Fixed maturity investments, at fair value (USD, thousands)

Short-term investments, at fair value (USD, thousands)

Investments in Two Sigma Funds, at fair value (USD, thousands)

Total investments (USD, thousands)

Cash and cash equivalents (USD, thousands)

Restricted cash and cash equivalents (USD, thousands)

Premiums receivable (USD, thousands)

Paid losses recoverable (USD, thousands)

Deferred acquisition costs (USD, thousands)

Unpaid losses and loss adjustment expenses recoverable (USD, thousands)

Receivables for investments sold (USD, thousands)

Prepaid reinsurance (USD, thousands)

Intangible assets (USD, thousands)

Other assets (USD, thousands)

Total assets (USD, thousands)

Reserve for losses and loss adjustment expenses (USD, thousands)

Unearned premiums (USD, thousands)

Reinsurance balances payable (USD, thousands)

Payables for investments purchased (USD, thousands)

Term loan, net of issuance costs (USD, thousands)

Accounts payable and accrued expenses (USD, thousands)

Payables to related parties (USD, thousands)

Total liabilities (USD, thousands)

Non-controlling interest – TS Hamilton Fund (USD, thousands)

Class A common shares (USD, thousands)

Class B common shares (USD, thousands)

Class C common shares (USD, thousands)

Additional paid-in capital (USD, thousands)

Accumulated other comprehensive loss (USD, thousands)

Retained earnings (USD, thousands)

Total shareholders’ equity (USD, thousands)

Total liabilities, non-controlling interest, and shareholders’ equity (USD, thousands)

ee7ec4a4cf79f790453932bbcdc9f13242835bfb4b548b9b6717778b798bedfd

The **increase in cash and cash equivalents** in Q1 2024 was mainly driven by substantial improvements in several cash flow components. **Operating activities** contributed significantly with a major surge in net cash provided, largely due to stronger cash inflows from premiums and reinsurance operations. In addition, **investing activities** shifted from a cash outflow to a net cash inflow because of favorable timing in investment transactions and proceeds from the turnover in fixed maturities and short-term investments. Lastly, while there was more cash used in **financing activities**, the overall effect of the other changes generated a net increase in cash by approximately **$279.7 million** in Q1 2024 compared to a net decrease in Q1 2023.  **[0001593275-24-000060_hg-20240331.htm:54]** 

Why did Cash and cash equivalents jump in Q1 2024?

The documents note that the **Payables to related parties** increased sharply from **$6,480 thousand** in Q4 2023 to **$75,797 thousand** in Q1 2024. However, they do not provide specific details about what drove this change.  **[0001593275-24-000052_livepressrelease.htm:5]** 

What drove the sharp increase in Payables to related parties in Q1 2024?

The documents do not provide a definitive explanation for the decline in Investments in Two Sigma Funds in Q4 2023 compared to Q3 2023. While one document shows the Q3 value as **979,986** and another shows the Q4 value as **851,470** (both in USD, thousands)  **[0001593275-23-000015_hig-20230930.htm:4]** **[0001593275-24-000112_hg-20240930.htm:4]** **[0001593275-24-000088_hg-20240630.htm:4]** **[0001593275-24-000060_hg-20240331.htm:4]** **[0001593275-24-000028_hg-20231231.htm:244]** , the detailed discussion about changes in fair value focuses on the year-over-year increase from December 31, 2022 to December 31, 2023 and attributes this to positive investment returns, effective collateral management, and net unrealized gains.  **[0001593275-24-000028_hg-20231231.htm:201]** **[0001593275-24-000028_hg-20231231.htm:260]**  Thus, a specific reason for the quarter-over-quarter decline is not mentioned in the available documents.

Why did Investments in Two Sigma Funds decline in Q4 2023?

The lower non‑controlling interest in Q1 2024 was primarily driven by substantial withdrawals of **$65,564,000** during the quarter, which significantly reduced the balance, despite partially offsetting increases from an incentive allocation of **$120,137,000** and equity in earnings of **$21,000**.  **[0001593275-24-000060_hg-20240331.htm:15]** 

What contributed to the lower Non-controlling interest in Q1 2024?

The increase in **Total assets** by Q3 2024 was primarily driven by several factors. These include a significant **increase in investments and cash**, with both fixed maturity and short-term investments growing alongside a rise in cash and cash equivalents. Additionally, there was **growth in premiums receivable**, reflecting higher gross premiums written during the period, an **increase in prepaid reinsurance** due to elevated reinsurance activity, and a slight rise in **unpaid losses and loss adjustment expenses recoverable** linked to claims activity.  **[0001593275-24-000108_hg992financialsupplement.htm:11]** **[HG_3406727_6]** **[HG_3406727_4]** 

What factors contributed to the increase in Total assets by Q3 2024?

aae1449f2c2f371abe1e699a9c8d5bc4e8ef0a5f2c40db6d6276a7007a3bb265

Current Assets (USD, thousands)

Cash and Cash Equivalents (USD, thousands)

Accounts Receivable (USD, thousands)

Inventory (USD, thousands)

Non-Current Assets (USD, thousands)

Property, Plant, and Equipment (PP&E) (USD, thousands)

Goodwill (USD, thousands)

Intangible Assets (USD, thousands)

Current Liabilities (USD, thousands)

