Hamilton Insurance Group

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.

The carrier’s $15 per share listing came in below its $16.90 book value per share at the mid-year reporting point, or a 0.9x multiple.

The carrier is offering 15 million Class B common shares, according to a registration statement filed with the SEC.

Karna has previously served as global chief data officer at Axa XL, while Gauthier is the former chief investment officer of Allied World.

The carrier has not determined the number of common shares to be offered, nor the price range for its proposed IPO.

The carrier experienced a downturn in investment performance during 2022.

Any capital event is likely to take place following the hurricane season, Reuters reported.