NEWS

TORONTO, November 7, 2019 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance provider, today announced financial results for the third quarter of 2019.

David Clare, President and CEO of Trisura, stated, “In Q3, Trisura Group Ltd. generated net income of $2.5 million, driven by strong performance from our specialty P&C platforms in North America.

In Canada, consistent underwriting and enhanced investment returns yielded a 19.1% TTM ROE. Our U.S. platform continued its trajectory of growth, with net income of $1.4 million alongside GPW of $71.2 million.

Declining interest rates in Europe drove strengthening in our reinsurance annuity reserves, offset by improved investment income as well as the adoption of a reserving methodology consistent with Solvency II.””

Highlights

• Gross and net premiums written growth of 99.6% and 24.5% in Q3 2019, supported by strong momentum in our U.S. business and continued growth in Canada.
• Q3 2019 net income of $2.5 million, driven by strong underwriting performance and investment income in Canada and the U.S., offset by an increase in our reinsurance reserves due to a decrease in European interest rates.
• Consolidated Trailing Twelve Months (“TTM”) ROE of 1.9% at September 30, 2019, compared to 5.6% at September 30, 2018. Excluding the impact of our reinsurance business in 2019, consolidated TTM ROE is approximately 8.5%.
• Successfully completed a $55.7 million equity raise to sustain growth in the US, and further improve asset liability matching in our reinsurance company, supported by existing and new shareholders.
• Stable results from our Canadian business, achieving a 92.6% combined ratio, driving a 19.1% TTM ROE.
• Accelerating premium generation in our US fronting platform, with $71.2 million in GPW, and increasing earned fee income generating consistent profitability.
• Basic and diluted EPS of $0.37 in Q3 2019, compared to $0.62 in Q3 2018; $0.29 per share when adjusted for the share count at quarter end.
• Book value per share of $21.41, a 10.6% increase over September 30, 2018.

* Net income attributable to common shareholders for the reporting period divided by the ending number of common shares as at the reporting date

Underwriting

• Stable performance from our Canadian operations, achieving NPE growth of 10.7% and a 92.6% combined ratio supported by strong underwriting across all lines.
• Accelerating premium growth in our U.S. platform, with GPW of $71.2 million in Q3 2019 compared to $55.5 million in Q2 2019. Earned fee income of $2.4 million, compared to $1.5 million in Q2 2019, helped support annualized quarterly ROE of 8.3%.
• Weakening interest rates in Europe drove reserve strengthening in our reinsurance subsidiary, partially offset by investment income.
• Adoption of a new reserving methodology, consistent with Solvency II, resulted in $5.8 million reduction in reserves.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian subsidiary was 233% (239% as at December 31, 2018), which comfortably exceeds regulatory requirements of 150%.
• Trisura Specialty’s capital of $60.2 million USD as at September 30, 2019 ($48.8 million USD as at December 31, 2018) was in excess of the minimum requirement of the Oklahoma Insurance Department.
• Trisura International’s capital of $14.5 million USD as at September 30, 2019 ($21.1 million USD as at December 31, 2018) was sufficient to meet the FSC’s regulatory capital requirement.
• Consolidated debt-to-capital ratio of 13.6% as at September 30, 2019 is below our long-term target of 20%.
• AM Best affirmed the Financial Strength Rating A- (Excellent) and the Long-Term Credit Rating of “a-” of Trisura Guarantee and Trisura Specialty. The outlook of these Credit Ratings remains stable.

Investments

• Net investment income of $10.0 million in Q3 2019 compared to $3.6 million in Q3 2018, driven by deployment of reinsurance assets into long-dated European government bonds, which generated strong results in a declining interest rate environment.
• In Canada, interest and dividend income increased 42.4% over the prior period as we continued to benefit from the reallocation of the Canadian portfolio.
• In the fourth quarter we continued to deploy reinsurance capital into long-dated European government bonds which has further improved our asset liability matching, as well as increasing our expected interest income.

Corporate Development

• On June 22, Trisura applied for approval from the Pennsylvania Insurance Department to acquire control of 21st Century Preferred Insurance Company. The company is a shell entity, with 13 admitted state licenses that will enhance the offering of our US fronting platform.
• Regulatory approval was received on October 22, and the transaction closed November 1.

About Trisura Group

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

Further information is available at http://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 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.
Consolidated Statements of Financial Position
As at September 30, 2019 and December 31, 2018
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Consolidated Statements of Comprehensive Income
For the three and nine months ended September 30
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Consolidated Statements of Cash Flows
For the three and nine months ended September 30
(in thousands of Canadian dollars, except as otherwise noted)

Cautionary Statement Regarding Forward-Looking Statements and Information  

Note: 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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

TORONTO, September 24, 2019 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), today announced that it has completed its previously announced public offering of 1,743,400 common shares, including 227,400 common shares issued pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $26.40 per common share, for gross proceeds of approximately $46 million. The public offering was completed on a bought deal basis by a syndicate of underwriters led by Cormark Securities Inc. and BMO Nesbitt Burns Inc.

Concurrent with the public offering, Trisura issued 378,788 common shares to its principal shareholder, Partners Value Investments LP, and an aggregate of 75,751 common shares to certain other investors on a private placement basis, for gross proceeds of approximately $12 million.

In total, Trisura received gross proceeds of approximately $58 million from the closing of the public offering and the concurrent private placement.

About Trisura Group
Trisura Group Ltd. is an international specialty insurance holding company operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company in Canada, Trisura Specialty Insurance Company in the U.S. and Trisura International Insurance Ltd. in Barbados. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at http://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 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

Not for distribution to United States newswire services or for dissemination in the United States

TORONTO, September 4, 2019 – Trisura Group Ltd. (“Trisura”, “Trisura Group” or the “Company”) (TSX:TSU), a leading international specialty insurance holding company, announced today that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. and BMO Capital Markets (collectively, the “Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought deal public offering basis, 1,516,000 common shares of the Company (the “Common Shares”), at a price of $26.40 per Common Share (the “Offering Price”) representing gross proceeds of approximately $40,022,400 (the “Offering”). Concurrently with the closing of the Offering, the Company will offer up to 455,000 common shares of the Company in a private placement at the Offering Price, for additional gross proceeds of up to $12,012,000 (the “Private Placement”) with Trisura’s principal shareholder, Partners Value Investments LP, subscribing for not less than its pro rata ownership position, or approximately $10,000,000 of the gross proceeds of the Private Placement. Closing of the Offering and the Private Placement will be conditional on each other.

In addition, the Company has granted the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part at any time up to 30 days following the closing of the Offering, to purchase up to an additional 15% of the Common Shares at the Offering Price, for market stabilization purposes and to cover over-allotments, if any.

The Company intends to use the net proceeds of the Offering and the Private Placement for general corporate purposes including, but not limited to supporting the growth of its U.S. fronting platform and further improving asset liability matching in the Company’s reinsurance business.

David Clare, Trisura’s President and CEO, noted that “since the end of Q2 we have experienced continued momentum in our growing U.S. business. Our team achieved its highest monthly premiums written, and continued to win signficant new business. The recently announced acquisition of 21^st Century Preferred will provide access to additional markets and support this exciting trajectory. This financing will support enhanced growth in the U.S. to complement strong results in Canada. We continue to improve our asset liability matching in our reinsurance group in the context of a challenging environment for European interest rates. If rates are consistent at these levels, we expect a negative non-cash impact from Trisura International Insurance Ltd. in Q3, which could result in a non-cash net loss for Trisura Group for Q3. A portion of the proceeds of this transaction will be used to materially augment our existing asset liability matching to achieve our risk management goals in this business segment.”

Closing of the Offering and the Private Placement is expected to occur on or about September 24, 2019, subject to certain customary conditions, including approval of the Toronto Stock Exchange.

The Common Shares to be issued under the Offering will be offered by way of a short form prospectus to be filed in each of the Provinces of Canada, and may be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws, and certain other jurisdictions outside of Canada and the United States.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.

ABOUT TRISURA GROUP LTD.

Trisura Group Ltd. is an international specialty insurance holding company operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company in Canada, Trisura Specialty Insurance Company in the U.S. and Trisura International Insurance Ltd. In Barbados. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at www.trisura.com/group. Details regarding the operations of Trisura Group 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

 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, including statements regarding the anticipated acquisition of 21^st Century Preferred (which remains subject to regulatory approval), the intended use of proceeds from the Offering and the Private Placement, and the expected closing date of the Offering and the Private Placement. 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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group undertakes no obligation to publicly update or revise any forwardlooking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

TORONTO, August 8, 2019 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance holding company, today announced financial results for the second quarter of 2019.

David Clare, President and CEO of Trisura, stated, “In Q2, Trisura Group Ltd. had a loss of $4.1 million or $(0.63) per share, driven by increases in our reinsurance reserves due to falling interest rates in Europe. Although our headline result is disappointing, it was driven by our legacy run-off reinsurance portfolio, and masks strong operational results from our growing businesses in the U.S. and Canada.

