Trisura : Investor Presentation – A Growing and Profitable Specialty Insurer

A Growing and Profitable Specialty Insurer

May 2024

A Growing and Profitable Specialty Insurer

• Canadian specialty lines franchise operating on a primary basis for 18 years

Diversified	• US hybrid fronting platform participating in the admitted and non-admitted ('E&S') markets for 6 years
Specialty Platform
• Earnings supported by an attractive mix of underwriting income and recurring fee-based and investment income
	• 10.2% Debt-to-capital1 below our internal target (20%) and capital in excess of regulatory requirements
Strong Balance Sheet	• Issuer rating of BBB (DBRS); Financial Strength ratings of A (low) (DBRS) and A- (AM Best) at operating subsidiaries
• 20% consolidated Operating ROE2 (ROE: 15%); 5-year average 83%3 combined ratio2 in Canada and 28% Q1 2024
and Profitability
Operating ROE (ROE: 29%); increasing profitability from US subsidiary reaching a 14% Q1 2024 Operating ROE (ROE: 4%)
	• Conservative approach to reserving; consistent history of favourable prior year claims development in primary lines
	• 5-year GPW4 CAGR of 68%3 (41%3 in Canada, 107%3 in US)
De-Risked Growth	• Growth supported by deepening distribution relationships in existing lines of business, expansion of primary lines to the US
Opportunities	and growth of our hybrid fronting model across North America
	• Proven access to capital and reinsurance relationships to support growth
	• Investment portfolio comprised primarily of cash (38%) and fixed income (49%)
Conservative Risk	• Conservative underwriting culture; limited retention in US and 5-year average loss ratio2 of 21%3 in Canada
• Disciplined reinsurance strategy; deep relationships with high-quality counterparties - 88% of reinsurance contract assets
Management
are with rated reinsurers, the remaining 12% from unrated reinsurers with appropriate collateral
	• Strong enterprise risk management infrastructure in place
Experienced	• Management team with a diversity of skills, and strong relationships with regulators and distribution partners; senior
Management	management directly owns ~6% of shares outstanding
& Board of Directors	• Board of Directors comprised of seasoned executives with strong experience across financial services

Pure-Play Specialty Insurer Targeting Mid-to-High Teens ROE and Growth in Book Value

Note: All figures in C$ million unless otherwise stated. 1 This is a supplementary financial measure. Refer to Q1 2024 MD&A, Section 10 for details. To access MD&A, see
Trisura's website or SEDAR+ at www.sedarplus.ca. 2 This is a non-IFRS financial ratio. Refer to Q1 2024 MD&A, Section 10 for details. 3 As of December 31st, 2023.	1
4 This is a non-IFRS financial measure. Refer to Q1 2024 MD&A, Section 10 for details.

Company Overview

• Trisura Group Ltd. (TSX: TSU) is a specialty insurer operating in the surety, risk solutions - warranty, corporate insurance and fronting market segments
• Trisura operates in niche markets, relying on specialized underwriting knowledge and structuring expertise to offer commercial products and services not provided by most insurers
• Components of Trisura were founded and incubated within Brookfield Asset Management; Canadian specialty insurance in 2006 and US fronting in 2017 prior to spin-out

Canada

• 18-yearoperating history in surety, risk solutions - warranty and corporate insurance segments; strong track record of profitable underwriting
• LTM Q1/24 GPW: $978 million
• LTM Q1/24 Operating Net Income1: $77 million (Net Income: $79 million),
  28% Operating ROE (ROE: 29%)
• DBRS Rating: A (Low)
• A.M. Best Rating: A- (Excellent) Size 9

Key Performance Metrics

US

• Hybrid fronting business that works with distribution partners and cedes majority of risk to reinsurance markets
• LTM Q1/24 GPW: $2.1 billion
• LTM Q1/24 Operating Net Income: $42 million (Net Income: $13 million),
  14% Operating ROE (ROE: 4%)

• DBRS Rating: A (Low)
• A.M. Best Rating: A- (Excellent) Size 9

$117 million

$2 billion2

Market Cap

$662 million

Q1/24

Book Value

$3 billion

LTM Q1/24

GPW

LTM Q1/24

Op. Net Income1

(Net Income: $89 million)

20%

Operating ROE

(ROE: 15%)

