation, alternative capital and technological advancements, including the increasing use of advanced analytics and artificial intelligence;

•unpredictable events, including natural catastrophes and man‑made disasters, global climate change and emerging claim, litigation and coverage issues that may increase loss severity or expand coverage obligations;

•our ability, or that of the third parties on which we rely, to ensure reserves are adequate to cover actual losses and to accurately assess underwriting risk, models, assumptions, data quality and the pricing of risks, particularly in long‑tail, low‑frequency or emerging lines of business;

•our ability to defend and protect our intellectual property rights, including our proprietary technology platforms and data, to comply with obligations under license and technology agreements or to obtain or renew licenses to technology or data on reasonable terms;

•the impact of risks associated with human error, misconduct or fraud, model uncertainty, cybersecurity threats such as cyber‑attacks and security breaches, misuse of artificial intelligence and our reliance on third‑party information technology systems that may fail, be disrupted or require replacement;

•our ability to secure necessary credit facilities, letters of credit or other forms of financing or collateral on favorable terms or at all;

•our limited financial and operational flexibility due to covenants and other restrictions in our existing or future credit facilities and debt arrangements;

•our exposure to the credit risk of insurance and reinsurance intermediaries on which we rely for the collection of premiums and payment of claims;

•our failure to pay claims in a timely manner, significant reserve strengthening, or the need to sell investments under unfavorable market or other conditions in order to meet liquidity requirements;

•downgrades, potential downgrades or other negative actions by rating agencies, including changes in rating agency methodologies;

•our ability to manage risks associated with adverse macroeconomic conditions, geopolitical instability and global events, including current or anticipated military conflicts, public health crises, terrorism, sanctions, inflation, rising interest rates, energy price volatility and other disruptions;

•the cyclical nature of the insurance and reinsurance business, which may result in declines in pricing and more competitive terms and conditions;

•our results of operations fluctuating significantly from period to period and not being indicative of our long‑term prospects;

•our ability to execute our strategy and to adapt our business and strategic plans in response to changing market, regulatory and competitive conditions;

•our dependence on key executives and other personnel, including the potential loss of Bermudian or other critical personnel, and our ability to attract and retain qualified employees in highly competitive labor markets;

•foreign operational risks, including foreign currency risk, political instability, regulatory uncertainty and differing legal regimes in jurisdictions where we operate;

•our ability to identify, execute and integrate growth opportunities, including acquisitions or other strategic transactions, and to realize the anticipated benefits of such initiatives;

•risks arising from our management of alternative reinsurance platforms and vehicles for third‑party investors;

•our inability to control the asset allocation, investment decisions or performance of the Two Sigma Hamilton Fund, LLC (the “TS Hamilton Fund”) and our limited ability to withdraw capital from the TS Hamilton Fund;

•conflicts of interest, governance, operational or regulatory risks involving Two Sigma Investments, LP (“Two Sigma”), the TS Hamilton Fund or their respective affiliates that could adversely affect investment performance or our business;

•the historical performance of Two Sigma or the TS Hamilton Fund not being indicative of future performance or our future results;

•risks associated with our investment strategy, including the use of leverage, derivatives, illiquid assets and concentration risk, which may be greater than those faced by some of our competitors;

•our potentially becoming subject to additional or increased taxation, including U.S. federal income tax, Bermuda tax or other taxes, as a result of changes in tax laws, interpretations or our operations;

•the potential classification of us or our subsidiaries as a passive foreign investment company or becoming subject to U.S. withholding and information reporting requirements under the U.S. Foreign Account Tax Compliance Act;

•our ability to compete effectively in a highly regulated industry in light of new or changing domestic or international laws and regulations, including accounting standards and evolving regulatory interpretations;

•the suspension, limitation or revocation of licenses or approvals required by our insurance and reinsurance subsidiaries;

•significant legal, regulatory or governmental proceedings or investigations;

•restrictions on our insurance and reinsurance subsidiaries’ ability to pay dividends or make other distributions to us;

•challenges and costs associated with compliance with public company disclosure, governance and internal control requirements;

•the limited ability of investors to influence corporate matters due to our multi‑class share structure and the voting provisions in our Bye‑laws;

•the risk that anti‑takeover provisions in our Bye‑laws or Bermuda law could discourage, delay or prevent a change in control, even if beneficial to shareholders; and

•difficulties investors may face in enforcing judgments or protecting their interests against us or our directors and officers.

There may be other factors that could cause our actual results to differ materially from the forward-looking statements. You should evaluate all forward-looking statements made herein in the context of these risks and uncertainties.

You should read this information completely and with the understanding that actual future results may be materially different from expectations. We caution you that the risks, uncertainties, and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits, or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements contained herein apply only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

Investor contact:

Darian Niforatos

Investor.Relations@hamiltongroup.com

Media contact:

Kelly Corday Ferris

kelly.ferris@hamiltongroup.com

Hamilton Insurance Group, Ltd. Supplementary Financial Information December 31, 2025 Investor Contact Investor.Relations@hamiltongroup.com

Hamilton Insurance Group, Ltd. Table of Contents Page I. Basis of Presentation ......................................................................................................................................................................................................... 1 II. Financial Highlights Financial Highlights ............................................................................................................................................................................................................... 4 Key Operating and Financial Metrics ................................................................................................................................................................................. 5 III. Summary Consolidated Results Statements of Operations ................................................................................................................................................................................................... 6 Consolidated Balance Sheets ............................................................................................................................................................................................. 7 Reconciliation of Consolidated GAAP Balance Sheet to Unconsolidated Balance Sheet ....................................................................................... 8 Net Investment Return ......................................................................................................................................................................................................... 9 Fixed Maturity and Short-Term Investments ..................................................................................................................................................................... 10 IV. Segment Results Consolidated Underwriting Results .................................................................................................................................................................................... 11 5Q Consolidated Underwriting Results .............................................................................................................................................................................. 13 5Q Underwriting Results - International ............................................................................................................................................................................ 14 5Q Underwriting Results - Bermuda .................................................................................................................................................................................. 15 V. Other Information Modeled Exposure to Catastrophe Losses (PML) .......................................................................................................................................................... 16 Non-GAAP Measures ........................................................................................................................................................................................................... 17

1 Basis of Presentation All financial information contained herein is unaudited, however, certain information relating to the consolidated balance sheet at the most recent year end is derived from or agrees to audited financial information. Unless otherwise noted, all data is in thousands, except for share and per share amounts and ratio information. This presentation is being provided for informational purposes only. It should be read in conjunction with the documents filed by Hamilton Insurance Group, Ltd. (referred to herein, together with its subsidiaries unless the context otherwise requires, as "Hamilton," the "Company," "we," "us" and "our") with the U.S. Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the ''Form 10-K''). Special Note Regarding Forward-Looking Statements This presentation includes “forward looking statements” pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “target,” “should,” “could,” “would,” “seeks,” “intends,” “plans,” “contemplates,” “estimates,” "forecasts," or “anticipates,” or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements appear in a number of places throughout and relate to matters such as our industry, growth strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, business plans (including syndicate capacity forecasts), and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from the forward-looking statements contained herein. Such risks, uncertainties, and other important factors include, among others, the risks, uncertainties and factors set forth in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company's Form 10-K and other periodic reports filed with the SEC and the following: • challenges from competitors, including those arising from industry consolidation, alternative capital and technological advancements, including the increasing use of advanced analytics and artificial intelligence; • unpredictable events, including natural catastrophes and man-made disasters, global climate change and emerging claim, litigation and coverage issues that may increase loss severity or expand coverage obligations; • our ability, or that of the third parties on which we rely, to ensure reserves are adequate to cover actual losses and to accurately assess underwriting risk, models, assumptions, data quality and the pricing of risks, particularly in long-tail, low-frequency or emerging lines of business; • our ability to defend and protect our intellectual property rights, including our proprietary technology platforms and data, to comply with obligations under license and technology agreements or to obtain or renew licenses to technology or data on reasonable terms; • the impact of risks associated with human error, misconduct or fraud, model uncertainty, cybersecurity threats such as cyber-attacks and security breaches, misuse of artificial intelligence and our reliance on third-party information technology systems that may fail, be disrupted or require replacement; • our ability to secure necessary credit facilities, letters of credit or other forms of financing or collateral on favorable terms or at all;

