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Canopius lifts profit as rates fall, reshapes Bermuda renewals
Canopius posted a 10.0% jump in insurance contract written premium to US$2.66 billion in 1H26, while reporting an improved undiscounted combined ratio of 87.3%.
Canopius Group reported stronger profitability for the first half of 2026, even as insurance rates continued to soften across parts of its commercial portfolio, Insurance Business reports. For the six months ended June 30, 2026, the insurer said insurance contract written premium rose 10.0% to US$2.66 billion from US$2.41 billion in 1H25, and the undiscounted combined ratio improved to 87.3 from 89.7.
Net insurance revenue increased 15% to US$1.59 billion, while profit after tax climbed 76% to US$391 million. The company attributed much of that rise to its sale of Vave Holdings to a subsidiary of Acrisure, noting that excluding the sale profit after tax increased 18% to US$261 million.
Canopius also said rates fell 7% across its overall portfolio, with property facing heightened competition on price, particularly in direct and facultative business. By contrast, casualty delivered better rates alongside organic growth, and cyber continued to perform well despite rate pressure.
Regionally, the company said the UK delivered positive overall performance even as much of the portfolio faced rate pressure, while in Bermuda it non-renewed several significant contracts based on price. In the US, Portfolio Solutions continued to attract wholesale market interest, and Canopius said property saw pressure on rate even as it judged rate adequacy remained robust, with casualty, cyber, specialty and financial lines developing positively.