In a recent transaction, Baker Alexander James, the Chief Risk Officer of Hamilton Insurance Group, Ltd. (NYSE:HG), sold 4,000 Class B common shares. The shares were sold at prices ranging from $18.80 to $18.92, resulting in a total transaction value of approximately $75,560. The transaction occurred as HG trades at an attractive P/E ratio of 4x and maintains strong financial health with a current ratio of 2.18. Following this sale, Baker holds 83,599 shares directly.InvestingPro data reveals management has been actively buying back shares, with 6 additional real-time insights available to subscribers.
In other recent news, Hamilton Insurance Group has fortified its financial position by securing a $100 million credit facility with UBS AG, Stamford Branch. This move extends the availability period end date to October 25, 2025, enhancing Hamilton Re's access to the credit line. The company's combined ratio has also shown a consistent improvement, dropping from 126% in 2019 to 90% in 2023, while gross written premiums have grown at a notable 28% annually.
Barclays (LON:BARC) recently initiated coverage of Hamilton Insurance, indicating a positive outlook for the company's potential to increase its book value per share through 2025. Hamilton Insurance has also been successful in its strategic initiatives, such as the launch of Hamilton Select, which has contributed to its growth in the U.S. Excess & Surplus casualty market.
In more recent developments, Hamilton Insurance has initiated a $150 million share repurchase program, leading Keefe, Bruyette & Woods to increase its price target for Hamilton shares to $21. The company has also announced the appointment of Ross Reynolds as the new CEO of Hamilton Insurance DAC, a subsidiary of Hamilton Insurance Group.
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