In Canada, consistent underwriting profitability and enhanced investment returns yielded a 21.7% ROE. Our evolving U.S. platform generated its first quarterly underwriting profit and is now the largest premium contributor with over $55 million in gross premiums written and $1.5 million in fee income.”

Highlights

• Gross and net premiums written growth of 86.4% and 22.2% in Q2 2019, supported by strong momentum in our U.S. business and continued growth in Canada
• Net loss in Q2 2019 of $4.1 million, driven by increases in our reinsurance reserves due to a decrease in European interest rates, offset by strong underwriting performance and investment income in Canada and the U.S.
• Consolidated ROE (trailing 12 months) of 3.3% at June 30, 2019, compared to 4.1% at June 30, 2018.
• Strong results from our Canadian Specialty P&C business, achieving a 91.4% combined ratio, driving a 21.7% ROE for the trailing 12 months.
• Basic and diluted EPS of $(0.63) in Q2 2019, compared to $0.14 in Q2 2018.
• Book value per share of $19.55, a 2.2% increase over June 30, 2018.

Amounts in millions of Canadian dollars	Q2 2019		Q2 2018		Variance		Q2 2019 YTD		Q2 2018 YTD		Variance
Gross Premiums Written	109.3		58.7		86.4%		190.7		93.5		104.0%
Net Premiums Written	37.1		30.4		22.2%		65.5		54.3		20.7%
Net Underwriting (Loss) Income	(8.9)		0.0		nm		(17.2)		1.2		nm
Net Investment Income	6.1		2.1		193.0%		10.7		4.0		167.9%
Net (loss) Income	(4.1)		1.0		(520.5%)		(1.6)		2.8		(156.9%)
Earnings Per Common Share – basic and diluted, $	(0.63)		0.14		(548.9%)		(0.25)		0.42		(160.0%)
Book Value Per Share, $	19.55		19.13		2.2%		19.55		19.13		2.2%
Debt-to-Capital Ratio	18.7%		19.0%		(0.3pts)		18.7%		19.0%		(0.3pts)
ROE Trailing Twelve Months (“TTM”)	3.3%		4.1%		(0.8pts)		3.3%		4.1%		(0.8pts)
Combined Ratio – Canadian Specialty P&C	91.4%		92.5%		(1.1pts)		87.8%		88.3%		(0.5pts)
Canadian Specialty P&C ROE – TTM	21.7%		13.2%		8.5pts		21.7%		13.2%		8.5pts

Underwriting

• Excellent performance from our Canadian operations, achieving NPE growth of 16.8% and a 91.4% combined ratio supported by strong underwriting across all lines.
• Accelerating premium growth in our U.S. platform, with GPW of $55.5 million in Q2 2019 compared to $41.9 million in Q1 2019. Earned fee income of $1.5 million compared to $1.0 million in Q1 2019 helped support our first quarterly underwriting profit in the U.S.
• Weakening interest rates in Europe drove reserve strengthening in our International subsidiary, partially offset by investment income. The average of the 10 and 15-year European swap rate on spot and forward bases is a key interest rate in determining the value of our annuity liability, which declined in the quarter. See “Investments” for a discussion on improved asset liability matching since quarter end.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian subsidiary was 213%, impacted by a temporary charge as at June 30, 2019 (239% as at December 31, 2018), which comfortably exceeds regulatory requirements of 150%.
• Trisura Specialty’s capital of $66.8 million as at June 30, 2019 ($66.5 million as at December 31, 2018) was in excess of the minimum requirement of the Oklahoma Insurance Department.
• Trisura International’s capital of $19.9 million as at June 30, 2019 ($28.7 million as at December 31, 2018) was sufficient to meet the FSC’s regulatory capital requirement.
• Consolidated debt-to-capital ratio of 18.7% as at June 30, 2019 is below our long-term target of 20%.

Investments

• Net investment income of $6.1 million in Q2 2019 compared to $2.1 million in Q2 2018.
• In Canada, interest and dividend income increased 80.0% over the prior period as we continued to benefit from the reallocation of the Canadian portfolio.
• Investment income related to the International portfolio increased as we deployed further capital to increase interest rates hedges, resulting in gains from declining interest rates in our sovereign bond portfolio.
• Through June and continuing in the third quarter we deployed a large portion of cash into long-dated European government bonds, increasing the duration or our assets to more closely match our liability duration. We have improved our asset liability matching, as well as increasing our expected interest income.
• Based on historical correlation of the current asset portfolio to the rates used to determine our liability, management believes that a significantly greater proportion of reserve movements will be offset by investment income, supported by recent experience.

Corporate Development

On June 22^nd, Trisura applied for approval from the Pennsylvania Insurance Department to acquire control of 21^st Century Preferred Insurance Company. The company is a shell entity, with 13 admitted state licenses that will enhance the offering of our US fronting platform. Regulatory approval is pending.

Management Appointment

David Scotland, currently the Chief Financial Officer (“CFO”) of Trisura Guarantee Insurance Company, has been appointed Chief Financial Officer of Trisura Group, succeeding Jimmy Doyle. Mr. Scotland’s CFO role at Trisura Guarantee Insurance Company will be incorporated into his mandate as CFO of Trisura Group.

“Jimmy Doyle has been instrumental in growing and developing Trisura Group, working closely with David Scotland to establish and refine our public materials, financial controls and reporting infrastructure,” said David Clare. “David has a strong history of leadership in Trisura Guarantee and has been an important member of the finance team at Trisura Group. I look forward to working with him in his new role, as well as continuing to work with Jimmy as Chief Risk Officer, and CEO of our reinsurance platform.”

About Trisura Group

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

Further information is available at http://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 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.
Consolidated Statements of Financial Position
As at June 30, 2019 and December 31, 2018
(in thousands of Canadian dollars, except as otherwise noted)

 

As at	June 30, 2019		December 31, 2018
Cash and cash equivalents	64,949		95,212
Investments	321,844		282,874
Premiums and accounts receivable, and other assets	72,143		46,276
Deferred acquisition costs	81,642		63,715
Recoverable from reinsurers	197,986		109,567
Capital assets and intangible assets	10,208		2,512
Deferred tax assets	1,700		826
Total assets	750,472		600,982
Accounts payable, accrued and other liabilities	30,868		24,167
Reinsurance premiums payable	51,144		41,406
Unearned premiums	254,658		182,623
Unearned reinsurance commissions	33,154		19,137
Unpaid claims and loss adjustment expenses	221,499		173,997
Loan payable	29,700		29,700
Total liabilities	621,023		471,030
Shareholders’ equity	129,449		129,952
Total liabilities and shareholders’ equity	750,472		600,982

 

Trisura Group Ltd.
Consolidated Statements of Comprehensive (Loss) Income
For the three and six months ended June 30
(in thousands of Canadian dollars, except as otherwise noted)

 

	Q2 2019		Q2 2018		Q2 2019 YTD		Q2 2018 YTD
Gross premiums written	109,313		58,661		190,696		93,485
Net premiums written	37,133		30,378		65,543		54,289
Net premiums earned	25,982		21,291		48,075		40,545
Fee income	1,752		403		6,101		3,679
Total underwriting revenue	27,734		21,694		54,176		44,224
Net claims	(16,263)		(4,196)		(31,157)		(8,899)
Net commissions	(9,056)		(7,448)		(17,574)		(15,045)
Premium taxes	(1,388)		(1,126)		(2,398)		(2,062)
Operating expenses	(9,937)		(8,884)		(20,217)		(17,005)
Net claims and expenses	(36,644)		(21,654)		(71,346)		(43,011)
Net underwriting (loss) income	(8,910)		40		(17,170)		1,213
Net investment income	6,092		2,079		10,688		3,989
Settlement from structured insurance assets	–		–		8,077		–
Foreign exchange gains (losses)	212		(207)		584		(324)
Interest expense	(342)		(235)		(687)		(466)
(Loss) income before income taxes	(2,948)		1,677		1,492		4,412
Income tax expense	(1,190)		(693)		(3,113)		(1,565)
Net (loss) income	(4,138)		984		(1,621)		2,847
Other comprehensive (loss) income	(1,710)		1,942		948		2,244
Comprehensive (loss) income	(5,848)		2,926		(673)		5,091

 

Trisura Group Ltd.
Consolidated Statements of Cash Flows
For the three and six months ended June 30
(in thousands of Canadian dollars, except as otherwise noted)

 

	Q2 2019		Q2 2018		Q2 2019 YTD		Q2 2018 YTD
Net (loss) income from operating activities	(4,138)		984		(1,621)		2,847
Non-cash items to be deducted	(2,538)		1,288		(1,160)		2,389
Stock options granted	153		155		218		243
Change in working capital operating items	16,713		4,819		14,278		(2,245)
Realized (gains) losses on AFS investments	(325)		(191)		(1,746)		301
Income taxes paid	(1,007)		(1,010)		(1,867)		(1,941)
Interest paid	(423)		(236)		(706)		(469)
Net cash from operating activities	8,435		5,809		7,396		1,125
Proceeds on disposal of investments	15,009		26,356		28,549		32,118
Purchases of investments	(39,451)		(40,532)		(63,244)		(104,749)
Net purchases of capital and intangible assets	(104)		(86)		(304)		(315)
Net cash used in investing activities	(24,546)		(14,262)		(34,999)		(72,946)
Dividends paid	(24)		(24)		(48)		(48)
Issuance of new loan payable	–		–		–		29,700
Repayment of loan payable	–		–		–		(29,700)
Principal portion of lease payments	(182)		–		(495)		–
Net cash used in financing activities	(206)		(24)		(543)		(48)
Net decrease in cash	(16,317)		(8,477)		(28,146)		(71,869)
Cash at beginning of the period	82,072		104,627		95,212		165,675
Currency translation	(806)		1,589		(2,117)		3,933
Cash at the end of the period	64,949		97,739		64,949		97,739

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

TORONTO, May 9, 2019 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance holding company, today announced financial results for the first quarter of 2019.