10.2%

Q1/24

Debt-to-Capital

+121% Since

Year-end 2020

+29% Y/Y

+16% Y/Y

+29% Y/Y

-0.6pts Y/Y

-2.6pts Y/Y

Established Canadian Specialty Platform and Growing US Fronting Business

Note: All figures in C$ million unless otherwise stated.
1 This is a non-IFRS financial measure. Refer to Q1 2024 MD&A, Section 10 for details. 2 As at May 24th, 2024.	2

Key Achievements

Share Price Performance1 and GPW Growth ($ millions)

Trisura		TSX Financials		S&P/TSX		Consolidated LTM GPW

$3,034 / +1,883% 536%

$153	38%
30%

Key Achievements

• 2017: Completed spin-off from Brookfield; US platform secured licenses and rating
• 2018: Internalized investment function across subsidiaries; US began writing premium
• 2019: Completed inaugural equity raise and closed acquisition of admitted market capabilities
• 2020: Completed $68 million equity raise, increased capacity on revolving credit facility to $50 million and launched US surety
• 2021: Launched Canadian fronting, completed $75 million notes offering and executed a four-for-one common share split

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2022: Advanced various ESG initiatives, completed $150 million equity raise and closed acquisition of Sovereign's surety business

2023: Announced US corporate insurance, completed $53 million equity raise

2024: Closed acquisition of U.S. treasury-listed surety entity

Note: All figures in C$ million unless otherwise stated.	3
1 Cumulative share price performance measured from close of business December 31st, 2017. 2 'Current' as at May 24th, 2024.

Strategic Priorities

	• Diversify earnings and demonstrate stable returns (underwriting with recurring fee and investment income)
	• Demonstrate the value of specialty focus in primary lines through loss ratio outperformance
Profitability	• Drive stable fronting fees through diversified program book and prudent counterparty credit risk management
	• Optimize risk-adjusted investment portfolio yield, improve diversification and maintain liquidity while enhancing
	investment income
	• Leverage fixed cost base and technology to gain scale, demonstrating sustainable mid-to-high teens ROE
	• Expand North American insurance market share in niche lines through enhanced distribution and capacity relationships
Growth	• Expand proven platforms and expertise to new geographies (US Surety, US Corporate Insurance) and supplement
established practices in local markets
	• Evaluate strategic partnerships and inorganic opportunities
	• Maintain appropriate regulatory capital; improve ratings and size category
Risk & Capital	• Uphold risk management best-practices across the platform
Management
	• Optimize retention and capital allocation
	• Develop track record of execution and expand shareholder base
Capital Markets	• Enhance capital markets access through investor, banking, rating agency and other stakeholder communications

Centralized Corporate Function Providing Support for Operating Subsidiaries to Grow Profitably

4

North American Specialty Insurance Market

• Commercial products/services not provided by most insurers
• Focused underwriting knowledge, financial and structuring expertise
• Claims are less frequent but can be higher in severity
• • Severity can be mitigated through strategic use of reinsurance
• Improved pricing power relative to standard insurance, supporting strong underwriting performance and operational ROE
• Outsized growth relative to P&C industry over the past 5 years
• Trisura has a 18-year history of profitable underwriting in Canada and 5-year history in the US

Canadian Market ($ billions)	US Market (US$ billions)
DWP Growth1	DWP Growth1

US - Admitted vs. E&S

	Admitted	E&S (Non-Admitted)
Pricing	Rates and form need	Freedom of rate and
	to be approved	form
Product	Well developed risks	Unique and emerging
	(standard auto, etc.)	risks
Licensing	Carrier needs	US carrier only needs a
	approval from each	license in one state
	state to conduct
	business
Trisura	49 states	All US jurisdictions
Footprint

Favorable Profitability

US Market1

Specialty Market2

$12 .0
$10 .0	$7.4	$8.5
$8. 0
$6. 0
$4. 0
$2. 0
$0. 0
	2021	2022

P&C Industry2
$83.1	$89.5
2021	2022

E&S Market3
	$75.5
$63.2
2021	2022

P&C Industry

2022 Average

	$876.1	Domestic Professional Surplus Lines Composite 4
$797.8		U.S. P&C Industry
		102.7%
		91.1%
		76.4%
		64.3%
2021	2022

14.9% YoY Growth

13.2% CAGR ('17-'22)

7.7% YoY Growth

7.8% CAGR ('17-'22)

