NEWS

PRESS RELEASE

TORONTO, October 4, 2022 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, will release its third quarter 2022 results after the market closes on Thursday, November 3rd, 2022.

The company will host a conference call for analysts and investors on Friday, November 4th, 2022 at 9:00 a.m. ET.

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

To listen to the call via live audio webcast, please follow the link below:
https://edge.media-server.com/mmc/p/oma9f9sv

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

About Trisura Group

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

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

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

TORONTO, Sept. 30, 2022 – Trisura Group Ltd. (“Trisura”) and The Sovereign General Insurance Company (“Sovereign Insurance”) are pleased to announce the acquisition by Trisura of Sovereign Insurance’s surety business in Canada. The deal provides Trisura with access to a portfolio of contract, commercial and developer surety accounts, which in 2021 produced an annual premium of over $16 million CAD. The acquisition strengthens Trisura’s surety operation in Canada. Sovereign Insurance exits the surety business in Canada to focus more closely on its core commercial and specialty lines business.

“Sovereign Insurance’s surety business is a great fit for Trisura as it allows us to further our position as a leader in the Canadian surety marketplace, while supporting our growing North American surety platform,” says Chris Sekine, president and CEO of Trisura Canada. Richard A. Grant, senior vice president, surety for Trisura Canada, adds, “The acquisition will significantly enhance Trisura’s position in the developer and mid-market contract surety segments in Canada. Together, Trisura and Sovereign Insurance will be focused on ensuring a smooth transition for our brokers, their clients and Sovereign Insurance’s people.”

“Sovereign Insurance’s decision to divest of our Surety business is part of a longer-term strategy to focus on our core business,” said Colette Taylor, COO of Sovereign Insurance. “We’re confident that we’ve found a good fit in Trisura, a well-known, established leader in the surety market and a company that shares similar values in its commitment to its brokers, clients and employees.”

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

About Sovereign Insurance:
The Sovereign General Insurance Company (Sovereign Insurance) empowers Canadian businesses to succeed by developing and distributing risk solutions they trust and value. Sovereign Insurance is passionate about protecting Canadian businesses and the communities they serve and is driven by the belief that whether you’re a partner, client or employee, your experience matters. Canadian owned and operated since 1953, Sovereign Insurance is a wholly owned subsidiary of The Co-operators General Insurance Company, a leading Canadian provider of multi-line insurance products with assets of $9 billion. Sovereign Insurance operates in six offices across Canada and is proud to carry an AM Best A (Excellent) rating. To learn more, visit www.sovereigninsurance.ca.

For more information, please contact:
Tania Washchuk
Director, Marketing and Communications
Trisura Guarantee Insurance Company
T: (416) 607-0145
E: tania.washchuk@trisura.com

Lori Abbott
AVP, Marketing
Sovereign Insurance
T: (416) 201-2244
E: lori.abbott@sovgen.com

TORONTO, le 30 septembre 2022 – Trisura Group Ltd. (« Trisura ») et Souveraine, Compagnie d’assurance générale («Souveraine Assurance ») sont heureuses d’annoncer l’acquisition par Trisura du portefeuille de cautionnement de Souveraine Assurance au Canada. En vertu de cette transaction, Trisura fera l’acquisition d’un portefeuille comprenant des comptes de contrats, des comptes commerciaux et des comptes pour promoteurs immobiliers en matière de cautionnement. En 2021, ces comptes ont représenté des primes totales excédant 16 millions de dollars CA. Cette acquisition renforcera les activités de cautionnement de Trisura au Canada. Souveraine Assurance se retire du secteur du cautionnement au Canada afin de concentrer ses efforts sur ses activités principales en matière de solutions commerciales et de solutions spécialisées.

« L’acquisition du portefeuille de cautionnement de Souveraine Assurance correspond exactement à la nature des activités de Trisura. Elle nous permettra non seulement de consolider notre position en tant que chef de file dans le marché canadien du cautionnement, mais également de soutenir notre plateforme de cautionnement en constante croissance en Amérique du Nord », a soutenu Chris Sekine, président et chef de la direction de Trisura Canada. Pour sa part, le premier vice-président, Cautionnement de Trisura Canada, Richard A. Grant, a ajouté : « Cette acquisition renforcera encore davantage le positionnement de Trisura au Canada dans le segment de marché des promoteurs immobiliers ainsi que dans le marché intermédiaire pour ce qui est du cautionnement de contrat. En collaborant étroitement ensemble, Trisura et Souveraine Assurance assureront une transition harmonieuse pour nos courtiers, leurs clients et les professionnels de Souveraine Assurance ».

