ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 77 Item 7A.
federal income tax, Bermuda tax or other taxes, as a result of changes in tax laws, interpretations or our operations; the potential classification of us or our subsidiaries as a passive foreign investment company or becoming subject to U.S.
Certain defined terms used through this Annual Report are included in the "Glossary of Selected Terms" attached hereto and for ease of reading, some defined terms may be used without initial capitalization but retain the meanings set forth in the glossary.
We are led by an entrepreneurial and experienced management team that has grown gross premiums written to $2.9 billion, $2.4 billion and $2.0 billion for the years ended December 31, 2025, 2024 and 2023, respectively, with corresponding combined ratios of 92.9%, 91.3% and 90.1% for the same periods.
The combined effects of organic premium growth, our 2019 strategic acquisition, the Company's 2023 initial public offering ("IPO"), our April 2024 AM Best "A" rating upgrade, and continuous platform cost optimization leave us well positioned to capitalize on market opportunities across the lines of business written by our established and scaled underwriting platforms.
Excess Surplus ("E S") market and has ranked among the most profitable and least volatile syndicates at Lloyd s over the last 10 years.
Our International segment had gross premiums written of $1.5 billion, $1.3 billion and $1.1 billion for the years ended December 31, 2025, 2024 and 2023, respectively, with corresponding combined ratios of 95.0%, 95.6% and 94.7% for the same periods.
Our Bermuda segment had gross premiums written of $1.4 billion, $1.1 billion and $846 million for the years ended December 31, 2025, 2024 and 2023, respectively, with corresponding combined ratios of 90.9%, 87.0% and 84.9% for the same periods.
The 2019 acquisition of what are now Hamilton Managing Agency and related entities, Lloyd s Syndicate 4000 and HIDAC accelerated the Strategic Transformation progress.
As a result of the actions taken in the context of the Strategic Transformation, we grew premiums written from $571 million for the year ended November 30, 2018 to $2.9 billion for the year ended December 31, 2025, reduced our combined ratio, optimized the portfolio mix by increasing the contribution from casualty and specialty insurance and reinsurance, and strengthened our balance sheet.
REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 91 Item 7A.
federal income taxation, Bermuda taxation or other taxes as a result of a change of tax laws or otherwise; the potential characterization of us and/or any of our subsidiaries as a passive foreign investment company, or PFIC; our potentially becoming subject to U.S.
Certain defined terms used through this Annual Report are included in the "Glossary of Selected Terms" attached hereto.
We are led by an entrepreneurial and experienced management team that has grown premiums written from $571 million for the year ended November 30, 2018 to $2.4 billion for the year ended December 31, 2024, while also significantly reducing our combined ratio.
The combined effects of organic premium growth, our 2019 strategic acquisition, new market developments and continuous platform cost optimization leave us well positioned to capitalize on the continuing attractive market conditions across the lines of business written by our established and scaled underwriting platforms.
E S") market and has ranked among the most profitable and least volatile syndicates at Lloyd s over the last 10 years.
Our International segment had gross premiums written of $662 million, $892 million, $933 million, $1,106 million and $1,308 million for the years ended November 30, 2020, November 30, 2021 and December 31, 2022 through December 31, 2024, respectively, with a corresponding combined ratio of 111%, 108%, 97%, 95% and 96% for the same periods.
Our Bermuda segment had gross premiums written of $425 million, $554 million, $713 million, $846 million and $1,114 million for the years ended November 30, 2020, November 30, 2021 and December 31, 2022 through December 31, 2024, respectively, with a corresponding combined ratio of 111%, 104%, 110%, 85% and 87% for the same periods.
The Strategic Transformation was accelerated in 2019 when we acquired Pembroke Managing Agency and related entities, which included Pembroke Managing Agency (subsequently renamed Hamilton Managing Agency) and related entities, Lloyd s Syndicate 4000 and Ironshore Europe DAC (subsequently renamed Hamilton Insurance DAC, or HIDAC).
As a result of the strategic actions taken in the context of the Strategic Transformation, we have grown premiums written from $571 million for the year ended November 30, 2018 to $2.4 billion for the year ended December 31, 2024, reduced our combined ratio, optimized the portfolio mix by increasing the contribution from specialty insurance, and strengthened our balance sheet.