2 Basis of Presentation Special Note Regarding Forward-Looking Statements (continued) • our limited financial and operational flexibility due to covenants and other restrictions in our existing or future credit facilities and debt arrangements; • our exposure to the credit risk of insurance and reinsurance intermediaries on which we rely for the collection of premiums and payment of claims; • our failure to pay claims in a timely manner, significant reserve strengthening, or the need to sell investments under unfavorable market or other conditions in order to meet liquidity requirements; • downgrades, potential downgrades or other negative actions by rating agencies, including changes in rating agency methodologies; • our ability to manage risks associated with adverse macroeconomic conditions, geopolitical instability and global events, including current or anticipated military conflicts, public health crises, terrorism, sanctions, inflation, rising interest rates, energy price volatility and other disruptions; • the cyclical nature of the insurance and reinsurance business, which may result in declines in pricing and more competitive terms and conditions; • our results of operations fluctuating significantly from period to period and not being indicative of our long-term prospects; • our ability to execute our strategy and to adapt our business and strategic plans in response to changing market, regulatory and competitive conditions; • our dependence on key executives and other personnel, including the potential loss of Bermudian or other critical personnel, and our ability to attract and retain qualified employees in highly competitive labor markets; • foreign operational risks, including foreign currency risk, political instability, regulatory uncertainty and differing legal regimes in jurisdictions where we operate; • our ability to identify, execute and integrate growth opportunities, including acquisitions or other strategic transactions, and to realize the anticipated benefits of such initiatives; • risks arising from our management of alternative reinsurance platforms and vehicles for third-party investors; • our inability to control the asset allocation, investment decisions or performance of the Two Sigma Hamilton Fund, LLC (the "TS Hamilton Fund") and our limited ability to withdraw capital from the TS Hamilton Fund; • conflicts of interest, governance, operational or regulatory risks involving Two Sigma Investments, LP ("Two Sigma"), the TS Hamilton Fund or their respective affiliates that could adversely affect investment performance or our business; • the historical performance of Two Sigma or the TS Hamilton Fund not being indicative of future performance or our future results; • risks associated with our investment strategy, including the use of leverage, derivatives, illiquid assets and concentration risk, which may be greater than those faced by some of our competitors; • our potentially becoming subject to additional or increased taxation, including U.S. federal income tax, Bermuda tax or other taxes, as a result of changes in tax laws, interpretations or our operations; • the potential classification of us or our subsidiaries as a passive foreign investment company or becoming subject to U.S. withholding and information reporting requirements under the U.S. Foreign Account Tax Compliance Act; • our ability to compete effectively in a highly regulated industry in light of new or changing domestic or international laws and regulations, including accounting standards and evolving regulatory interpretations; • the suspension, limitation or revocation of licenses or approvals required by our insurance and reinsurance subsidiaries; • significant legal, regulatory or governmental proceedings or investigations; • restrictions on our insurance and reinsurance subsidiaries’ ability to pay dividends or make other distributions to us; • challenges and costs associated with compliance with public company disclosure, governance and internal control requirements; • the limited ability of investors to influence corporate matters due to our multi-class share structure and the voting provisions in our Bye-laws;

3 Basis of Presentation Special Note Regarding Forward-Looking Statements (continued) • the risk that anti-takeover provisions in our Bye-laws or Bermuda law could discourage, delay or prevent a change in control, even if beneficial to shareholders; and • difficulties investors may face in enforcing judgments or protecting their interests against us or our directors and officers. There may be other factors that could cause our actual results to differ materially from the forward-looking statements. You should evaluate all forward- looking statements made herein in the context of these risks and uncertainties. You should read this information completely and with the understanding that actual future results may be materially different from expectations. We caution you that the risks, uncertainties, and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits, or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements contained herein apply only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

4 Financial Highlights Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Net income (loss) attributable to common shareholders ......................................................................................... $ 172,185 $ 33,920 $ 576,670 $ 400,429 Operating income (loss) attributable to common shareholders .............................................................................. $ 168,244 $ 86,921 $ 502,515 $ 414,591 Underwriting income (loss) Gross premiums written ................................................................................................................................................ $ 668,968 $ 543,937 $ 2,923,145 $ 2,422,582 Net premiums written ..................................................................................................................................................... 548,373 453,326 2,287,543 1,921,169 Net premiums earned .................................................................................................................................................... 576,686 481,867 2,109,776 1,734,729 Underwriting income (loss) ........................................................................................................................................... $ 75,536 $ 22,444 $ 148,823 $ 149,364 Key Ratios: Attritional loss ratio - current year ................................................................................................................................ 56.5 % 51.2 % 54.4 % 53.1 % Attritional loss ratio - prior year development ............................................................................................................ (3.1) % (1.3) % (2.2) % 0.0 % Catastrophe loss ratio - current year ........................................................................................................................... 1.4 % 11.9 % 8.4 % 6.3 % Catastrophe loss ratio - prior year development ....................................................................................................... (0.2) % (1.7) % (0.9) % (1.2) % Loss and loss adjustment expense ratio .................................................................................................................... 54.6 % 60.1 % 59.7 % 58.2 % Acquisition cost ratio ...................................................................................................................................................... 24.7 % 22.0 % 24.0 % 22.4 % Other underwriting expense ratio ................................................................................................................................. 7.7 % 13.3 % 9.2 % 10.7 % Combined ratio ............................................................................................................................................................... 87.0 % 95.4 % 92.9 % 91.3 % Investments Total assets ..................................................................................................................................................................... $ 9,571,613 $ 7,796,033 $ 9,571,613 $ 7,796,033 Total cash and invested assets(1) ................................................................................................................................. 5,923,378 4,773,236 5,923,378 4,773,236 Total investment return(2) ............................................................................................................................................... 98,079 35,667 511,773 361,945 Two Sigma Hamilton Fund Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF .. 98,367 107,474 564,254 487,186 Net income (loss) attributable to non-controlling interest - TSHF ........................................................................... 42,369 40,489 263,359 212,729 $ 55,998 $ 66,985 $ 300,895 $ 274,457 Two Sigma Hamilton Fund return, net of investment management fees and performance incentive allocations ........................................................................................................................................................................ 2.6 % 3.7 % 16.0 % 16.3 % Fixed income, short term investments and cash and cash equivalents Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other ... $ 42,081 $ (31,318) $ 210,878 $ 87,488 (1) Total cash and total investments, plus receivables for investments sold, less payables for investments purchased, payables to related parties (TSHF) and non-controlling interest (TSHF). (2) Net realized and unrealized gains (losses) on investments, plus net investment income (loss), less non-controlling interest.

5 Three Months Ended December 31, Year Ended December 31, ($ in thousands, except per share amounts) 2025 2024 2025 2024 Income (loss) per share attributable to common shareholders - basic .................................................................. $ 1.74 $ 0.33 $ 5.75 $ 3.81 Income (loss) per share attributable to common shareholders - diluted ............................................................... $ 1.69 $ 0.32 $ 5.55 $ 3.67 Operating income (loss) attributable to common shareholders per common share - diluted ............................ $ 1.65 $ 0.82 $ 4.84 $ 3.80 Weighted average common shares outstanding - basic .......................................................................................... 98,889,089 101,808,918 100,363,570 105,133,370 Weighted average common shares outstanding - diluted........................................................................................ 102,167,125 105,867,118 103,844,198 109,101,714 Return on average common shareholders' equity - annualized ............................................................................. 25.1 % 5.8 % 22.4 % 18.3 % Operating return on average common shareholders' equity - annualized ............................................................ 24.5 % 15.0 % 19.5 % 18.9 % December 31, 2025 December 31, 2024 Closing common shareholders' equity, less intangible assets ................................................................................ $ 2,735,475 $ 2,235,588 Closing common shareholders' equity ........................................................................................................................ $ 2,822,099 $ 2,328,709 Closing common shares outstanding .......................................................................................................................... 99,029,434 101,466,997 Tangible book value per common share ..................................................................................................................... $ 27.62 $ 22.03 Book value per common share .................................................................................................................................... $ 28.50 $ 22.95 Year to date change in tangible book value per common share ............................................................................. 25.4 % 24.1 % Year to date change in book value per common share ............................................................................................ 24.2 % 23.5 % Financial Highlights Key Operating and Financial Metrics

6 Three Months Ended December 31, Year Ended December 31, ($ in thousands, except per share amounts) 2025 2024 2025 2024 Revenues Gross premiums written ................................................................................................................................................ $ 668,968 $ 543,937 $ 2,923,145 $ 2,422,582 Reinsurance premiums ceded ..................................................................................................................................... (120,595) (90,611) (635,602) (501,413) Net premiums written ..................................................................................................................................................... 548,373 453,326 2,287,543 1,921,169 Net change in unearned premiums ............................................................................................................................. 28,313 28,541 (177,767) (186,440) Net premiums earned .................................................................................................................................................... 576,686 481,867 2,109,776 1,734,729 Net realized and unrealized gains (losses) on investments .................................................................................... 115,148 56,556 687,111 511,407 Net investment income (loss) ....................................................................................................................................... 25,300 19,600 88,021 63,267 Total net realized and unrealized gains (losses) on investments and net investment income (loss) ............... 140,448 76,156 775,132 574,674 Third party fee income ................................................................................................................................................... 12,756 5,818 26,601 23,752 Net foreign exchange gains (losses) ........................................................................................................................... (1,563) 6,652 (5,985) (3,231) Total revenues .............................................................................................................................................................. 728,327 570,493 2,905,524 2,329,924 Expenses Losses and loss adjustment expenses ....................................................................................................................... 314,646 289,695 1,258,521 1,010,173 Acquisition costs ............................................................................................................................................................. 142,181 105,872 507,290 388,931 Other underwriting expenses ....................................................................................................................................... 57,079 69,674 221,743 210,013 Corporate expenses ....................................................................................................................................................... 15,999 19,286 57,167 61,111 Amortization of intangible assets ................................................................................................................................. 3,815 3,747 15,709 15,520 Interest expense ............................................................................................................................................................. 4,925 5,526 20,189 22,616 Total expenses .............................................................................................................................................................. 538,645 493,800 2,080,619 1,708,364 Income (loss) before income tax .................................................................................................................................. 189,682 76,693 824,905 621,560 Income tax expense (benefit) ....................................................................................................................................... (24,872) 2,284 (15,124) 8,402 Net income (loss) ......................................................................................................................................................... 214,554 74,409 840,029 613,158 Net income (loss) attributable to non-controlling interest ......................................................................................... 42,369 40,489 263,359 212,729 Net income (loss) and other comprehensive income (loss) attributable to common shareholders ..... $ 172,185 $ 33,920 $ 576,670 $ 400,429 Per share data Income (loss) per share attributable to common shareholders - basic .................................................................. $ 1.74 $ 0.33 $ 5.75 $ 3.81 Income (loss) per share attributable to common shareholders - diluted ............................................................... $ 1.69 $ 0.32 $ 5.55 $ 3.67 Return on average common shareholders' equity - annualized ............................................................................. 25.1 % 5.8 % 22.4 % 18.3 % Summary Consolidated Results Statements of Operations