« La décision de Souveraine Assurance de se départir de son portefeuille de cautionnement s’inscrit dans une stratégie à long terme visant à cibler nos activités principales », a précisé la directrice de l’exploitation de la Souveraine Assurance, Colette Taylor. Nous sommes confiants que Trisura est un partenaire sur mesure pour nous. En effet, cette compagnie possède une réputation enviable, elle est un chef de file établi dans le marché du cautionnement et elle partage nos valeurs en ce qui a trait à son engagement envers ses courtiers, ses clients et ses employés. »

À propos de Trisura
Trisura Group Ltd. est un fournisseur d’assurances spécialisées qui évolue dans les segments de marché relatifs au cautionnement, aux solutions de risques, à l’assurance pour entreprises, à l’assurance de façade et à la réassurance. Trisura Group possède des investissements dans des filiales à 100 % par l’entremise desquelles Trisura Group exerce ses activités en matière d’assurance et de réassurance. Ces activités sont menées principalement au Canada et aux États-Unis. Trisura Group Ltd. est inscrit à la cote de la Bourse de Toronto sous le symbole « TSU ».

À propos de la Souveraine Assurance
La Souveraine, Compagnie d’assurance générale («Souveraine Assurance ») permet aux entreprises canadiennes de réussir en développant et en fournissant des solutions de risques sur mesure et dignes de confiance. Nous sommes passionnés par la protection des entreprises canadiennes et des communautés qu’elles desservent. Que vous soyez un partenaire, un client ou un employé, Souveraine Assurance croit sincèrement que vos expériences respectives sont importantes. Détenue et exploitée par des Canadiens depuis 1953, la Souveraine Assurance est une filiale à 100 % de la Compagnie d’assurance générale Co-operators, un chef de file canadien de l’assurance multiproduit et des services financiers possédant 9 milliards de dollars d’ actifs. Souveraine Assurance exploite s ix bureaux au Canada et est fière d’avoir obtenu la cote A (Excellente) décernée par AM Best. Pour en savoir plus sur nous, visitez notre s ite Web au Sovereign -Page d’accueil | Souveraine Assurance.

Pour plus de renseignements, veuillez communiquer avec :
Tania Washchuk
Directrice, Marketing et communications
La Compagnie d’assurance Trisura Garantie
Tél. : 416 607-0145
Courriel : tania.washchuk@trisura.com

Lori Abbott
Vice-présidente adjointe, Marketing
Souveraine Assurance
Tél. : 416 201-2244
Courriel : lori.abbott@sovgen.com

PRESS RELEASE

TORONTO, August 04, 2022 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the second quarter of 2022.

David Clare, President and CEO of Trisura, stated, “Our business performed well in the quarter, recording net income of $20.2 million. Strong growth and stable underwriting, supported by investment income, generated a 19.2% return on equity⁽¹⁾, despite continued investment in infrastructure.

Continuation of established trends drove the result. Expansion of market share, and maturation of our platform resulted in premium growth of 76.7% in the quarter. In Canada, disciplined underwriting generated an 80.6% combined ratio⁽¹⁾ for the quarter. Our US business bound a quarterly record $447.6 million of gross premiums, and reported deferred fee income of $34.7 million.

Subsequent to quarter-end we raised $144.0 million in equity capital, the proceeds of which are expected to support growth across the platform.”

Financial Highlights

• EPS of $0.48 in Q2 2022 compared to $0.40 in Q2 2021. Adjusted EPS⁽²⁾ of $0.46 for the quarter compared to $0.35 in the prior period. Pro forma EPS⁽³⁾, including the impact of the public offering, is $0.43 for the quarter and $0.88 YTD. Pro forma adjusted EPS⁽³⁾ is 0.41 for the quarter and 0.82 YTD.
• Book value per share⁽¹⁾ of $8.62 increased 7.3% from June 30, 2021, driven by strong earnings but diluted by unrealized losses on investments in the quarter. Including the impact of the public offering, pro forma BVPS ⁽³⁾ is $10.92.
• Gross written premiums growth of 76.7% in Q2 2022 reflected a step change in scale with sustained growth in Canada and a significant expansion in US fronting.
• Net income of $20.2 million in the quarter grew 19.6% compared to Q2 2021, driven by growth and profitable underwriting in Canada and the US.
• ROE of 19.2% compared to 18.3% in Q2 2021, exceeding our mid-teens target despite significant growth.
• Consolidated combined ratio is 79.1%, and consolidated loss ratio⁽¹⁾ is 28.3% for Q2 2022.

