Canopius Group is an international specialty and property and casualty (P&C) re/insurer with strong results in 2025, with profit after tax reaching US$467 million, an increase of 16% from the previous year, and insurance contract written premiums (ICWP) increasing by 27% year-on-year to US$4.5 billion.
For Canopius, ICWP has almost doubled since 2022, growing 96% in three years. In 2025, growth will be driven by all geographic regions, with particularly strong growth in Bermuda ICWP, up 70% to nearly $260 million. In 2025, UK premiums will also grow steadily by 24% to US$3.2 billion, US premiums will increase by 34% to US$639 million, and premiums in the Asia-Pacific region will increase by 22% to US$461 million.
Interest rates for the entire portfolio are at 4% in 2025 and 1.2% in 2024, but Canopius noted that the focus is on pricing adequacy. “Given the significant increases in interest rates in recent years and the diversity of our risk exposures and capabilities, we maintained positive rate adequacy across our portfolio in 2025 despite the changing environment,” the company explained.
Insurance revenue will reach $4.1 billion in 2025, up from $3.1 billion a year ago, with net insurance revenue up 30% year over year to nearly $3 billion, primarily due to the aforementioned growth and rate changes under the ICWP, as well as expanding the company’s overall insurance account quota share “with a group of high-quality reinsurers.”
In addition, insurance services expenses, including claims, acquisition costs and underwriting expenses incurred during the period, increased from $2.4 billion in 2024 to $3.1 billion in 2025, reflecting growth in the business while overall net loss rates were generally stable.
In 2025, the undiscounted non-catastrophe loss rate for the year was 47.9%, compared with 44.5% in the previous year. Meanwhile, Canopius benefited from lower catastrophe costs in 2025, with a ratio of 6.7% compared with 8.1% in 2024, in part due to a mild Atlantic hurricane season after costly California wildfires early in the year.
All told, Canopius’s loss ratio will be 45.1% in 2025, compared with 43.6% in 2024, and the expense ratio will fall from 40.5% to 37.8%. This gives the company a combined ratio of 82.9% in 2025, an improvement from 84.1% in 2024; and a combined ratio before discount of 88.5% in 2025, compared with 90.2% in 2024.
Insurance services performance in 2025 will reach US$503 million, an increase from US$359 million in the previous year. On the asset side of the balance sheet, net investment performance increased from $194 million in 2024 to $228 million in 2025, with net investment returns of 4.9% and 5.4% respectively. Canopis highlighted that “as interest rates fell, there were some positive gains in fair value, leading to upward bond valuations and a slight tightening of credit spreads.”
Canopius’ pre-tax profit in 2025 will be US$553 million, compared with US$393 million in 2024; after-tax profit in 2025 will be US$467 million, up from US$401 million in 2024.
Group chief executive Neil Robertson said: “2025 is a critical year for Canopius as we continue to develop into a market-leading underwriting company. We have delivered another year of strong performance and record profits. We are building a consistent earnings record, developing a winning strategy and building 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 areas where we already have or can have a unique or competitive advantage.
“Our commitment to ensuring excellence, operational efficiency and cultivating a high-performance culture remains unwavering. Going forward, we will deliver sustainable growth, deepen our customer partnerships and continue to differentiate ourselves through pragmatic innovation and commitment to our people.”
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