Trisura Group (TSU) Scotiabank Financials Summit summary

Growth strategy and platform evolution

• Focused on scaling North American specialty insurance, with recent investments in US Surety and Corporate Insurance to drive growth.

• Transitioned from separate Canadian and US segments to an integrated North American platform, reflecting cross-border expertise and practices.

• Reporting structures have evolved to better reflect the integrated business and provide more relevant information to investors.

• Targeting a balanced earnings contribution from Canada and the US within three to five years, with faster growth expected from US operations.

• Organic growth remains strong across existing platforms, with a robust pipeline for future expansion.

US Programs and profitability focus

• US Programs platform is maturing, with growth rates normalizing as the business scales.

• Emphasis remains on profitable growth, refining risk appetite and focusing on core lines.

• US Programs accounts for about 15% of the $100 billion MGA market, offering significant room for share gains.

• Mid-term operating ROE for the US platform is targeted in the mid- to high-teens as scale increases.

• Retention levels in US fronting business have increased to 10-15%, reflecting greater maturity and confidence in partners.

Operational ratios, capital, and growth outlook

• Fronting operational ratio may rise with higher retention, but overall profitability and ROE remain the key focus.

• 2024 top-line growth for US Programs expected in the low- to mid-single digits, with a strong setup for 2025.

• Capital levels are robust, supporting internal funding for growth and maintaining attractive ROEs.