Canopius reports record profit and 27% premium growth in 2025

Canopius reported a record profit of $467 million for 2025, up 16% year over year, alongside a 27% increase in insurance contract written premiums to $4.48 billion.

The group delivered an undiscounted combined ratio of 88.5%, improving from 90.2% in 2024, marking a third consecutive year of underwriting profitability. Tangible net asset value rose 24% to $2.24 billion, while return on opening tangible equity reached 25.8%.

Growth was broad-based across regions and product lines, with strong contributions from property, reinsurance, and specialty lines, despite a more competitive pricing environment and overall negative rate movement across the portfolio.

The insurer highlighted continued underwriting discipline and portfolio diversification as key drivers, with attritional loss experience remaining stable and catastrophe losses lower than the prior year.

Strategically, Canopius is leaning further into data analytics and AI-enabled capabilities to support underwriting and portfolio management, while also expanding its operational footprint with a new Manchester office set to open in 2026.

The company enters 2026 with a strengthened balance sheet, $710.7 million in surplus capital, and plans to continue disciplined growth across its core markets.