And highlighted that the company’s defensive and short duration portfolio leaves them well positioned. He also pointed out that the loss after tax of $25 million was driven by negative investment return, without which Canopius would have recorded a satisfactory pre-tax profit.Ī negative investment return of $80 million (-2.8%), Robertson added, is due to interest rate increases creating mark-to-market unrealised losses that we expect to unwind into 2023. And noted that the Group has withstood unprecedented geopolitical uncertainty, macroeconomic turmoil and, like others, their results were impacted by Hurricane Ian. These results show the significant progress that has been made and represent a very positive step forward for our Group.”Ĭonsidering the headwinds the industry has faced this year, Robertson described Canopius’ improved combined ratio as pleasing.
#COMBINED DESTINIES FULL#
We went through a restructure and ‘transformed’ the business to better align global products and regional expertise to unlock our full potential. “In delivering this growth journey, in 2022 we set about ‘resetting’ our operating model. “We set out an ambitious strategy of growth over a three-year period, as a multi-national, multi-platform insurance company across three regional business units, the UK, US & Bermuda, and Asia Pacific. Neil Robertson, Group Chief Executive Officer, said: “In 2022 Canopius underwent a structured programme of transformation, with meaningful contributions from our colleagues across the Group. This was credited to its strong performance across each geographical segment: US & Bermuda of 84%, UK of 96% and APAC of 90%.Ĭanopius also reported an attritional loss ratio of 44.3%, including losses from Russia-Ukraine and a loss after tax of $25 million (including a negative total investment return of $80 million). Top Global Insurance & Reinsurance BrokersĬanopius Group, a global specialty re/insurer, has announced its 2022 financial results reporting that gross written premiums (GWP) increased to $2,338 million, up from $2,220 million in 2021, with growth seen in all geographies.Īdditionally, the Group’s combined ratio improved to 93.6%, down from 2021’s 96.7%.Reinsurance mergers & acquisitions (M&A).
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