Amounts in C$ millions	Q2 2022	Q2 2021	Variance	Q2 2022 YTD	Q2 2021 YTD	Variance
Gross premiums written	642.2	363.5	76.7%	1,123.6	673.8	66.8%
Net income	20.2	16.9	19.6%	41.2	36.2	13.9%
EPS – diluted, $	0.48	0.40	20.0%	0.98	0.86	14.0%
Adjusted EPS – diluted, $	0.46	0.35	31.4%	0.91	0.75	21.3%
Book value per share, $	8.62	8.03	7.3%	8.62	8.03	7.3%
Debt-to-Capital ratio(1)	22.7%	18.4%	4.3pts	22.7%	18.4%	4.3pts
LTM ROE	19.2%	18.3%	0.9pts	19.2%	18.3%	0.9pts
Adjusted LTM ROE(4)	19.6%	16.1%	3.5pts	19.6%	16.1%	3.5pts
Combined ratio – Canada	80.6%	83.3%	(2.7pts)	80.1%	75.4%	4.7pts
Fronting operational ratio – US(1)	82.2%	69.8%	12.4pts	78.8%	68.6%	10.2pts

Insurance Operations

• Disciplined underwriting in Canada contributed to a loss ratio of 14.2% for the quarter.
• Growth continued in the US, with GPW of $447.6 million in the quarter, compared to $220.6 million in Q2 2021, and fee income of $15.5 million in the quarter compared to $11.1 million in Q2 2021. Growth was the result of maturing and new programs.
• GPW in Canada increased by 36.2% in Q2 2022. Strong underwriting performance across all lines contributed to a combined ratio of 80.6% and a 31.6% ROE.
• New fronting arrangements in Canada contributed $86.7 million premiums in the quarter.
• US premium grew by 102.9% and fee income grew by 39.5% in the quarter compared to Q2 2021, reaching $447.6 million and $15.5 million, respectively. This contributed to improved net income of $8.0 million in the quarter and a 13.7% ROE

Capital

• The Minimum Capital Test ratio⁽⁵⁾ of our regulated Canadian subsidiary was 232% as at June 30, 2022 (229% as at December 31, 2021), which comfortably exceeded regulatory requirements⁽⁶⁾ of 150%.
• The Risk-Based Capital of the regulated insurance companies of Trisura US was in excess of the various Company Action Levels of the states in which it is licensed at June 30, 2022.
• Consolidated debt-to-capital ratio of 22.7% as at June 30, 2022 is above our long-term target of 20.0%, but is expected to fall below the target given the recent equity raise.

Investments

• Interest and dividend income rose 37.5% in the quarter compared to Q2 2021. The Canadian and US portfolios benefited from improved diversification and increased capital generated from strong operational performance.

Corporate Development

• Subsequent to quarter-end the Company raised $144.0 million in equity capital to support growth across the platform.

Earnings Conference Call

Trisura will host its Second Quarter Earnings Conference Call to review financial results at 9:00 a.m. ET on Friday August 5th, 2022.

To listen to the call via live audio webcast, please follow the link below:
https://edge.media-server.com/mmc/p/me2jn4xb

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

About Trisura Group

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

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

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

Trisura Group Ltd.
Condensed Interim Consolidated Statements of Financial Position
As at June 30, 2022 and December 31, 2021
(in thousands of Canadian dollars, except as otherwise noted)

As at	June 30, 2022		December 31, 2021
Cash and cash equivalents	367,966		341,319
Investments	606,756		641,140
Premiums and accounts receivable, and other assets	397,259		311,629
Recoverable from reinsurers	1,706,310		1,375,354
Deferred acquisition costs	376,212		304,580
Capital assets and intangible assets	19,379		17,109
Deferred tax assets	15,253		9,223
Total assets	3,489,135		3,000,354
Accounts payable, accrued and other liabilities	87,827		216,633
Reinsurance premiums payable	451,233		335,673
Unearned premiums	1,229,602		965,245
Unearned reinsurance commissions	208,072		152,003
Unpaid claims and loss adjustment expenses	1,050,721		897,011
Debt outstanding	105,000		75,000
Total liabilities	3,132,455		2,641,565
Shareholders’ equity	356,680		358,789
Total liabilities and shareholders’ equity	3,489,135		3,000,354

 

Trisura Group Ltd.
Condensed Interim 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 2022		Q2 2021		Q2 2022 YTD		Q2 2021 YTD
Gross premiums written	642,215		363,514		1,123,595		673,788
Net premiums written	145,933		100,200		254,103		177,565
Net premiums earned	102,671		67,028		191,020		119,652
Fee income	16,311		12,112		34,538		25,896
Net investment income (loss)	5,077		2,780		9,100		(2,537)
Net gains	1,441		4,801		967		8,635
Total revenues	125,500		86,721		235,625		151,646
Net claims and loss adjustment expenses	(29,055)		(21,390)		(52,660)		(25,497)
Net commissions	(44,311)		(26,330)		(81,419)		(44,889)
Operating expenses	(24,112)		(19,737)		(45,236)		(36,751)
Interest expenses	(642)		(281)		(1,233)		(468)
Total claims and expenses	(98,120)		(67,738)		(180,548)		(107,605)
Income before income taxes	27,380		18,983		55,077		44,041
Income tax expense	(7,185)		(2,094)		(13,832)		(7,834)
Net income	20,195		16,889		41,245		36,207
Other comprehensive (loss) income	(22,381)		3,835		(43,435)		4,597
Comprehensive (loss) income	(2,186)		20,724		(2,190)		40,804