7 December 31, September 30, June 30, March 31, December 31, ($ in thousands, except share information) 2025 2025 2025 2025 2024 Assets Fixed maturity investments, at fair value (amortized cost December 31, 2025: $3,210,940) ....................................... $ 3,238,543 $ 3,022,441 $ 2,698,470 $ 2,425,986 $ 2,377,862 Short-term investments, at fair value (amortized cost December 31, 2025: $200,052) ................................................. 200,459 248,847 307,129 406,207 497,110 Investments in Two Sigma Funds, at fair value (cost December 31, 2025: $1,355,563) .............................................. 1,587,658 1,500,672 1,453,781 1,341,079 939,381 Total investments ....................................................................................................................................................................... 5,026,660 4,771,960 4,459,380 4,173,272 3,814,353 Cash and cash equivalents ...................................................................................................................................................... 1,062,359 955,130 985,649 838,514 996,493 Restricted cash and cash equivalents ................................................................................................................................... 109,731 110,087 85,648 74,548 104,359 Premiums receivable ................................................................................................................................................................ 939,777 1,012,000 1,048,580 989,656 771,707 Paid losses recoverable ........................................................................................................................................................... 93,659 115,847 131,833 91,701 134,406 Deferred acquisition costs ........................................................................................................................................................ 257,203 259,260 253,402 242,346 208,985 Unpaid losses and loss adjustment expenses recoverable ................................................................................................ 1,375,857 1,303,833 1,236,660 1,235,045 1,171,040 Receivables for investments sold ........................................................................................................................................... 58,029 45,182 38,271 46,358 74,006 Prepaid reinsurance .................................................................................................................................................................. 296,351 334,025 360,890 329,213 218,921 Intangible assets ........................................................................................................................................................................ 86,624 88,848 90,061 91,184 93,121 Other assets ............................................................................................................................................................................... 265,363 217,198 222,676 230,994 208,642 Total assets .............................................................................................................................................................................. $ 9,571,613 $ 9,213,370 $ 8,913,050 $ 8,342,831 $ 7,796,033 Liabilities, non-controlling interest, and shareholders' equity Liabilities Reserve for losses and loss adjustment expenses .............................................................................................................. $ 4,415,176 $ 4,206,077 $ 3,984,281 $ 3,815,307 $ 3,532,491 Unearned premiums ................................................................................................................................................................. 1,377,474 1,443,460 1,414,344 1,337,516 1,122,277 Reinsurance balances payable ............................................................................................................................................... 296,400 372,711 417,251 346,240 261,275 Payables for investments purchased ..................................................................................................................................... 209,853 102,013 127,529 46,925 115,427 Term loan, net of issuance costs ............................................................................................................................................ 149,743 149,717 149,691 149,974 149,945 Accounts payable and accrued expenses ............................................................................................................................. 177,320 167,882 141,838 137,667 185,361 Payables to related parties ...................................................................................................................................................... 123,376 28,338 50,233 70,709 100,420 Total liabilities .......................................................................................................................................................................... 6,749,342 6,470,198 6,285,167 5,904,338 5,467,196 Non-controlling interest - TS Hamilton Fund ................................................................................................................... 172 81,179 69,292 39,154 128 Shareholders' equity Common shares: Class A, authorized (December 31, 2025: 26,444,807), par value $0.01; issued and outstanding (December 31, 2025: 17,320,078) ..................................................................................................................................................................... 173 178 178 178 178 Class B, authorized (December 31, 2025: 84,677,932), par value $0.01; issued and outstanding (December 31, 2025: 66,305,707) ..................................................................................................................................................................... 663 645 663 660 643 Class C, authorized (December 31, 2025: 15,403,649), par value $0.01; issued and outstanding (December 31, 2025: 15,403,649) ..................................................................................................................................................................... 154 160 160 179 194 Additional paid-in-capital .......................................................................................................................................................... 1,134,985 1,135,815 1,148,571 1,160,569 1,163,609 Accumulated other comprehensive loss ................................................................................................................................ (4,441) (4,441) (4,441) (4,441) (4,441) Retained earnings ..................................................................................................................................................................... 1,690,565 1,529,636 1,413,460 1,242,194 1,168,526 Total shareholders' equity .................................................................................................................................................... 2,822,099 2,661,993 2,558,591 2,399,339 2,328,709 Total liabilities, non-controlling interest, and shareholders' equity ......................................................................... $ 9,571,613 $ 9,213,370 $ 8,913,050 $ 8,342,831 $ 7,796,033 Summary Consolidated Results Consolidated Balance Sheets

8 December 31, 2025 ($ in thousands) Consolidated GAAP Balance Sheet Two Sigma Hamilton Fund Balances Unconsolidated Balance Sheet(1) Assets Fixed maturity investments, at fair value .................................................................................................................................................................................... $ 3,238,543 $ - $ 3,238,543 Short-term investments, at fair value ......................................................................................................................................................................................... 200,459 (198,986) 1,473 Investments in Two Sigma Funds, at fair value ........................................................................................................................................................................ 1,587,658 590,531 2,178,189 Total investments ............................................................................................................................................................................................................................ 5,026,660 391,545 5,418,205 Cash and cash equivalents .......................................................................................................................................................................................................... 1,062,359 (648,726) 413,633 Restricted cash and cash equivalents ........................................................................................................................................................................................ 109,731 - 109,731 Premiums receivable ..................................................................................................................................................................................................................... 939,777 - 939,777 Paid losses recoverable ................................................................................................................................................................................................................ 93,659 - 93,659 Deferred acquisition costs ............................................................................................................................................................................................................ 257,203 - 257,203 Unpaid losses and loss adjustment expenses recoverable .................................................................................................................................................... 1,375,857 - 1,375,857 Receivables for investments sold ................................................................................................................................................................................................ 58,029 (57,938) 91 Prepaid reinsurance ....................................................................................................................................................................................................................... 296,351 - 296,351 Intangible assets ............................................................................................................................................................................................................................ 86,624 - 86,624 Other assets .................................................................................................................................................................................................................................... 265,363 (1,110) 264,253 Total assets ................................................................................................................................................................................................................................... $ 9,571,613 $ (316,229) $ 9,255,384 Liabilities, non-controlling interest, and shareholders' equity Liabilities Reserve for losses and loss adjustment expenses .................................................................................................................................................................. $ 4,415,176 $ - $ 4,415,176 Unearned premiums ...................................................................................................................................................................................................................... 1,377,474 - 1,377,474 Reinsurance balances payable .................................................................................................................................................................................................... 296,400 - 296,400 Payables for investments purchased .......................................................................................................................................................................................... 209,853 (192,467) 17,386 Term loan, net of issuance costs ................................................................................................................................................................................................. 149,743 - 149,743 Accounts payable and accrued expenses .................................................................................................................................................................................. 177,320 (214) 177,106 Payables to related parties ........................................................................................................................................................................................................... 123,376 (123,376) - Total liabilities ............................................................................................................................................................................................................................... 6,749,342 (316,057) 6,433,285 Non-controlling interest - TS Hamilton Fund ....................................................................................................................................................................... 172 (172) - Shareholders' equity Common shares: Class A, par value $0.01 ............................................................................................................................................................................................................... 173 - 173 Class B, par value $0.01 ............................................................................................................................................................................................................... 663 - 663 Class C, par value $0.01 ............................................................................................................................................................................................................... 154 - 154 Additional paid-in-capital ............................................................................................................................................................................................................... 1,134,985 - 1,134,985 Accumulated other comprehensive loss ..................................................................................................................................................................................... (4,441) - (4,441) Retained earnings .......................................................................................................................................................................................................................... 1,690,565 - 1,690,565 Total shareholders' equity ......................................................................................................................................................................................................... 2,822,099 - 2,822,099 Total liabilities, non-controlling interest, and shareholders' equity .............................................................................................................................. $ 9,571,613 $ (316,229) $ 9,255,384 Summary Consolidated Results Reconciliation of Consolidated GAAP Balance Sheet to Unconsolidated Balance Sheet (1) We present our balance sheet on an unconsolidated basis above, which we believe is meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. The unconsolidated balances are non-GAAP financial measures, with the above table providing an appropriate reconciliation to comparable GAAP measures.

