TORONTO, ON – August 22, 2024 – Trisura Group Ltd. (TSX: TSU),a specialty insurance provider,today announced its second-quarter 2024 results,reporting a slight improvement in its loss ratio and significant growth in key segments despite a decrease in gross premiums written.
The company’s loss ratio edged down to 33.2% from 33.4% in the prior-year period.Gross premiums written totaled $900.4 million, a 5.8% decrease from $956.1 million in Q2 2023. Net insurance revenue, however, experienced a substantial increase, rising 18.1% to $195.8 million compared to $165.8 million year-over-year.
Trisura reported an operating return on equity (ROE) of 17.8%, down from 19.6% in the second quarter of 2023. This decrease was attributed to higher shareholders’ equity resulting from unrealized gains within the investment portfolio, despite continued strong profitability from core insurance operations.
Key Highlights:
- Primary Lines Growth: A 35.1% increase in premiums across primary lines, which the company notes carry higher underwriting margins and contribute substantially to profitability.
- Surety Expansion: A 60.7% growth in quarterly premiums within the Surety platform, driven by expansion in both the U.S. and Canadian markets. The company capitalized its U.S. Surety balance sheet to increase underwriting capacity.
- Financial Strength: Maintained a conservative Debt-to-capital ratio of 13.8%.
- Book Value Record: Book value reached a new high of $843 million, reflecting strong underwriting and investment performance.
“In Q2, we achieved a strong Operating ROE of 17.8% wiht Operating net income of $33.3 million or $0.69 per share,” said David Clare, President and CEO of Trisura. “We continued to benefit from our Specialty focus, disciplined underwriting and growing investment income.”
About Trisura Group Ltd.:
Trisura Group Ltd. is a leading Canadian specialty insurance provider focused on niche, underserved markets. The company operates through three primary segments: Trisura guarantee (Surety), Trisura Commercial Insurance (Commercial Lines), and Trisura Risk (Specialty Risks). Headquartered in Toronto, Ontario, Trisura serves a diverse client base across Canada and the United States. The company’s shares are listed on the toronto Stock Exchange under the symbol TSU.