 

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

	Q2 2022		Q2 2021		Q2 2022 YTD		Q2 2021 YTD
Net income	20,195		16,889		41,245		36,207
Non-cash items	2,403		(1,150)		7,338		9,792
Change in working capital	50,372		69,950		53,670		72,403
Realized gains	(3,593)		(611)		(5,485)		(1,481)
Income taxes paid	(9,890)		(5,996)		(21,524)		(7,187)
Interest paid	(997)		(107)		(1,496)		(357)
Net cash from operating activities	58,490		78,975		73,748		109,377
Proceeds on disposal of investments	44,266		23,436		97,855		60,280
Purchases of investments	(75,684)		(104,742)		(176,667)		(174,677)
Net purchases of capital and intangible assets	(116)		(1,669)		(406)		(2,525)
Net cash used in investing activities	(31,534)		(82,975)		(79,218)		(116,922)
Shares issued	1,115		602		1,666		859
Shares purchased under Restricted Share Units plan	–		(116)		(2,106)		(1,930)
Issuance of note payable	–		74,700		–		74,700
Loans received	30,000		–		30,000		26,970
Loans repaid	–		(26,970)		–		(54,525)
Lease payments	(445)		(354)		(947)		(688)
Net cash from financing activities	30,670		47,862		28,613		45,386
Net increase in cash and cash equivalents	57,626		43,862		23,143		37,841
Cash and cash equivalents, beginning of period	304,464		129,649		341,319		136,519
Currency translation	5,876		(694)		3,504		(1,543)
Cash and cash equivalents, end of period	367,966		172,817		367,966		172,817

Non-IFRS Financial Measures

Table 1 – Reconciliation of reported Net income to Adjusted net income:⁽⁷⁾ reflect Net income, adjusted for certain items to normalize earnings to core operations in order to better reflect our North American specialty operations.

	Q2 2022		Q2 2021		Q2 2022 YTD		Q2 2021 YTD
Net income	20,195		16,889		41,245		36,207
Adjustments:
Impact of share based compensation	194		4,394		(2,948)		7,165
Net gains	(1,441)		(4,801)		(967)		(8,635)
Net losses (gains) from life annuity	–		56		77		(1,399)
Tax impact of above items	393		(475)		938		(748)
Adjustments relating to income tax benefits	–		(1,221)		–		(1,221)
Adjusted net income	19,341		14,842		38,345		31,369

Table 2 – ROE and Adjusted ROE: a measure of the Company’s use of equity.

	Q2 2022		Q2 2021
LTM net income	67,597		53,691
LTM average equity	352,242		293,528
ROE	19.2%		18.3%
LTM net income	67,597		53,691
Adjustments:
Impact of share based compensation	111		11,641
Loss on sale of structured insurance assets	1,336		–
Net gains	(6,816)		(15,635)
Net losses (gains) from life annuity	2,035		(679)
Impact of Catastrophe programs reinsurance	2,158		–
Tax impact of above items	2,160		(639)
Adjustments relating to non-recurring income tax benefits	285		(1,221)
Adjusted LTM net income(4)	68,866		47,158
LTM average equity	352,242		293,528
Adjusted LTM ROE	19.6%		16.1%

Table 3 – Reconciliation of Average equity⁽⁸⁾ to LTM average equity: LTM average equity is used in calculating adjusted ROE.

	Q2 2022	Q2 2021
Average equity	343,653	300,032
Adjustments: days in quarter proration	8,589	(6,504)
LTM average equity	352,242	293,528

Table 4 – Pro forma EPS and pro forma adjusted EPS: reflect pro forma EPS and adjusted EPS including the impact of equity raise on July 14, 2022.

	Q2 2022	Q2 2022 YTD
Net income	20,195	41,245
Pro forma Weighted-average number of common shares outstanding – diluted (in thousands of shares)	46,651	46,637
Pro forma Earnings per common share – diluted (in dollars)	0.43	0.88
Adjusted net income, per table 1	19,341	38,345
Pro forma Weighted-average number of common shares outstanding – diluted (in thousands of shares)	46,651	46,637
Pro forma Adjusted earnings per common share – diluted (in dollars)	0.41	0.82

Table 5 – Pro forma BVPS: reflects pro forma BVPS including the impact of equity raise on July 14, 2022.

