LONG $HG Hamilton Insurance Group, Ltd. Class BNYSE:HGSizzleTerpz**LONG HG around $35 — Four-Pillar Positional Thesis** **1. Profitable underwriting** Hamilton’s Q2 combined ratio was 95%—still profitable despite elevated catastrophe losses. Disciplined underwriting supports the thesis. **2. Growing franchise** Gross premiums written increased 16.7% year over year. Continued growth creates earnings potential if pricing and risk selection hold. **3. Returns can support the valuation** At $35, HG trades around 1.21× June book value of $28.91. Q2 annualized ROE was 20.6%; sustaining strong returns could justify that premium. **4. Multiple paths to shareholder value** Profitable underwriting, investment income and buybacks can compound value per share. The positional opportunity rests on continued execution rather than multiple expansion alone. **Invalidation:** persistent underwriting deterioration, adverse reserve development or falling book value. Investment returns are volatile; one strong quarter should not be annualized. *Fundamental thesis at a proposed $35 entry—not a confirmed technical breakout.* (https://investors.hamiltongroup.com/news/news-details/2026/Hamilton-Reports-2026-Second-Quarter-Results/default.aspx)