Canopius posts record profit following transformation
Global speciality re/insurer Canopius saw its profits more than double while achieving the strongest underwriting performance in its history. The CEO credited its results to a “successful transformation”.
One of the largest syndicates in Lloyd’s, Canopius also operates in the US and APAC, as well as a Class 4 reinsurer in Bermuda. Its results show growth across regions.
The company's gross written premium increased by over a fifth, up 22% to $2.80 billion in 2023, from $2.29bn the previous year. Profit after tax more than doubled from $129 million to $363 million. The undiscounted net combined ratio across the group was 88.7%.
While 2023 saw no large catastrophe claims, Canopius still weathered a significant number of smaller events, including severe convective storms, wildfires, floods, and earthquakes. Despite this, it said, it recorded the strongest underwriting result in its history, which combined with solid investment returns.
Group chief executive officer Neil Robertson said he was “delighted” with the results.
“Canopius has been able to deliver attractive underwriting profitability and business growth while undertaking major initiatives, including adding substantial capabilities to our business.
“We have a clear vision against which we are executing our strategy – to deliver attractive and sustainable returns as a leading, dynamic international specialty and P&C re/insurer, growing in areas where we have distinction or competitive advantage. I am pleased to report another year of strong delivery against this vision, and we are now establishing a track record of meeting our underwriting goals, quarter-on-quarter.”
The results were testament to the business' “transformative work” over the last two years, he said.
“Our business leaders have been empowered, our operating models and systems enhanced, and the accountability and transparency within our organisation has moved forward at pace.
“We have positioned the business to benefit from the broader industry tailwinds and in 2023 we continued to evolve our business, we materially strengthened our operational capabilities, our underwriting performance, and our structural growth prospects.”
According to Robertson, 2024 started well for Canopius, with attractive premium development, positive rates, and a “satisfactory reinsurance renewal”.
“We recognise that for us to continue to deliver value to customers and shareholders, we must strive for ever greater excellence and consistency,” he added.
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