	Q2 2022
Book value as of June 30, 2022	356,680
Net proceeds from equity raise on July 14, 2022	144,023
Pro forma book value	500,703
Total common shares outstanding as of June 30, 2022 (in thousands of shares)	41,359
Pro forma common shares outstanding (in thousands of shares)	45,871
Pro forma BVPS (in dollars)	10.92

Footnotes

(1) This is a supplementary financial measure. Refer to Q2 2022 MD&A, Section 10, Operating Metrics table for its composition. To access MD&A, see Trisura’s website or SEDAR at www.sedar.com.

(2) This is a non-IFRS ratio, see table 10.2 in Q2 2022 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies.

(3) This is a non-IFRS ratio. See Table 10.5 and 10.6 in Q2 2022 MD&A, Section 10, Non-IFRS Financial Measures and Other Financial Measures for details on composition, as well as each non-IFRS financial measure used as a component of this ratio, and an explanation of how it provides useful information to an investor.

(4) This is a non-IFRS ratio. See table 10.4 in Q2 2022 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor.

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

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

(7) See section on Non-IFRS financial measures, Reconciliation of reported Net income to Adjusted net income. Adjusted net income is a non-IFRS financial measure. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. Details and an explanation of how it provides useful information to an investor can be found in the reconciliation table.

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

Cautionary Statement Regarding Forward-Looking Statements and Information

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

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

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

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

Cautionary Non-IFRS and Other Financial Measures

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, the Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as adjusted net income, are utilized to assess the Company’s overall performance. To arrive at adjusted results, the Company adjusts for certain items to normalize earnings to core operations, in order to better reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include adjusted diluted earnings per share and adjusted ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to the Company’s current MD&A, for the three and six months ended June 30, 2022. To access MD&A, see Trisura’s website or SEDAR at www.sedar.com. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

PRESS RELEASE

TORONTO, July 14, 2022 — Trisura Group Ltd. (“Trisura”) (TSX: TSU), a leading specialty insurance company, announced today that it has completed its previously announced public offering of 4,512,000 common shares, including 442,000 common shares issued pursuant to the partial exercise of the underwriters’ over-allotment option, at a price of $33.25 per common share, for gross proceeds of approximately $150 million (the “Offering”). The Offering was completed on a bought deal basis by a syndicate of underwriters led by BMO Capital Markets and Cormark Securities Inc., and including CIBC Capital Markets, TD Securities Inc., National Bank Financial Inc., Raymond James Ltd., RBC Capital Markets and Scotia Capital Inc.

About Trisura Group

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

Further information is available at https://www.trisura.com/group. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group 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 further information, please contact:
Name: Bryan Sinclair
Tel: 416 607 2135
Email: bryan.sinclair@trisura.com

PRESS RELEASE

Not for distribution to U.S. news wire services or dissemination in the United States.

• Consistent execution of growth strategies in Canada and U.S. generating strong organic growth
• Growth exceeded plan in Q2 with U.S. gross premiums written expected to be $425M – $450M (>90% growth from Q2 2021)

Toronto, July 7, 2022 – Trisura Group Ltd. (“Trisura”, or the “Company”) (TSX:TSU), a leading specialty insurance company, announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Cormark Securities Inc. (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to buy, on bought deal public offering basis, 4,070,000 common shares (the “Common Shares”) of the Company, at a price of $33.25 per Common Share (the “Offering Price”) for gross proceeds of approximately $135 million (the “Offering”).

“Our business continues to perform well and Q2 results exhibit particularly strong growth,” said David Clare, President and CEO. “The significant and consistent growth is expected to support profitability over the long term, particularly in our U.S. fee-based business. Additional capital will position Trisura to support the premium base that has already been generated, and to pursue new avenues of growth.”

The Company intends to use the net proceeds of the Offering for general corporate purposes including, but not limited to, supporting growth of the platform in both Canada and the U.S. Growth exceeded plan in the second quarter, with gross premium written expected to be $600 – $635 million, $425 – $450 million of which relates to U.S. fronting, up from $364 million and $221 million in Q2 2021, respectively. Growth in the U.S. has been driven by maturation of existing programs and supplemented by new program additions.

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 to cover over-allotments, if any.

The Common Shares to be issued under the Offering will be offered by way of a prospectus supplement to be filed in each of the provinces and territories 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.

Closing of the Offering is expected to occur on or about July 14, 2022, subject to Trisura receiving all necessary regulatory approvals.

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 the registration or qualification under the securities laws of any such jurisdiction. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About Trisura Group Ltd.

