A growing and profitable North American specialty insurance group
1
2
Canada
Primary Insurance:
$439M 2023 GPW1
(Surety, Warranty, and
Corporate Insurance)
Fronting:
$469M 2023 GPW1
(Property and Casualty)
1
2
United States
Program Insurance:
$2B 2023 GPW1
(E&S and Admitted)
Primary Insurance:
$25M 2023 GPW1
(Surety and Corporate
Insurance)
Note: All figures in C$ unless otherwise stated.
1 This is a non-IFRS financial measure. Refer to Q4 2023 MD&A, Section 10 for details. To access MD&A, see Trisura's website or SEDAR+ at www.sedarplus.ca.
3
Specialty insurance relies on niche underwriting and structuring expertise
✓
✓
Difficult to Underwrite: Classes of business that require deep, differentiated expertise to underwrite, administer and service
Complex to Structure: Structures that balance the needs of our distribution and capital partners with appropriate alignment
Experiencedecades Matters: Our team is uniquely focused on specialty lines and has been for
4
Where We Have Come From
Progress on Key Metrics
Evolution of Earnings Composition
Growth in gross premium written has maintained early momentum
$2,971
+65%69%
CAGR
$147
31%
2017
2023
Canada
US
Note: All figures in C$ million unless otherwise stated.
6
Specialty focus has driven strong net underwriting income alongside growth…
Net Underwriting Income1:
Consolidated Combined Ratio2:
$99.3
3
96%
+74%
CAGR
(13%)
83%
3
$3.6
2017
2023
2017
2023
Note: All figures in C$ million unless otherwise stated.
1
This is a non-IFRS financial measure. Refer to Q4 2023 MD&A, Section 10 for details.
7
2
This is a non-IFRS ratio. Refer to Q4 2023 MD&A, Section 10 for details.
3 Represents net underwriting income from Canada and US, excluding $3.3 million of Corporate operating expenses that are not directly related to underwriting. Excludes impact of certain items to normalize net underwriting income in order to reflect our North American specialty operations.
…which has supported growing net income and industry-leading ROE…
Operating Net Income1:
Operating ROE2:
$110.2
20%
+82%
+17%
CAGR
$3.0 3
3%3
2017
2023
2017
2023
Note: All figures in C$ million unless otherwise stated.
1
This is a non-IFRS financial measure. Refer to Q4 2023 MD&A, Section 10 for details.
8
2
This is a non-IFRS ratio. Refer to Q4 2023 MD&A, Section 10 for details.
3
Refer to slide 29 for additional detail.
…as well as significant growth in book value
Book Value:
$662
+32%
CAGR
$124
Debt-to-Capital1:
19%
(9%)
10%
Q1/18Q1/24
Book Value Per Share1:
+20% $13.89
$4.67
CAGR
Q1/18Q1/24
Q1/18Q1/24
Note: All figures in C$ million except for per share measures, unless otherwise stated.
1 This is supplementary financial measure. Refer to Q1 2024 MD&A, Section 10 for details.
9
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Disclaimer
Trisura Group Ltd. published this content on
11 June 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
11 June 2024 21:00:04 UTC.
Trisura Group Ltd. is a specialty insurance provider. The Company is engaged in operating in surety, risk solutions, corporate insurance, and fronting business lines of the market. It has investments in subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada (Trisura Canada) and the United States (Trisura US). Its segments include the operations of Trisura Canada, comprising surety business underwritten in both Canada and the United States, and risk solutions, fronting and corporate insurance products primarily underwritten in Canada and Trisura US, which provides specialty fronting insurance solutions underwritten in the United States. The main products offered by its surety business line are contract surety bonds, commercial surety bonds, developer surety bonds, and new home warranty insurance. Its contract surety bonds, such as performance and labor and material payment bonds, are primarily for the construction industry.
TRISURA GROUP LTD. 