9 Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Net realized gains (losses) on investments .......................................................................................................... $ 93,006 $ 85,422 $ 517,147 $ 468,068 Fixed maturities and short-term investments .......................................................................................................... 3,229 (441) 7,369 (2,307) TS Hamilton Fund ........................................................................................................................................................ 89,777 85,863 509,778 470,091 Other .............................................................................................................................................................................. — — — 284 Change in net unrealized gains (losses) on investments ................................................................................. 22,142 (28,866) 169,964 43,339 Fixed maturities and short-term investments .......................................................................................................... 2,275 (59,212) 72,771 (8,908) TS Hamilton Fund ........................................................................................................................................................ 19,867 30,346 97,193 52,247 Net realized and unrealized gains (losses) on investments ............................................................................. 115,148 56,556 687,111 511,407 Net investment income (loss): Fixed maturities .............................................................................................................................................................. 33,196 23,847 115,869 81,872 Short-term investments ................................................................................................................................................. 25 17 478 67 TS Hamilton Fund .......................................................................................................................................................... 2,836 3,333 10,673 12,373 Cash and cash equivalents ........................................................................................................................................... 3,711 4,412 16,287 17,006 Other................................................................................................................................................................................. 457 820 1,068 2,293 Interest and other ......................................................................................................................................................... 40,225 32,429 144,375 113,611 Management fees ......................................................................................................................................................... (14,580) (12,462) (55,153) (49,102) Fixed maturities and short-term investments .......................................................................................................... (691) (588) (2,527) (2,192) TS Hamilton Fund ........................................................................................................................................................ (13,889) (11,874) (52,626) (46,910) Other expenses ............................................................................................................................................................. (345) (367) (1,201) (1,242) Fixed maturities and short-term investments .......................................................................................................... (121) (173) (437) (627) TS Hamilton Fund ........................................................................................................................................................ (224) (194) (764) (615) Net investment income (loss) ................................................................................................................................... 25,300 19,600 88,021 63,267 Total net realized and unrealized gains (losses) on investments and net investment income (loss) .. 140,448 76,156 775,132 574,674 Net income (loss) attributable to non-controlling interest ......................................................................................... 42,369 40,489 263,359 212,729 Total net realized and unrealized gains (losses) on investments and net investment income (loss), net of non-controlling interest .................................................................................................................................. $ 98,079 $ 35,667 $ 511,773 $ 361,945 Fixed income, short-term investments and cash and cash equivalents return .................................................... $ 42,081 $ (31,318) $ 210,878 $ 87,488 TS Hamilton Fund return(1) ............................................................................................................................................ $ 55,998 $ 66,985 $ 300,895 $ 274,457 Summary Consolidated Results Net Investment Return (1) Net of non-controlling interest performance incentive allocation

10 December 31, 2025 December 31, 2024 ($ in thousands) Fair Value % of Total Weighted Average Credit Rating Fair Value % of Total Weighted Average Credit RatingFixed Maturity Trading Portfolio and Short-Term Investments(1) Fixed maturities U.S. government treasuries ...................................................................... $ 797,834 23% Aa1 $ 711,103 25% Aaa U.S. states, territories and municipalities ............................................... 12,960 0% Aa2 13,231 0% Aa2 Non-U.S. sovereign governments and supranationals ......................... 110,861 3% Aa1 67,527 2% Aa1 Corporate ..................................................................................................... 1,584,144 46% A3 1,143,060 41% A3 Residential mortgage-backed securities - Agency ................................ 365,650 11% Aa1 272,611 9% Aaa Residential mortgage-backed securities - Non-agency ....................... 32,545 1% Aaa 16,754 1% Aaa Commercial mortgage-backed securities - Non-agency ...................... 94,698 3% Aa1 39,686 1% Aaa Other asset-backed securities .................................................................. 239,851 7% Aa1 113,890 4% Aaa Total fixed maturities .................................................................................. 3,238,543 94% Aa3 2,377,862 83% Aa3 Short-term investments ................................................................................ 200,459 6% Aa1 497,110 17% Aaa Total fixed maturities and short-term investments ................................. $ 3,439,002 100% Aa3 $ 2,874,972 100% Aa2 Fixed Maturity and Short-Term Investments Credit Quality Summary Investment grade .......................................................................................... 100% 100% Non-investment grade .................................................................................. 0% 0% Total .............................................................................................................. 100% 100% Fixed Maturity and Short-Term Investments - Trading Portfolio(2) December 31, 2025 December 31, 2024 Average credit quality ................................................................................... Aa3 Aa3 Average yield to maturity ............................................................................. 4.1% 4.7% Book yield ....................................................................................................... 4.3% 4.1% Expected average duration (in years) ....................................................... 3.4 3.4 (1) Includes $199.0 million and $496.0 million of short-term investments, at December 31, 2025 and December 31, 2024, respectively, not managed by our external investment managers. (2) Fixed income portfolio managed by our external investment managers only. Summary Consolidated Results Fixed Maturity and Short-Term Investments

11 Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 ($ in thousands) International Bermuda Total International Bermuda Total Gross premiums written ........................................................................ $ 422,345 $ 246,623 $ 668,968 $ 350,479 $ 193,458 $ 543,937 Net premiums written ............................................................................. 340,588 207,785 548,373 282,161 171,165 453,326 Net premiums earned ............................................................................ 309,299 267,387 576,686 249,234 232,633 481,867 Third party fee income ........................................................................... 1,726 11,030 12,756 4,760 1,058 5,818 Losses and loss adjustment expenses ............................................... 166,998 147,648 314,646 138,842 150,853 289,695 Acquisition costs ..................................................................................... 81,195 60,986 142,181 56,382 49,490 105,872 Other underwriting expenses ................................................................ 50,388 6,691 57,079 49,507 20,167 69,674 Underwriting income (loss) ................................................................... $ 12,444 $ 63,092 $ 75,536 $ 9,263 $ 13,181 $ 22,444 Key Ratios: Attritional loss ratio - current year ........................................................ 56.3 % 56.7 % 56.5 % 50.8 % 51.7 % 51.2 % Attritional loss ratio - prior year development .................................... (2.3) % (4.1) % (3.1) % (2.1) % (0.4) % (1.3) % Catastrophe loss ratio - current year ................................................... 0.0 % 3.0 % 1.4 % 7.8 % 16.1 % 11.9 % Catastrophe loss ratio - prior year development ............................... 0.0 % (0.4) % (0.2) % (0.8) % (2.6) % (1.7) % Loss and loss adjustment expense ratio ............................................ 54.0 % 55.2 % 54.6 % 55.7 % 64.8 % 60.1 % Acquisition cost ratio .............................................................................. 26.3 % 22.8 % 24.7 % 22.6 % 21.3 % 22.0 % Other underwriting expense ratio ......................................................... 15.7 % (1.6) % 7.7 % 18.0 % 8.2 % 13.3 % Combined ratio ........................................................................................ 96.0 % 76.4 % 87.0 % 96.3 % 94.3 % 95.4 % Segment Results Consolidated Underwriting Results

12 Year Ended December 31, 2025 Year Ended December 31, 2024 ($ in thousands) International Bermuda Total International Bermuda Total Gross premiums written ......................................................................... $ 1,517,060 $ 1,406,085 $ 2,923,145 $ 1,308,460 $ 1,114,122 $ 2,422,582 Net premiums written .............................................................................. 1,132,061 1,155,482 2,287,543 969,605 951,564 1,921,169 Net premiums earned ............................................................................. 1,055,377 1,054,399 2,109,776 886,934 847,795 1,734,729 Third party fee income ............................................................................ 12,027 14,574 26,601 16,317 7,435 23,752 Losses and loss adjustment expenses ................................................ 571,298 687,223 1,258,521 498,023 512,150 1,010,173 Acquisition costs ...................................................................................... 276,676 230,614 507,290 216,971 171,960 388,931 Other underwriting expenses ................................................................ 167,221 54,522 221,743 148,824 61,189 210,013 Underwriting income (loss) .................................................................... $ 52,209 $ 96,614 $ 148,823 $ 39,433 $ 109,931 $ 149,364 Key Ratios: Attritional loss ratio - current year ......................................................... 54.0 % 54.6 % 54.4 % 53.5 % 52.7 % 53.1 % Attritional loss ratio - prior year development ..................................... (2.8) % (1.6) % (2.2) % (0.4) % 0.5 % 0.0 % Catastrophe loss ratio - current year .................................................... 2.9 % 13.9 % 8.4 % 3.9 % 8.9 % 6.3 % Catastrophe loss ratio - prior year development ................................ 0.0 % (1.7) % (0.9) % (0.8) % (1.7) % (1.2) % Loss and loss adjustment expense ratio ............................................. 54.1 % 65.2 % 59.7 % 56.2 % 60.4 % 58.2 % Acquisition cost ratio ............................................................................... 26.2 % 21.9 % 24.0 % 24.5 % 20.3 % 22.4 % Other underwriting expense ratio ......................................................... 14.7 % 3.8 % 9.2 % 14.9 % 6.3 % 10.7 % Combined ratio ........................................................................................ 95.0 % 90.9 % 92.9 % 95.6 % 87.0 % 91.3 % Segment Results Consolidated Underwriting Results

