Hamilton Insurance Group

The bridge collapse added 9.8 points to the consolidated quarterly CoR.

The ratings agency flagged the “increasingly favourable” underwriting results.

The executive is replacing Chad Cundliffe, who is retiring from the company.

The Bermudian posted 18.5% top line growth in its first year as a public company.

Patterson will also serve as chair of the audit committee.

The Bermudian booked $6.5mn of cat losses, or 1.8 points on the CoR.

Peter Riihiluoma will succeed Richard Sammons, who is set to leave the business.

Hamilton is seeing additional opportunities on the casualty reinsurance front as other players pull back, given the loss activity stemming from 2019 and prior years.

The executive said that property cat market terms and conditions continue to be favorable, while demand is anticipated to increase in January 1 and throughout 2024.

Its combined ratio for the quarter improved nearly 30 points, particularly driven by better performance in its Bermuda segment.

As this publication previously reported, the IPO pricing came in under book value but has still narrowed the gap on predecessor Fidelis, listing at 0.9x book value vs Fidelis’ 0.8x.

Hamilton’s IPO share price came in at the lower end of historical trends observed amongst insurers that have missed their target range upon listing.