Trisura Group Ltd. · TSX:TSU
Trisura — Investor Presentation (March 2025)
19 slides from Trisura's investor presentation, March 2025
Slide 1: A Growing and Profitable Specialty Insurer
A Growing and Profitable Specialty Insurer March 2025
Slide 2: Company Highlights
Company Highlights ✓ • Earnings1 driven by an attractive mix of underwriting income and recurring Diversified ~68% of Earnings fee-based and investment income, buoyed by secular specialty market Specialty Platform are Recurring2 tailwinds ✓ Experienced • Executives with long-tenured experience under
Slide 3: Company Overview
Company Overview • Trisura (TSX: TSU) is a specialty insurer operating in surety, warranty, corporate insurance, fronting and program markets • Trisura offers niche commercial products and services not provided by most insurers • Trisura was founded within Brookfield Asset Management in 2006 Investm
Slide 4: Specialty P&C
Specialty P&C • Specialty includes Surety (Canada and the US), Warranty, Canadian Fronting and Corporate Insurance (Canada and the US) and represents 35% of Gross Premiums Written • US Programs includes program focused admitted and surplus lines and represents 65% of GPW, written through a highly re
Slide 5: Key Achievements
Key Achievements Share Price Performance1, GPW and Operating Net Income Growth Trisura Share Price TSX Financials S&P/TSX Consolidated LTM Operating Net Income Consolidated LTM GPW 2400% 2,345% 1900% 1,966% 1400% 900% 400% 414% 55% -100% 52% Key Achievements ✓ 2017: Completed spin-off from Brookfiel
Slide 6: Strategic Priorities
Strategic Priorities • Diversify earnings and achieve stable returns (underwriting with recurring fee and investment income) • Demonstrate the value of specialty focus in primary lines through loss ratio outperformance • Drive stable contribution from US Programs through diversified portfolio and pr
Slide 7: Capital Position
Capital Position • Trisura maintains a significant equity base ($785 million) and revolving credit facility ($75 million)1 • Debt to capital ratio of 11.1% is below target of 20.0% and provides room for $98 million in capacity • MCT in Canada is 276%, in excess of regulatory minimums • RBC ratios in
Slide 8: Capital Allocation
Capital Allocation 1 Support Organic Growth • Significant opportunities to deploy capital to support organic growth in Canada and the U.S. • U.S. Surety and U.S. Corporate Insurance continue to grow, alongside opportunities in established lines 2 Opportunistic M&A • Inorganic initiatives considered
Slide 9: Composition of Earnings
Composition of Earnings • Trisura’s earnings are supported by an attractive mix of: 1. Underwriting Income • Produced through business lines with a 19-year history of industry leading profitability • Includes NUI1 from Surety, Warranty and Corporate Insurance 2. Fee-Based Income & Investment Income
Slide 10: Board of Directors & Management
Board of Directors & Management • Trisura has a robust management team and board of directors consisting of insurance executives with significant Canadian, US and International experience Board of Directors President and CEO, Windermere Investment Corporation; former CEO, Partners Value Investments
Slide 11: Appendix
Appendix
Slide 12: North American Specialty Insurance Market
North American Specialty Insurance Market • Commercial products/services not provided by most insurers US – Admitted vs. E&S Admitted E&S (Non-Admitted) • Focused underwriting knowledge, financial and structuring expertise Pricing Rates and form need Freedom of rate and • Claims are less frequent bu
Slide 13: Trisura Specialty
Trisura Specialty Business Description Total GPW & Fee Income1 ($ millions) • Track record of profitable underwriting and conservative GPW & Fee Income Combined Ratio (%) reserving with strong return on equity to support growth $1,300 91.7% 88.8% 86.3% 87.8% 85.7% 85.3% 85.5% 83.5% $1,250 81.1% 80.7
Slide 14: A Focus on Surety
A Focus on Surety Surety Overview Illustration of Surety Bond Structure • Surety bonds represent a tri-party, credit-like agreement Payment protecting an Obligee against losses incurred as a result of a Obligee Principal Principal’s failure to perform its contractual obligation(s) (ie. Gov’t) (ie. C
Slide 15: Trisura US Programs
Trisura US Programs Business Description 2024 GPW Breakdown by Line1 • E&S focused programs business utilizes quota share and XOL reinsurance structures to manage risk Other, 19.0% Primary and • Distribution through program administrators and MGAs Homeowners Excess Multiple - Peril, Casualty, • Grow
Slide 16: Balance Sheet
Balance Sheet Balance Sheet ($ millions) 2024 Annual Assets Cash and Cash Equivalents 270.4 Investments 1,434.5 Other Assets 42.4 Reinsurance Contract Assets 2,771.2 Capital Assets and Intangible Assets 29.4 Deferred Tax Assets 44.0 Total Assets 4,591.9 Liabilities & Shareholders' Equity Insurance C
Slide 17: Investments
Investments Portfolio by Asset Class1 Fixed Income Portfolio by Term1,2,3 Common Shares and Other > 10 Years Preferred Shares 2% 4% 8% Alternatives 4% Cash & Short < 1 Year High Yield Bonds 3% Term Securities 12% 17% Government Bonds 5% 1-3 Years 17% 5-10 Years 44% Investment Grade 3-5 Years Bonds 2
Slide 18: Reinsurance Contract Assets (as at December 31, 2024)
Reinsurance Contract Assets (as at December 31, 2024) • Reinsurance contract assets are supported by rated reinsurance companies or appropriate collateral • 70% from A- or better rated reinsurers • 6% from below A- rated reinsurers with appropriate collateral • 24% from unrated reinsurers with appro
Slide 19: Notice to Recipients
Notice to Recipients Trisura Group Ltd. (“Trisura”) is not making any offer or invitation of any kind by communication of this document to the recipient and under no circumstances is it to be construed as a prospectus or an advertisement. Except where otherwise indicated herein, the information prov