David Clare, CEO of Trisura, stated, “Strong performance from both our Canadian and U.S. subsidiaries demonstrated continued progress on our strategic priorities in the first quarter. In Canada, robust top line growth and underwriting profitability, generated industry-leading returns on equity. Our U.S. platform produced over $41 million in gross premiums written, $1 million in fee income, generating its first profitable quarter.”

Highlights

• Gross premiums written growth of 133.7% in Q1 2019, driven by continued growth in our Canadian Specialty P&C business and strong momentum in our US Specialty business.
• Net income in Q1 2019 of $2.5 million, an increase of $0.7 million over Q1 2018, driven by our Canadian Specialty P&C business and supported by profitability from our US Specialty business.
• Consolidated ROE (trailing 12 months) of 7.2% at March 31, 2019, compared to 6.9% at December 31, 2018 and 5.6% at September 30, 2018.
• Strong Q1 2019 results from our Canadian Specialty P&C business, achieving an 83.5% combined ratio, driving a 21.3% ROE for the trailing 12 months.
• Basic and diluted EPS of $0.38 and $0.37 in Q1 2019 respectively, compared to $0.28 and $0.27 in Q1 2018.
• Book value per share of $20.41, a 9.3% increase over March 31, 2018.

* For period after spin-off from Brookfield Asset Management Inc. on June 22, 2017 (annualized)

Underwriting

• Excellent performance from our Canadian Specialty insurance operations, achieving GPW growth of 17.8% driven by Risk Solutions and Surety and an 83.5% combined ratio driven by strong results in Surety and improved claims experience in Corporate Insurance.
• Strong and accelerating premium growth in our US Specialty platform, with GPW of $41.9 million in Q1 2019 compared to $53.7 million in fiscal 2018. Earned fee income of $1 million helped support our first profitable quarter in the U.S.
• Strong and accelerating premium growth in our US Specialty platform, with GPW of $41.9 million in Q1 2019 compared to $53.7 million in fiscal 2018. Earned fee income of $1 million helped support our first profitable quarter in the U.S.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian subsidiary was 242% as at March 31, 2019 (239% as at December 31, 2018), which comfortably exceeds regulatory requirements of 150%.
• Trisura Specialty’s capital of $66.8 million as at March 31, 2019 ($66.5 million as at December 31, 2018) was in excess of the minimum Risk Based Capital Ratio requirement of the Oklahoma Insurance Department.
• Trisura International’s capital of $27.6 million as at March 31, 2019 ($28.7 million as at December 31, 2018) was sufficient to meet the FSC’s regulatory capital requirement.
• Consolidated debt-to-capital ratio of 18.0% as at March 31, 2019 is below our long-term target of 20%.

Investments

• Net investment income of $4.6 million in Q1 2019 compared to $1.9 million in Q1 2018.
• In Canada, interest and dividend income increased 61.1% over the prior period as we continued to benefit from the reallocation of the Canadian portfolio.
• Investment income related to the Reinsurance portfolio increased due to gains from declining interest rates in our sovereign bond portfolio.
• A legal settlement related to our structured insurance asset generated a significant windfall in the quarter.

About Trisura Group

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

Further information is available at http://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 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.
Consolidated Statements of Financial Position
As at March 31, 2019 and December 31, 2018
(in thousands of Canadian dollars, except as otherwise noted)

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

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

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

TORONTO, February 14, 2019 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance holding company, today announced financial results for the fourth quarter and year ended December 31, 2018.

David Clare, CEO of Trisura, stated, “We are very pleased with our fourth quarter and full year results for 2018. Strong underwriting and topline growth continued for our Canadian subsidiary, yielding industry leading returns. We continue to build momentum in our US fronting platform, binding 14 programs and generating over $50 million in gross premiums written in 2018.”

Highlights

• Gross premiums written growth of 77% in Q4 2018 and 49% in full year 2018, driven by continued growth in our Canadian Specialty P&C business and strong momentum in our US Specialty business.
• Net income in Q4 2018 of $1.6 million, an increase of $1.7 million over Q4 2017, and full year income of $8.6 million, an increase of $3.8 million (excluding Minority Interests) over 2017, driven by our Canadian Specialty P&C business.
• Consolidated ROE (trailing 12 months) of 6.9% at December 31, 2018, compared to 5.6% at September 30, 2018 and 4.1% at June 30, 2018.
• Strong Q4 and full year results from our Canadian Specialty P&C business, achieving an 83.9% combined ratio in Q4 and an 86.3% combined ratio for the full year, driving a 19.1% ROE for the trailing 12 months.
• Basic and diluted EPS of $0.24 in Q4 2018 and $1.29 (basic) and $1.27 (diluted) in full year 2018.
• Book value per share of $19.63, a 7.0% increase over December 2017.

* For period June 22, 2017 to December 31, 2017 i.e. after spinoff from Brookfield Asset Management Inc.

Underwriting

• Excellent performance from our Canadian Specialty P&C insurance operations, in particular Surety, achieving a 2018 ROE (trailing 12 months) of 19.1% and combined ratios of 83.9% in Q4 2018 and 86.3% in full year 2018.
• Continued strong premium growth in our Canadian Specialty P&C business, increasing GPW by 6.3% in Q4 and 12.7% for the full year driven by Risk Solutions and Corporate Insurance.
• Strong and accelerating premium growth in our US Specialty platform, with GPW of $27.2 million in Q4 2018 and $53.7 million since commencing business in early 2018. The US platform accounting for 74% of premium growth in 2018.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian subsidiary was 239% as at December 31, 2018 (255% as at December 31, 2017), which comfortably exceeds regulatory requirements of 150%.
• Trisura Specialty’s capital and surplus of $66.5 million as at December 31, 2018 ($56.5 million as at December 31, 2017) was in excess of the minimum Risk Based Capital Ratio requirement of the Oklahoma Insurance Department.
• Trisura International’s capital of $28.7 million as at December 31, 2018 ($26.6 million as at December 31, 2017) was sufficient to meet the FSC’s regulatory capital requirement.
• Consolidated debt-to-capital ratio of 18.6% as at December 31, 2018 is below our long- term target of 20%.

Investments

• Net investment income of $2.8 million in Q4 2018 compared to $1.0 million in Q4 2017, and $10.5 million in full year 2018 compared to $5.4 million in full year 2017. Interest and dividend income increased for the year as we continued to benefit from the deployed US portfolio. In Canada, investment income reflected higher interest income and realized gains from rebalancing of the portfolio.

Ratings

• A.M. Best reaffirmed the Financial Strength Rating of A- (Excellent) of both our Canadian subsidiary, Trisura Guarantee and our US subsidiary, Trisura Specialty with stable outlook.

About Trisura Group

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

Further information is available at http://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 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.
Consolidated Statements of Financial Position
As at December 31, 2018 and December 31, 2017
(in thousands of Canadian dollars, except as otherwise noted)

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

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

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

TORONTO, November 8, 2018 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance holding company, today announced financial results for the third quarter of 2018.

David Clare, CEO of Trisura, stated, “Strong underwriting and topline growth continued in Q3 for our Canadian subsidiary, with correspondingly strong returns. We are also very pleased with the development of our US business, which continues to bind programs, producing gross premiums written of $17.7 million in the third quarter of 2018.”

Highlights

• Net income of $4.2 million compared to $2.0 million in Q3 2017. Net income was driven by strong Canadian results, favourable reserve development in our Reinsurance segment and lower operating expenses.
• Profitable underwriting in our Canadian business, producing an 85.5% third quarter combined ratio versus 90.2% in Q3 2017 (and 87.2% compared to 87.2% on a YTD comparison) driving a 15.8% trailing twelve-month ROE in Canada.
• Continued premium growth in our Canadian Specialty P&C business, increasing gross premiums written by 10% in Q3 and 15% YTD.
• Significant progress in our US operations, with $17.7 million of gross written premium in Q3 and bound 12 bound programs YTD.
• Basic and diluted EPS of $0.62 for the quarter and $1.05 (basic) and $1.03 (diluted) on a YTD basis.
• Book value per share of $19.35, a 7.4% increase over past 12 months.

