Hamilton Insurance Group, Ltd. (HG) Stock Price & How to Invest
Last updated July 2026
Short answer
Hamilton Insurance Group is a Bermuda specialty insurer and reinsurer that listed on the NYSE in November 2023, and it is really two businesses stapled together: a Lloyd's and excess-and-surplus underwriting book, and an investment portfolio run as a quantitative strategy by Two Sigma. The single-digit trailing P/E is flattered by hedge fund gains that will not repeat evenly, so book value per share (~$28.91 at June 30, 2026, against a ~$35.75 share price) is the more honest anchor for anyone sizing a position.
HG stock price
As of 2026-08-25, Hamilton Insurance Group, Ltd. (HG) last closed at $35.04, up 50.0% over the past year. Over the past 52 weeks it has traded between $23.24 and $37.28.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Hamilton Insurance Group, Ltd.'s investor relations page. Walnut is informational, not investment advice.
What does Hamilton Insurance Group, Ltd. (HG) do?
Hamilton Insurance Group, Ltd. (NYSE: HG) writes specialty insurance and reinsurance from Bermuda through two reporting segments. The International segment covers the Lloyd's platform (Syndicate 4000, marketed as Hamilton Global Specialty) plus Hamilton Select, a US excess-and-surplus lines carrier writing smaller, harder-to-place casualty risks. The Bermuda segment is Hamilton Re, which writes property catastrophe, casualty and specialty reinsurance for cedants worldwide. Gross premiums written were ~$831M in the second quarter of 2026, up ~17% year over year, on top of ~$940M in the first quarter. The company went public in November 2023 at ~$15 per share and is led by CEO Pina Albo, whose contract runs through the end of 2029.
The feature that separates HG from a conventional Bermudian is the Two Sigma Hamilton Fund, which holds the bulk of investable assets (~$2.3B as of March 31, 2026) and is managed by the quantitative firm Two Sigma. That fund returned ~5.1% in the second quarter of 2026 alone, contributing ~$115.5M of the ~$141.3M in net investment income, against ~$29.1M of underwriting income in the same quarter. Underwriting is therefore the smaller earnings line in a good market for the fund, which is why the ~6x trailing P/E and the ~1.2x price to book tell different stories. Capital return has been active: a ~$2.00 per share special dividend paid in March 2026 (~$206M) alongside ongoing buybacks, with ~$136.7M left on the authorization as of the second quarter.
What's driving Hamilton Insurance Group, Ltd. (HG)?
1. Premium growth from the specialty and E&S build-out.
Gross premiums written grew ~17% year over year in the second quarter of 2026, with the International segment carrying most of the expansion through Lloyd's and the Hamilton Select E&S book. E&S is where business flows when standard-market carriers pull back on casualty, and Hamilton Select is small enough that new classes and new underwriting teams still move the top line. The question for the next few years is whether that growth continues to be priced well as property rates soften off the 2023 to 2024 peak.
2. The Two Sigma Hamilton Fund as the earnings engine.
The fund has compounded at roughly 13% annualized since inception in 2014 with a reported Sharpe ratio around 1.43, and it produced ~$115.5M in the second quarter of 2026 versus ~$25.8M from fixed income and cash. Most insurers earn a bond yield on float; Hamilton earns a hedge fund return on most of its. That converts investment results from a steady contributor into the swing factor in any given quarter, in both directions.
3. Book value compounding and capital return.
Book value per share reached ~$28.91 at June 30, 2026, or ~$30.91 including accumulated dividends, up ~8.5% from year-end 2025 despite ~$50M of catastrophe losses in the quarter. Annualized return on average equity ran ~20.6% and operating ROE ~22.7%. Management has paired that with a ~$2.00 special dividend and share repurchases rather than hoarding capital, which matters at a valuation modestly above stated book.
4. Segment mix as a shock absorber.
The Bermuda reinsurance book carries the catastrophe volatility and posted a ~93.0% combined ratio in the second quarter of 2026, while the International book ran ~97.0% after absorbing losses tied to the Middle East conflict. Having both a reinsurance balance sheet and a primary specialty platform gives the company somewhere to shift capacity as pricing cycles diverge between the two. Whether it actually shifts, rather than growing everywhere at once, is the discipline test.
What are the risks to Hamilton Insurance Group, Ltd. (HG)?
