Trisura Group (TSU) investor relations material

Introduction and agenda

• The session opened with a focus on Q&A, inviting both pre-submitted and live questions, and set the stage for a deep dive into property and casualty insurance themes.

Current industry trends

• Q4 results reflected strong execution, especially in US surety and Canadian warranty, with consistent performance in US programs.

• The reinsurance market has shifted from a firm stance in recent years to a more accommodative environment, especially in property, with early signs of softening.

• Specialty lines and warranty/surety are less exposed to traditional insurance cycles, providing stability.

• Increased reinsurance capacity is driving growth opportunities, particularly in US programs.

• The MGA market is seeing fewer new launches, with capital and capacity trends favoring established players with scale and data.

Challenges and overcoming obstacles

• Building out US surety and corporate insurance platforms requires extensive licensing and regulatory filings, which have been slower than hoped.

• Inflation and regulatory changes are monitored closely in warranty, but no material impact has been seen yet.

• The company is still not accessing the full Canadian surety market due to size limitations, but the accessible portion is growing.