19.5% YoY Growth

19.0% CAGR ('17-'22)

9.8% YoY Growth

6.4% CAGR ('17-'22)

Loss / LAE Ratio

Combined Ratio

Specialty Lines have Demonstrated Attractive Profitability and Growth

Note: All figures in C$ million unless otherwise stated.
1 Source: MSA Research, SNL Financial, A.M. Best. 2 Excludes premium written by Canadian entities outside of Canada. 'Specialty Market' in Canada	5
includes Boiler & Machinery, Credit, Credit Protection, Fidelity, Hail, Legal Expense, Cyber Liability, Directors and Officers Liability, Excess Liability,

Professional Liability, Umbrella Liability, Pollution Liability, Surety and Marine. 3 Excludes E&S premiums written at Lloyd's. 4 As defined by A.M. Best. Represents US domiciled insurers that primarily write surplus and / or specialty admitted business.

Overview - Trisura Canada

Business Description

•	18-year history in surety, risk solutions - warranty and corporate
	insurance segments, with strong track record of profitable
	underwriting
•	Surety:Contract surety bonds, commercial surety bonds, developer
	surety bonds and new home warranty insurance

Total GPW & Fee Income1 ($ millions)

Surety		Risk Solutions 2		Warranty 2
Fronting 2		Corporate Insurance			Combined Ratio (%)

	91.7%
85.7%	88.8%	86.3%	87.8%	85.5%
85.3%					81.8%
				81.1%	80.7%	81.1%	80.7%

$942

• #4 in Canadian Surety Market3

• Risk Solutions Warranty ('Warranty'): Customized structures in

the auto and consumer goods space catering to a diverse client base

• Canadian Fronting ('Fronting'): Fronting for reinsurers through

licensed brokers and Managing General Agents ('MGAs')

• Began writing in 2020, primarily on a fully-fronted basis

• Corporate Insurance: D&O liability, professional liability, technology

& cyber liability, multimedia liability, fidelity, and comprehensive

general liability and property

• #9 in Canadian Specialty3, 4

• Launched surety in the US in 2021 and announced US corporate

insurance in 2023 - geographic expansion of existing business will

$94

27%

29%

44%

2014

$107

27%

33%

40%

2015

$128

25%

38%

37%

2016

$150

22%

43%

35%

2017

$169

23%

44%

33%

2018

$188

25%

41%

34%

2019

$284

25%

48%

27%

2020

$571

21%

61%

18%

2021

$738

22%

61%

17%

2022

19%

50%

14%

17%

2023

	$227
$183	17%
22%	49%
47%
13%	15%
19%
18%
Q1/23	Q1/24

	replicate Canadian strategy and leverage existing infrastructure
•	Distribution via third-party brokers, with a focus on those in Canada
	specializing in our target segments
•	Reinsurance protects balance sheet with diversified and highly-rated
	reinsurers

Return on Equity and Book Value ($ millions)

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	Q1/23	Q1/24
ROE /	14%	15%	8%	14%	19%	19%	20%	30%	30% /	29% /	28% /	29% /
Op. ROE	28%	29%	28%	28%
BV	$61	$63	$68	$73	$75	$90	$110	$166	$211	$290	$230	$334

Diversified Platform With Track-Record of Growth, Underwriting Profitability and Robust ROEs

Source: Internal information, MSA Research
Note: All figures in C$ million unless otherwise stated.	6
1	Fee income reflects fees for surety services. 2 Risk Solutions now segmented into Warranty and Fronting in Q1 2023. 3 As at December 31st, 2022.
4	Canadian Speciality includes D&O, E&O, Cyber, XS and Fidelity Markets.

Overview - Trisura US

Business Description

• Fee-basedhybrid fronting model originates premium and cedes majority of underwriting risk to partners for a fee
• Distribution through program administrators and MGAs
• Participate in Excess and Surplus and Admitted markets
• Programs have bespoke, dedicated reinsurance capacity; counterparties are generally highly rated or collateralized

Q1 2024 GPW Breakdown by Line1

	Other, 20.7%	Primary and
Homeowners	Excess
	Casualty,
Multiple - Peril,
	29.6%
4.2%

Commercial

Multiple - Peril,

22.0% Commercial

Auto, 23.5%

Illustration of Hybrid Fronting Model		GPW and Fronting Fee Income2 ($ millions)
Premiums	Premiums		GPW		Fee Income Earned Premiums to Capital3	LTM Operating ROE

