Canopius Group says first-half net profit rose 53% to $US179 million ($272 million) as it pursued disciplined growth and delivered robust underwriting profitability.

“We remain well placed to benefit from ... strong industry fundamentals and continue to enhance our operational capabilities, our underwriting performance and our structural growth prospects,” group CEO Neil Robertson said.

The London-based (re)insurer says insurance contract written premium rose 23% to $US1.84 billion ($2.79 billion), net insurance revenue increased 24% to $US980 million ($1.5 billion) and the undiscounted net combined operating ratio was 91.1%, compared with 90.9% a year earlier.

Canopius, which reported profitability across its UK, US and Bermuda, and Asia-Pacific regions, said while large catastrophe claims were limited in the half, a significant number of smaller events included severe convective storms, wildfires, floods and man-made losses.

“Attritional loss experience remains strong, including positive current and prior-year developments, and investment return from our high-quality investment portfolio continues to trend positively,” Mr Robertson said.

The annualised return on opening tangible equity improved to 24.7% from 20.6% a year earlier and the company says its capital surplus offers resilience and strategic optionality.

“The rating environment remains dynamic and as such we are highly selective in our allocation of capital, to align with our areas of underlying competitive advantage,” Mr Robertson said. “Our price discipline is being maintained and rate adequacy for our portfolio remains strong.”