Trisura Group Ltd. · TSX:TSU
Trisura — Q1 2025 Earnings Presentation
37 slides from Trisura's earnings presentation, May 2, 2025
Slide 1: Driving Profitable Growth in Specialty Insurance
Driving Profitable Growth in Specialty Insurance Investor Day - June 3rd, 2025
Slide 2: Agenda
Agenda Who We Are Where We Have Come From What Sets Us Apart Where We Are Going 2
Slide 3: Who We Are
Who We Are Specialty Insurance Company Overview 3
Slide 4: We believe specialty insurance can be done better.
We believe specialty insurance can be done better. As expert leaders in Surety, Corporate Insurance, Warranty, Fronting and Programs, our mission is to be the first choice for our partners seeking specialty insurance needs. 4
Slide 5: Specialty Insurance Requires Niche Underwriting and Structuring Expertise
Specialty Insurance Requires Niche Underwriting and Structuring Expertise Difficult to Underwrite Complex to Structure Experience Matters Classes of business that Structures that balance the Approach, expertise and require deep, differentiated needs of our distribution relationships in specific line
Slide 6: North American Specialty Insurer Addressing Unique Commercial Risks
North American Specialty Insurer Addressing Unique Commercial Risks Integrated North American Platform Surety Corporate Warranty $33M Insurance $12M Underwriting $13M Underwriting Income1 Underwriting Income Income Canadian US Fronting Programs $21M $38M Underwriting Underwriting Income Income 6
Slide 7: History of Industry-Leading Operating Results Building Specialty Lines
History of Industry-Leading Operating Results Building Specialty Lines Rare Stable Margin Growth Experience Outperformance Pure-play Strong capital Performance Significant Long-tenured diversified position and culture, supporting organic growth management and specialty platform prudent risk industry
Slide 8: Where We Have Come From
Where We Have Come From Key Metrics Earnings Composition Growth in Scale 8
Slide 9: Significant Growth has Enhanced Relevance with Distribution Partners
Significant Growth has Enhanced Relevance with Distribution Partners Gross Premium Written1,2 $3,162 +55% CAGR $147 C$ million 2017 2024 9
Slide 10: Specialty Focus and Disciplined Underwriting has Driven Industry-Leading Profitability
Specialty Focus and Disciplined Underwriting has Driven Industry-Leading Profitability Combined Ratio1,2 96% (13pts) 83% 2017 2024 10
Slide 11: Disciplined Underwriting and Growing Investment Income has Significantly Expanded Earnings
Disciplined Underwriting and Growing Investment Income has Significantly Expanded Earnings Operating EPS1 $2.80 $2.34 +63% CAGR $1.88 $1.47 $0.84 $0.48 $0.32 $0.09 2017 2018 2019 2020 2021 2022 2023 2024 11
Slide 12: A Strong Operator in Specialty Results in Attractive Return on Equity
A Strong Operator in Specialty Results in Attractive Return on Equity Operating ROE1 19.6% 20.0% 19.4% 4.3% 6.8% 7.1% 15.3% 13.2% 12.3% 2022 2023 2024 Underwriting Income Investment Income 12
Slide 13: Consistent Growth in Book Value Achieved Through Strong Underwriting and Investment Returns
Consistent Growth in Book Value Achieved Through Strong Underwriting and Investment Returns Book Value Book Value Per Share1 $16.44 $785 +20% CAGR +31% CAGR $4.59 $122 C$ million 2017 2024 2017 2024 13
Slide 14: What Sets Us Apart
What Sets Us Apart Exceptional Service Strength in Relationships Stability and Depth of Leadership Proven Operator 14
Slide 15: Create Differentiated Experiences for Our Distribution and Capacity Partners
Create Differentiated Experiences for Our Distribution and Capacity Partners Our Values Broker Tailored Build Exceptional Focused Solutions Trust Experiences IQ EQ Our Approach Expertise Entrepreneurial Consistency Decisions Made at the Point of Contact 15
Slide 16: Growing and Diverse Distribution Relationships are Gaining Momentum Across North America
Growing and Diverse Distribution Relationships are Gaining Momentum Across North America Integrated Approach to Coverage 240+ 60 Contracted Contracted Brokers Brokers 44% 52 42 70 5-Year CAGR with Brokers >$1M MGA Partners Programs National Brokers Premium 16
Slide 17: Broker testimonial: Trisura is collaborative, solution oriented
“Trisura is collaborative, solution oriented and always looking out for the client while maintaining underwriting integrity. Working with Trisura is a true partnership. No matter who we speak with at Trisura, doing the right thing is at the heart of what they do.” - Leading North American Broker 17
Slide 18: Independent Canadian Broker testimonial
“Our successful relationship with Trisura is based upon trust, open communication, mutual alignment and proactive collaboration. The Trisura approach to partnership with our firm is different from the other specialty insurers because our team truly believes that Trisura maintains a “broker-first” mi
Slide 19: US MGA Partner testimonial