Underwriting

• $17.7 million of gross premiums written by our new US Specialty P&C business.
• Our Canadian Specialty P&C business generated strong underwriting income with a combined ratio of 85.5% compared to 90.2% in Q3 2017 driven by strong performance in Surety.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian subsidiary was 247% as at September 30, 2018 (255% as at December 31, 2017), which comfortably exceeds regulatory requirements of 150%.
• The capital and surplus in our US subsidiary of $63.4 million as at September 30, 2018 is well in excess of the $19.4 million minimum capital requirements of the Oklahoma Insurance Department.
• Our international subsidiary had capital of $28.4 million as at September 30, 2018 which was well in excess of its regulatory capital requirement of $0.2 million.
• Consolidated debt-to-capital ratio of 18.8% as at September 30, 2018 is below our longterm target of 20%.

Investments

• Net investment income of $3.6 million compared to $2.1 million in Q3 2017. Interest and dividend income were slightly higher in Q3 2018, as we continued to benefit from the deployed US portfolio. In Canada, investment income reflected higher interest income and realized gains from rebalancing of the portfolio.

Ratings

• A.M. Best reaffirmed the Financial Strength Rating of A- (Excellent) of both our Canadian subsidiary, Trisura Guarantee Insurance and our US subsidiary, Trisura Specialty with stable outlook.

Management Appointment

• On October 16, 2018 Trisura announced that David Clare would be succeeding Greg Morrison as President and CEO of Trisura Group.
• Greg Morrison will continue to act as a director of Trisura Group.

About Trisura Group

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

Further information is available at http://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 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.
Consolidated Statements of Financial Position
As at September 30, 2018 and December 31, 2017
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Consolidated Statements of Comprehensive Income (Loss)
For the three and nine months ended September 30
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Consolidated Statements of Cash Flows
For the three and nine months ended September 30
(in thousands of Canadian dollars, except as otherwise noted)

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

TORONTO, October 16, 2018 — Trisura Group Ltd. (“Trisura”) (TSX: TSU) today announced the appointment of David Clare as President and Chief Executive Officer, effective immediately. Mr. Clare succeeds Greg Morrison, who will continue his involvement with Trisura as a member of the Board of Directors.

“David has been an integral member of our senior management team since prior to the spin-off of Trisura from Brookfield Asset Management. He is well-known to many of our investors and we look forward to benefiting from David’s leadership in executing the company’s growth strategy,” said George Myhal, Chair of the Board of Directors of Trisura. “I want to thank Greg Morrison for his strong executive leadership. Greg has played a key role in establishing the business and will continue to be a significant contributor to the success of Trisura.”

Prior to joining Trisura as a Senior Vice President and Chief Investment Officer last year, Mr. Clare was a Vice President at Partners Value Investments LP, Trisura’s largest shareholder. Mr. Clare previously worked in corporate development and strategy at a large financial services holding company. He holds a Bachelor of Commerce degree from Queen’s University.

“I am very pleased with the success we have had at Trisura since the spin-off and look forward to working with David in his new role,” said Greg Morrison. “David is a critical member of the management team and is well-suited to leading the group as we implement our international growth strategy. One of my goals at Trisura was establishing an executive team to lead the company into the next chapter of development. This appointment is the culmination of that succession planning process.”

Trisura’s subsidiaries will continue to be led by their existing executive teams. Mike George, Eileen Sweeney, and Jimmy Doyle lead the Canadian, U.S. and International platforms respectively.

About Trisura

Trisura Group Ltd. is a leading international specialty insurance holding company operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura Group has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance and Trisura Specialty Insurance Company. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at http://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 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:
Bryan Sinclair
416-607-2135
bryan.sinclair@trisura.com

TORONTO, August 9, 2018 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance holding company, today announced financial results for the second quarter of 2018.

Greg Morrison, CEO of Trisura, stated, “Our Canadian business continues to demonstrate strong topline growth and profitable underwriting. We are very pleased with the progress of our US business, which received significant support from our distribution partners and the international reinsurance markets, resulting in gross premiums written of over $7 million in the second quarter of 2018, alongside an attractive pipeline of future opportunities. We look forward to continuing to develop across all business lines in the second half of the year.”

Highlights

• Continued strong premium growth in our Canadian Specialty P&C business, increasing gross premiums written by 18% in both Q2 and YTD driven by Risk Solutions and Corporate Insurance.
• Significant progress of our US platform, with $7.6 million of gross written premium.
• Profitable underwriting in our Canadian business, producing a 92.5% second quarter combined ratio versus 83.5% in Q2 2017 (and 88.3% compared to 85.5% on a YTD comparison) and driving a 13.2% trailing twelve-month ROE in Canada.
• Consolidated net income of $1.0 million compared to net income of $1.8 million in Q2 2017. Q2 2018 was impacted by higher claims activity in our Canadian Specialty P&C business and costs of building out our US platform See Section 3 for further detail.
• Basic and diluted EPS of $0.14 for the quarter and $0.42 on a year-to-date basis.
• Book value per share of $19.13, a 5.2% increase over past 12 months.
• A.M. Best reaffirmed the Financial Strength Rating of A- (Excellent) of Trisura Guarantee Insurance with stable outlook and increased the financial size category of Trisura Specialty’s A- (Excellent) rating from VI to VII.

*Following spin-off from Brookfield Asset Management Inc. on June 22, 2017. Variance is not meaningful.

Underwriting

• Over $7 million gross premiums written by our new US Specialty P&C business.
• Our Canadian Specialty P&C business generated underwriting profits with a combined ratio of 92.5% compared to 83.5% in Q2 2017 with the increase mainly due to lower favourable prior year claims development in Q2 2018.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian subsidiary was 227% as at June 30, 2018 (242% as at March 31, 2018), which comfortably exceeds regulatory requirements of 150%. The reduction in MCT was due to a short-term collateral charge which is anticipated to reverse in Q3 2018.
• The capital and surplus in our US subsidiary of $65.1 million as at June 30, 2018 is well in excess of the $19.8 million minimum capital requirements of the Oklahoma Insurance Department.
• Our international subsidiary had capital of $27.9 million as at June 30, 2018 which was well in excess of its regulatory capital requirement of $0.2 million.
• Consolidated debt-to-capital ratio of 19.0% as at June 30, 2018 is below our long-term target maximum of 20%.

Investments

• Net investment income of $2.1 million compared to $1.6 million in Q2 2017. Interest and dividend income was slightly higher in Q2 2018, as we continued to benefit from the deployed US portfolio. In Canada, investment income reflected a realized gain from the rebalancing of our preferred share portfolio.
• We continued to develop our in-house investment management capabilities including implementation of portfolio administration systems.

About Trisura Group

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

Further information is available at http://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 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: David Clare
Tel: 416 607 2177
Email: david.clare@trisura.com

Trisura Group Ltd.
Consolidated Statements of Financial Position
As at June 30, 2018 and December 31, 2017
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Consolidated Statements of Comprehensive Income (Loss)
For the three and six months ended June 30
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Consolidated Statements of Cash Flows
For the three and six months ended June 30
(in thousands of Canadian dollars, except as otherwise noted)

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

TORONTO, May 10, 2018 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance holding company, today announced financial results for the first quarter of 2018.

Greg Morrison, CEO of Trisura, stated, “We continued executing our strategic plan in the first quarter of 2018, making progress across a number of initiatives.

Our Specialty P&C business lines performed well with 21.7% premium growth, and a strong 83.6% combined ratio in Canada.

The new US team started writing business and bound four transactions, generating fee income and premiums in its first quarter of operations. Through internal resources, we increased the capital in the US platform which will further enhance our ability to write new business. The team is excited to continue our trajectory of growth and strong underwriting performance through the year.”

Highlights

• Excellent premium growth in Q1 2018, increasing gross premiums written by 21.7% and net premiums written by 22.8% supported by strong top line growth in Canadian Specialty P&C lines and new business written in the US.
• Net Income of $1.9 million and annualized ROE of 6.1% at Trisura Group, book value per share increased to $18.68 from $18.35 at year-end 2017.
• Strong underwriting performance in our Canadian Specialty P&C lines with combined ratio of 83.6% and trailing 12-month operating return on equity of 14.5%
• Increased the capital and surplus of our US company, Trisura Specialty by $7.1 million from internal resources to support its development and move its AM Best size categorization to VII.

Underwriting

• Continued strong operational performance from our Canadian Specialty P&C insurance operations, achieving an 83.6% combined ratio.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian Specialty P&C subsidiary, Trisura Guarantee Insurance Company was 242% as at March 31, 2018 (255% as at December 31, 2017), which comfortably exceeds regulatory requirements of 150%.
• Trisura Specialty Insurance Company’s capital and surplus of $64.3 million as at March 31, 2018 is well in excess of the $19.3 million minimum capital requirements of the Oklahoma Insurance Department.
• Trisura International Insurance Company had capital of $27.3 million as at March 31, 2018 which was well in excess of its regulatory capital requirement of $0.2 million.
• Consolidated debt-to-capital ratio of 19.4% as at March 31, 2018 is below its long-term target maximum of 20%.
• Increased capital flexibility by transitioning debt from a term loan at our Canadian subsidiary to a revolving credit facility at the group level.

