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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Affirms Credit Ratings of Hamilton Insurance Group, Ltd.’s Members and Hamilton Select Insurance Inc.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Hamilton Re, Ltd. (Pembroke, Bermuda) and Hamilton Insurance Designated Activity Company (Dublin, Ireland), each a wholly owned subsidiary of Hamilton Insurance Group, Ltd. (Pembroke, Bermuda) (collectively referred to as Hamilton). In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Hamilton Select Insurance Inc. (Hamilton Select) (Wilmington, DE). The outlook of these Credit Ratings (ratings) is stable.

Hamilton’s ratings reflect the company’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Hamilton’s rating affirmations follow rating upgrades in April 2024 resulting from a trend of increasingly favorable underwriting results, leading to organic capital generation, increased stability and overall balance sheet strength.

The very strong balance sheet strength assessment is supported by Hamilton’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Recent strategic shifts that have been executed by the company, including a transition toward a more-diversified underwriting portfolio, have helped the group achieve underwriting profitability. Hamilton’s balance sheet strength assessment also reflects its relatively high-risk investment strategy on the portion of invested assets managed by Two Sigma Investments, LP, a U.S. Securities and Exchange Commission-registered investment adviser.

The operating performance assessment of adequate is supported by Hamilton’s historical investment returns and underwriting results, which have trended favorably over the past five years as the group achieved underwriting profitability in 2023, continuing into 2024. Underwriting improvements have stemmed from the group’s diversification efforts and the favorable rate environment, as well as the re-underwriting measures across the business.

The business profile assessment of neutral is supported by Hamilton’s continued expansion of its diversified global insurance and reinsurance platform. Risk management capabilities are considered appropriate and in line with the group’s risk profile.

The ratings of Hamilton Select reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings further reflect Hamilton Select’s strategic importance to its parent company, Hamilton Insurance Group, Ltd., along with the parent’s common ownership and management, as well as implicit and explicit support.

Hamilton Select is a recently formed specialty insurer focusing on small and middle market U.S. excess and surplus lines accounts. The company completed its second full year of operations and has yet to report an underwriting profit, due to a combination of a high expense ratio as the company gains scale and higher-than-expected loss ratios. Maintenance of the company’s current operating performance of adequate will require underwriting results trending toward metrics supportive of an adequate assessment over the next 12-24 months. Hamilton Select’s risk-adjusted capitalization, as measured by BCAR, was assessed at strong at year-end 2024; however, it returned to the strongest level in the second quarter of 2025 following a capital injection from its parent company, providing further support for the rating lift provided by Hamilton.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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