NEWS

TORONTO, Nov 4, 2021 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance provider, today announced financial results for the third quarter of 2021.

David Clare, President and CEO of Trisura, stated, “Our business performed very well in the quarter, recording earnings of $16.1 million, an increase of 145.7% over last year. Continued growth and strong underwriting, supported by investment gains, generated a 20.4% return on equity, despite the early stage of several new initiatives.

Expansion of market share, maturation of our platform and new products drove premium growth of 68.9% over 2020. In Canada, focused and specialized underwriting resulted in a 79.3% combined ratio. Our US business bound a record $260.5 million of gross premiums in the quarter, supporting $7.0 million in net income and significant deferred fee income.

Our balance sheet remains well-funded to support future growth with a debt-to-capital ratio of 17.7%.”

Highlights

• EPS of $0.38 in Q3 2021 compared to $0.16 in Q3 2020. Q3 2021 Adjusted EPS of $0.41 compared to $0.15 in Q3 2020.
• Book value per share of $8.49 increased by 26.3% from September 30, 2020, driven by significant earnings and unrealized gains in the investment portfolio.
• Gross and net written premiums grew by 68.9% and 62.1% in Q3 2021 supported by continued growth in Canada and strong momentum in US fronting.
• Quarterly net income of $16.1 million grew 145.7% compared to prior year, a result of both growth and strong underwriting in Canada, increasing fee income from the US, and appropriate asset liability matching in our Reinsurance business.
• ROE of 20.4% compared to 11.7% in Q3 2020, exceeding our mid-teens target despite significant growth.
• GPW in Canada increased by 110.3% in Q3 2021. Strong underwriting performance across all lines contributed to a 79.3% combined ratio for the quarter and a 31.2% ROE.
• New fronting arrangements in Canada contributed $46.4 million in the quarter and $101.9 million YTD.
• US premium and fee income grew by 52.3% and 66.9% respectively over Q3 2020, reaching $260.5 million and $10.5 million in the quarter. This contributed to improved net income of $7.0 million and a 14.5% ROE despite an increase in the capital base.

COVID-19

• We have begun a gradual return to work in some jurisdictions based on local guidance, following increased safety measures and increased levels of vaccination.
• Despite resilience in the quarter, uncertainty regarding economic reopening and the potential for a weaker than anticipated economic recovery may threaten momentum.
• Premium generation and claims activity may be impacted depending on the length and depth of any future pandemic-related economic slowdown, as well as the effectiveness of government support programs and vaccines in driving a sustained re-opening. Depending on these factors, premium growth could slow and claims activity could increase.

Insurance Operations

• Disciplined underwriting in Canada contributed to a loss ratio of 18.4% for the quarter. A lower expense ratio in the quarter also contributed to a combined ratio of 79.3%, in the context of 110.3% growth in premiums.
• GPW in the US of $260.5 million in the quarter, compared to $171.0 million in Q3 2020, and fee income of $10.5 million in the quarter compared to $6.3 million in Q3 2020. Growth was the result of maturing programs as well as new programs being added.
• Appropriate asset-liability matching in our Reinsurance business offset a loss from the sale of our structured insurance assets as we streamline our Reinsurance operations.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian operations was 216% as at September 30, 2021 (249% as at December 31, 2020), which comfortably exceeded regulatory requirements of 150%.
• Capital in our US operations of $162.7 million USD at September 30, 2021 ($122.6 million USD at December 31, 2020) was in excess of the various Company Action Levels of the states in which Trisura Specialty is licensed.
• Consolidated debt-to-capital ratio of 17.7% as at September 30, 2021 is below our long-term target of 20.0%.

Investments

• Investment income was $2.7 million in Q3 2021, driven by interest and dividend income and partially offset by the sale of the structured insurance assets.
• Interest and dividend income rose 19.6% versus the prior year. The Canadian and US portfolios benefited from improved diversification and increased capital following strong operational performance.

