Hamilton Insurance Group
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The Bermudian posted 18.5% top line growth in its first year as a public company.
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Patterson will also serve as chair of the audit committee.
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The Bermudian booked $6.5mn of cat losses, or 1.8 points on the CoR.
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Peter Riihiluoma will succeed Richard Sammons, who is set to leave the business.
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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.
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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.
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Its combined ratio for the quarter improved nearly 30 points, particularly driven by better performance in its Bermuda segment.
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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.
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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.
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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.
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The carrier is offering 15 million Class B common shares, according to a registration statement filed with the SEC.
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Karna has previously served as global chief data officer at Axa XL, while Gauthier is the former chief investment officer of Allied World.
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