Catastrophe exposure is the obvious one: a single large windstorm, earthquake or war-related loss year can wipe out a year of underwriting profit, as the ~$50M of second-quarter 2026 catastrophe losses showed on a much smaller scale. The Two Sigma arrangement cuts both ways, since a quantitative fund that returns 5% in a quarter can also draw down sharply, and investors have watched hedge fund reinsurance models such as Greenlight Re and the former Third Point Re struggle when the investment side turned. Casualty reserve development is a live industry concern given US social inflation, and Hamilton's E&S and Lloyd's casualty books are young enough that their ultimate loss picks are not yet proven. Property catastrophe pricing has been softening after two exceptional years, so the combined ratio faces cyclical pressure independent of any single event. Bermuda's 15% corporate income tax regime, effective from 2025, also raises the long-run tax drag relative to the pre-2025 history that many comparisons still use.
What is the Hamilton Insurance Group, Ltd. (HG) forecast?
7 analysts publish price targets on HG, averaging $38.14 against a $35.75 price as of August 2026, or +6.7%. The published targets run from $32.00 to $42.00, a narrow spread, and the ratings split 4 buy, 3 hold, 0 sell. Over the last six months there have been 12 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full HG forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is HG a buy or a sell?
We give no verdict on Hamilton Insurance Group, Ltd.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Premium growth from the specialty and E&S build-out. Gross premiums written grew ~17% year over year in the second quarter of 2026, with the International segment carrying most of the expansion through Lloyd's and the Hamilton Select E&S book. The most optimistic published target, $42.00, assumes this works close to its best case.
The case against. Catastrophe exposure is the obvious one: a single large windstorm, earthquake or war-related loss year can wipe out a year of underwriting profit, as the ~$50M of second-quarter 2026 catastrophe losses showed on a much smaller scale. The most pessimistic target, $32.00, is roughly what HG is worth if this bites instead.
Read the full bull and bear case on HG, including what would have to change to break either one. Walnut is not an investment adviser.
How is Hamilton Insurance Group, Ltd. (HG) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Hamilton Insurance Group, Ltd.'s investor relations page or your broker.
- Gross premiums written (Q2 2026): ~$831M, up ~17% year over year
- Combined ratio (Q2 2026): ~95.0% (Bermuda ~93.0%, International ~97.0%)
- Net income / diluted EPS (Q2 2026): ~$143.8M / ~$1.42
- Book value per share (Jun 30, 2026): ~$28.91, or ~$30.91 including accumulated dividends
- Price to book: ~1.2x at ~$35.75 per share
- Trailing P/E and market cap: ~6x on ~$5.73 TTM EPS, ~$3.5B market cap on ~98.6M shares
The ~6x trailing multiple looks unusual for a profitable insurer, but a large share of trailing earnings came from Two Sigma Hamilton Fund gains rather than underwriting, and investors generally capitalize hedge fund income at a lower multiple than premium income. Price to book of roughly 1.2x sits in the normal range for a Bermudian producing ~20% returns on equity, which suggests the market is paying for the book and discounting the investment stream. Trailing revenue of ~$2.99B blends net premiums earned with those investment results, so top-line comparisons against pure underwriters are not like for like.
Which ETFs hold Hamilton Insurance Group, Ltd. (HG)?
If you want HG exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.
Who competes with Hamilton Insurance Group, Ltd. (HG)?
Bermuda specialty insurers and reinsurers
RenaissanceRe, Everest Group, Arch Capital, Axis Capital and SiriusPoint compete for the same property catastrophe, casualty and specialty reinsurance treaties that Hamilton Re writes. They are larger, longer-tenured and generally rated higher, which matters because cedants ration capacity by rating and relationship. Hamilton's pitch is a newer balance sheet without legacy reserve problems, and its post-IPO growth has come partly at these carriers' expense during periods when they held back capacity.
Lloyd's and London-market specialty underwriters
Beazley, Hiscox, Lancashire and Conduit Re write the marine, energy, political violence, cyber and property lines that Syndicate 4000 competes in. Lloyd's imposes common capital and oversight rules on all of them, so differentiation comes down to underwriting selection and expense ratio rather than structural advantage. These names are the closest read on whether Hamilton's International segment combined ratio is cycle pressure or company-specific.