Corporate Development

• Trisura continues to grow its admitted licenses, with 48 state admitted licenses today and the intention of securing admitted licenses in all 50 states.

Financial Statement Presentation – Update

• In Q4 2020 we adjusted the presentation of our consolidated income statement to reflect a more representative view of our business, removing net underwriting income, which in the context of a business with life reserves on the Balance sheet, diluted the utility of the measure.
• Adjusted EPS and Adjusted ROE were also introduced in Q4 2020, to adjust for non-recurring items and better reflect earnings for our core operations, providing a more representative depiction of the run-rate operations of the business.

Earnings Conference Call

Trisura will host its Third Quarter Earnings Conference Call to review financial results at 9:00 a.m. ET on Friday November 5^th, 2021.

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

https://edge.media-server.com/mmc/p/kexmtwwd

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 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 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 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 (unaudited)
As at September 30, 2021 and December 31, 2020
(in thousands of Canadian dollars, except as otherwise noted)

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

Trisura Group Ltd.
Consolidated Interim Consolidated Statements of Cash Flows (unaudited)
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 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.

TORONTO, October 4, 2021 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance provider, will release its third quarter 2021 results after the market closes on Thursday, November 4th, 2021.

The company will hold its third quarter 2021 earnings conference call for analysts and investors on Friday, November 5th, 2021 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/kexmtwwd

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 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 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, Aug 4, 2021 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance provider, today announced financial results for the second quarter of 2021.

David Clare, President and CEO of Trisura, stated, “Trisura maintained its momentum through the second quarter of 2021 with net income of $16.9 million, an increase of 156.4% over the prior year. Net income YTD of $36.2 million has surpassed net income for the full year in 2020. Strong underwriting performance and premium growth, supported by investment gains, contributed to an 18.3% return on equity, exceeding our mid-teens target ahead of plan.

Premium growth was significant, increasing 79.4% over the prior year, while disciplined underwriting contributed to a strong 83.3% combined ratio in the Canadian operations. There was a sustained expansion of our US business, which bound $220.6 million of gross premiums, and drove $6.9 million in net income.

We successfully completed our inaugural investment grade debt issuance, with proceeds used to repay short term debt and support growth in the US. Our balance sheet remains well-funded to support future growth with a debt-to-capital ratio of 18.4%.”

Highlights

• EPS of $0.40 in Q2 2021 compared to $0.17 in Q2 2020. Q2 2021 Adjusted EPS of $0.35 compared to $0.22 in Q2 2020. EPS figures reflect the four-for-one stock split effective July 9, 2021.
• Book value per share of $8.03, an increase of 22.4% from June 30, 2020, driven by strong earnings and unrealized gains in the investment portfolio.
• Gross and net written premiums growth of 79.4% and 113.7% in Q2 2021 was supported by growth in Canada and continued momentum in US fronting.
• Quarterly net income of $16.9 million grew 156.4% compared to prior year, driven by strong growth and underwriting in Canada, growing profitability in the US, improved asset liability matching in our Reinsurance business and investment gains.
• ROE of 18.3% compared to 11.8% in Q2 2020, meeting our mid-teens target despite dilution from our equity raise in May 2020, and achieved in the context of significant growth.
• GPW in Canada increased by 147.3% in Q2 2021. Strong underwriting performance across all lines contributed to an 83.3% combined ratio and a 27.0% ROE.
• New fronted premiums in Canada contributed $55.5 million YTD and $3 million in the quarter, an encouraging start for the business.
• US premium and fee income growth of 52.3% and 101.0% respectively, reached $220.6 million and $11.1 million in the quarter. This contributed to improved net income of $6.9 million and a 14.0% ROE despite an increase in the capital base. Premium growth mitigated from Q1 to Q2 2021 as we did not renew two programs, and the USD weakened. On a constant currency basis, quarterly premiums increased in Q2 over Q1 2021.