								13.6% Op. ROE
								(-1.0% ROE)
Claims		Claims					13.4% Op. ROE	$80
					(-12.1% ROE)
Payment		Payment					$67
						14.0%
					11.7%	$43			13.6% Op. ROE 14.3% Op. ROE
								(-16.0% ROE)	(4.1% ROE)
					$24			$2,037
				5.0%		$1,702			$22
							$18
			n/a
Distribution Partners
	Capacity Providers		$8		$999
(Managing General		$1		$647
	(Reinsurers)					$483	$501
Agents)	Fronting Fee		$264
	(% of Ceded Premiums)		2018	2019	2020	2021	2022	2023	Q1/23	Q1/24
			0.8x	2.4x	4.1x	4.7x	6.2x	6.7x	6.4x	6.2x
			14	29	48	62	69	74	70	71

# of Programs

Fee-Based Platform with Significant Growth Potential; Reinsurance to Manage Insurance Risk

Note: All figures in C$ million unless otherwise stated.

1 "Other" includes Allied Lines - Flood, Auto Physical Damage, Burglary and Theft, Boiler and Machinery, Dwelling Fire, Farmowners Multiple - Peril, Inland	7
Marine, MonoLine Property, Prepaid Legal, Private Auto, Product Liability, and Surety. 2 Trisura US began writing business in February 2018. 3 This is a non-
IFRS financial ratio. Composition: annualized GPW / end of period capital. End of period capital includes 25 million USD surplus note in Trisura US.

Balance Sheet

	Balance Sheet ($ millions)
	Assets
	Cash and Cash Equivalents					636.2
	Investments					1,056.6
	Other Assets					33.7
	Reinsurance Contract Assets					1,947.3
	Capital Assets and Intangible Assets					28.1
	Deferred Tax Assets					34.9
	Total Assets					3,736.8
	Liabilities & Shareholders' Equity
	Insurance Contract Liabilities					2,871.7
	Other Liabilities					127.9
	Loan Payable					75.0
	Total Liabilities					3,074.6
	Shareholders' Equity					662.2
	Total Liabilities & Shareholders' Equity			3,736.8
	Shares Outstanding (millions)					47.7
	Book Value Per Share					13.89
	Debt-to-Capital (20% Target)					10.2%
		Segmented Book Value
				Q1 2024 Reported
			Trisura	Trisura	Corporate
			Canada	US	and other	Total
Assets1	1,151.5	2,491.1	94.2	3,736.8
Liabilities1	817.9	2,201.3	55.4	3,074.6
Book Value1	333.7	289.8	38.7	662.2
Book Value Per Share	7.00	6.08	0.81	13.89

Conservative Balance Sheet Supported by Investment Grade Rating

Note: All figures in C$ million unless otherwise stated.

1 Individual segmented amounts are supplementary financial measures. The total amount is presented in the consolidated financial statements.	8

Investments

Portfolio by Asset Class1	Fixed Income Portfolio by Term1,2,3
Common Shares and Other,	> 10 Years, 5%
Preferred Shares, 2%
Alternatives, 7%
4%
High Yield Bonds,
3%		< 1 Year,
		19%
Cash & Short	5-10 Years,
Term Securities,
24%
38%
		1-3 Years,
Investment Grade		25%
Bonds,
39%
	3-5 Years,
	27%
Government Bonds,
7%
Fixed Income Portfolio by Rating1,2,4	Portfolio by Industry1,2,5
High-Yield,
6%
AAA,
6%
AA,	Other
15%
22%
		Financial
BBB,	Telecommunications	37%
35%	5%
	Energy
A,	6%
38%
		Government
	Real Estate	12%
	8%
	Industrial
	10%
1 Investment portfolio categorization as at March 31st, 2024. US and International portfolios converted to CAD at quarter-end exchange rate. 2 Cash
excluded from Rating, Term and Industry segmentation. 3 This is a supplementary financial measure. Composition: carrying value for each term, divided by	9
total carrying value for fixed income investments. 4 This is a supplementary financial measure. Composition: carrying value for each credit rating, divided by

total carrying value for fixed income investments. 5 This is a supplementary financial measure. Composition: carrying value for each industry divided by total carrying value for investments.