Hamilton Insurance Group

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.

Jamie Secor has over 20 years of underwriting and senior management experience and joined Hamilton in 2021 to oversee its US E&O business.

The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.

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.

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