COVID-19

• Trisura staff continue to work effectively from home. We have introduced safety measures in physical offices and began a gradual return to work in jurisdictions where it is safe.
• Despite resilience in the quarter, uncertainty regarding the COVID-19 Delta variant and the potential for a weaker than anticipated economic recovery may threaten momentum.
• Premium generation and claims activity may be impacted depending on the length and depth of the pandemic-related economic slowdown, as well as the effectiveness of government support programs and vaccines in driving a sustained re-opening. Depending on these factors, premium growth could slow and claims activity could increase.

Insurance Operations

• Disciplined underwriting in Canada contributed to a loss ratio of 24.5% for the quarter. A lower expense ratio in the quarter resulted in a combined ratio of 83.3%, in the context of 147.3% growth in premiums.
• GPW in the US of $220.6 million in Q2 2021 compared to $144.8 million in Q2 2020, and fee income of $11.1 million in Q2 2021 compared to $5.5 million in Q2 2020.
• Improved asset-liability matching in our Reinsurance business limited volatility through the quarter.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian operations was 223% as at June 30, 2021 (249% as at December 31, 2020), which comfortably exceeded regulatory requirements of 150%.
• Capital in our US operations of $159.1 million USD at June 30, 2021 ($122.6 million USD at December 31, 2020) was in excess of the various Company Action Levels of the states in which Trisura Specialty is licensed.
• Consolidated debt-to-capital ratio of 18.4% as at June 30, 2021 is below our long-term target of 20.0%.

Investments

• Investment income was $2.8 million in Q2 2021, driven by interest and dividend income and partially offset by the impact of movements in European interest rates on the long duration assets supporting certain reserves in our Reinsurance business. Importantly, Reinsurance investment losses are offset by reductions in reserves in the Reinsurance business.
• Interest and dividend income rose 24.4% versus the prior year. The Canadian and US portfolios benefited from improved diversification and increased capital following strong operational performance.
• Net gains in the quarter were driven by favourable foreign exchange movements and realized gains.

Corporate Development

• Trisura continues to grow its admitted licenses, with 48 state admitted licenses today and the intention of securing admitted licenses in all 50 states.
• In the quarter Trisura bound $11.3 million in admitted premiums; we expect the admitted business to be a more significant opportunity for growth in the second half of 2021.
• In June 2021, Trisura completed its inaugural investment grade debt issuance, raising $75 million of senior unsecured notes with a 5-year term and a coupon of 2.641%. Proceeds were used to repay the outstanding loans through the revolving credit facility and to support growth in the US.
• We completed a four-for-one stock split in July 2021, which resulted in a greater number of shares outstanding, intended to support trading liquidity.

Financial Statement Presentation – Update

• In Q4 2020 we adjusted the presentation of our consolidated income statement to reflect a more representative view of our business, removing net underwriting income, which in the context of a business with life reserves on the Balance sheet, diluted the utility of the measure.
• Adjusted EPS and Adjusted ROE were also introduced in Q4 2020, to adjust for non-recurring items and better reflect earnings for our core operations, providing a more representative depiction of the run-rate operations of the business.

Earnings Conference Call

Trisura will host its Second Quarter Earnings Conference Call to review financial results at 9:00 a.m. ET on Thursday August 5^th, 2021.

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

https://edge.media-server.com/mmc/p/jhhdm9rq

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 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 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 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, 2021 and December 31, 2020
(in thousands of Canadian dollars, except as otherwise noted)

Trisura Group Ltd.
Consolidated Interim 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 Interim 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 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.

Toronto, June 23, 2021 – Trisura Group Ltd. (“Trisura”, or the “Company”) (TSX:TSU), a leading international specialty insurance company, announced today that its Board of Directors approved a four-for-one split of Trisura’s outstanding common shares (the “shares”). The share split will be implemented by way of a subdivision whereby shareholders receive an additional three shares for each share held. The Company’s shareholders approved the share split at the annual and special meeting of shareholders held on May 26, 2021.

On July 9, 2021, the additional shares required to give effect to the share split will be issued to holders of record at the close of business on June 30, 2021. The share split will not change the rights of holders of shares and will not change a shareholder’s proportionate ownership in Trisura.

