NEWS

TORONTO, May 05, 2022 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the first quarter of 2022.

David Clare, President and CEO of Trisura, stated, “Our business performed well in the quarter, recording our highest quarterly net income to date of $21.1 million. Sustained growth and strong underwriting, supported by investment income, generated an 18.7% return on equity⁽¹⁾, despite continued investment in infrastructure.

Expansion of market share, and maturation of our platform drove premium growth of 55.2% in the quarter. In Canada, focused underwriting resulted in a 79.5% combined ratio⁽¹⁾  for the quarter. Our US business bound a quarterly record $341.7 million of gross premiums, supporting $8.4 million of net underwriting income driven by increased fee income.”

Financial Highlights

• EPS of $0.50 in Q1 2022 compared to $0.46 in Q1 2021. Adjusted EPS⁽²⁾ of $0.45 for the quarter compared to $0.40 in the prior period.
• Book value per share⁽¹⁾ of $8.66 increased 15.3% from March 31, 2021, driven by strong earnings but diluted by unrealized losses on fixed income positions in the quarter.
• Gross written premiums growth of 55.2% in Q1 2022 was supported by continued growth in Canada and strong momentum in US fronting.
• Net income of $21.1 million in the quarter grew 9.0% compared to Q1 2021, driven by growth and profitable underwriting in Canada and the US.
• ROE of 18.7% compared to 16.1% in Q1 2021, exceeding our mid-teens target despite significant growth.
• Consolidated combined ratio is 72.0%, and consolidated loss ratio⁽¹⁾ is 26.7% for Q1 2022.
• GPW in Canada increased by 63.2% in Q1 2022. Strong underwriting performance across all lines contributed to a combined ratio of 79.5% and a 29.8% ROE.
• New fronting arrangements in Canada contributed $55.6 million premiums in the quarter.
• US premium grew by 52.1% and fee income grew by 46.4% in the quarter compared to Q1 2021, reaching $341.7 million and $13.9 million, respectively. This contributed to improved net income of $6.7 million in the quarter and a 13.9% ROE.

Insurance Operations

• Disciplined underwriting in Canada contributed to a loss ratio of 15.7% for the quarter.
• Growth continued in the US, with GPW of $341.7 million in the quarter, compared to $224.7 million in Q1 2021, and fee income of $13.9 million in the quarter compared to $9.5 million in Q1 2021. Growth was the result of maturing and new programs.

Capital

• The Minimum Capital Test ratio⁽⁴⁾ of our regulated Canadian subsidiary was 231% as at March 31, 2022 (229% as at December 31, 2021), which comfortably exceeded regulatory requirements⁽⁵⁾ of 150%.
• The Risk-Based Capital of the regulated insurance companies of Trisura US was in excess of the various Company Action Levels of the states in which it is licensed at March 31, 2022.
• Consolidated debt-to-capital ratio of 17.4% as at March 31, 2022 is below our long-term target of 20.0%, providing incremental capacity for growth.

Investments

• Interest and dividend income rose 23.9% in the quarter compared to Q1 2021. The Canadian and US portfolios benefited from improved diversification and increased capital generated from strong operational performance.

Corporate Development

• DBRS Morningstar reaffirmed the rating of A (low) to the principal operating subsidiaries of Trisura, reaffirmed the Issuer Rating of BBB to Trisura Group Ltd., and the Senior Unsecured Notes rating of BBB to the Company’s outstanding notes.

Environmental, Social, and Governance (“ESG”)

• Appointed Janice Madon to the Company’s Board of Directors.
• Entered into an Amended and Restated Credit Agreement which includes a sustainability-linked loan structure.
• Implemented a Responsible Investing Policy, which mandates the inclusion of ESG factors into the Company’s investment decisions.
• Enhanced ESG disclosure within our Management Information Circular and Management’s Discussion and Analysis.

Earnings Conference Call

Trisura will host its First Quarter Earnings Conference Call to review financial results at 9:00 a.m. ET on Friday May 6th, 2022.

To listen to the call via live audio webcast, please follow the link below:
https://edge.media-server.com/mmc/p/xa324v9y

A replay of the call will be available through the link above.