Investments

• Net investment income of $1.9 million compared to $0.7 million in Q1 2017. Interest and dividend income was slightly higher in Q1 2018, as we deployed the US portfolio into fixed income assets, and the assets in the reinsurance portfolio continued to benefit from rising interest rates in Europe.
• Build out of our in-house investment management function progressed including deployment of our US portfolio assets and development of portfolio administration systems.

About Trisura Group

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

Further information is available at http://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 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: David Clare
Tel: 416 607 2177
Email: david.clare@trisura.com

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

Trisura Group Ltd.
Consolidated Statements of Financial Position
As at March 31, 2018 and December 31, 2017
(in thousands of Canadian dollars, except as otherwise noted)

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

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

TORONTO, February 16, 2018 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance company, today announced financial results for the fourth quarter and year ended December 31, 2017.

Greg Morrison, CEO of Trisura, stated “2017 was a transformational year for Trisura, as we achieved a number of strategic goals alongside strong underwriting and premium growth in our Canadian P&C business. Of note, we received a regulatory license and an A- rating from AM Best in the US and bound our first insurance transaction in early 2018. Trisura Group is well positioned for future growth after acquiring full ownership of our Canadian P&C business through an accretive share exchange with Trisura Guarantee’s management group.”

Fourth Quarter and Annual 2017 Financial Results

Highlights

• Excellent premium growth through 2017; net premiums written increased by 21% in the fourth quarter and by 14% for the full year driven by increased activity in our Risk Solutions and Surety business lines.
• Strong underwriting performance in 2017 in our P&C business with combined ratios of 93.7% and 88.9% in the fourth quarter and full year respectively. ROE on P&C business for 2017 was a solid 13.7%.
• Net income and earnings per share in Q4 2017 were slightly negative at ($0.1) million and ($0.01) per share due to overhead expenses incurred from the establishment of our US entity and the Group functions.
• Achieved our target debt-to-capital ratio of 20%.
• Rationalized our shareholder base through a shareholder-approved consolidation and split process, which reduces on-going administrative expenses.

Capital

• We actively manage our capital allocation to optimize our returns. During 2017 we reallocated capital of $26.7 million from Trisura International Insurance Company to fund Trisura Specialty Insurance Company as well as to pay out small shareholders as part of the share consolidation/split process.
• The minimum capital test (“MCT”) ratio of Trisura Guarantee Insurance Company was 255% as at December 31, 2017 (272% as at December 31, 2016), which comfortably exceeds regulatory requirements of 150%.
• Trisura Specialty Insurance Company’s capital and surplus of $56.5 million as at December 31, 2017 is strong versus the $18.8 million minimum capital requirements of the Oklahoma Insurance Department.
• Trisura International Insurance Company had capital of $26.6 million as at December 31, 2017 which was well in excess of its regulatory capital requirement of $0.2 million.
• Consolidated debt-to-capital ratio of 19.6% as at December 31, 2017 (32.5% as at December 31, 2016) achieving its long-term target maximum of 20%.

Investments

• Trisura’s net investment income in Q4 2017 was $1.0 million compared to $2.6 million in Q4 2016. Interest and dividend income was comparable period over period, however Q4 2016 benefitted from a revaluation of our structured insurance asset.

Corporate Development

• Trisura Group completed two significant corporate objectives in Q4 2017 which position us well for our future development plans namely:
  • The acquisition of full ownership of Trisura Guarantee following the issuance of common shares at Trisura Group in exchange for Trisura Guarantee’s management group’s 40% ownership interest in the business (“the Buyout”). The Buyout is expected to be accretive to earnings and book value per share in 2018.
  • The rationalization of our shareholder base as a result of a 10 for 1 share consolidation of Trisura Group common shares followed immediately by a 1 for 10 share split. This transaction, which was approved by shareholders at a special meeting in December 2017, resulted in smaller shareholders receiving liquidity and lowered current and future administrative costs significantly while keeping the holdings of any holder of 10 or more common shares unchanged.

Appointment of David Clare to the Senior Management Team

On August 10, 2017, Trisura entered into a management services agreement with its largest shareholder, Partners Value Investments LP (“PVI”), pursuant to which PVI provided David Clare to act as Chief Investment Officer of Trisura Group. We are pleased to announce that Trisura Group will be terminating this agreement as Mr. Clare has agreed to join the Company as a full-time employee, where he will be a Senior Vice President responsible for investments, corporate development and investor relations. He will play an important role in developing Trisura’s in-house investment management function.
Since 2015, Mr. Clare has been an executive at PVI, where he led an initiative to build and manage a global portfolio of securities in multiple jurisdictions across equity, fixed income and derivative instruments. Prior to that, Mr. Clare worked at Power Corporation of Canada where he focused on corporate development and strategy in the financial services industry.

“David is well-known to our investors and has been an integral part of Trisura’s development since prior to our spinoff from Brookfield Asset Management. We were eager to bring David in-house to continue his work supervising Trisura’s investments and strategic initiatives. We look forward to David playing a strong leadership role as we continue to execute our growth strategy.” said Greg Morrison, CEO of Trisura.

About Trisura Group

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

Further information is available at http://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 are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: David Clare
Tel: 647-503-6516
Email: dclare@pvii.ca

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

Trisura Group Ltd.
Audited Consolidated Statements of Financial Position
As at December 31, 2017 and December 31, 2016
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Consolidated Statements of Comprehensive Income (Loss)
For the three and twelve-month periods ended December 31
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Consolidated Statements of Cash Flows
For the three and twelve-month periods ended December 31
(in thousands of Canadian dollars, except as otherwise noted)

TORONTO, December 21, 2017 — Trisura Group Ltd. (“Trisura” or the “Company”) (TSX: TSU) today announced the pricing of the 1 for 10 share consolidation of its common shares followed immediately by a 10 to 1 share split. Shareholders who held less than 10 common shares at the close of business on December 20, 2017 will be entitled to receive a cash payment in exchange for their common shares equal to C$26.037 per common share (the “cash proceeds”). The cash proceeds are based on the average trading price of the common shares on the Toronto Stock Exchange (the “TSX”) during the 20 consecutive trading days ending on and including December 20, 2017. Trisura will deposit the aggregate cash proceeds with its transfer agent, AST Trust Company (Canada) (“AST”), on or before December 29, 2017.

The common shares will commence trading on a post-consolidation and split basis on the TSX this morning under a new CUSIP number and the same trading symbol.

As previously announced, letters of transmittal were mailed to registered shareholders on November 10, 2017 providing instructions to surrender the certificates evidencing their common shares to Trisura’s transfer agent, AST, for (a) in the case of holders of 10 or more common shares as at close of business on December 20, 2017, replacement certificates representing the same number of common shares they currently hold and (b) in the case of holders of less than 10 common shares as at close of business on December 20, 2017, the cash proceeds. Registered shareholders are requested to submit their share certificates, together with their completed applicable letter of transmittal, to AST. Copies of the letters of transmittal are available on the SEDAR profile of Trisura at www.sedar.com and our website at www.trisura.com/group/investor-centre. Registered shareholders may also contact AST to request a copy of the letter of transmittal at (416) 682-3860 (or 1-800-387-0825), or inquiries@astfinancial.com.

Non-registered shareholders who hold their Trisura common shares through an intermediary such as a bank, trust company, securities dealer or broker should note that these intermediaries may have their own procedures for processing the share consolidation and share split which may differ from those described above for registered shareholders. Non-registered shareholders who have questions should contact their intermediary for more information.

About Trisura Group

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

Further information is available at http://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 are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: David Clare, Chief Investment Officer
Tel: 647-503-6516
Email: dclare@pvii.ca

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. The words “will”, “intends” and derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.

Forward-looking statements in this news release include statements with respect to the record date and effective date of the share consolidation and share split of Trisura’s common shares and the date Trisura expects its common shares to begin trading on a post-consolidation and split basis. Although Trisura believes that such 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 as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Trisura to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Except as required by law, Trisura 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.

TORONTO, December 18, 2017 — Trisura Group Ltd. (“Trisura”) (TSX: TSU) today announced that the 1 for 10 consolidation of its common shares followed immediately by a 10 to 1 share split will become effective prior to market open on December 21, 2017 for common shares held as of close of business on December 20, 2017. Those who hold less than 10 common shares will be entitled to receive cash proceeds per Trisura common share based on the average trading price of the shares on the Toronto Stock Exchange during the 20 consecutive trading days ending on and including December 20, 2017 (the “cash proceeds”).

