AM Best Upgrades Financial Strength Rating of Hamilton Re, Ltd. and Hamilton Insurance Designated Activity Company to “A” (Excellent)
April 30 2024 - 6:21PM
Business Wire
Hamilton Insurance Group, Ltd. (NYSE: HG) (“the Company”)
announced today that AM Best (“AM Best”) has upgraded the Financial
Strength Rating to “A” (Excellent) from “A-” (Excellent) and the
Long-Term Issuer Credit Ratings (“ICR”) of “a” (Excellent) from
“a-” (Excellent) of Hamilton Re, Ltd. (“Hamilton Re”) and Hamilton
Insurance Designated Activity Company (“Hamilton Insurance DAC”),
each a wholly owned subsidiary of the Company (collectively
referred to as “Hamilton”). The outlook for these Credit Ratings
has been revised to stable from positive.
In its report, AM Best noted the ratings upgrade reflects, among
other assessments, Hamilton’s very strong balance sheet strength,
as well as its adequate operating performance, neutral business
profile and appropriate enterprise risk management; the upgrade of
the Long-Term ICR reflects Hamilton’s trend of increasingly
favorable underwriting results. AM Best further noted Hamilton has
shown improving underwriting results consistently over the past
five-year period while conservatively reserving, with a five year
net favorable reserve development, outperforming peers.
“We are thrilled that AM Best has upgraded Hamilton to an ‘A’
rating,” said the Company’s CEO Pina Albo. “This endorsement
recognizes the remarkable business transformation that our team has
achieved over the past five years. It also allows us to continue
expanding our access to profitable business at this favorable time
in the market cycle, thus facilitating the execution of our
strategy of building a global specialty insurance and reinsurance
company.”
“Receiving an ‘A’ rating from AM Best is a meaningful
acknowledgment of the dedication and hard work of our team. Taken
together with our recent listing as a public company and our
ten-year anniversary, our ratings upgrade completes a trilogy of
success to be celebrated.”
Special Note Regarding Forward-Looking Statements This
information may contain forward-looking statements which reflect
the Company’s current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are made based on management’s current
expectations and beliefs concerning future developments and their
potential effects upon the Company. There can be no assurance that
future developments affecting the Company will be those anticipated
by management. Forward-looking statements include, without
limitation, all matters that are not historical facts. These
forward-looking statements are not a guarantee of future
performance and involve risk and uncertainties, and there are
certain important factors that could cause actual results to
differ, possibly materially, from expectations or estimates
reflected in such forward-looking statements. These uncertainties
and risks are described under the section titled “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, 2023 and other subsequent
periodic reports filed with the SEC available electronically at
www.sec.gov. These forward-looking statements speak only as
of the date of this press release and the Company does not
undertake any obligation to update or revise any forward-looking
information to reflect changes in assumptions, the occurrence of
unanticipated events, or otherwise.
About Hamilton Insurance Group, Ltd. The Company is
Bermuda-headquartered and underwrites specialty insurance and
reinsurance 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 us with access to diversified and
profitable business around the world.
For more about our company, visit www.hamiltongroup.com
or find us on LinkedIn at Hamilton.
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version on businesswire.com: https://www.businesswire.com/news/home/20240430748780/en/
Media contact Kelly Corday Ferris
kelly.ferris@hamiltongroup.com
Investor contacts Jon Levenson and Darian Niforatos
investor.relations@hamiltongroup.com
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