Canopius posts positive results for H1
UK-based MGA Canopius is the latest specialty and P&C insurer to post increased profitability at mid-year
In the first six months of 2024, Canopius saw written premium rise to $1.84bn, a 23% increase on the same period in 2023.
Net insurance rose by a similar level (23%) to $980m while group net combined ratio discounted was 85.4%, an improvement on the previous year of 86.9%.
Profit after tax increased by 53% to $179m while tangible net asset value rose to $1.61bn.
Group CEO Neil Robertson hailed the “robust underwriting profitability and ongoing disciplined growth” as a good start to the year.
“There were limited large catastrophe claims in the first half, although as in 2023, there were a significant number of smaller catastrophe events from severe convective storms, wildfires, floods and man-made claims,” said Robertson.
“Attritional loss experience remains strong, including positive current and prior year developments, and investment return from our high-quality investment portfolio continues to trend positively.
“We remain well placed to benefit from the strong industry fundamentals, and continue to enhance our operational capabilities, our underwriting performance and our structural growth prospects, which we continue to execute at pace,” said Robertson.