"One of Trisura’s standout strengths is undoubtedly its people. The deep-rooted partnership we’ve created has been a result of their team fostering collaboration, innovation, and integrity, which resonates in every interaction and project we undertake. Trisura's ability to adapt and innovate has con
Slide 20: Attracting, Retaining and Developing Talent Demonstrates an Institutionalized Approach
Attracting, Retaining and Developing Talent Demonstrates an Institutionalized Approach to Service and Underwriting Experienced Senior Award Winning Low Attrition / Strong Employee Aligned Underwriters Employer High Retention Engagement Ownership 30+ 8yrs 7% 94% 90% Peer Avg. of 12% Years of Experien
Slide 21: Disciplined Underwriting and Specialty Focus have Achieved Industry-Leading Outcomes
Disciplined Underwriting and Specialty Focus have Achieved Industry-Leading Outcomes Combined Ratio 87% (6pts) 81% 3 Peers Trisura 21
Slide 22: Disciplined Underwriting and Specialty Focus have Achieved Industry-Leading Outcomes
Disciplined Underwriting and Specialty Focus have Achieved Industry-Leading Outcomes Operating ROE 18% 2pts 16% Peers Trisura 22
Slide 23: Strong Growth and Consistent Profitability has Resulted in Above Average Book Value Growth
Strong Growth and Consistent Profitability has Resulted in Above Average Book Value Growth BVPS Growth 31% 26% 23% 24% 21% 19% 15% 16% 13% (1%) 2020 2021 2022 2023 2024 Trisura Peers 23
Slide 24: Unique Focus and Experience in Specialty Lines Drives Exceptional Stakeholder Experiences
Unique Focus and Experience in Specialty Lines Drives Exceptional Stakeholder Experiences Exceptional Specialized Underwriting Stability and Growing Service Focus Expertise Depth of Scale Leadership Responsive, Defined appetite Track record of Led by underwriters Distribution and collaborative and a
Slide 25: Where We Are Going
Where We Are Going Industry Trends Trisura as a Business Builder Growth in Surety Capital Measuring Success 25
Slide 26: Specialty Lines and MGA Growth has Outpaced Broader P&C
Specialty Lines and MGA Growth has Outpaced Broader P&C and We Expect that to Continue 2019 – 2024 CAGR 2024 Market Size Specialty 11.5% $9B P&C 8.8% $99B MGA 10.2% US$79B E&S 19.5% US$98B P&C 8.3% US$1,047B 26
Slide 27: Strong Growth and Operating Environment in Specialty Lines
Strong Growth and Operating Environment in Specialty Lines Competitive line of Stable interest rates and Growing market share Surety business economic environment across North America are supportive Target niche markets: Balancing price dynamic Volume growth and Corporate D&O, E&O, fidelity and afte
Slide 28: Demonstrable Track Record of Building Businesses
Demonstrable Track Record of Building Businesses 2006 2017 2018 2019 2020 2021 2022 2023 2024 GPW Canadian Primary4 $480M US Programs (E&S) $1.5B US Programs (Admitted) $523M Canadian Fronting $533M US Surety $76M US Corp. Ins. $0.4M 28
Slide 29: Significant Opportunity to Grow Upmarket in Canadian Surety
Significant Opportunity to Grow Upmarket in Canadian Surety Trisura Trisura ~$700M +70% ~$1.2B of $1.2B Access to ~60% of the Scale and investments drive Canadian market access to a larger market 29
Slide 30: Nascent US Surety Expansion has Realized Early Success
Nascent US Surety Expansion has Realized Early Success <1% Canadian Premium in US Context 10% Trisura Share ~$1.2B +12x ~US$10B Canada US 30
Slide 31: Well-Capitalized to Continue Growth
Well-Capitalized to Continue Growth Conservative Positioning $820M 86% A- Rating Equity capital, +31% Fixed-income and cash in AM Best CAGR since 2018 investment portfolio Size 10 Flexible Posture 10.7% $107M 19% Debt-to-capital1 ratio Excess debt Operating ROE5 is below 20% target capacity generate
Slide 32: Capital Allocation Prioritizing Attractive Organic Growth Opportunities
Capital Allocation Prioritizing Attractive Organic Growth Opportunities 1 2 3 Support Organic Growth Strategic M&A Return of Capital to Shareholders 32
Slide 33: How We Will Measure Long-Term Performance
How We Will Measure Long-Term Performance Revenue Growth Operating ROE BVPS ~15%+ ~15%+ ~15%+ (Mid to high teens) (Mid to high teens) (Mid to high teens) $1 billion in book value by end of 2027 is achievable 33
Slide 34: Continue to Deliver Industry-Leading Book Value Growth
Continue to Deliver Industry-Leading Book Value Growth Diversified Experienced Industry Demonstrable Strong Prudent Specialty Management Leading Track Record Capital Risk Platform Profitability of Building Position Management Businesses 33% 81% ~50% 30+ 18% 58% 5-year Book Value CAGR 3-year Avg. Com
Slide 35: We're in attractive markets, strong operators, can replicate success
We’re in attractive markets We’re strong operators We can replicate our success 35
Slide 36: 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
Slide 37: Endnotes
Endnotes 1 These are non-IFRS financial measures and supplementary financial measures. They are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar fina