# Hamilton Insurance Group, Ltd. (HG)

> Source: Nexqual · https://nexqual.com/HG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hamilton Insurance Group, Ltd. (HG), nexqual.com/HG" · informational, not investment advice.

**Price:** USD 37.11 (+1.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 36.52 · day 36.46–37.16 · 52w 22.66–37.31 · market cap $3.66B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.99B, net income $863M (28.8% margin) (SEC filings).
- Valuation: P/E 4.2x (avg 4.2x at the last 3 fiscal year-ends), net cash $568M.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $6.0M; 7 not under a Rule 10b5-1 plan ($6.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $3K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +60.8% vs S&P 500 +14.9%; 5Y +164.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.91, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.33B | $1.23B | $1.57B | $2.33B | $2.91B | $2.99B |
| Net income | $250M | -$29.9M | $280M | $613M | $840M | $863M |
| EPS (diluted) | $1.82 | -$0.95 | $2.44 | $3.67 | $5.55 | — |
| Net margin | 18.7% | -2.4% | 17.8% | 26.3% | 28.9% | 28.8% |
| Revenue growth | — | — | +27.4% | +48.3% | +24.7% | — |
| Cash + short-term investments | $955M | $1.08B | $795M | $996M | $1.06B | — |
| Total debt | — | $150M | $150M | $150M | $150M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 4.2x · P/S 1.2x · EV/Sales 1.0x · P/B 1.3x · Earnings yield 23.58% · Buyback yield (TTM) 3.17% · Net cash $568M · EV $3.09B
P/E at fiscal year-ends: Dec 2025 3.4x, Dec 2024 3.4x, Dec 2023 5.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10…2026-09-11 | Duffin Timothy James | Chief Underwriting Officer | 57,000 | $2.0M | 22.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-03 | Brown David A | Director | 50,000 | $1.8M | 8.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Brown David A | Director | 37,300 | $1.2M | 6.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-15 | Brown David A | Director | 12,700 | $404K | 2.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13 | Levenson Jonathan B. | Group Treasurer | 6,075 | $186K | 13.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Levenson Jonathan B. | Group Treasurer | 3,030 | $93K | 6.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Deegan Brian John | Group Chief Accounting Officer | 11,000 | $338K | 13.4% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $3K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-08 | Cooper Bradley E | Director | 99 | $3K | 31.01 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Wells Fargo | Target lowered | Overweight | $41 → $40 |
| 2026-10-06 | Morgan Stanley | Target lowered | Equal-Weight | $37 → $35 |
| 2026-08-19 | Morgan Stanley | Target raised | Equal-Weight | $34 → $37 |
| 2026-08-12 | Keefe, Bruyette & Woods | Target raised | Outperform | $39 → $40 |
| 2026-08-07 | Citizens | Target raised | Market Outperform | $40 → $42 |
| 2026-07-10 | Citizens | Target raised | Market Outperform | $38 → $40 |
| 2026-07-09 | Wells Fargo | Target raised | Overweight | $37 → $39 |
| 2026-07-08 | Keefe, Bruyette & Woods | Target raised | Outperform | $34 → $39 |
| 2026-07-07 | Barclays | Target raised | Overweight | $37 → $39 |
| 2026-07-06 | Morgan Stanley | Target raised | Equal-Weight | $33 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-11-06) |
|---|---|---|
| Total return | +60.8% | +164.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +61.0% | +38.9% |
| Volatility (annualized) | 26.2% | 29.2% |
| Max drawdown | -12.7% (Apr 2026→Jun 2026) | -18.2% (Mar 2025→Apr 2025) |

## Peers (Insurance - Reinsurance)
SPNT (SiriusPoint Ltd.) USD 25.96 +1.09% · RNR (RenaissanceRe Holdings Ltd.) USD 362.59 +2.12% · EG (Everest Group, Ltd.) USD 407.56 +3.24% · RGA (Reinsurance Group of America, I) USD 272.05 +1.07% · GLRE (Greenlight Reinsurance, Ltd.) USD 15.3 +2.41%

## More
Full page: https://nexqual.com/HG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HG's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1593275/000159327526000021/hg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | TS Hamilton Fund | "Additionally, we are contractually required to maintain an investment in the TS Hamilton Fund pursuant to the Commitment Agreement with Two Sigma, which represents a material portion of our investment portfolio, and whic…" |
| Partner | Hamilton Re | "The tax partnership is treated as a U.S. corporation for U.S. tax purposes and is registered with the U.S. Internal Revenue Service, such that underwriting and investment income derived from capital allocated to Hamilton…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.91 | $0.75 | +20.9% | $0 | 7 |
| Next quarter (ends 2026-12-31) | $1.01 | $1.01 | -0.3% | $0 | 6 |
| Current fiscal year (ends 2026-12-31) | $5.09 | $4.62 | +10.3% | $3.03B | 7 |
| Next fiscal year (ends 2027-12-31) | $4.78 | $4.66 | +2.5% | $3.10B | 7 |