PEMBROKE, Bermuda - Hamilton Insurance DAC, a subsidiary of Hamilton Insurance Group, Ltd. (NYSE: HG) has announced that Ross Reynolds has been appointed as its new Chief Executive Officer, pending regulatory approval. Reynolds will take over from Fiona Marry, who is set to leave the company.
Reynolds, who is based in Dublin, will report directly to Adrian Daws, CEO of Hamilton Global Specialty, and will also join the Board of Hamilton Insurance DAC. Daws expressed confidence in Reynolds's leadership abilities, citing his extensive experience and proven track record.
In his previous roles within Hamilton, Reynolds has served as Global Head of Operations since 2021 and Global Head of FP&A starting in 2019. His career began at Irish Progressive Services International, followed by a position at Zurich Insurance Company, before joining Hamilton during its 2019 acquisition of Ironshore Europe DAC. Reynolds is a Fellow of the Association of Chartered Accountants.
Daws also acknowledged Fiona Marry's contributions to Hamilton Insurance DAC, thanking her for her dedication and wishing her well in her future endeavors.
Additionally, Matthew Saunders has been appointed on an interim basis as Chief Underwriting Officer of Hamilton Insurance DAC, also subject to regulatory approval, where he will report to Reynolds.
Hamilton Insurance Group is a global specialty insurance and reinsurance company headquartered in Bermuda, underwriting risks worldwide through its subsidiaries. Its three underwriting platforms, Hamilton Global Specialty, Hamilton Select, and Hamilton Re, aim to provide diversified and profitable business globally.
The information reported above is based on a press release statement from Hamilton Insurance Group, Ltd.
In other recent news, Hamilton Group has been making headlines with its robust financial performance and strategic initiatives. The company reported a strong Q1 2024 operating EPS of $1.42, exceeding estimates. This was driven by higher net investment income, lower catastrophe losses, and a lower-than-expected income tax expense. Additionally, gross written premiums grew by 34% in the quarter, with significant contributions from both International and Bermuda/Reinsurance segments.
Analyst firms BMO (TSX:BMO) Capital Markets, JMP Securities, and Keefe, Bruyette & Woods have all assigned favorable ratings to Hamilton Group. BMO Capital Markets and JMP Securities have upgraded their price targets to $21 and $23 respectively, while Keefe, Bruyette & Woods has increased its price target to $21. These adjustments reflect the analysts' confidence in the company's potential for sustained growth.
Hamilton Group recently announced the appointment of Wilfred Chin as the new Group Chief Actuary, and Athena Tolosa as the new CFO of Hamilton Re. The company also revealed its decision to repurchase approximately 9.1 million shares at a discounted price, a move seen as highly accretive and indicative of management's confidence in the company's valuation and future performance.
InvestingPro Insights
As Hamilton Insurance Group, Ltd. (NYSE: HG) navigates leadership changes with Ross Reynolds stepping up as the new CEO of Hamilton Insurance DAC, the company's financial health and market performance remain critical for investors. With a market capitalization of $1.9 billion and a notable price-to-earnings (P/E) ratio of 4.76, Hamilton Insurance Group presents an interesting case for value investors. The adjusted P/E ratio for the last twelve months as of Q1 2024 stands slightly higher at 5.23, still indicating a company potentially undervalued relative to its earnings.
One of the standout InvestingPro Tips for Hamilton Insurance Group is its strong return over the last three months, with a 21.53% price total return, reflecting a robust upward momentum. Additionally, the company is trading near its 52-week high, at 96.57% of this threshold, which could signal confidence among investors about the company's current trajectory and future prospects.
From the real-time data available on InvestingPro, the company has also demonstrated a solid revenue growth of 46.63% over the last twelve months as of Q1 2024, with an even more impressive quarterly revenue growth of 103.67% for Q1 2024. This financial performance is underpinned by a strong gross profit margin of 41.11%, showcasing the company's ability to translate sales into profits efficiently.
Investors interested in a deeper dive into Hamilton Insurance Group's financials and additional InvestingPro Tips can explore further at https://www.investing.com/pro/HG. There are 6 more tips awaiting those who seek a comprehensive analysis. To enhance your investing strategy with InvestingPro, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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