Trisura will deposit the aggregate cash proceeds with its transfer agent on or before December 29, 2017. Registered shareholders who hold less than 10 common shares and who have submitted their letter of transmittal along with a certificate evidencing their common shares will be paid by cheque. Non-registered shareholders who hold their common shares through an intermediary such as a bank, securities dealer or broker, will receive cash proceeds in accordance with the intermediary’s procedures for processing the share consolidation.

About Trisura Group

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

Further information is available at http://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 are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: David Clare, Chief Investment Officer
Tel: 647-503-6516
Email: dclare@pvii.ca

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. The words “will”, “intends” and derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.

Forward-looking statements in this news release include statements with respect to the record date and effective date of the share consolidation and share split of Trisura’s common shares and the date Trisura expects its common shares to begin trading on a post-consolidation and split basis. Although Trisura believes that such 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 as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Trisura to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Except as required by law, Trisura 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.

TORONTO, December 11, 2017 — Trisura Group Ltd. (“Trisura” or the “Company”) (TSX: TSU) today announced that the previously announced 1 for 10 share consolidation of its common shares (the “share consolidation”) followed immediately by a 10 to 1 share split (the “share split”) received shareholder approval at Trisura’s special meeting of shareholders held earlier today. Shareholders also approved and ratified Trisura’s management share option plan (the “option plan”) and the option grants made to date thereunder at today’s meeting. The share consolidation and share split was approved by approximately 99.54% of the votes cast by all of the Trisura shareholders eligible to vote at the meeting and approximately 99.36% of the votes cast by minority shareholders of Trisura. The option plan and the option grants were approved and ratified by approximately 90.12% of the votes cast by all of the Trisura shareholders eligible to vote at the meeting.

Share Consolidation and Share Split

The share consolidation and share split is expected to become effective on December 29, 2017 (the “effective date”) for common shares held by shareholders of record at the close of business on December 20, 2017 (the “record date”). The common shares are expected to begin trading on a post-consolidation and split basis on the Toronto Stock Exchange on the effective date under the same trading symbol.

As previously announced, cash proceeds will be paid to shareholders who hold less than 10 common shares as of the record date at a price per Trisura common share based on the average trading price of Trisura common shares for the 20 days prior to the effective date.

Letters of transmittal were mailed to registered shareholders on November 10, 2017 providing instructions to surrender the certificates evidencing their common shares to Trisura’s transfer agent, AST Trust Company (Canada) (“AST”), for (a) in the case of holders of 10 or more common shares as of the record date, replacement certificates representing the same number of common shares they currently hold and (b) in the case of holders of less than 10 common shares as of the record date, cash proceeds. Following the record date, registered shareholders are requested to submit their share certificates, together with their completed applicable letter of transmittal, to AST. Copies of the letters of transmittal are available on the SEDAR profile of Trisura at www.sedar.com and our website at www.trisura.com/group/investor-centre. Registered shareholders may also contact AST to request a copy of the letter of transmittal at (416) 682-3860 (or 1-800-387-0825), or inquiries@astfinancial.com.

Non-registered shareholders who hold their Trisura common shares through an intermediary such as a bank, trust company, securities dealer or broker should note that these intermediaries may have their own procedures for processing the share consolidation and share split which may differ from those described above for registered shareholders. Non-registered shareholders who have questions should contact their intermediary for more information.

About Trisura Group

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

Further information is available at http://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 are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: David Clare, Chief Investment Officer
Tel: 647-503-6516
Email: dclare@pvii.ca

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. The words “will”, “intends” and derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.

Forward-looking statements in this news release include statements with respect to the record date and effective date of the share consolidation and share split of Trisura’s common shares and the date Trisura expects its common shares to begin trading on a post-consolidation and split basis. Although Trisura believes that such 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 as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Trisura to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Except as required by law, Trisura 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.

All amounts in C$

TORONTO, November 29, 2017 — Trisura Group Ltd. (“Trisura”) today announced that it has agreed to acquire the remaining 40% management interest in its Canadian subsidiary that holds Trisura Guarantee Insurance Company (“Trisura Guarantee”). Trisura currently holds a 60% interest in the Canadian subsidiary. Trisura agreed to acquire the 40% interest from a group of current employees and directors of Trisura Guarantee (the “TG Management Group”) in exchange for common and preferred shares of Trisura. Trisura Guarantee is a leading Canadian specialty insurance provider, which operates in the surety, risk solutions and corporate insurance segments of the market.

“Exchanging Trisura Guarantee management’s ownership for shares of Trisura is an important development for us as we integrate our operations and develop our broader platform,” stated Greg Morrison, President and CEO of Trisura. “This transaction better aligns management interests across Trisura with our shareholders, allows all members of our team to participate in Trisura’s growth and simplifies our corporate structure.”

“The management and employee shareholders of Trisura Guarantee are pleased to have reached an agreement to exchange our current shareholding for a significant stake in Trisura, the global public entity,” said Mike George, President and CEO of Trisura Guarantee. “The share exchange will enable us to participate in the future growth of Trisura, as well as helping us achieve our strategic initiatives in Canada and abroad. We look forward to working closely together with Trisura in building an even more successful and significant company in the future.”

A Special Committee composed of Trisura independent directors Paul Gallagher, Bart Hedges and David Nowak was formed to review the proposed acquisition and make a recommendation to the Trisura board of directors. Following its review, the Committee unanimously recommended that the Trisura board proceed with the proposal on the basis that it was in Trisura’s best interests, and the Trisura board unanimously approved the transaction.

Transaction Terms

Trisura has agreed to purchase TG Management Group’s interest in Trisura Guarantee in exchange for Trisura common shares, and in the case of certain members of the TG Management Group, preferred shares of Trisura.

The preferred shares will be issued at a price of $25 per share. Holders of the preferred shares are entitled to receive a cumulative quarterly fixed dividend yielding 6.00% annually for an initial five-year period ending December 31, 2022. Thereafter, the dividend rate will be reset every five years at a rate equal to the 5-year Government of Canada bond yield plus 7.50%.

The number of common shares to be issued as part of the transaction represents 16.6% of the total number of common shares currently outstanding. The transaction has been conditionally approved by the Toronto Stock Exchange

Consideration	Number of Shares	Value
Common Shares	963,143	$27,343,629
Preferred Shares	64,000	$1,600,000

Senior members of the TG Management Group have agreed to enter into a lock-up agreement for 50% of the common shares they will receive, which will expire on December 23, 2018. As a result of the transaction, the shareholders agreement between TG Management Group and Trisura will be terminated.

Financial Impact

Management expects the transaction to be accretive to earnings and book value per share in 2018. Following the transaction, it is expected that Trisura’s debt to capital ratio will decline below our target maximum of 20%.

About Trisura Group

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

Further information is available at http://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 are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: David Clare
Tel: 647-503-6516
Email: dclare@pvii.ca

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

TORONTO, November 10, 2017 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU) today announced financial results for the quarter ended September 30, 2017.

“Trisura had an excellent quarter with strong premium growth in our existing business. We achieved a major operational objective when our US entity, Trisura Specialty Insurance Company, received an A- (Excellent) rating from A.M. Best. Trisura Specialty Insurance Company is now actively pursuing new business opportunities and we believe the business is being well-received in the market.” said Greg Morrison, CEO of Trisura.

Third Quarter 2017 Financial Results

Q3 2017 Highlights

• Strong growth in Q3 in both gross and net premiums written, increasing 14.2% and 16.5% respectively compared to same period in 2016 driven by increased activity in our Risk Solutions and Surety business lines at Trisura Guarantee Insurance Company (“Trisura Guarantee”).
• Consistently strong underwriting results at Trisura Guarantee with net underwriting income of C$2.1 million in Q3 compared to C$1.5 million in the prior year period.
• Combined ratio of 91.2% at Trisura Guarantee.
• Net income of C$2.0 million compared to a net loss of C$1.5 million in the prior year period, as a result of growth in net income of Trisura Guarantee.
• Foreign exchange losses related to strengthening of the Canadian dollar against the US dollar led to negative variance in comprehensive (loss) income in Q3 compared to the same quarter of 2016.
• Began marketing our fronting company services in the U.S. after Trisura Specialty Insurance Company received its A- (Excellent) rating from A.M. Best.
• Strong capital position consistent with planned business development particularly in the US which will enable us to reduce our debt-to-capital ratio to 20% before year-end 2017.

Note: P&C Business reflects Trisura Guarantee operations only.

Capital

• The minimum capital test (“MCT”) ratio of Trisura Guarantee was 265% as at September 30, 2017 (272% as at December 31, 2016), which comfortably exceeds regulatory requirements of 150%.
• Trisura Specialty Insurance Company’s capital and surplus of C$56.2 million as at September 30, 2017 was well in excess of the C$18.7 million minimum capital requirements of the Oklahoma Insurance Department.
• Trisura International Insurance Company had capital of C$25.2 million as at September 30, 2017 which was well in excess of its regulatory capital requirement of C$0.2 million.
• Trisura Group had a debt-to-capital ratio of 22.2% as at September 30, 2017 (32.5% as at December 31, 2016). We anticipate reducing the debt-to-capital ratio to 20% by year-end 2017.

