UK-based Canopius says profit after tax increased 24% to $US222 million ($341 million) in the first half, as rising revenue offset an increase in catastrophe losses.

Net insurance revenue grew 42% to $US1.39 billion ($2.14 billion), and the undiscounted combined operating ratio improved to 89.7% from 91.3%.

Group CEO Neil Robertson says the year has started well.

“Despite rate pressure emerging across parts of our portfolio, the breadth of our business and the momentum we have generated in recent periods has been reflected in material premium growth at strong levels of rate adequacy,” he said.

“We were again able to demonstrate growth and profitability across our business regions in the UK, US, Bermuda and Asia-Pacific.”

Higher catastrophe losses reflected the California wildfires – a “significant though not outsized” event for the company – and many smaller events, while attritional loss experience was stable, with positive reserve experience on current and prior years.

Investment return trends are positive and the capital surplus robust, the (re)insurer says.

“As market competition intensifies, we continue to apply a disciplined and selective approach to capital allocation with a strongly held commitment to pricing integrity across all parts of the Canopius Group,” Mr Robertson said.

“We are confident in our ability to navigate the remainder of 2025 and to further enhance our value proposition.”