Trisura Group (TSU) Investor presentation summary

Strategic positioning and business model

• Focuses on specialty insurance lines including surety, corporate insurance, warranty, fronting, and program markets, leveraging a North American platform for integrated operations.

• Specialty lines are resilient, offering higher profitability and growth compared to standard P&C insurance, supported by structural industry tailwinds.

• Maintains a diversified and experienced management team with an average of 25+ years at the senior underwriting level.

• Emphasizes disciplined growth, consistent profitability, and prudent capital management as core strategic pillars.

• Operates with a partnership model and ownership culture to drive high performance and accountability.

Financial performance and growth metrics

• Achieved a 5-year book value CAGR of 33% and a 5-year operating ROE average of 19%.

• 4-year average combined ratio stands at 82%, reflecting strong underwriting discipline.

• Net income CAGR reached 26% over five years, with book value per share growing from $7.06 in 2020 to $19.42 in 2025.

• Primary lines, comprising about two-thirds of net premiums, are the fastest-growing and highest-margin segments.

• Fronting and program businesses provide fee-based, resilient earnings and diversification across cycles.

Market position and product mix

• Holds top market share positions in Canadian surety and warranty, and is a leading player in US programs and fronting.

• Primary lines include contract and commercial surety, E&O/D&O, CGL, and warranty products, with strong growth in gross premiums written.

• Fronting and US programs account for about one-third of net premiums, with a highly reinsured model and selective risk retention.

• Specialty lines have consistently outperformed the broader P&C industry in growth and profitability.

• Investment portfolio is high quality, with 96% of fixed income holdings in investment grade, highly liquid bonds.