About Trisura Group

Trisura Group Ltd. is a specialty insurance provider operating in the surety, risk solutions, corporate insurance, fronting and reinsurance segments of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada (“Trisura Canada”) and the United States (“Trisura US”). Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at https://www.trisura.com/group. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: Bryan Sinclair
Tel: 416 607 2135
Email: bryan.sinclair@trisura.com

Trisura Group Ltd.
Condensed Interim Consolidated Statements of Financial Position
As at March 31, 2022 and December 31, 2021
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Condensed Interim Consolidated Statements of Comprehensive (Loss) Income
For the three months ended March 31
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Condensed Interim Consolidated Statements of Cash Flows
For the three months ended March 31
(in thousands of Canadian dollars, except as otherwise noted)

Non-IFRS Financial Measures

Reconciliation of reported Net income to Adjusted net income⁽⁶⁾: reflect Net income, adjusted for certain items to normalize earnings to core operations in order to better reflect our North American specialty operations.

Reconciliation of Average equity⁽⁷⁾ to LTM average equity: LTM average equity is used in calculating adjusted ROE.

Footnotes

(1) This is a supplementary financial measure. Refer to Q1 2022 MD&A, Section 10, Operating Metrics table for its composition. To access MD&A, see Trisura’s website or SEDAR at www.sedar.com.

(2) This is a non-IFRS ratio, see table 10.2 in Q1 2022 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies.

(3) This is a non-IFRS ratio. See table 10.4 in Q1 2022 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor.

(4) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

(5) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

(6) See section on Non-IFRS financial measures, Reconciliation of reported Net income to Adjusted net income. Adjusted net income is a non-IFRS financial measure. Non-IFRS financial measures 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 financial measures disclosed by other companies. Details and an explanation of how it provides useful information to an investor can be found in the reconciliation table.

(7) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

Cautionary Statement Regarding Forward-Looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: developments related to COVID-19, including the impact of COVID-19 on the economy and global financial markets; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Non-IFRS and Other Financial Measures

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, the Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as adjusted net income, are utilized to assess the Company’s overall performance. To arrive at adjusted results, the Company adjusts for certain items to normalize earnings to core operations, in order to better reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include adjusted diluted earnings per share and adjusted ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to the Company’s current MD&A, for the three months ended March 31, 2022. To access MD&A, see Trisura’s website or SEDAR at www.sedar.com. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

TORONTO, April 4, 2022 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, will release its first quarter 2022 results after the market closes on Thursday, May 5th, 2022.

The company will host a conference call for analysts and investors on Friday, May 6th, 2022 at 9:00 a.m. ET.

Conference call participants will be David Clare, President and Chief Executive Officer and David Scotland, Chief Financial Officer.

To listen to the call via live audio webcast, please follow the link below: https://edge.media-server.com/mmc/p/xa324v9y

A replay of the call will be available through the link above.

About Trisura Group

Trisura Group Ltd. is an international specialty insurance provider operating in the surety, risk solutions, corporate insurance, fronting and reinsurance segments of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada (“Trisura Canada”) and the United States (“Trisura US”), as well as Barbados (“Trisura International”). Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at https://www.trisura.com/group. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: Bryan Sinclair
Tel: 416 607 2135
Email: bryan.sinclair@trisura.com

• The transaction marks a new milestone in the market as the first Canadian insurer to link its credit facility margins to sustainability targets
• Trisura worked closely with BMO Capital Markets who acted as the Sustainability Structuring Agent to align the company’s credit facility with Trisura’s commitment to advancing Environmental, Social and Governance (ESG) integration

TORONTO, April 1, 2022 – Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, has announced the closing of its sustainability-linked credit facility. As a first of its kind for insurers in Canada, the sustainability-linked loan is linked to Trisura’s ambition to further incorporate ESG considerations into its investment activities. The structure introduces an incentive mechanism tied to key performance indicators around Trisura’s responsible activities, including disclosure.

David Scotland, Chief Financial Officer of Trisura Group, said: “The sustainability-linked credit facility underscores Trisura’s commitment to responsible investing, which is aligned with its fiduciary responsibilities for delivering appropriate long-term investment performance. These efforts involve not only integrating ESG into our investment processes, but also enhancing our communication of key metrics and practices around ESG to Trisura’s broader stakeholders.”

“BMO is delighted to work with Trisura on its first sustainable finance transaction. Helping align the business’s financing strategy with its ESG ambitions is part of our Purpose to Boldly Grow the Good, in business and life, by being our clients’ lead partner in their transition to a net-zero world,” said Jonathan Hackett, Head, Sustainable Finance, BMO Capital Markets. “Sustainable lending continues to grow rapidly worldwide and in Canada, and BMO is proud to be the leading Canadian bank for SLL structuring.”

About Trisura Group Ltd.

