Canopius Group posted a 16% rise in profit after tax to US$467 million for the year ended Dec. 31, 2025, as the international specialty re/insurer reported results showing it grew roughly four times faster than the broader Lloyd's market.
Insurance contract written premium (ICWP) surged 27% to US$4.48 billion, compared with market-wide growth of approximately 6% to 6.5% reported by Lloyd's over the same period. The results confirm the firm's rapid ascent through the ranks of the London market, with ICWP now up 96% since 2022.
The growth rate puts Canopius well ahead of peers at comparable scale. Hiscox, which wrote US$4.98 billion in premiums for 2025, reported growth of 5.9%. Beazley's written premiums were essentially flat. Canopius is now within US$500 million of Hiscox's top line, a gap that was considerably wider a year ago.
Lloyd's disclosures show that Syndicate 4444, Canopius's flagship, overtook Beazley's Syndicate 2623 to become the largest syndicate at Lloyd's for the 2025 year of account.
The group net combined ratio improved to 88.5% from 90.2%, comparing favorably with Lloyd's market-wide figure of 92.5% at the half-year mark, though trailing Hiscox's 87.8% and Beazley's 81% for the full year.
Tangible net asset value rose 24% to US$2.24 billion. Return on opening tangible equity came in at 25.8%, down from 27.7% the prior year, as capital growth outpaced earnings expansion. Capital surplus over requirements rose 9% to US$710.7 million, and the investment portfolio yielded 4.9%.
Group CEO Neil Robertson (pictured above) called 2025 a turning point. "Our strategy is to take an ambitious but disciplined approach to growing Canopius in the areas where we already have, or can have, a distinctive or competitive advantage," he said.
The company said it repositioned its underwriting portfolio toward greater diversification, refined its risk appetite, and adopted AI tools to support operations. It also announced plans to open a permanent office in Manchester in April 2026, serving as a center of operational excellence.
In a previously disclosed transaction, Samsung Fire & Marine Insurance increased its shareholding in Canopius Group in June 2025. The company characterized the move as recognition of its team and capabilities.
The full-year results build on a strong first half, when Canopius posted a 24% increase in profit after tax to US$222 million and ICWP rose 31% to US$2.41 billion.
Robertson said the 2026 market is expected to remain competitive, with volatility in loss trends and increasing competition. Investment in talent, technology, and operational infrastructure would position the firm for continued development across geographies and product lines, he added.
