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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Jamie Secor has over 20 years of underwriting and senior management experience and joined Hamilton in 2021 to oversee its US E&O business.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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Investors must weigh a differentiated investment strategy and true specialty opportunity against partial third-party investment control and historical losses.
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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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The carrier is also pursuing growth in the political violence and US E&S market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The carrier intends to list its common shares on the New York Stock Exchange under the ticker symbol “HG”.
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Last week, the Bermudian carrier filed its draft registration statement for a proposed IPO to the US Securities and Exchange Commission.
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The carrier has not determined the number of common shares to be offered, nor the price range for its proposed IPO.
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The executive brings 17 years of industry experience and joins from N2G Worldwide Insurance Services, where he served as SVP of underwriting.
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The carrier experienced a downturn in investment performance during 2022.
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Inside P&C’s news team runs you through the key highlights of the week.