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

Further information is available at https://www.trisura.com/group. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group 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 further 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. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Company and its subsidiaries, the outlook for North American and international economies for the current fiscal year and subsequent periods, the Company’s expected premiums in Q2 2022, the expected timing and closing of the Offering, the issuance of the Common Shares, the intended use of proceeds of the Offering and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Readers should note that the Company’s expected premiums in Q2 2022 contained in this news release are preliminary estimates, have not been reviewed or audited, and are subject to change as our financial results for Q2 are not finalized. These preliminary estimates are based on currently available information and a number of assumptions and remain subject to completion of our financial closing procedures, which are not yet complete and, as a result, our actual results could be materially different than the estimates set forth herein. These estimates should not be viewed as a substitute for our Q2 2022 consolidated financial statements prepared in accordance with International Financial Reporting Standards.

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

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

PRESS RELEASE

TORONTO, July 04, 2022 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, will release its second quarter 2022 results after the market closes on Thursday, August 4th, 2022.

The company will host a conference call for analysts and investors on Friday, August 5th, 2022 at 9:00 a.m. ET.

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

To listen to the call via live audio webcast, please follow the link below: https://edge.media-server.com/mmc/p/me2jn4xb

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

About Trisura Group

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

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

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

TORONTO, May 26, 2022 – Trisura Group Ltd. (“Trisura Group” or the “Company”) (TSX: TSU) today announced the results of the Company’s annual meeting of shareholders held on May 25, 2022 in Toronto (the “Meeting”).

At the Meeting, all seven nominees proposed for election to the Board by Shareholders were elected. Management received the following proxies from Shareholders in regard to the election of directors:

Director Nominee	Votes For	%	Votes Withheld	%
David Clare	30,292,087	99.67%	99,360	0.33%
Paul Gallagher	29,282,207	96.35%	1,109,240	3.65%
Barton Hedges	30,290,537	99.67%	100,910	0.33%
Janice Madon	30,293,747	99.68%	97,700	0.32%
Greg Morrison	30,290,811	99.67%	100,636	0.33%
George E. Myhal	21,952,571	72.23%	8,438,876	27.77%
Robert Taylor	28,331,510	93.22%	2,059,937	6.78%

* * * * *

About Trisura Group

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

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

For more information, please contact:

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

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

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

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

Financial Highlights

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

Amounts in C$ millions	Q1 2022		Q1 2021		Variance
Gross premiums written	481.4		310.3		55.2%
Net income	21.1		19.3		9.0%
EPS – diluted, $	0.50		0.46		8.7%
Adjusted EPS – diluted, $	0.45		0.40		12.5%
Book value per share, $	8.66		7.51		15.3%
Debt-to-Capital ratio(1)	17.4%		17.3%		0.1pts
LTM ROE	18.7%		16.1%		2.6pts
Adjusted LTM ROE(3)	18.2%		15.8%		2.4pts
Combined ratio – Canada	79.5%		65.3%		14.2pts
Fronting operational ratio – US(1)	74.7%		67.2%		7.5pts

Insurance Operations

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

Capital

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

Investments

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

Corporate Development

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

Environmental, Social, and Governance (“ESG”)

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

Earnings Conference Call

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

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

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

About Trisura Group

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

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

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

 

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

As at	March 31, 2022		December 31, 2021
Cash and cash equivalents	304,464		341,319
Investments	603,945		641,140
Premiums and accounts receivable, and other assets	308,148		311,629
Recoverable from reinsurers	1,441,065		1,375,354
Deferred acquisition costs	321,811		304,580
Capital assets and intangible assets	20,012		17,109
Deferred tax assets	12,088		9,223
Total assets	3,011,533		3,000,354
Accounts payable, accrued and other liabilities	91,528		216,633
Reinsurance premiums payable	365,733		335,673
Unearned premiums	1,032,979		965,245
Unearned reinsurance commissions	167,754		152,003
Unpaid claims and loss adjustment expenses	921,589		897,011
Debt outstanding	75,000		75,000
Total liabilities	2,654,583		2,641,565
Shareholders’ equity	356,950		358,789
Total liabilities and shareholders’ equity	3,011,533		3,000,354

 

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

	Q1 2022		Q1 2021
Gross premiums written	481,380		310,274
Net premiums written	108,170		77,365
Net premiums earned	88,349		52,624
Fee income	18,227		13,784
Net investment income (loss)	4,023		(5,317)
Net (losses) gains	(474)		3,834
Total revenues	110,125		64,925
Net claims and loss adjustment expenses	(23,605)		(4,107)
Net commissions	(37,108)		(18,559)
Operating expenses	(21,124)		(17,014)
Interest expenses	(591)		(187)
Total claims and expenses	(82,428)		(39,867)
Income before income taxes	27,697		25,058
Income tax expense	(6,647)		(5,740)
Net income	21,050		19,318
Other comprehensive (loss) income	(21,054)		762
Comprehensive (loss) income	(4)		20,080

