Hamilton Insurance Group, Ltd. and Hamilton Re Ltd. Surveillance Report

Rating Summary

The ratings reflect HRE’s strong capitalization, improving earnings profile, experienced management team and well-developed risk management framework. HRE remains a core operating company within HG and serves as the group’s principal Bermuda reinsurer and key capital-bearing entity. Recent results have benefited from profitable underwriting, favorable overall reserve development, strong investment performance and increasing diversification from related-party quota share arrangements across Hamilton’s broader underwriting platform. KBRA also views HG’s demonstrated access to capital, including use of third-party capital, reinsurance and collateralized structures, as supportive of financial flexibility and volatility management.

Balancing these strengths are HRE’s meaningful exposure to catastrophe, casualty reserve and investment risk relative to its scale. The company’s increased casualty weighting and proportional reinsurance activity provide diversification benefits but…