Vantage grows Q2 premium 29% as Middle East losses push combined ratio above 100%

Bermuda-based specialty re/insurer Vantage Group increased gross written premium by 29% in the second quarter of 2026, but its combined ratio deteriorated to 101.6% as losses from the Middle East conflict and adverse reserve development on legacy books pushed underwriting into a loss.

GWP for the three months ended June 30 grew to $473 million from $367 million in the prior-year period, with net earned premium climbing 22% to $295 million from $243 million.

Combined ratio slipped to 101.6% from 94%; however first half margins fared better by 1.6 points to 96.1%.

Net income for the quarter was down 45% to $20 million driven by an underwriting loss of $5 million compared with  a profit of $15 million in 2025.

In the reinsurance segment, total GWP of $129 million for the quarter was 39% ahead of prior year, driven by growth in property and specialty segments.

Higher reinsurance loss ratio during the quarter of 57.5% was primarily due to prior-year development driven by Russia/Ukraine losses. Cat losses in the quarter were driven by events related to the War in Iran.

Insurance gross written premium grew 26% in the quarter to $344 million driven by growth in casualty, property and construction.

Political risk and credit related losses in the Middle East conflict saw the insurance segment loss ratio extend to 75.8% resulting in an insurance combined ratio of 110.4%, a deterioration of 7.6 points.

In June 2026 Howard Hughes Holdings completed the acquisition of Vantage in an all-cash deal of $2.1 billion.

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