 

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

	Q1 2022		Q1 2021
Net income	21,050		19,318
Non-cash items	4,564		10,681
Stock options granted	371		261
Change in working capital	3,298		2,453
Realized gains	(1,892)		(870)
Income taxes paid	(11,634)		(1,191)
Interest paid	(499)		(250)
Net cash from operating activities	15,258		30,402
Proceeds on disposal of investments	53,589		36,844
Purchases of investments	(100,983)		(69,935)
Net purchases of capital and intangible assets	(290)		(856)
Net cash used in investing activities	(47,684)		(33,947)
Shares issued	551		257
Shares purchased under Restricted Share Units plan	(2,106)		(1,814)
Loans received	–		26,970
Loans repaid	–		(27,555)
Lease payments	(502)		(334)
Net cash used in financing activities	(2,057)		(2,476)
Net decrease in cash and cash equivalents	(34,483)		(6,021)
Cash and cash equivalents, beginning of period	341,319		136,519
Currency translation	(2,372)		(849)
Cash and cash equivalents, end of period	304,464		129,649

Non-IFRS Financial Measures

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

	Q1 2022		Q1 2021
Net income	21,050		19,318
Adjustments:
Impact of share-based compensation	(3,142)		2,753
Net losses (gains)	474		(3,834)
Net losses (gains) from life annuity	77		(1,455)
Tax impact of above items	544		210
Adjusted net income	19,003		16,992

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

		Q1 2022	Q1 2021
Average equity		332,856	247,991
Adjustments: days in quarter proration, equity raise in Q2 2020		10,131	20,898
LTM average equity		342,987	268,889

Footnotes

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

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

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

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

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

(6) See section on Non-IFRS financial measures, Reconciliation of reported Net income to Adjusted net income. Adjusted net income is a non-IFRS financial measure. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. Details and an explanation of how it provides useful information to an investor can be found in the reconciliation table.

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

Cautionary Statement Regarding Forward-Looking Statements and Information

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

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

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

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

Cautionary Non-IFRS and Other Financial Measures

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

PRESS RELEASE

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

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

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

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

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

About Trisura Group

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

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

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

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

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

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

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

About Trisura Group Ltd.

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

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

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

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

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

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

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

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

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

TRISURA GROUP REPORTS FOURTH QUARTER AND 2021 ANNUAL RESULTS 

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

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

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

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

Highlights

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

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

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

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

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

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

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

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

Amounts in C$ millions	Q4 2021	Q4 2020	Variance	2021	2020	Variance
Gross premiums written	484.7 10.3	314.2 10.9	54.3% (6.0%)	1,563.2 62.6	926.4 32.4	68.7% 92.8%
income
EPS – diluted, $	0.24	0.26	(7.7%)	1.49	0.82	81.7%
Adjusted EPS – diluted, $	0.31	0.24	29.2%	1.47	0.84	75.0%
Book value per share, $	8.70	7.06	23.2%	8.70	7.06	23.2%
Debt-to-Capital ratio(1) ROE	17.3% 19.0%	8.7% 13.4%	8.6pts 5.6pts	17.3%	8.7%	8.6pts
				19.0%	13.4%	5.6pts
ROE(4)	18.8%	13.8%	5.0pts	18.8%	13.8%	5.0pts
Combined ratio – Canada	91.2%	87.3%	3.9pts	81.1%	85.5%	(4.4pts)
Operational Ratio – US(1)	79.0%	68.5%	10.5pts	72.7%	70.6%	2.1pts

COVID-19

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

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

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

Insurance Operations 

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

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

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

Capital 

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

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

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

Investments 

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

Corporate Development 

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

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

• Trisura continues to admitted licenses in all 50 states.

Financial Statement Presentation – Update

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

Conference Call

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

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

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

PRESS RELEASE

Footnotes

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

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

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

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

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

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

RELEASE

About Trisura Group  

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

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

For more information, please contact: 

Name: Bryan Sinclair

Tel: 416 607 2135 

Email: bryan.sinclair@trisura.com 

Trisura Ltd.