13 Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, ($ in thousands) 2025 2025 2025 2025 2024 2025 2024 Gross premiums written ........................................................................... $ 668,968 $ 698,845 $ 712,026 $ 843,306 $ 543,937 $ 2,923,145 $ 2,422,582 Net premiums written ............................................................................... 548,373 578,981 556,314 603,875 453,326 2,287,543 1,921,169 Net premiums earned .............................................................................. 576,686 522,999 511,163 498,928 481,867 2,109,776 1,734,729 Third party fee income ............................................................................. 12,756 4,169 5,014 4,662 5,818 26,601 23,752 Losses and loss adjustment expenses ................................................. 314,646 278,712 269,928 395,234 289,695 1,258,521 1,010,173 Acquisition costs ....................................................................................... 142,181 125,412 122,815 116,881 105,872 507,290 388,931 Other underwriting expenses .................................................................. 57,079 58,955 55,975 49,734 69,674 221,743 210,013 Underwriting income (loss) ...................................................................... $ 75,536 $ 64,089 $ 67,459 $ (58,259) $ 22,444 $ 148,823 $ 149,364 Key Ratios: Attritional loss ratio - current year .......................................................... 56.5 % 55.4 % 53.0 % 51.9 % 51.2 % 54.4 % 53.1 % Attritional loss ratio - prior year development ....................................... (3.1) % (2.1) % (0.5) % (2.9) % (1.3) % (2.2) % 0.0 % Catastrophe loss ratio - current year ..................................................... 1.4 % 0.0 % 1.9 % 32.0 % 11.9 % 8.4 % 6.3 % Catastrophe loss ratio - prior year development .................................. (0.2) % 0.0 % (1.6) % (1.8) % (1.7) % (0.9) % (1.2) % Loss and loss adjustment expense ratio ............................................... 54.6 % 53.3 % 52.8 % 79.2 % 60.1 % 59.7 % 58.2 % Acquisition cost ratio ................................................................................ 24.7 % 24.0 % 24.0 % 23.4 % 22.0 % 24.0 % 22.4 % Other underwriting expense ratio ........................................................... 7.7 % 10.5 % 10.0 % 9.0 % 13.3 % 9.2 % 10.7 % Combined ratio .......................................................................................... 87.0 % 87.8 % 86.8 % 111.6 % 95.4 % 92.9 % 91.3 % Gross premiums written Property ...................................................................................................... $ 76,203 $ 134,626 $ 207,488 $ 277,603 $ 77,378 $ 695,920 $ 614,116 Casualty ..................................................................................................... 379,830 377,483 322,446 315,097 298,607 1,394,855 1,079,124 Specialty ..................................................................................................... 212,935 186,736 182,092 250,606 167,952 832,370 729,342 Total .......................................................................................................... $ 668,968 $ 698,845 $ 712,026 $ 843,306 $ 543,937 $ 2,923,145 $ 2,422,582 Net premiums earned Property ...................................................................................................... $ 125,109 $ 130,248 $ 124,019 $ 141,173 $ 122,734 $ 520,549 $ 457,762 Casualty ..................................................................................................... 261,562 243,997 232,047 217,672 205,234 955,278 733,529 Specialty ..................................................................................................... 190,015 148,754 155,097 140,083 153,899 633,949 543,438 Total .......................................................................................................... $ 576,686 $ 522,999 $ 511,163 $ 498,928 $ 481,867 $ 2,109,776 $ 1,734,729 Segment Results 5Q Consolidated Underwriting Results - Group

14 Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, ($ in thousands) 2025 2025 2025 2025 2024 2025 2024 Gross premiums written ........................................................................... $ 422,345 $ 379,957 $ 344,799 $ 369,959 $ 350,479 $ 1,517,060 $ 1,308,460 Net premiums written ............................................................................... 340,588 304,410 258,089 228,975 282,161 1,132,061 969,605 Net premiums earned .............................................................................. 309,299 252,302 253,209 240,567 249,234 1,055,377 886,934 Third party fee income ............................................................................. 1,726 2,137 3,832 4,332 4,760 12,027 16,317 Losses and loss adjustment expenses ................................................. 166,998 133,895 124,733 145,671 138,842 571,298 498,023 Acquisition costs ....................................................................................... 81,195 67,007 65,683 62,790 56,382 276,676 216,971 Other underwriting expenses .................................................................. 50,388 41,703 39,507 35,623 49,507 167,221 148,824 Underwriting income (loss) ...................................................................... $ 12,444 $ 11,834 $ 27,118 $ 815 $ 9,263 $ 52,209 $ 39,433 Key Ratios: Attritional loss ratio - current year .......................................................... 56.3 % 55.3 % 51.9 % 52.1 % 50.8 % 54.0 % 53.5 % Attritional loss ratio - prior year development ....................................... (2.3) % (2.2) % (3.0) % (3.6) % (2.1) % (2.8) % (0.4) % Catastrophe loss ratio - current year ..................................................... 0.0 % 0.0 % 0.6 % 12.1 % 7.8 % 2.9 % 3.9 % Catastrophe loss ratio - prior year development .................................. 0.0 % 0.0 % (0.2) % 0.0 % (0.8) % 0.0 % (0.8) % Loss and loss adjustment expense ratio ............................................... 54.0 % 53.1 % 49.3 % 60.6 % 55.7 % 54.1 % 56.2 % Acquisition cost ratio ................................................................................ 26.3 % 26.6 % 25.9 % 26.1 % 22.6 % 26.2 % 24.5 % Other underwriting expense ratio ........................................................... 15.7 % 15.7 % 14.1 % 13.0 % 18.0 % 14.7 % 14.9 % Combined ratio .......................................................................................... 96.0 % 95.4 % 89.3 % 99.7 % 96.3 % 95.0 % 95.6 % Gross premiums written Property ...................................................................................................... $ 55,276 $ 63,894 $ 63,871 $ 54,526 $ 47,684 $ 237,568 $ 190,369 Casualty ..................................................................................................... 185,152 167,107 140,441 135,563 157,013 628,262 554,413 Specialty ..................................................................................................... 181,917 148,956 140,487 179,870 145,782 651,230 563,678 Total .......................................................................................................... $ 422,345 $ 379,957 $ 344,799 $ 369,959 $ 350,479 $ 1,517,060 $ 1,308,460 Net premiums earned Property ...................................................................................................... $ 47,772 $ 47,813 $ 43,706 $ 45,705 $ 44,621 $ 184,995 $ 149,318 Casualty ..................................................................................................... 104,188 91,841 89,233 90,568 84,776 375,831 319,536 Specialty ..................................................................................................... 157,339 112,648 120,270 104,294 119,837 494,551 418,080 Total .......................................................................................................... $ 309,299 $ 252,302 $ 253,209 $ 240,567 $ 249,234 $ 1,055,377 $ 886,934 Segment Results 5Q Underwriting Results - International

15 Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, ($ in thousands) 2025 2025 2025 2025 2024 2025 2024 Gross premiums written ........................................................................... $ 246,623 $ 318,888 $ 367,227 $ 473,347 $ 193,458 $ 1,406,085 $ 1,114,122 Net premiums written ............................................................................... 207,785 274,571 298,225 374,900 171,165 1,155,482 951,564 Net premiums earned .............................................................................. 267,387 270,697 257,954 258,361 232,633 1,054,399 847,795 Third party fee income ............................................................................. 11,030 2,032 1,182 330 1,058 14,574 7,435 Losses and loss adjustment expenses ................................................. 147,648 144,817 145,195 249,563 150,853 687,223 512,150 Acquisition costs ....................................................................................... 60,986 58,405 57,132 54,091 49,490 230,614 171,960 Other underwriting expenses .................................................................. 6,691 17,252 16,468 14,111 20,167 54,522 61,189 Underwriting income (loss) ...................................................................... $ 63,092 $ 52,255 $ 40,341 $ (59,074) $ 13,181 $ 96,614 $ 109,931 Key Ratios: Attritional loss ratio - current year .......................................................... 56.7 % 55.6 % 54.2 % 51.8 % 51.7 % 54.6 % 52.7 % Attritional loss ratio - prior year development ....................................... (4.1) % (2.1) % 2.0 % (2.2) % (0.4) % (1.6) % 0.5 % Catastrophe loss ratio - current year ..................................................... 3.0 % 0.0 % 3.2 % 50.6 % 16.1 % 13.9 % 8.9 % Catastrophe loss ratio - prior year development .................................. (0.4) % 0.0 % (3.1) % (3.6) % (2.6) % (1.7) % (1.7) % Loss and loss adjustment expense ratio ............................................... 55.2 % 53.5 % 56.3 % 96.6 % 64.8 % 65.2 % 60.4 % Acquisition cost ratio ................................................................................ 22.8 % 21.6 % 22.1 % 20.9 % 21.3 % 21.9 % 20.3 % Other underwriting expense ratio ........................................................... (1.6) % 5.6 % 5.9 % 5.3 % 8.2 % 3.8 % 6.3 % Combined ratio .......................................................................................... 76.4 % 80.7 % 84.3 % 122.8 % 94.3 % 90.9 % 87.0 % Gross premiums written Property ...................................................................................................... $ 20,927 $ 70,732 $ 143,617 $ 223,077 $ 29,694 $ 458,352 $ 423,747 Casualty ..................................................................................................... 194,678 210,376 182,005 179,534 141,594 766,593 524,711 Specialty ..................................................................................................... 31,018 37,780 41,605 70,736 22,170 181,140 165,664 Total .......................................................................................................... $ 246,623 $ 318,888 $ 367,227 $ 473,347 $ 193,458 $ 1,406,085 $ 1,114,122 Net premiums earned Property ...................................................................................................... $ 77,337 $ 82,435 $ 80,313 $ 95,468 $ 78,113 $ 335,554 $ 308,444 Casualty ..................................................................................................... 157,374 152,156 142,814 127,104 120,458 579,447 413,993 Specialty ..................................................................................................... 32,676 36,106 34,827 35,789 34,062 139,398 125,358 Total .......................................................................................................... $ 267,387 $ 270,697 $ 257,954 $ 258,361 $ 232,633 $ 1,054,399 $ 847,795 Segment Results 5Q Underwriting Results - Bermuda

