Trisura Group (TSU) Investor Day 2025 summary

Strategic direction and market positioning

• Focus on specialty commercial P&C risks, avoiding personal lines and life insurance, with expertise in surety, corporate insurance, warranty, fronting, and programs, aiming to be the first choice for specialized solutions.

• Expanded from a Canadian-only entity to an integrated North American specialty platform, now with six offices in both Canada and the U.S.

• Differentiation through niche underwriting, tailored solutions, strong broker relationships, and a broker-first mindset, supported by a long-tenured management team.

• Five pillars of underwriting income: Surety, Corporate Insurance, Warranty, Canadian fronting, and U.S. programs, with recent growth in de novo platforms.

• Institutionalized approach to talent, with high employee engagement, low turnover, and a collaborative, entrepreneurial culture supporting operational excellence.

Financial performance and growth

• Gross written premium grew from CAD 150 million ($147M) in 2017 to over CAD 3 billion ($3,162M) in 2024, a 55% CAGR.

• Combined ratio improved from 96% in 2017 to 83% in 2024, reflecting disciplined underwriting.

• Operating EPS increased from $0.09 in 2017 to $2.80 in 2024, a 63% CAGR.

• Book value per share CAGR of 20%, with total book value rising from $122M to $785M and surpassing CAD 800 million in equity.

• Return on equity reached 19.6% in 2024, with 40% of ROE from conservative investment income and the rest from diversified underwriting.

Competitive advantages and industry benchmarks

• Outperformed peers by six points on combined ratio and two points on ROE over the last five years, with an 81% combined ratio and 18% operating ROE.

• Book value per share growth consistently exceeded industry averages from 2020 to 2024.

• Strong capital position with $820M equity capital and an A- rating from AM Best.

• Debt-to-capital ratio below 20% target, currently at 10.7%, providing flexibility for future growth.

• 86% of investment portfolio in fixed income and cash, supporting conservative risk management.