Trisura Group (TSU) 28th Annual CIBC Western Institutional Investor Conference summary

U.S. surety and insurance expansion

• U.S. surety business has gained momentum, with a new distribution relationship driving growth in Q3 and establishing a new base level for the business.

• U.S. surety market is significantly larger than Canada, and operations are managed from Toronto using proven Canadian standards.

• Anticipated mid-teens growth in surety for 2025, with U.S. surety expected to rank 30th–35th in the U.S. by end of 2024.

• Canadian surety growth continues, with entry into the larger contractor market expected in the next year or two.

• U.S. corporate insurance launched last year, with modest premium expected in 2025 and significant contributions projected in years three and four.

Profitability and capital management

• U.S. surety is now profitable with a mid- to low-80s combined ratio; U.S. corporate insurance remains in investment phase, targeting break-even by late next year.

• Warranty business U.S. expansion is under consideration for the next five years, pending partnership opportunities.

• Higher retention in U.S. programs is driving more predictable returns and higher underwriting income.

• The platform is now largely self-funded, with a strong balance sheet and low debt-to-capital ratio, reducing reliance on external capital.

• Capital returns like dividends are not imminent, but flexibility is increasing as book value grows.

U.S. programs and market environment

• U.S. programs business is focusing on profitability, moving away from underperforming programs, with growth expected to resume after non-renewal cycles are lapped.

• Submission pipeline remains strong, especially in the E&S space, with new programs coming online next year.

• The competitive landscape favors larger, diversified players with strong balance sheets.

• Reinsurance market is becoming more favorable, with lower prices and increased capacity, especially benefiting property programs.

• The business model is designed to benefit from both hard and soft markets, with specialty lines outperforming on profitability.