Consolidated Statements Financial Position

As December 31, 2021 and December 31, 2020

(in of Canadian dollars, except as otherwise noted)

As at	December 31, 2021	December 31, 2020
Cash equivalents	341,319	136,519
Investments	641,140   311,629	503,684
and accounts receivable, and other assets		178,883
from reinsurers	1,375,354	676,972
Deferred acquisition costs	304,580   17,109   9,223	188,190
Capital assets and intangible assets		13,907
tax assets		8,577
Total assets	3,000,354	1,706,732
Accounts payable, accrued and other liabilities	216,633   335,673	57,343
Reinsurance premiums payable		151,707
Unearned premiums	965,245	592,711
Unearned reinsurance commissions	152,003	100,281
Unpaid claims and loss adjustment expenses	897,011	487,271
Debt outstanding	75,000	27,555
liabilities	2,641,565 358,789	1,416,868
Shareholders’ equity		289,864
Total liabilities and shareholders’ equity	3,000,354	1,706,732

Trisura Ltd.

Consolidated of Comprehensive Income

For the three and months ended December 31

( thousands of Canadian dollars, except otherwise noted)

	Q4 2021	Q4 2020	2021	2020
Gross premiums written	484,740   115,941   82,768   12,625	314,200	1,563,206   398,137   277,909   49,879	926,442   241,324   160,684   29,719
Net premiums written		88,400
Net premiums earned		51,091
Fee income		9,659
income	7,430	5,922	7,605	27,779
Net gains	3,726	2,822	14,484	8,450
Total revenues	106,549	69,494	349,877	226,632
Net claims expenses	(36,823)  (33,341)	(23,096)	(82,330)  (107,757)	(72,562)  (55,915)
Net commissions		(17,484)
Operating expenses Interest expenses	(21,957) (578)	(14,037) (222)	(77,709)	(57,560)
			(1,638)	(1,113)
Total claims and expenses	(92,699)	(54,839)	(269,434)	(187,150)
Income before income taxes	13,850	14,655	80,443	39,482
Income tax expense	(3,555)	(3,706)	(17,884)	(7,040)
Net income	10,295	10,949	62,559	32,442
Other comprehensive (loss) income	(2,173)	2,800	4,897	96
Comprehensive income	8,122	13,749	67,456	32,538

Trisura Group Ltd.

Consolidated Statements Cash Flows

For the three and twelve months ended December 31

(in thousands Canadian dollars, except as otherwise noted)

	Q4 2021	Q4 2020	2021	2020
Net income	10,295  5,205  354 113,822	10,949	62,559  20,270  1,309 244,047	32,442
Non-cash items		(3,628)		2,378
Stock options granted		189		729
Change in working capital		23,958		81,412
Realized gains	(2,261)	(1,223)	(4,096)	(22,666)
Income paid	(4,537)	(1,860)	(15,705)	(9,808)
Interest paid	(1,079)	(223)	(1,535)	(1,144)
Net cash from operating activities	121,799	28,162	306,849	83,343
Proceeds on disposal of investments	27,384  (52,559)	37,776	135,730  (280,918)	238,827
Purchases of investments		(50,152)		(331,933)
Net purchases of capital intangible assets	(481)	(673)	(3,460)	(1,296)
cash used in investing activities	(25,656)	(13,049)	(148,648)	(94,402)
Shares issued	456 44	–	1,315  (2,011)	65,143
Shares purchased under Restricted Units plan		–		–
Proceeds from issuance of debt	–	–	75,000	–
Loans received	–	11,459	26,970	44,159
repaid	–	(11,459)	(54,525)	(44,159)
Principal portion of lease payments	(442)	(318)	(1,596)	(1,515)
cash from (used in) activities	58	(318)	45,153	63,628
Net increase in cash	96,201  245,332	14,795	203,354  136,519	52,569
Cash at beginning of year		124,875		85,905
Currency translation	(214)	(3,151)	1,446	(1,955)
Cash at end of year	341,319	136,519	341,319	136,519

Non-IFRS financial measures

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

	Q4 2021	Q4 2020	2021	2020
Net income	10,295	10,949	62,559	32,442
Adjustments Add: impact of share-based compensation	1,942	745	10,224	7,469
Add: loss insurance assets	–	–	1,336	–
Less: gains	(3,726)	(2,822)	(14,484)	(8,450)
Less: net from life annuity	2,591	592	559	4,588
Less: impact of CAT Programs Reinsurance(7)	2,158	–	2,158	–
Less: impact of above items	(49)	575	474	352
Less: adjustments relating to income tax benefits	–	–	(936)	(3,127)
Adjusted net income	13,211	10,039	61,890	33,274

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

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

	Q4 2021	Q4 2020
Average equity(8)	324,327  4,221	240,097
Adjustments: days in quarter proration, equity raise – Q2 2020		1,391
LTM equity	328,548	241,488

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

Cautionary Statement Regarding Forward-Looking Statements and Information

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

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

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

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

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

Cautionary Non-IFRS Other Financial Measures

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

PRESS RELEASE

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

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

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

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

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

A replay of will be available through the link above.

 About Trisura Group

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

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

For more information, please contact: 

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