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Vantage Group posts higher premiums despite Q2 underwriting loss
Gross written premiums rose 29% to $473 million in Q2 2026, while the combined ratio increased to 101.6% as catastrophe losses and adverse prior-year reserve development weighed on results.
Vantage Group reported a 29% year-on-year rise in Q2 2026 gross written premiums to $473 million, extending growth across both its insurance and reinsurance platforms, according to Reinsurance News. The Bermuda-based specialty re/insurer said the quarter came despite a more challenging loss environment that included catastrophe losses and adverse reserve development.
In insurance, Vantage generated $344 million of Q2 GWP, led by casualty at $96 million and property at $83 million. Financial lines contributed $47 million, construction $43 million, political risk and credit $29 million, healthcare $24 million, and professional liability $23 million, while reinsurance added $129 million of GWP, with property and casualty as the largest line at $67 million.
Despite premium expansion, claims and claim expenses incurred jumped 47% to $202 million, leading to an underwriting loss of $5 million in Q2 2026 compared with underwriting income of $15 million in Q2 2025. The calendar-year combined ratio deteriorated to 101.6% from 94% a year earlier, driven by $19 million of adverse prior-year reserve development and $18 million of catastrophe losses that added a combined 7.6 percentage points versus the prior-year quarter.
Vantage attributed the catastrophe losses to Iran and said reserve development reflected legacy books, including the run-off of transaction liability business. The insurer noted that underlying underwriting performance remained resilient, with the accident-year combined ratio excluding catastrophe losses improving to 91.4% from 96.2% a year earlier, while net investment income increased 21% to $33 million but the portfolio recorded $51 million of net investment losses, primarily from $36 million of unrealised equity losses.