16 Region Peril Probability of Exceedance Group Net PML ($m)(1) % of Shareholders' Equity Florida U.S. Hurricane 1 in 100 $ 242.3 8.6 % Northeast U.S. Hurricane 1 in 100 243.5 8.6 % Gulf (TX - AL) U.S. Hurricane 1 in 100 194.3 6.9 % California Earthquake 1 in 250 292.3 10.4 % Pacific Northwest Earthquake 1 in 250 140.1 5.0 % (1) Group Net PML is a measure of loss across all Hamilton entities net of recoveries from various reinsurance contracts and catastrophe bonds we purchase to mitigate catastrophe losses and net of estimated reinstatement premium to renew coverage. Our peak natural catastrophe PMLs are derived using vendor catastrophe models that serve as a baseline and proprietary tools that allow us to make a number of significant adjustments. Adjustments are informed by periodic evaluation of vendor models and risk learning from comparing actual and modeled losses of catastrophe events, thus allowing for a view of risk that we believe is materially more complete and appropriate to the current risk landscape. Our peak natural catastrophe PMLs are measured using stochastic models that use hypothetical events of perils such as hurricanes and earthquakes. We define PML as the anticipated loss, taking into account contract terms and limits, caused by a single catastrophe affecting a broad contiguous geographical area, and are expressed at refine "return periods", such as "100-year events" and "250-year events". For example, a 100-year PML is the estimated loss to the current in-force portfolio from a single event which has a 1% probability of being exceeded in a twelve month period. Due to the uncertain nature of catastrophes and the hypothetical nature of vendor catastrophe models we use for estimating losses, there is no assurance that actual losses we experience within a time period will match the modeled PML. This approach to measuring catastrophe losses, however, is consistent with the best practice in the industry and employed by almost all of our peers. Other Information Modeled Exposure to Catastrophe Losses (PML) Net Probable Maximum Loss ("PML") as of January 1, 2026 ($ in millions)

17 Other Information Non-GAAP Measures We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements that management uses to assess our operating results are considered non-GAAP financial measures under Regulation G and Item 10(e) of Regulation S-K, each promulgated by the SEC. We believe that these non- GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Where appropriate, reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included below. Operating Income (Loss) Attributable to Common Shareholders, Operating Income (Loss) Attributable to Common Shareholders per Common Share - Diluted and Operating Return on Average Common Shareholders' Equity - Annualized Operating income (loss) attributable to common shareholders, as used herein, differs from net income (loss) and other comprehensive income (loss) attributable to common shareholders, which we believe is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on fixed maturity and short term investments, and net foreign exchange gains and losses. We also use operating income (loss) attributable to common shareholders to calculate operating income (loss) attributable to common shareholders per common share - diluted and operating return on average common shareholders' equity - annualized. We believe that operating income (loss) attributable to common shareholders, operating income (loss) attributable to common shareholders per common share - diluted and operating return on average common shareholders' equity - annualized are meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. The following tables are a reconciliation of: net income (loss) and other comprehensive income (loss) attributable to common shareholders to operating income (loss) attributable to common shareholders; net income (loss) and other comprehensive income (loss) attributable to common shareholders per common share - diluted to operating income (loss) attributable to common shareholders per common share - diluted; and return on average common shareholders' equity - annualized to operating return on average common shareholders' equity - annualized. Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

18 Return on average common shareholders' equity - annualized ................................................................................. 25.1 % 5.8 % 22.4 % 18.3 % Adjustment for: ................................................................................................................................................................... Net realized (gains) losses on investments - Fixed maturity and short-term investments(1) .................................. (0.5) % 0.1 % (0.3) % 0.1 % Net unrealized (gains) losses on investments - Fixed maturity and short-term investments(1) ............................. (0.3) % 10.2 % (2.8) % 0.4 % Net foreign exchange (gains) losses .............................................................................................................................. 0.2 % (1.1) % 0.2 % 0.1 % Operating return on average common shareholders' equity - annualized ................................................................ 24.5 % 15.0 % 19.5 % 18.9 % Other Information Non-GAAP Measures Net income (loss) and other comprehensive income (loss) attributable to common shareholders per common share - diluted .................................................................................................................................................... $ 1.69 $ 0.32 $ 5.55 $ 3.67 Adjustment for: ................................................................................................................................................................... Net realized (gains) losses on investments - Fixed maturity and short-term investments(1) .................................. (0.03) — (0.07) 0.02 Net unrealized (gains) losses on investments - Fixed maturity and short-term investments(1) ............................. (0.02) 0.56 (0.70) 0.08 Net foreign exchange (gains) losses .............................................................................................................................. 0.01 (0.06) 0.06 0.03 Operating income (loss) attributable to common shareholders per common share - diluted ................................ $ 1.65 $ 0.82 $ 4.84 $ 3.80 Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Net income (loss) and other comprehensive income (loss) attributable to common shareholders ...................... $ 172,185 $ 33,920 $ 576,670 $ 400,429 Adjustment for: ................................................................................................................................................................... Net realized (gains) losses on investments - Fixed maturity and short-term investments(1) .................................. (3,229) 441 (7,369) 2,023 Net unrealized (gains) losses on investments - Fixed maturity and short-term investments(1) ............................. (2,275) 59,212 (72,771) 8,908 Net foreign exchange (gains) losses .............................................................................................................................. 1,563 (6,652) $ 5,985 $ 3,231 Operating income (loss) attributable to common shareholders .................................................................................. $ 168,244 $ 86,921 $ 502,515 $ 414,591 Operating Income (Loss) Attributable to Common Shareholders, Operating Income (Loss) Attributable to Common Shareholders per Common Share - Diluted and Operating Return on Average Common Shareholders' Equity - Annualized (continued) (1) Fixed income portfolio managed by our external investment managers only.

19 Underwriting Income (Loss) We calculate underwriting income (loss) on a pre-tax basis as net premiums earned less losses and loss adjustment expenses, acquisition costs and other underwriting expenses (net of third party fee income). We believe that this measure of our performance focuses on the core fundamental performance of the Company’s reportable segments in any given period and is not distorted by investment market conditions, corporate expense allocations or income tax effects. The table below reconciles underwriting income (loss) to net income (loss), the most directly comparable GAAP financial measure: Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Underwriting income (loss) ............................................................................................................................................... $ 75,536 $ 22,444 $ 148,823 $ 149,364 Total net realized and unrealized gains (losses) on investments and net investment income (loss) ................... 140,448 76,156 775,132 574,674 Net foreign exchange gains (losses) .............................................................................................................................. (1,563) 6,652 (5,985) (3,231) Corporate expenses .......................................................................................................................................................... (15,999) (19,286) (57,167) (61,111) Amortization of intangible assets ..................................................................................................................................... (3,815) (3,747) (15,709) (15,520) Interest expense ................................................................................................................................................................. (4,925) (5,526) (20,189) (22,616) Income tax (expense) benefit ........................................................................................................................................... 24,872 (2,284) 15,124 (8,402) Net income (loss), prior to non-controlling interest ....................................................................................................... $ 214,554 $ 74,409 $ 840,029 $ 613,158 Other Information Non-GAAP Measures Third Party Fee Income Third party fee income includes income that is incremental and/or directly attributable to our underwriting operations. It is primarily comprised of fees earned by the International segment for management services provided to third party syndicates and consortia and by the Bermuda segment for performance based management fees generated by our third party capital manager, Ada Capital Management Limited. We believe that this measure is a relevant component of our underwriting income (loss), with other income (loss) being the most directly comparable GAAP financial measure. Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Third party fee income ...................................................................................................................................................... $ 12,756 $ 5,818 $ 26,601 $ 23,752 Other income (loss) ........................................................................................................................................................... $ 12,756 $ 5,818 $ 26,601 $ 23,752

20 Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Other underwriting expenses ........................................................................................................................................... $ 57,079 $ 69,674 $ 221,743 $ 210,013 Corporate expenses .......................................................................................................................................................... 15,999 19,286 57,167 61,111 General and administrative expenses ............................................................................................................................ $ 73,078 $ 88,960 $ 278,910 $ 271,124 Other Information Non-GAAP Measures Other Underwriting Expenses Other underwriting expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Note 9, Segment Reporting in the audited condensed consolidated financial statements, it is considered a non-GAAP financial measure when presented elsewhere. Corporate expenses include holding company costs necessary to support our reportable segments. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from other underwriting expenses, and therefore, underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to other underwriting expenses, also includes corporate expenses. The table below reconciles other underwriting expenses to general and administrative expenses, the most directly comparable GAAP financial measure: Other Underwriting Expense Ratio Other Underwriting Expense Ratio is a measure of the other underwriting expenses (net of third party fee income) incurred by the Company and is expressed as a percentage of net premiums earned. Loss Ratio Attritional Loss Ratio – current year is the attritional losses incurred by the company relating to the current year divided by net premiums earned. Attritional Loss Ratio – prior year development is the attritional losses incurred by the company relating to prior years divided by net premiums earned. Catastrophe Loss Ratio – current year is the catastrophe losses incurred by the company relating to the current year divided by net premiums earned. Catastrophe Loss Ratio – prior year development is the catastrophe losses incurred by the company relating to prior years divided by net premiums earned. Combined Ratio Combined Ratio is a measure of our underwriting profitability and is expressed as the sum of the loss and loss adjustment expense ratio, acquisition cost ratio and other underwriting expense ratio. A combined ratio under 100% indicates an underwriting profit, while a combined ratio over 100% indicates an underwriting loss.