Trisura Group Ltd. is an international specialty insurance provider operating in the surety, risk solutions, corporate insurance, fronting and reinsurance segments of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada (“Trisura Canada”) and the United States (“Trisura US”), as well as Barbados (“Trisura International”). Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at https://www.trisura.com/group. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: Bryan Sinclair
Tel: 416 607 2135
Email: bryan.sinclair@trisura.com

TORONTO, February 22, 2022 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU) today announced the appointment of Janice Madon to its Board of Directors.

Ms. Madon has enjoyed a long and successful career in the financial services industry, most recently leading Manulife Canada’s finance team as Executive Vice President and CFO, and previously holding senior roles at Royal Bank of Canada and Ernst & Young.

“We are very pleased to welcome Janice Madon to our Board of Directors. Ms. Madon is a highly respected, seasoned professional with valuable experience in risk management, finance, regulatory reporting, tax and systems selection and implementation, amongst other areas. We look forward to the guidance Ms. Madon will provide as Trisura continues to execute its strategy,” said George Myhal, Chair, Board of Directors, Trisura Group Ltd.

About Trisura Group
Trisura Group Ltd. is an international specialty insurance provider operating in the surety, risk solutions, corporate insurance, fronting and reinsurance segments of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada (“Trisura Canada”) and the United States (“Trisura US”), as well as Barbados (“Trisura International”). Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at https://www.trisura.com/group. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: Bryan Sinclair
Tel: 416 607 2135
Email: bryan.sinclair@trisura.com

TRISURA GROUP REPORTS FOURTH QUARTER AND 2021 ANNUAL RESULTS 

TORONTO, February 10, 2022 —Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance provider, today announced results for the fourth quarter and year December 31, 2021. 

David Clare, President and CEO of Trisura, stated, “business performed through 2021, recording earnings of $62.6 million, an increase of 92.8% to 2020. Persistent growth and strong underwriting, supported by investment gains, generated a 19.0% return on equity⁽¹⁾, despite continued investment growth.

Expansion market share, of our platform and products drove premium growth of 54.3% in the quarter and 68.7% for the year. In Canada, focused underwriting resulted an 81.1% combined ratio for the year, despite higher than claims activity in Q4. Our US business bound a quarterly record $293.3 million of gross premiums, supporting $6.8 million net income and significant deferred fee income. 

We continued the rationalization of platform, negotiating a novation of our life annuity reinsurance to a third party, which reduces our to variability in European interest and allows management to direct focus to North American businesses. The novation drove the $2.6 loss⁽²⁾ from annuity contracts in the quarter.”

Highlights

✓  EPS of $0.24 in Q4 2021 and $1.49 for the full year compared to $0.26 and $0.82 respectively 2020. Adjusted EPS⁽³⁾ of $0.31 the quarter and $1.47 for the full year compared to $0.24 and $0.84 in prior periods.

✓  Book value per share⁽¹⁾ of $8.70 increased by 23.2% from 31, 2020, driven by significant earnings and unrealized gains in the investment portfolio.

✓  Gross written premiums growth of 54.3% in Q4 2021, and 68.7% for the full year, supported growth in Canada and strong momentum in US fronting.

✓  Net income of $10.3 million in the quarter fell 6.0% compared to Q4 2020, impacted by novation of our life annuity reinsurance contract and higher claims in the quarter. net income⁽²⁾ $13.2 million in quarter grew by 31.6% compared to Q4 2020. Net income for the full year grew by 92.8% to $62.6 million, a result of both growth and strong underwriting Canada, fee income from the US, asset matching in our Reinsurance business.

✓  ROE of 19.0% compared to 13.4% 2020, exceeding our mid-despite significant growth.

✓  GPW in Canada by 84.9% Q4 2021 102.1% for full year. Strong underwriting performance across all lines contributed to a combined ratio⁽¹⁾ of 91.2% for the quarter and 81.1% for the year, and a 29.8% ROE.

✓  New fronting arrangements in Canada contributed $96.3 million in quarter and $198.2 million for the full year.

✓  US by 39.2% and fee income grew by 41.2% in the quarter compared to Q4 2020, reaching $293.3 million and $11.9 million, respectively. For the year, by 54.4% to $1.0 and fee income grew by 76.6% to $43.0 million. This contributed to improved net income of $6.8 million in the quarter $27.2 million for the full year, contributing to a 14.0% despite an increase the capital base. 

COVID-19

• We have begun a gradual return work in some based on guidance, increased safety measures and increased levels of vaccination. 

• demonstrated resilience, we that, regarding variants, economic reopening, of government support and the potential for a weaker than anticipated economic continue threaten momentum. 

