Canopius grows H1 premium 10% as underwriting margins strengthen
Specialty re/insurer Canopius increased insurance contract written premium by 10% in the first half of 2026 while strengthening underwriting profitability, as disciplined execution, continued rate adequacy and lower catastrophe losses supported growth despite softer market conditions.
Insurance contract written premium increased to $2.66 billion for the six months ended 30 June 2026, up 10% year-on-year, while net insurance revenue rose 15% to $1.59 billion. The undiscounted combined ratio improved to 87.3%, from 89.7% a year earlier, and the discounted combined ratio rose to 82.3%, from 84.0%.
“Despite more challenging market conditions, our clear strategy and focus on consistent and disciplined execution has again allowed us to deliver portfolio growth and strong underwriting profitability,” said chief executive officer Neil Robertson (pictured).
Robertson said the breadth and diversity of the group’s portfolio continued to support premium growth and ongoing rate adequacy, despite portfolio pricing declining by 7% during the period.
Profit after tax increased 76% to $391 million, reflecting the disposal of Vave. Excluding the gain on disposal, underlying profit after tax rose 18% to $261 million, driven by higher net insurance revenue and improved underwriting performance.
The stronger underwriting result reflected lower catastrophe activity, favourable attritional loss experience, current-year development and favourable prior-year reserve development. These gains more than offset losses relating to the Middle East conflict, energy, aviation, and deterioration on the Baltimore Bridge loss.
Business remained broad-based despite pricing pressure in parts of the market. Property continued to experience softer rates, particularly in direct and facultative business, though delegated authority business supported growth. Casualty benefited from better pricing and organic expansion, while portfolio solutions continued to grow through broker facilities, particularly in the US. Financial lines also delivered higher submission volumes, while cyber continued to perform well despite ongoing rate pressure.
Regionally, Canopius said market conditions remained competitive, with pricing pressure particularly evident in property. In Bermuda, the company said it did not renew business where pricing no longer met its underwriting requirements.
The group’s tangible net asset value increased to $2.50 billion, from $2.24 billion at the end of 2025, while return on tangible equity was 23.2%.
Looking ahead, Robertson said the company would continue applying a selective approach to capital allocation while maintaining pricing integrity.
“We will continue to apply a disciplined and selective approach to capital allocation with a strongly held commitment to pricing integrity,” he said.
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