Investor Presentation Q4 2025 Hamilton Insurance Group, Ltd.

2 Special Note Regarding Forward-Looking Statements This presentation includes "forward looking statements" pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as "believes," "expects," "may," "will," "target," "should," "could," "would," "seeks," "intends," "plans," "conte mplates," "estimates," "forecasts," or "anticipates," or similar expressions which concern our strategy, plans, projections or intentio ns. These forward-looking statements appear in a number of places and relate to matters such as our industry, growth strategy, goals and expectations concerning our market position, fu ture operations, margins, profitability, capital expenditures, liquidity and capital resources, business plans (including syndicate capacity forecasts) , and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations , beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, belie fs and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from the forward -looking statements contained herein. Such risks, uncertainties, and other important factors include, among others, the risks, uncertainties and factors se t forth in "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10 -K (“10-K”), our other periodic reports filed with the Securities and Exchange Commission and the following: • challenges from competitors, including those arising from industry consolidation, alternative capital and technological advancements, including the increasing use of advanced analytics and artificial intelligence; • unpredictable events, including natural catastrophes and man made disasters, global climate change and emerging claim, litigation and coverage issues that may increase loss severity or expand coverage obligations; • our ability, or that of the third parties on which we rely, to ensure reserves are adequate to cover actual losses and to accurately assess underwriting risk, models, assumptions, data quality and the pricing of risks, particularly in long tail, low frequency or emerging lines of business; • our ability to defend and protect our intellectual property rights, including our proprietary technology platforms and data, to comply with obligations under license and technology agreements or to obtain or renew licenses to technology or data on reasonable terms; • the impact of risks associated with human error, misconduct or fraud, model uncertainty, cybersecurity threats such as cyber attacks and security breaches, misuse of artificial intelligence and our reliance on third party information technology systems that may fail, be disrupted or require replacement; • our ability to secure necessary credit facilities, letters of credit or other forms of financing or collateral on favorable terms or at all; • our limited financial and operational flexibility due to covenants and other restrictions in our existing or future credit facilities and debt arrangements; • our exposure to the credit risk of insurance and reinsurance intermediaries on which we rely for the collection of premiums and payment of claims; • our failure to pay claims in a timely manner, significant reserve strengthening, or the need to sell investments under unfavorable market or other conditions in order to meet liquidity requirements; • downgrades, potential downgrades or other negative actions by rating agencies, including changes in rating agency methodologies; • our ability to manage risks associated with adverse macroeconomic conditions, geopolitical instability and global events, including current or anticipated military conflicts, public health crises, terrorism, sanctions, inflation, rising interest rates, energy price volatility and other disruptions;

3 Special Note Regarding Forward-Looking Statements There may be other factors that could cause our actual results to differ materially from the forward-looking statements. You should evaluate all forward-looking statements made herein in the context of these risks and uncertainties. You should read this information completely and with the understanding that actual future results may be materially different from expectations. We caution you that the risks, uncertainties, and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits, or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements contained herein apply only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances. • the cyclical nature of the insurance and reinsurance business, which may result in declines in pricing and more competitive terms and conditions; • our results of operations fluctuating significantly from period to period and not being indicative of our long term prospects; • our ability to execute our strategy and to adapt our business and strategic plans in response to changing market, regulatory and competitive conditions; • our dependence on key executives and other personnel, including the potential loss of Bermudian or other critical personnel, and our ability to attract and retain qualified employees in highly competitive labor markets; • foreign operational risks, including foreign currency risk, political instability, regulatory uncertainty and differing legal regimes in jurisdictions where we operate; • our ability to identify, execute and integrate growth opportunities, including acquisitions or other strategic transactions, and to realize the anticipated benefits of such initiatives; • risks arising from our management of alternative reinsurance platforms and vehicles for third party investors; • our inability to control the asset allocation, investment decisions or performance of the Two Sigma Hamilton Fund, LLC (the “TS Hamilton Fund” or “TSHF”) and our limited ability to withdraw capital from the TS Hamilton Fund; • conflicts of interest, governance, operational or regulatory risks involving Two Sigma Investments, LP (“Two Sigma”), the TS Hamilton Fund or their respective affiliates that could adversely affect investment performance or our business; • the historical performance of Two Sigma or the TS Hamilton Fund not being indicative of future performance or our future results; • risks associated with our investment strategy, including the use of leverage, derivatives, illiquid assets and concentration risk, which may be greater than those faced by some of our competitors; • our potentially becoming subject to additional or increased taxation, including U.S. federal income tax, Bermuda tax or other taxes, as a result of changes in tax laws, interpretations or our operations; • the potential classification of us or our subsidiaries as a passive foreign investment company or becoming subject to U.S. withholding and information reporting requirements under the U.S. Foreign Account Tax Compliance Act; • our ability to compete effectively in a highly regulated industry in light of new or changing domestic or international laws and regulations, including accounting standards and evolving regulatory interpretations; • the suspension, limitation or revocation of licenses or approvals required by our insurance and reinsurance subsidiaries; • significant legal, regulatory or governmental proceedings or investigations; • restrictions on our insurance and reinsurance subsidiaries’ ability to pay dividends or make other distributions to us; • challenges and costs associated with compliance with public company disclosure, governance and internal control requirements; • the limited ability of investors to influence corporate matters due to our multi class share structure and the voting provisions in our Bye laws; • the risk that anti takeover provisions in our Bye laws or Bermuda law could discourage, delay or prevent a change in control, even if beneficial to shareholders; and • difficulties investors may face in enforcing judgments or protecting their interests against us or our directors and officers.

Introduction to Hamilton

5 Highly Experienced Leadership Team Introduction to Hamilton Fostering an inclusive, collaborative and entrepreneurial culture Executive leadership Experienced board of directors Pina Albo Group CEO 30+ Years Former: Munich Re Craig Howie Group CFO 35+ Years Former: Everest Raymond Karrenbauer Group CIO 25+ Years Former: Cyber AB Daniel Fisher Group Head of HR, Communications & Culture 20+ Years Former: Munich Re Gemma Carreiro General Counsel 20+ Years Former: PartnerRe Alex Baker CEO, Hamilton Global Specialty 20+ Years Former: Chubb Insurance Adrian Daws CEO, Hamilton Re 20+ Years Former: CNA Hardy Anita Kuchma CEO, Hamilton Select 35+ Years Former: Munich Re Tim Duffin* Group CUO 25+ Years Former: Platinum Russ Buckley Group CRO 30+ Years Former: Old Republic *Started January 1, 2026.

6Introduction to Hamilton This declares our promise to everyone we interact with. We believe we are enriched by one another’s attitudes, experiences and knowledge. Our colleagues share a passion for service and results. We know that what we do each day is meaningful – to our customers and our business. Highly collaborative Service orientedOpen, diverse and inclusive Expertise

7 Hamilton – Overview and Results Introduction to Hamilton $2.4B FY 2024 $2.9B FY 2025 Gross Premiums Written (GPW) $22.95 FY 2024 $28.50 FY 2025 Book Value Per Share 91.3% FY 2024 92.9% FY 2025 Combined Ratio $5.9B 4Q 2025 Cash & Invested Assets $2.8B 4Q 2025 Shareholders’ Equity $400m FY 2024 $577m FY 2025 Net Income R e p o rt in g S e g m e n ts International 2025 GPW $1.5B Bermuda 2025 GPW $1.4B Hamilton Global Specialty (London & Dublin) Hamilton Select (USA) Hamilton Re (Bermuda) O p e ra ti n g P la tf o rm s 20 25 S e g m e n t C o m b in e d R a ti o 95.0% 90.9% Financial Strength Ratings A (Stable) 1 AM Best A (Stable) 2 KBRA A- (Stable) 3 Fitch (1) AM Best ratings of Hamilton Re, Ltd. and Hamilton Insurance DAC, (2) KBRA ratings of Hamilton Re, Ltd., (3) Fitch ratings of Hamilton Re, Ltd. and Hamilton Insurance DAC Annual Segmental Results Group Financial Highlights

8 Diversified and Well Scaled Underwriting Platforms Facilitate Cycle Management Introduction to Hamilton Diversified by Insurance / Reinsurance, Class of Business, and Segment / Geography Insurance 50% Reinsurance 50% Insurance / Reinsurance Property 24% Casualty 48% Specialty 28% Class of Business International 52% Bermuda 48% Business Segments 2025 Gross Premiums Written of $2.9 Billion Global presence: Bermuda, Ireland, UK, US

9 Hamilton Group – Strategic Growth and Sustainable Underwriting Profitability Introduction to Hamilton Double digit top line growth with bottom line improvement 68% 66% 54% 58% 60% 38% 37% 36% 33% 33% 106% 103% 90% 91% 93% 2021 2022 2023 2024 2025 $1,447 $1,647 $1,951 $2,423 $2,923 2021 2022 2023 2024 2025 Hamilton Group - Gross Premiums Written ($’m) Hamilton Group - Combined Ratio(2) Loss Ratio Expense Ratio (3) (1) Compound annual growth rate, (2) Numbers may not add due to rounding, (3) Combined ratio excluding the Ukraine Conflict was 96%