• generation and claims activity may be on the length and depth of any future pandemic-related economic slowdown, well the effectiveness of government support programs and vaccines in driving a sustained re-opening. Depending on factors, premium could slow and claims activity could increase.

Insurance Operations 

• underwriting in to a loss ratio⁽¹⁾ of 26.2% for the 21.2% the year, which were both over 2020, while premiums grew by 84.9% in the quarter and 102.1% for the full year.

• continued in US, with of $293.3 in the quarter, compared to $210.7 in Q4 2020, and fee income $11.9 million in the quarter compared $8.4 Q4 2020. Growth was the result maturing and new programs.

• Reinsurance business simplified following the novation of our life annuity contract.

Capital 

• The minimum capital test (“MCT”) ratio⁽⁵⁾ of our regulated Canadian subsidiary was 229% at December 31, 2021 (249% as at December 31, 2020), which comfortably exceeded regulatory requirements⁽⁶⁾ of 150%.

• Capital in our US operations $212.7 million at December 31, 2021 ($156.0 million December 31, 2020) was excess of various Company Action Levels of the states in which is licensed. 

• Consolidated debt-to-capital ratio 17.3% as at December 31, 2021 below our target 20.0%, providing incremental capacity growth.

Investments 

• and dividend income rose 25.8% in the compared to Q4 2020 17.6% for the full year compared to 2020. The Canadian and US portfolios benefited from improved diversification and increased capital generated from operational performance.

Corporate Development 

• Bricktown Specialty Insurance Company, a Excess Surplus balance sheet to support growth of hybrid fronting platform. 

• AM Best reaffirmed A- ratings for both Canada and the US, as as introduced a group size rating increasing our financial size category to IX, is expected to be helpful as we continue to pursue admitted opportunities. 

• Trisura continues to admitted licenses in all 50 states.

Financial Statement Presentation – Update

• EPS and Adjusted ROE were introduced in Q4 2020, to adjust certain items normalize earnings of core operations in to better our specialty operations.

Conference Call

Trisura will host its Fourth Quarter Earnings Conference Call to review results at 9:00 a.m. ET 11^th, 2022.

To listen call via live audio webcast, please follow the link below: https://edge.media-server.com/mmc/p/zi8qnky5

A replay of the call will be available the link above.

PRESS RELEASE

Footnotes

(1) This is a supplementary financial measure. Refer to 2021 MD&A, Section 10, Operating Metrics table for its composition. To access MD&A, see Trisura’s website or SEDAR www.sedar.com. 

(2) See section on Non-IFRS financial measures, Reconciliation Reported Net Income to Adjusted Net Income. Adjusted Net Income is a non-IFRS financial measure. Non-IFRS financial measures are standardized financial financial used to prepare the financial statements of the Company to which the measure and might not be comparable to similar measures disclosed by other companies. and an explanation of it provides useful information an investor can be found reconciliation table.

(3) This is a non-IFRS ratio, see table 10.2 in 2021 MD&A for details on composition, as well as each non- financial measure used as a component of ratio, an of how it useful information an investor. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. 

(4) This is a non-IFRS ratio. See table 10.4 2021 MD&A for details composition, as well as non-IFRS financial measure used as a component of ratio, and an explanation of how it useful information to an investor.

(5) This measure is accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test. 

(6) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Capital Targets. 

RELEASE

About Trisura Group  

Trisura Group Ltd. is an international specialty insurance provider operating in surety, risk solutions, corporate insurance, fronting reinsurance segments the market. Trisura has investments in owned subsidiaries through which conducts insurance and reinsurance operations. Those operations primarily Canada (“Trisura Canada”) and the United States (“Trisura US”), as well Barbados (“Trisura International”). Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further is at https://www.trisura.com/group.Important may be disseminated exclusively via website; investors should consult site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of filings may be obtained Group’s SEDAR profile at www.sedar.com.

For more information, please contact: 

Name: Bryan Sinclair

Tel: 416 607 2135 

Email: bryan.sinclair@trisura.com 

Trisura Ltd.

Consolidated Statements Financial Position

As December 31, 2021 and December 31, 2020

(in of Canadian dollars, except as otherwise noted)

Trisura Ltd.

Consolidated of Comprehensive Income

For the three and months ended December 31

( thousands of Canadian dollars, except otherwise noted)

Trisura Group Ltd.

Consolidated Statements Cash Flows

For the three and twelve months ended December 31

(in thousands Canadian dollars, except as otherwise noted)

Non-IFRS financial measures

Reconciliation Reported Net Income Adjusted Net Income – reflect income, adjusted certain items to normalize earnings to core operations in to reflect our North American specialty operations 

(7) Refer to December 31, 2021 MD&A, section 4 – Performance Review, United States, for details.