Accounts Payable (USD, thousands)

Short-term Debt (USD, thousands)

Accrued Expenses (USD, thousands)

Non-Current Liabilities (USD, thousands)

Long-term Debt (USD, thousands)

Lease Liabilities (USD, thousands)

Deferred Tax Liabilities (USD, thousands)

Shareholders' Equity (USD, thousands)

Retained Earnings (USD, thousands)

Common Stock (USD, thousands)

Additional Paid-in Capital (USD, thousands)

535097bd6eed2e260e6f6622a8167d87b5f9db50994a32ca3efad3b12a2580d7

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

4fc2047144ecca9f122a1a20b5161c1467045683d14d24e55422ae25982328a9

Total Revenue (USD, thousands)

Cost of Goods Sold (COGS) (USD, thousands)

Selling, General, and Administrative Expenses (SG&A) (USD, thousands)

Research and Development (R&D) (USD, thousands)

Depreciation and Amortization (D&A) (USD, thousands)

Interest Expense (USD, thousands)

Operating Income (EBIT) (USD, thousands)

Net Income (USD, thousands)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

93cad04b8f338ce50aa58b6613392eca99ea3a3253d4db7b4afad5098ab166c8

Net income (loss) [USD, thousands]

Depreciation and amortization [USD, thousands]

Share compensation expense [USD, thousands]

Net realized (gains) losses on investments [USD, thousands]

Change in net unrealized (gains) losses on investments [USD, thousands]

Other items [USD, thousands]

Change in Premiums receivable [USD, thousands]

Change in Paid losses recoverable [USD, thousands]

Change in Deferred acquisition costs [USD, thousands]

Change in Prepaid reinsurance [USD, thousands]

Change in Unpaid losses and loss adjustment expenses recoverable [USD, thousands]

Change in Other assets [USD, thousands]

Change in Reserve for losses and loss adjustment expenses [USD, thousands]

Change in Unearned premiums [USD, thousands]

Change in Reinsurance balances payable [USD, thousands]

Change in Accounts payable and accrued expenses and other [USD, thousands]

Net cash provided by (used in) operating activities [USD, thousands]

Proceeds from redemptions from Two Sigma Funds [USD, thousands]

Contributions to Two Sigma Funds [USD, thousands]

Purchases of fixed maturity investments [USD, thousands]

Proceeds from sales, redemptions and maturity of fixed maturity investments [USD, thousands]

Purchases of short-term investments [USD, thousands]

Proceeds from sales of short-term investments [USD, thousands]

Change in receivables for investments sold [USD, thousands]

Change in payables for investments purchased [USD, thousands]

Other investing activities [USD, thousands]

Net cash provided by (used in) investing activities [USD, thousands]

Issuance of common shares [USD, thousands]

Repurchases of common shares [USD, thousands]

Contribution of additional paid-in capital [USD, thousands]

Withdrawal of non-controlling interest [USD, thousands]

Net cash provided by (used in) financing activities [USD, thousands]

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents [USD, thousands]

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents [USD, thousands]

Cash and cash equivalents and restricted cash and cash equivalents, beginning of period [USD, thousands]

Cash and cash equivalents and restricted cash and cash equivalents, end of period [USD, thousands]

fd46d94cac5193d8243d127ccb32f12a67677a28f22ca1087118df6549b36c6f

Gross premiums written (USD, thousands)

Reinsurance premiums ceded (USD, thousands)

Net premiums written (USD, thousands)

Net change in unearned premiums (USD, thousands)

Net premiums earned (USD, thousands)

Net realized and unrealized gains (losses) on investments (USD, thousands)

Net investment income (loss) (USD, thousands)

Total net realized and unrealized gains (losses) on investments and net investment income (loss) (USD, thousands)

Other income (loss) (USD, thousands)

Net foreign exchange gains (losses) (USD, thousands)

Total revenues (USD, thousands)

Losses and loss adjustment expenses (USD, thousands)

Acquisition costs (USD, thousands)

General and administrative expenses (USD, thousands)

Amortization of intangible assets (USD, thousands)

Interest expense (USD, thousands)

Total expenses (USD, thousands)

Income (loss) before income tax (USD, thousands)

Income tax expense (benefit) (USD, thousands)

Net income (loss) (USD, thousands)

Net income (loss) attributable to non-controlling interest (USD, thousands)

Net income (loss) and other comprehensive income (loss) attributable to common shareholders (USD, thousands)

Basic income (loss) per share attributable to common shareholders (USD)

Diluted income (loss) per share attributable to common shareholders (USD)

462512b5f4c7695bf17d6f41f41c168f0ac19da77fb15b79867db5c1b32682d6

International

- Net Premiums Earned

- Third Party Fee Income

Bermuda

Property

Casualty

Specialty

Corporate

- Net Realized and Unrealized Gains (Losses) on Investments

- Net Investment Income

- Net Foreign Exchange Losses

- Other Income

Total Revenue

dc3bf4525433517f95fcbed967465f377425bf2f6e3f076f4f924d077cae0fe3

- Lloyd's of London

- Ireland

- U.S.

0825f3024aa3bbd9658cbbdd79d955becf75cfa2e89ebdea086c4ee57a12418f

Hamilton Insurance Group Ltd (HG)

Financials