US excess and surplus lines carriers
Kinsale Capital, Skyward Specialty, Bowhead Specialty and Palomar are where Hamilton Select competes for the small commercial risks that standard carriers decline. Kinsale in particular trades at a high multiple of book on the strength of a low expense ratio and disciplined growth, which is the benchmark the market applies to any new E&S entrant. Hamilton Select is a small piece of group premium today, so the segment's relevance to the stock is about the multiple it might eventually justify.
What stocks are similar to Hamilton Insurance Group, Ltd. (HG)?
Other names that sit close to HG: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Hamilton Insurance Group, Ltd. (HG)
There are three common ways to get HG exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (PDBC, CPER), which spreads the position across many companies. Or build it into a focused thematic portfolio, so HG sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where HG fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Hamilton Insurance Group, Ltd. (HG)
HG is an underwriter whose reported earnings quality leans on a hedge fund, so the case turns on whether the Two Sigma portfolio keeps compounding while the underwriting book stays disciplined into a softening market.
More on Hamilton Insurance Group, Ltd. (HG)
Whether HG is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is HG a buy or a sell?, and where the stock could go from here in the HG stock forecast.
For income investors, whether HG pays a dividend and how the payout looks is covered in does HG pay a dividend? And to weigh HG against a peer, read the full side-by-side comparisons: HG vs RNR and HG vs EG.
Wondering how HG fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Hamilton Insurance Group, Ltd. with AI
Connect the broker you already use and ask Walnut's AI how HG fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Hamilton Insurance Group actually do?
+
It underwrites specialty insurance and reinsurance from Bermuda through two segments. International covers Lloyd's Syndicate 4000 (Hamilton Global Specialty) and Hamilton Select, a US excess-and-surplus lines carrier. Bermuda is Hamilton Re, writing property catastrophe, casualty and specialty reinsurance. Gross premiums written were ~$831M in the second quarter of 2026.
What is the Two Sigma Hamilton Fund and why does it matter so much?
+
It is a fund managed by the quantitative investment firm Two Sigma that holds the bulk of Hamilton's investable assets, ~$2.3B as of March 31, 2026. It returned ~5.1% in the second quarter of 2026, contributing ~$115.5M against ~$29.1M of underwriting income. Most insurers earn a bond yield on float; Hamilton earns a hedge fund return, which makes reported earnings far more variable than the underwriting alone would suggest.
Is a ~6x P/E cheap for HG?
+
It is cheap on the arithmetic and less so on the composition. A large share of trailing earnings came from Two Sigma fund gains rather than recurring premium income, and markets capitalize that stream at a lower multiple. Price to book of roughly 1.2x on ~$28.91 of book value per share is the metric most insurance investors weight, and on that basis HG is priced within the normal Bermudian range rather than at a distress discount.
How is the underwriting performing?
+
The second quarter of 2026 combined ratio was ~95.0%, up from ~86.8% a year earlier, with ~$50M of catastrophe losses tied largely to the Middle East conflict. By segment, Bermuda ran ~93.0% and International ~97.0%. The first quarter of 2026 was better at ~90%. A ratio under 100% means the underwriting book made money before investment returns.
Does HG pay a dividend?
+
There is no long-standing regular dividend. The board declared a ~$2.00 per share special dividend in February 2026, paid in March 2026 for an aggregate ~$206M, alongside share repurchases. Yield figures quoted on screeners often annualize that special payment, which overstates any recurring income from the shares.
What are the main risks?
+
Catastrophe losses can erase a year of underwriting profit. The Two Sigma fund can draw down as sharply as it gains, and prior hedge fund reinsurance models have disappointed when that happened. Young casualty and E&S books carry reserve uncertainty given US social inflation. Property catastrophe pricing is softening after an exceptional stretch, and Bermuda's 15% corporate income tax from 2025 raises the long-run tax drag.
Who does HG compete with?
+
On the reinsurance side, RenaissanceRe, Everest, Arch, Axis and SiriusPoint. In the London market, Beazley, Hiscox, Lancashire and Conduit Re write overlapping specialty lines through Lloyd's. In US excess and surplus lines, Hamilton Select goes up against Kinsale, Skyward Specialty, Bowhead Specialty and Palomar, with Kinsale setting the valuation benchmark the market applies to E&S growth stories.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Hamilton Insurance Group, Ltd.'s investor relations page or your broker before making investment decisions.