Canopius Group, an international specialty and property and casualty (P&C) re/insurance company, had a strong 2025 with profit after tax of $467 million, an increase of 16% on the prior year, as insurance contract written premium (ICWP) rose by 27% year-on-year to $4.5 billion.
For Canopius, ICWP has now almost doubled since 2022, growing by 96% over three years. In 2025, growth was driven by all geographic segments, with Bermuda ICWP growth particularly strong at 70% to almost $260 million. UK growth was also solid at 24% to $3.2 billion, as US premiums grew by 34% to $639 million, and APAC premiums jumped 22% to $461 million in 2025.
In 2025, rate was 4% negative across the portfolio, compared with an increase of 1.2% in 2024, but Canopius notes its focus on pricing adequacy. “Given the significant rate increases of recent years and the diversity of our exposures and capabilities, in spite of this evolving environment we have maintained positive rate adequacy across the portfolio in 2025,” explains the firm.
Insurance revenue hit $4.1 billion in 2025, an increase on the prior year’s $3.1 billion, as net insurance revenue increased by 30% year-on-year to almost $3 billion, driven mostly by the growth and rate changes noted above under ICWP, as well as an extension of the firm’s insurance whole account quota share “with a high-quality group of reinsurers.”
Additionally, insurance service expenses, which capture claims incurred, acquisition costs, and underwriting expenses incurred in the period, increased to $3.1 billion in 2025 from $2.4 billion in 2024, which reflects growth in the business at broadly stable overall net loss ratios.
The current year undiscounted non-cat loss ratio was 47.9% in 2025 against 44.5% in the prior year. At the same time, Canopius benefited from a lower catastrophe cost in 2025 with a ratio of 6.7% compared with 8.1% in 2024, thanks in part to a benign Atlantic hurricane season, which followed the extremely costly California wildfires at the start of the year.
All in all, Canopius generated a loss ratio of 45.1% in 2025 compared with 43.6% in 2024, as the expense ratio decreased to 37.8% from 40.5%. This gave the firm a combined ratio of 82.9% in 2025, an improvement on 2024’s 84.1%, or a combined ratio before discounting of 88.5% for 2025, compared with 90.2% in 2024.
The insurance service result hit $503 million in 2025, an increase on the prior year’s $359 million. On the asset side of the balance sheet, the net investment result strengthened to $228 million in 2025 from $194 million in 2024, representing a net investment return of 4.9% and 5.4%, respectively. Canopius highlights “some positive fair value gains as interest rates fell, resulting in some upward bond revaluations, and from some modest tightening of credit spreads.”
Canopius generated profit before tax of $553 million in 2025 against $393 million in 2024, and profit after tax of $467 million in 2025, up from $401 million in 2024.
Neil Robertson, Group Chief Executive Officer, commented: “2025 was a pivotal year for Canopius as we continue to evolve into a market leading underwriting company. We have delivered another year of strong performance with record profits. We are developing a consistent track record of profitability, evolving a successful strategy, and assembling a team that we believe will continue to deliver profitable growth and attractive returns for our shareholders.
“Building on this strong foundation, our strategy is to take an ambitious but disciplined approach to growing Canopius in the areas where we already have, or can have a distinctive, or competitive advantage.
“Our commitment to underwriting excellence, operational efficiency, and fostering a high-performing culture remains unwavering. As we look ahead, we will deliver sustainable growth, deepen our client partnerships, and continue to differentiate ourselves through practical innovation and our commitment to talent.”