Reconciliation of Average equity average equity – LTM equity is used in calculating adjusted ROE 

(8) is calculated as: sum of opening equity and closing equity over last twelve months, divided by two.

Cautionary Statement Regarding Forward-Looking Statements and Information

Note: This news release contains “forward-information” within the meaning of provincial securities laws and “forward-looking statements” within the meaning applicable Canadian securities regulations. Forward-looking include statements that are predictive in nature, upon or refer to future events or conditions, include regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Company its subsidiaries, as well as the outlook for North American and international for the current fiscal year subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or verbs such as

“may,” “will,” “should,” “would” and “could”.

Although we believe that our anticipated results, performance achievements expressed or implied by forwardlooking statements and information are based reasonable assumptions and expectations, reader should not place undue reliance on forward-and because they involve known and unknown risks, uncertainties factors, many of which are beyond our control, which may the actual results, or achievements of our to differ materially from anticipated future results, performance achievement expressed implied by such forward-looking and information. 

Factors that could actual results differ materially from those contemplated or implied by forward-looking statements include, but are limited to: developments related to COVID-19, including the impact of COVID-19 the economy and global financial markets; the impact or impact of general economic, political and market factors in the in which we do business; the behaviour of financial markets, fluctuations in and foreign exchange rates; global equity and and the of and debt financing and within these markets; strategic actions including dispositions; the ability to complete effectively integrate into existing and ability to attain benefits; changes in accounting policies and methods used report (including uncertainties associated with critical accounting assumptions and estimates); the appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within countries in which we operate; governmental investigations; litigation; changes in laws; changes in capital requirements; in reinsurance arrangements; ability to collect amounts owed; events, such as earthquakes, hurricanes or pandemics; the possible of international conflicts and other developments including terrorist acts and cyberterrorism; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

We caution that the foregoing of important factors may affect future results is not exhaustive. When relying our forward-looking statements, investors and others consider the foregoing factors and other uncertainties and events. Except by law, the undertakes no to publicly or revise any forward-looking statements or information, whether written or oral, that be as a result new information, future events otherwise.

Cautionary Non-IFRS Other Financial Measures

Reported results conform accepted principles (GAAP), in accordance IFRS. addition to reported results, the also presents certain measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as adjusted net income, are utilized to the Company’s overall performance. To at results, the Company adjusts for certain items normalize to core operations, in order to better reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial as one or of its components. Examples of non-IFRS ratios include adjusted diluted earnings share and ROE. The Company believes that non-IFRS financial and non- ratios provide the reader with an enhanced understanding our results and related trends increase transparency and into core results of the business. Non-IFRS measures and nonIFRS ratios are standardized terms under IFRS and, therefore, not be comparable to similar used by other companies. Supplementary financial measures the Company’s financial performance and position, and are explained in this document where they appear, and information by reference to the Company’s current MD&A, for the year ended 31, 2021. To access MD&A, see Trisura’s website or SEDAR at www.sedar.com. These are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

PRESS RELEASE

TRISURA GROUP ANNOUNCE FOURTH QUARTER 2021 AND FULL YEAR 2021 ON FEBRUARY 10^th, 2022 AND HOLD CONFERENCE CALL THE  DAY 

TORONTO, January 4, 2022 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance provider, will release 2021 and full year 2021 after the market closes on Thursday, February 10^th, 2022.

company will hold its fourth quarter 2021 and full year 2021 earnings conference call for analysts and investors on Friday, February 11^th, 2022 at 9:00 a.m. ET.

Conference call participants will be David Clare, President Chief Executive Officer and David Scotland, Chief Financial Officer.

listen to the call live audio webcast, please follow the link below:

https://edge.media–server.com/mmc/p/zi8qnky5

A replay of will be available through the link above.

 About Trisura Group

Trisura Ltd. is an international specialty insurance provider operating in the surety, risk solutions, corporate insurance, fronting and of the market. has three principal subsidiaries: Trisura Guarantee Insurance Company Canada, Trisura Specialty Insurance Company in the US Trisura Insurance Ltd. in Barbados. Trisura Group Ltd. listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is https://www.trisura.com/group. information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Ltd. are also set forth filings. A copy of the filings may be obtained on Group’s SEDAR profile at www.sedar.com.

For more information, please contact: 

Name: Bryan Sinclair
Tel: 416 607 2135 
Email: bryan.sinclair@trisura.com