By Scott Vincent

March 11 - (The Insurer) - Canopius Group grew its pre-tax profit by 10% to $401.3 million during 2024 on the back of premium growth of 26%, the company said in a statement on Tuesday.

Group CEO Neil Robertson said 2024 represented a record year of profitability for the company, which operates through Lloyd’s Syndicate 4444, Bermuda Class 4 reinsurer Canopius Re, U.S. E&S carrier Canopius US Insurance and its Singapore platform.

Canopius’ group net combined ratio was 90.2% on an undiscounted basis, a deterioration of 1.5 percentage points year on year.

Insurance contract written premium rose to $3.53 billion from $2.80 billion in 2023, with net insurance revenue up 28% to $2.26 billion.

Robertson said he expected 2025 to be a more challenging environment for the businesses, given the loss environment and emerging rate pressure.

Despite these challenges, Canopius said the year had started well with “attractive premium development and a good reinsurance renewal”.

“We are seeing some rate pressure, but we are relentlessly focused on pricing adequacy which is, in our view, the more refined and appropriate way to consider the impact on premiums. This continues to paint a positive picture across our portfolio,” Canopius said in its earnings statement.

The carrier added that it continues to see opportunities to improve and grow its business, remaining confident in its outlook for the coming year.

The business has been owned by a consortium led by Centerbridge and Gallatin Point since 2018, with Samsung Fire & Marine joining the ownership consortium in 2019 with a $150 million buy-in.

While Barclays Capital and Goldman Sachs were appointed to explore a London IPO in 2021, these plans were subsequently shelved. Centerbridge has continued to explore exit strategies, with Goldman Sachs and Jefferies appointed to advise on a strategic review last year.