Hamilton Insurance Group Ltd-B 2025年季度报告

For the quarterly period endedSeptember 30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number:001-41862__________________________________ Hamilton Insurance Group, Ltd. (Exact name of registrant as specified in its charter) Bermuda 98-1153847 (State or other jurisdiction ofincorporation or organization) (I.R.S. Employer Identification No.) Wellesley House North, 1st Floor,90 PittsBay RoadPembrokeHM 08Bermuda(Address of Principal Executive Offices and ZipCode) (441)405-5200 Registrant's telephone number, including area code Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports);and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit and post such files). ☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).☐Yes☒No The registrant's number of Class B common shares outstanding as of October31, 2025 was64,537,772. Hamilton Insurance Group, Ltd. Table of Contents Page Part I. Financial InformationItem 1. Financial Statements4Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations34Item 3. Quantitative and Qualitative Disclosures About Market Risk86Item 4. Controls and Procedures86Part II. Other InformationItem 1. Legal Proceedings87Item 1A. Risk Factors87Item 2. Unregistered Sales of Equity Securities and Use of Proceeds87Item 3. Defaults Upon Senior Securities87Item 4. Mine Safety Disclosures87Item 5. Other Information87Item 6. Exhibits88 Signatures89 This Quarterly Report on Form 10-Q of Hamilton Insurance Group, Ltd. ("Quarterly Report") includes "forward looking statements"pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can beidentified by the use of terms such as "believes," "expects," "may," "will," "target," "should," "could," "would," "seeks," "intends,""plans," "contemplates," "estimates," or "anticipates," or similar expressions which concern our strategy, plans, projections orintentions. These forward-looking statements appear in a number of places throughout this Quarterly Report and relate to matters suchas our industry, growth strategy, goals and expectations concerning our market position, future operations, margins, profitability,capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-lookingstatements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and aresubject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations,beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be noassurance that management’s expectations, beliefs and projections will be achieved and actual results may vary materially from whatis expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from theforward-looking statements contained herein. Such risks, uncertainties, and other important factors include, among others, the risks,uncertainties and factors set forth in "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results ofOperations" included in the Company’s Annual Report on Form 10-K for the year ended December31, 2024 (the "Form 10-K") andother subsequent periodic reports filed with the Securities and Exchange Commission and the following: •challenges from competitors, including th