Canopius Group, the global insurer and reinsurer with operations in Bermuda, has reported a profit after tax of $363 million in the 2023 fiscal year.

That compares with a profit of $129 million in 2022.

Canopius Reinsurance Ltd is a Class 4 insurer licensed and regulated by the Bermuda Monetary Authority.

The company said insurance contract written premium increased 22 per cent to $2.8 billion, which compares with $2.29 billion in 2022.

Net insurance revenue increased 10 per cent to $1.77 billion from $1.61 billion in 2022.

The group net combined ratio was 88.7 per cent (undiscounted) and 83.9 per cent (discounted).

For the US and Bermuda, those figures were 91 per cent (undiscounted) and 83.7 per cent (discounted).

The total investment return was 5.6 per cent, amounting to $173 million, which compares with a loss of $80 million in 2022.

Neil Robertson, group chief executive, said: “I am delighted with our 2023 results, achieving the strongest underwriting result in our history. Canopius has been able to deliver attractive underwriting profitability and business growth while undertaking major initiatives including adding substantial capabilities to our business.

“We have a clear vision against which we are executing our strategy — to deliver attractive and sustainable returns as a leading, dynamic international specialty and P&C [insurer and reinsurer], growing in areas where we have distinction or competitive advantage.

“I am pleased to report another year of strong delivery against this vision, and we are now establishing a track record of meeting our underwriting goals, quarter-on-quarter.”

In 2023, Canopius said, the group was able to demonstrate growth and profitability across all three business regions of Britain, United States and Bermuda, and the Asia-Pacific.

The company added: “Our attritional loss ratio reduced to 43.1 per cent against 45 per cent in the prior year. This was driven by strong underlying performance in the UK region and continued good performance in the USA and Bermuda.”