Canopius reports record results
Canopius Group, a privately-owned Lloyd’s insurance underwriting business, today announced a record performance for the year ended 31 December 2009.
Profit before tax for the group rose to £55m up from £43m in 2008 and gross written premiums were also up with a 30% increase to £592m (2008: £457m).
According to Canopius, its combined ratio improved to 88.1% (2008: 100.4%) and investment income totalled £25m for the year representing a 3.1% return on average invested funds.
Canopius, which has increased group total capital resources by £70m to £401m, cited strong underwriting performance from Syndicate 4444 and a lack of significant
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