Investments

• Trisura’s net investment income in Q3 2017 was C$2.1 million compared to C$1.8 million in Q3 2016. Investment income is driven primarily from interest and dividend income on a highly-rated portfolio.

Corporate Development

• Trisura Specialty Insurance Company received an A- (Excellent) rating from A.M. Best.
• The Company recently announced the transition of RSA’s $6 million block of contract and commercial surety business in Canada to Trisura’s Canadian subsidiary, Trisura Guarantee. This business allows us to further strengthen our position in the Canadian marketplace as a market leader in the small to mid-size contractor space.

About Trisura Group

Trisura Group Ltd. is a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated insurance subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance Company and Trisura Specialty Insurance Company. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at http://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 are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: David Clare
Tel: 647-503-6516
Email: dclare@pvii.ca

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

Trisura Group Ltd.
Consolidated Statements of Financial Position
Unaudited
As at September 30, 2017 and December 31, 2016

Trisura Group Ltd.
Consolidated Statements of Operating Results
Unaudited
For the three-month and six-month periods ended September 30

Trisura Group Ltd.
Consolidated Statements of Cash Flows
Unaudited
For the three-month and six-month periods ended September 30

Toronto, ON – October 30, 2017 — Trisura Group Ltd. (“Trisura”) and RSA Canada (“RSA”) are pleased to announce the transition of  RSA’s contract and commercial surety business in Canada to Trisura Guarantee Insurance Company (“Trisura Guarantee”). RSA’s Canadian surety portfolio consists of  approximately 450 contract and commercial surety accounts with annual premium in excess of $6 million. The management teams of both companies will work closely together to ensure a smooth transition of the business.

“At RSA, our commercial business is focused on providing industry-leading service and expertise to our brokers and their customers,” says Paul Lucarelli, Senior Vice President, Commercial at RSA Canada. “An important aspect of this strategy is growing our Global Specialty Lines business and putting our focus on segments where we can bring a differentiated proposition and expertise. We’ve made a strategic decision to  transition the Canadian surety business to Trisura to maintain our focus on those segments and customers.”

“RSA Canada’s surety business is a great fit for Trisura Guarantee and allows us to further strengthen our position in the Canadian marketplace as a market leader in the small to mid-size contractor space. The transfer aligns well with our strategy of enhancing services to this segment.  Our main focus will be to ensure a smooth transition with minimal disruption to brokers and their clients” says Chris Sekine, Senior Vice President, Surety at Trisura Guarantee.

About Trisura

Trisura Group Ltd. is a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance Ltd. and Trisura Specialty Insurance Company. Trisura is listed on the Toronto Stock Exchange under the symbol “TSU”. Trisura Guarantee Insurance Company is a Canadian specialty insurance and surety company with offices across Canada, providing customized solutions and expertise through a select broker network. Trisura Guarantee is uniquely positioned to satisfy Canadian risks in Contract, Commercial and Developer Surety, Directors’ and Officers’ Liability, Fidelity, Professional Liability including Media and Cyber Liability and Warranty products.

About RSA Canada

The RSA Canada group of companies includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., Unifund Assurance Company, Western Assurance Company, Ascentus Insurance Ltd., Canadian Northern Shield Insurance Company and RSA Travel Insurance Inc. (collectively, “RSA Canada”) and is part of a group of companies headed by RSA Insurance Group Plc. RSA Canada employs more than 3,000 people across Canada and is one of the oldest insurance companies in the country with roots dating back to 1833.

Media contacts: 
Sandra Henkel, VP, Strategic Initiatives, 416-607-2092 or sandra.henkel@trisura.com
Julia Carr, VP, Corporate Marketing & Broker Communication, julia.carr@rsagroup.ca 647-776-9400

TORONTO, October 6, 2017 — Trisura Group Ltd. (“Trisura” or the “Company”) (TSX: TSU) today announced that it has called a special meeting of shareholders (the “meeting”) to approve a 1 for 10 share consolidation of its common shares, followed immediately by a 10 to 1 share split by way of a share distribution. At the meeting, Trisura shareholders will also be asked to consider a resolution on a management share option plan that was approved by the Board of Directors in connection with the spinoff of Trisura and is required by the Toronto Stock Exchange (the “TSX”) to be ratified at the first meeting of shareholders.

The meeting shall be held on December 11, 2017 in Toronto for shareholders of record on October 31, 2017. A management information circular for the meeting will be available online under Notice and Access on or before November 10, 2017.

Share Consolidation and Share Split

The proposal for a 1 for 10 share consolidation followed immediately by a 10 to 1 share split will, if approved, result in cash proceeds being paid to shareholders who hold less than 10 common shares. The price to be paid per Trisura common share will be based on the average trading price of Trisura for the 20 days prior to the effective date of the share consolidation and share split (the “effective date”). The effective date shall be set as soon as possible following the receipt of requisite approvals.

Total cash proceeds to be paid to shareholders who own less than 10 Trisura common shares are estimated at $5.7 million. Shareholders who hold 10 or more common shares will be unaffected by the proposal; following the share consolidation and split they will maintain the same number of common shares in Trisura as they owned previously.

The Board of Directors of Trisura unanimously recommends that shareholders of Trisura approve the share consolidation and share split.

Trisura is proposing this transaction for two primary reasons:

• Following the recent spinoff of Trisura by Brookfield Asset Management Inc. (“Brookfield”), the vast majority of Trisura shareholders own less than 10 common shares. A number of these small shareholders have asked the Company to repurchase their shares as they have no cost-effective option to dispose of them. The proposed share consolidation will pay cash to our smaller shareholders without the payment of brokerage fees that in many cases would represent all or a substantial portion of the sale proceeds.
• Trisura’s shareholder base at spinoff mirrors Brookfield’s very broad shareholder base, which is inefficient for Trisura as a much smaller company. The administrative costs associated with disseminating Trisura materials to such a large shareholder base will be burdensome for the Company, and for many of our shareholders the costs will be disproportionately large to the value of their investment in Trisura. The proposed share consolidation will lower administrative costs by significantly reducing the number of our shareholders.

Greg Morrison, President and CEO of Trisura, stated that “The share consolidation and share split is an ideal solution, providing cash to our smaller shareholders and reducing administrative costs for Trisura, while preserving the holdings of shareholders who own 10 or more shares.”

The share consolidation requires the approval of holders representing at least two-thirds of Trisura common shares that vote at the meeting, as well as a majority of the votes cast by shareholders of Trisura (other than Partners Value Investments LP (“PVI”) and its affiliates and certain directors and senior officers of PVI and Trisura and their respective affiliates). The share consolidation and share split must also be approved by the TSX.

Management Share Option Plan

In connection with the spinoff of Trisura in June 2017, the Board of Directors of Trisura reviewed and approved a management share option plan (the “option plan”). The TSX requires that Trisura shareholders ratify the option plan and the option grants made to date at the first shareholder meeting post-spinoff, and the Board unanimously recommends that shareholders of Trisura ratify the option plan and the option grants.

The option plan has been designed to incentivize executives to focus on the long-term performance of Trisura and avoid taking excessive risks in order to achieve short-term results. The option plan will provide for the issuance of 400,000 Trisura common shares, which represents approximately 7% of the issued and outstanding common shares of Trisura. For further information regarding the option plan and the grants made to date, refer to the management information circular for the meeting.

About Trisura Group

Trisura Group Ltd. is a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura Group has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance and Trisura Specialty Insurance Company. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at 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 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: David Clare, Chief Investment Officer
Tel: 647-503-6516
Email: dclare@pvii.ca

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. The words “will”, “intends” and derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.

Forward-looking statements in this news release include statements with respect to the operations of Trisura Specialty Insurance Company and its A.M. Best rating. Although Trisura believes that such 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 as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Trisura 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura 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.

TORONTO, September 27, 2017 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU) today announced that it has secured a rating from A.M. Best for Trisura’s new U.S. specialty insurance business, Trisura Specialty Insurance Company (“Trisura Specialty”). A.M. Best has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating (Long- Term ICR) of “a-” to Trisura Specialty. The outlook assigned to both ratings is stable.

“We launched Trisura Specialty as part of our strategy to become a leading international specialty insurance provider, and securing an A.M. Best rating will enable us to begin our expansion into the U.S. market.” said Greg Morrison, CEO of Trisura Group. “With this rating Trisura Specialty intends to begin providing program services in the U.S.”

About Trisura Group

Trisura Group Ltd. is a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance and Trisura Specialty Insurance Company. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at http://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 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: David Clare, Chief Investment Officer Tel: 647-503-6516
Email: dclare@pvii.ca

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. The words “will”, “intends” and derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.

Forward-looking statements in this news release include statements with respect to the operations of Trisura Specialty Insurance Company and its A.M. Best rating. Although Trisura believes that such 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 as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Trisura 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura 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.