Segment Results

11 International Segment: Market Leading Writer of Specialty (Re)Insurance Business Specialty insurance products written in Lloyd’s, Hamilton Insurance DAC, HMGA Americas & Hamilton Select Segment Results 16% 41% 43% Property Casualty Specialty 2025 GPW Business Mix 88% 12% Insurance Reinsurance $1.5B Hamilton Select $157m / 10% Hamilton Global Specialty • Lloyd’s Syndicate 4000 and Hamilton Insurance DAC (Ireland) • Ability to offer both Lloyd’s and company paper increases access to business • Longstanding client & broker relationships fuel growth in core E&S markets • $1.4 billion of gross premiums written in 2025 • Limited legacy exposures prior to 2019 Hamilton Select • U.S. domiciled surplus lines carrier specializing in small to midsize, hard-to-place lines of business Highlights

12 International Segment: Measured Growth and Profitability Improvement Segment Results Results reflect the diversified, lower volatility portfolio we have built over time 63% 54% 52% 56% 54% 44% 43% 43% 39% 41% 108% 97% 95% 96% 95% 2021 2022 2023 2024 2025 (3) $892 $933 $1,106 $1,308 $1,517 2021 2022 2023 2024 2025 International Segment - Gross Premiums Written ($’m) International Segment - Combined Ratio(2) Loss Ratio Expense Ratio (1) Compound annual growth rate, (2) Numbers may not add due to rounding, (3) Combined ratio excluding the Ukraine Conflict was 93%

13 33% 54% 13% Property Casualty Specialty Bermuda Segment: Well Diversified Writer of Property, Casualty and Specialty Classes Underwriting-focused operation with strong foundation to trade through the cycle Segment Results 2025 GPW Business Mix Hamilton Re • Established, scaled platform with broad, diversified client base • Demonstrated underwriting profitability through portfolio optimization and thoughtful cycle management • Strategic growth enhanced by diversified product offering • Reinsurance business written in both Bermuda and US • Clear, consistent appetite and responsive service rewarded by clients and brokers • Data-driven approach supports underwriting and operational efficiencies Highlights 9% 91% Insurance Reinsurance $1.4B

14 Bermuda Segment: Opportunities for Growth Remain in Changing Trading Environment Segment Results Diversified portfolio allows for flexibility 75% 81% 57% 60% 65% 29% 29% 28% 27% 26% 104% 110% 85% 87% 91% 2021 2022 2023 2024 2025 $554 $713 $846 $1,114 $1,406 2021 2022 2023 2024 2025 Bermuda Segment - Gross Premiums Written ($’m) Bermuda Segment - Combined Ratio(2) Loss Ratio Expense Ratio (1) Compound annual growth rate, (2) Numbers may not add due to rounding, (3) Combined ratio excluding the Ukraine Conflict was 101% (3)

Invested Assets

16 Investment Strategy Review – $5.9 Billion Invested Assets Investment Portfolio as of December 31, 2025 PRESERVATION OF CAPITAL LIQUIDITY DIVERSIFICATION ATTRACTIVE RETURNS RISK MANAGEMENT & GOVERNANCE Aa3 average credit quality 100% investment grade Highly liquid Market sector diversification 4.3% book yield As at 12/31/2025 Investment guidelines from Investment Committee Low correlation to equity markets; long-term positive returns Redeemable within 5 days 7 unique investment vehicles 12.9% annualized return since inception (2014) Hold lesser of $1.8B or 60% of Hamilton’s net tangible assets in TSHF; arms-length IMA* with Two Sigma Fixed Income, Short-Term and Cash 63.3% / $3.8B Two Sigma Hamilton Fund 36.7% / $2.2B *Investment management agreement

17 Fixed Income Investment Portfolio as of December 31, 2025 Invested Assets 49% 25% 11% 15% Corporate US Treasury US Agency Other $3.2B Corporate A3 US Treas. Aa1 US Agency Aa1 Other Aa1 Fixed income investments of $3.2 billion – Average rating of Aa3 and duration of 3.4 years Fixed income portfolio is managed by two external managers

18 Two Sigma Hamilton Fund, LLC Invested Assets Diversified fund focused on liquid strategies in global equities, fixed income, futures, and FX markets • Two Sigma aims to deliver low-correlated absolute returns primarily through the systematic and non- systematic application of fundamental, technical, alpha capture and event models • Manages over $75B in assets • Deploys and seeks to continuously improve intelligent investment management systems first created in 2001 • Proven, industry leading approach to data science and analytics • Over 1,700 employees of which include an experienced and diverse team of employees in R&D • Seeks to systematically manage risk with human oversight at multiple levels through the investment process • TSHF is a diversified fund focused on liquid strategies in global equities, fixed income, futures and FX markets Two Sigma Hamilton Fund $2.2B TSHF as of December 31, 2025 12.9% Average annualized returns 2014-4Q 2025 Dedicated fund of one Allocation 70% equities 30% macro Highly liquid Investments TSHF Annual Returns Since 2021 1.41 Sharpe Ratio since inception 17.7% 4.6% 7.6% 16.3% 16.0% 2021 2022 2023 2024 2025 1) TSHF annual returns correspond to Hamilton’s fiscal year which was Dec 1- Nov 30 until FY 2022.

Investing in Hamilton

20 $17.35 $18.58 $19.90 $21.96 $22.82 $22.95 $23.59 $25.55 $27.06 $28.50 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Book Value Per Share (“BVPS”) Growth Since IPO A Value Creation Engine: 64% Growth in BVPS Since IPO Investing in Hamiton

21 Who we are today A scaled, diversified, global specialty insurance and reinsurance operation Entrepreneurial & experienced leadership team fostering a distinctive and attractive culture Disciplined underwriting approach focused on sustainable profitability Demonstrated ability to grow profitably, navigating across market cycles Strong balance sheet with significant financial flexibility Strong financial strength ratings including an A.M. Best “A” rating for Hamilton Re and HIDAC Differentiated asset management capabilities due to unique partnership with Two Sigma Poised to deliver significant shareholder value

Hamilton Insurance Group, Ltd. Wellesley House North, 1st Floor 90 Pitts Bay Road, Pembroke HM08, Bermuda +1 (441) 405 5200 hamiltongroup.com Contact us at investor.relations@hamiltongroup.com

Source: View Original Filing on SEC EDGAR

FAQ

How did Hamilton Insurance Group (HG) perform financially in 2025?

Hamilton posted strong 2025 results with net income attributable to common shareholders of $576.7 million and diluted EPS of $5.55. Gross premiums written were $2.9 billion and the full-year combined ratio was 92.9%, reflecting profitable underwriting alongside solid growth.

What special dividend did Hamilton Insurance Group (HG) declare?

Hamilton’s Board declared a special dividend of $2.00 per common share, totaling approximately $206.0 million. The dividend is payable on March 30, 2026 to common shareholders of record on March 6, 2026, reflecting the company’s strong capital position.

How much did Hamilton Insurance Group’s (HG) book value per share grow in 2025?

Hamilton’s book value per common share increased to $28.50 at December 31, 2025, up 24.2% from $22.95 a year earlier. Tangible book value per share reached $27.62, highlighting substantial value creation for shareholders during the year.

What was Hamilton Insurance Group’s (HG) return on equity in 2025?

Hamilton reported a 22.4% return on average common equity for 2025 and an operating return on average common equity of 19.5%. These figures indicate the company generated strong profits relative to its equity base throughout the year.

How did catastrophe losses affect Hamilton Insurance Group (HG) in 2025?

Hamilton incurred $159.0 million in catastrophe losses, net of reinsurance, in 2025. These were mainly from California wildfires, severe convective storms and the Queensland hailstorms, yet the company still achieved a full-year combined ratio of 92.9%.

What were Hamilton Insurance Group’s (HG) key investment results for 2025?

Hamilton generated $775.1 million in total net realized and unrealized gains and investment income in 2025. This included $511.8 million of net investment income, with strong contributions from the Two Sigma Hamilton Fund and the fixed income and cash portfolios.

Filing Exhibits & Attachments

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Hamilton Insurance Group (NYSE: HG) posts strong 2025 results and declares $2 special dividend

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FAQ

How did Hamilton Insurance Group (HG) perform financially in 2025?

What special dividend did Hamilton Insurance Group (HG) declare?

How much did Hamilton Insurance Group’s (HG) book value per share grow in 2025?

What was Hamilton Insurance Group’s (HG) return on equity in 2025?

How did catastrophe losses affect Hamilton Insurance Group (HG) in 2025?

What were Hamilton Insurance Group’s (HG) key investment results for 2025?

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Hamilton Insurance Group (NYSE: HG) posts strong 2025 results and declares $2 special dividend

Rhea-AI Filing Summary

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Insurance sector equity analyst positive

FAQ

How did Hamilton Insurance Group (HG) perform financially in 2025?

What special dividend did Hamilton Insurance Group (HG) declare?

How much did Hamilton Insurance Group’s (HG) book value per share grow in 2025?

What was Hamilton Insurance Group’s (HG) return on equity in 2025?

How did catastrophe losses affect Hamilton Insurance Group (HG) in 2025?

What were Hamilton Insurance Group’s (HG) key investment results for 2025?

Filing Exhibits & Attachments

Press Releases

Other Documents

NYSE:HG

HG Rankings

HG Latest News

HG Latest SEC Filings

HG Stock Data