Canopius Group reported a 10% rise in insurance contract written premium to US$2.66 billion (1H25: US$2.41 billion) and an improved undiscounted combined ratio of 87.3% (1H25: 89.7%) for the six months to 30 June 2026, even as rates fell 7% across its overall portfolio amid continued softening in several commercial insurance lines.
Net insurance revenue rose 15% to US$1.59 billion (1H25: US$1.39 billion), and profit after tax increased 76% to US$391 million (1H25: US$222 million), largely reflecting the sale of Vave Holdings to a subsidiary of Acrisure; excluding that sale, profit after tax rose 18% to US$261 million. Annualised return on opening tangible equity was 23.2%, against 24.5% a year earlier. Tangible net asset value rose 12% to US$2.50 billion.
Property faced strong competition on rate, particularly in direct and facultative business, though delegated authorities still delivered underlying growth. Casualty saw better rate alongside organic growth. Cyber "continues to perform well" despite rate pressure, and reinsurance performed satisfactorily "despite considerable pressure on rate," aided by active portfolio management. Natural resources continued to suffer from over-capacity and pressure on signings.
Specialty performed satisfactorily in a relatively stable rate environment, Portfolio Solutions saw substantial development from new broker facilities including in the US, and financial lines recorded good growth on rising submission volume, giving Canopius broader-based growth than the headline property and casualty lines alone suggest.
By region, the UK delivered positive performance overall even as much of the portfolio faced rate pressure in a competitive environment, with Canopius saying its propositions continue to be well received by the market while it remains disciplined where it cannot achieve required rate. In the US, Portfolio Solutions continues to attract significant wholesale market interest; property saw pressure on rate "although rate adequacy remains robust," while casualty, cyber, specialty and financial lines all continued to develop positively. In Bermuda, Canopius non-renewed several significant contracts based on price, though the operation continues to benefit from new underwriting capabilities and a broadening client and product base. APAC recorded solid growth across property and casualty, reinsurance and specialty, with strong retention.
The result comes as Lloyd's warns the market is "softening" rather than "soft," and could "turn on a knife edge," according to chief of market performance Rachel Turk, speaking in January 2026. A separate Oxbow Partners report found net underwriting results across the Lloyd's market fell 14% to £4.8 billion in 2024, down from £5.5 billion in 2023.
Hiscox, which reported a day earlier, posted insurance contract written premiums of US$3.24 billion, up 10.1%, and an improved undiscounted combined ratio of 90.4% from 92.6%. The insurer also provided more detailed underwriting disclosures, reporting London Market rates down 5% overall, major property rates down 14%, and the non-renewal of 17% of major property risks and 23% of its power and renewables portfolio. Chief underwriting officer Jo Musselle said the results reflected "lots of different microcycles" across the business.
"Despite a more challenging trading environment, the breadth and diversity of our business and the momentum we have generated in recent periods continues to be reflected in premium growth and ongoing rate adequacy. Once again, we delivered growth across all business regions - the UK, US, Bermuda and APAC - achieving year-on-year growth of 10%, a result of which we are collectively proud," said group chief executive Neil Robertson. He added the group's investment portfolio "continues to deliver strong levels of income with low volatility as our asset base grows."
Robertson said the group will "continue to apply a disciplined and selective approach to capital allocation with a strongly held commitment to pricing integrity" as competition intensifies.
Canopius’s 7% portfolio-wide rate decline sits alongside Bermuda contract non-renewals and property rate pressure most acute in D&F and, to a lesser extent, US markets. By contrast, casualty is an area of improving rate alongside organic growth, and cyber is an area of continued appetite despite rate pressure, suggesting brokers may find more favourable conditions placing those two classes with this carrier through the second half. The additional strength in Portfolio Solutions, particularly its US broker-facility growth, and in financial lines on rising submission volume, gives brokers two further, less-obvious areas of active appetite worth testing alongside the headline casualty and cyber picture.