TORONTO, August 10, 2017 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU) today announced financial results for the quarter ended June 30, 2017 and new management appointments, including the appointment of Jimmy Doyle as Chief Financial Officer.

“Trisura had an excellent quarter. We began trading on the TSX, delivered solid results in our Canadian operations, and continued to develop our international operations. Our new US entity, Trisura Specialty Insurance Company, received its license to operate as a non-admitted surplus line insurer in all states in the US. We are now focused on gaining a rating for Trisura Specialty Insurance Company to enhance our ability to source business.” said Greg Morrison, CEO of Trisura.

Second Quarter 2017 Financial Results

Q2 2017 Highlights

• Strong growth in Q2 across both gross and net premiums written, increasing 25% and 8% respectively compared to the same period in 2016 driven by increased activity in our Risk Solutions group at Trisura Guarantee Insurance Company (“Trisura Guarantee”).
• Consistent underwriting results with net underwriting income of $3.3 million compared to $2.8 million in Q2 2016, driven by strong underwriting performance at Trisura Guarantee.
• Combined ratio of 84% and ROE of 13.8% at Trisura Guarantee.
• Net income of $1.8 million compared to $2.4 million in Q2 2016 with the reduction due to corporate expenses related to the spinoff of Trisura (the “spinoff”) and the launch of our US platform.
• Continued development of our US platform, with the receipt of our US license to operate as a non-admitted surplus line insurer subsequent to quarter-end.
• Strong capital position with increase in shareholders’ equity of $34.8 million since December 31, 2016 principally as a result of the cash injection made by Brookfield Asset Management Inc. (“Brookfield”), prior to the spinoff.

* $0.30275 EPS for the quarter ended June 30, 2017 attributable to Brookfield Asset Management Inc. prior to spinoff on June 22, 2017 and to Trisura shareholders post-spinoff.
Note: P&C Business reflects Trisura Guarantee operations only. ROE is calculated on comprehensive income of Trisura Guarantee. See M&DA for further details.

Capital

• The minimum capital test (“MCT”) ratio of Trisura Guarantee was 266% as at June 30, 2017 (272% as at December 31, 2016), which comfortably exceeds regulatory requirements of 150%.
• Trisura International Insurance Company (“Trisura International”)’s capital of $25.7 million as at June 30, 2017 was well in excess of its regulatory capital requirement of $0.3 million.
• Trisura Group had a debt-to-capital ratio of 22.3% as at June 30, 2017 compared to 32.5% as at December 31, 2016 with the reduction reflecting the continuing repayment of Trisura’s bank loan and the capital contribution at spinoff.

Investments

• Trisura’s investment income in Q2 2017 was $1.6 million, compared to $1.8 million in Q2 2016.

Management Appointments

Trisura Group continued to develop its management team and group infrastructure in anticipation of future growth. Jimmy Doyle, currently the Chief Risk Officer of Trisura and the head of Trisura International, has been appointed Chief Financial Officer of Trisura to succeed Allen Taylor. Mr. Doyle’s Chief Risk Officer role at Trisura will be incorporated into his mandate as CFO. David Scotland, currently Vice President, Finance & Controller at Trisura Guarantee, will be taking on the additional role of Vice President, Finance at Trisura, assisting Mr. Doyle as CFO.

“Allen Taylor was instrumental in our spinoff, and oversaw our initial quarterly results as a standalone public company; we appreciate the valuable work he has done for Trisura.” said Greg Morrison. “Jimmy Doyle and David Scotland have been very involved within Trisura’s businesses for many years. We look forward to Jimmy and David playing a strong leadership role in the financial management of Trisura, as we continue to execute our growth strategy.”

These management appointments will take effect on August 15, 2017 and the services agreement between Brookfield and Trisura under which Brookfield provided CFO services to Trisura will be terminated at that time.

Investment Committee and Management Services Agreement

The Board of Directors of Trisura has formed an Investment Committee (the “IC”) comprised of independent directors Paul Gallagher, Bart Hedges, and David Nowak to oversee the investments of Trisura Group. The IC has approved a management services agreement with Trisura’s largest shareholder, Partners Value Investments LP (“PVI”). Pursuant to this agreement, PVI will provide David Clare to act as Chief Investment Officer of Trisura Group. The management services agreement will be reviewed annually and is cancellable on 30 days’ notice.

About Trisura Group

Trisura Group Ltd. is a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance and Trisura Specialty Insurance Company. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at http://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 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: David Clare
Tel: 647-503-6516
Email: dclare@pvii.ca

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 Trisura Group, 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,” “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 Trisura Group 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior 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; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the 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, Trisura Group 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.

 

TORONTO, July 12, 2017 — Trisura Group Ltd. (“Trisura”) (TSX: TSU) today announced that it has received its Certificate of Authority from the Oklahoma Insurance Department for Trisura Specialty Insurance Company (“Trisura US”), its newly formed specialty insurer. Trisura US intends to seek an A.M. Best rating and begin writing business in the United States.

“The launch of Trisura US is a key milestone in the development of Trisura as an international specialty insurance provider,” said Greg Morrison, CEO of Trisura. “We’re excited to announce the licensing of our U.S. business and look forward to establishing relationships with program administrators in the U.S. to begin providing program services.”

ABOUT TRISURA GROUP

Trisura Group Ltd. is a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance Ltd. and Trisura Specialty Insurance Company. Trisura is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at 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 are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura’s SEDAR profile at www.sedar.com.

For more information, please contact:
Allen Taylor
Chief Financial Officer
Tel: (416) 359-7864
Email: allen.taylor@brookfield.com

Forward-Looking Statements
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. The words “will”, “intends”, seeks” and derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.

Forward-looking statements in this news release include statements with respect to the commencement of operations by Trisura US and its related A.M. Best rating. Although Trisura believes that such 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 as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Trisura 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: economic and financial conditions in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and exchange rates; availability of equity and debt financing; and other risks and factors detailed in Trisura’s Prospectus and U.S. Information Statement filed with securities regulators in Canada on May 12, 2017.

PRESS RELEASE

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Trisura, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Trisura 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.

TORONTO, June 22, 2017 — Trisura Group Ltd. (“Trisura”) (TSX: TSU) today announced the completion of its spinoff from Brookfield Asset Management Inc. (“Brookfield”) (TSX: BAM.A, NYSE: BAM, Euronext: BAMA). Trisura, a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market, is expected to commence regular-way trading on the Toronto Stock Exchange (“TSX”) at market open today under the symbol “TSU”.

“The spinoff of Trisura from Brookfield is an important milestone in our development and we look forward to executing our business plan as a standalone public company,” said Greg Morrison, CEO of Trisura.

The spinoff was effected by way of a special dividend of common shares of Trisura (“Trisura Shares”) to holders of Brookfield’s Class A and B limited voting shares (“Brookfield Shares”). Each holder of Brookfield Shares received one Trisura Share for every 170 Brookfield Shares held. Shareholders of Brookfield now own approximately 5.8 million Trisura Shares, or a 100% interest in Trisura. Brookfield no longer has any ownership interest in Trisura.

Brookfield shareholders will receive a cash payment in lieu of any fractional interests in Trisura Shares. Brookfield will use the volume-weighted average of the regular-way trading price of Trisura Shares on the TSX for the five trading days immediately following the spinoff (June 22nd thru June 28th) to determine the value of Trisura Shares for the purpose of calculating the cash payable in lieu of any fractional interests.

Prior to completion of the spinoff, Trisura acquired from Brookfield certain specialty insurance operations, including Brookfield’s 60% interest in Trisura Guarantee Insurance Company, a Canadian-based specialty commercial, general liability insurance company, and Brookfield’s 100% interest in Trisura International Insurance Company, a Barbados-based reinsurance company.

In order to satisfy Canadian withholding tax and U.S. “backup” withholding tax obligations on the special dividend, a portion of the Trisura Shares otherwise distributable to non-Canadian investors will be withheld from registered shareholders. For non-Canadian beneficial owners of Brookfield Shares registered in the name of a broker or other intermediary, these withholding tax obligations will be satisfied in the ordinary course through arrangements with the broker or intermediary. Beneficial owners should consult their brokers to determine how the withholding tax obligations will be satisfied for their Trisura Shares and on any questions they may have regarding fractional Trisura Shares.

Further details regarding the operations of Trisura are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura’s SEDAR profile at www.sedar.com.

For more information, please contact:
Allen Taylor
Chief Financial Officer
Tel: (416) 359-7864
Email: allen.taylor@brookfield.com

Forward-Looking Statements
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. The words “expects” and derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.

Forward-looking statements in this news release include statements with respect to the spinoff of Trisura and its listing on the Toronto Stock Exchange. Although Trisura believes that such 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 as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Trisura 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: economic and financial conditions in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and exchange rates; availability of equity and debt financing; and other risks and factors detailed in Trisura’s Prospectus and U.S. Information Statement filed with securities regulators in Canada on May 12, 2017.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Trisura investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Trisura 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.