Canopius’ profit after tax increased 10% to $US401.3 million ($634.1 million) last year, driven by strong premium growth.

Group CEO Neil Robertson says the company has developed consistent returns and has “the right framework, strategy and team” to deliver profitable growth and attractive returns for shareholders.

“While we expect 2025 to be a more challenging environment, we can look forward with confidence and are highly focused on building on our success and capitalising on the momentum we have achieved,” he said.

Insurance contract written premium increased 26% to $US3.53 billion ($5.58 billion). The net combined operating ratio on a discounted basis was 84.1%, compared with 83.9% a year earlier, while on an undiscounted basis it was 90.2%, compared with 88.7% previously. The total net investment return was 5.4%, amounting to $US193.8 million ($306.2 million). 

London-based Canopius says its leadership team has been “refreshed and strengthened”, it has recruited talent from across the industry, and the underwriting portfolio has been repositioned towards higher-quality and more diversified business.

“The loss environment and emerging rate pressure will continue to require strong discipline going forward,” it said. “Nevertheless, the year has started well for the Canopius Group, with attractive premium development and a good reinsurance renewal.”

The specialty and general reinsurer and insurer describes the broader rating environment as dynamic and says it is focused on pricing adequacy as it sees some rate pressure. 

“We still believe there are many opportunities to improve and grow our business and we continue to be confident of the outlook for both the coming year and into the future,” the company said.