Trisura’s shares will begin trading with “due bills” on the Toronto Stock Exchange (“TSX”) at the opening of business on Monday, June 29, 2021 (one trading day before the record date) until Friday July 9, 2021 (the payment date), inclusively. During such period, anyone who purchases shares on the TSX will receive the entitlement to be issued additional shares pursuant to the share split. The shares will commence trading on an “ex-dividend” (post-split) basis on the TSX at the opening of business on Monday, July 12, 2021.

Shareholders do not need to take any action. Currently outstanding share certificates representing the shares will continue to be effective. They should be retained by shareholders and should not be forwarded to Trisura or AST Trust Company (Canada) (“AST”). Trisura will use the direct registration system (“DRS”) to electronically register the shares issued pursuant to the share split, rather than issuing physical share certificates. On or about July 9, 2021, AST will mail DRS advice statements to registered shareholders indicating the number of additional shares that they are receiving as a result of the share split. Non-registered (beneficial) shareholders who hold their shares in an account with their investment dealer or other intermediary will have their accounts automatically updated to reflect the share split in accordance with the applicable brokerage account providers’ usual procedures.

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 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 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 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. 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, Trisura Group Ltd. 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.

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

Toronto, June 8, 2021 – Trisura Group Ltd. (“Trisura”, or the “Company”) (TSX:TSU), a leading international specialty insurance company, announced today that it intends to issue $75 million principal amount of senior unsecured notes (the “Notes”). The Notes will be direct unsecured obligations of Trisura and will rank equally with all other unsecured and unsubordinated indebtedness of Trisura. The Notes will bear interest at a fixed annual rate of 2.641% until maturity on June 11, 2026.

The Company intends to use the net proceeds from this offering of notes for general corporate purposes and short-term debt reduction.

The Notes will be offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation and are rated BBB, with a stable trend by DBRS Morningstar. The Notes will be sold on an agency basis by a syndicate of dealers led by BMO Capital Markets as sole-bookrunner, together with CIBC Capital Markets, National Bank Financial Markets, RBC Capital Markets, Scotia Capital, and TD Securities as co-managers. Closing of the offering of the Notes is expected to occur on June 11, 2021, subject to customary closing conditions.

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 U.S. 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

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 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 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 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. 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, Trisura Group Ltd. 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 27, 2021 – 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 26, 2021 in Toronto (the “Meeting”).

At the Meeting, all six 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:

* * * * *

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

TORONTO, May 5, 2021 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance provider, today announced financial results for the first quarter of 2021.

David Clare, President and CEO of Trisura, stated, “Trisura’s momentum continued in the first quarter of 2021, with net income of $19.3 million, an increase of 130.8% over the prior year. Strong underwriting performance and premium growth, supported by investment gains, contributed to a 16.1% return on equity, meeting our mid-teens target ahead of plan.

Premium growth was significant, increasing 82.6% over the prior year, while disciplined underwriting in Canada contributed to an industry-leading 65.3% combined ratio. Our US business sustained its trajectory of growth, binding a new record $224.7 million of gross premiums, and generating $6.4 million in net income. Reinsurance contributed to earnings through appropriate asset liability matching.

Our balance sheet is well-funded to support future growth, with flexibility afforded by our 8.0% debt-to-capital ratio and a newly achieved investment grade rating.”

Highlights

• EPS of $1.84 in Q1 2021 compared to $0.94 in Q1 2020.
• Book value per share of $30.04, an increase of 6.4% from December 31, 2020, driven by strong earnings.
• Gross and net written premiums growth of 82.6% and 86.4% in Q1 2021 was supported by continued momentum in US fronting and growth in Canada.
• Quarterly net income of $19.3 million grew 130.8% compared to prior year, driven by strong growth and underwriting in Canada, growing profitability in the US, improved asset liability matching in our Reinsurance business and investment gains.
• ROE of 16.1% compared to 6.8% in Q1 2020, meeting our mid-teens target despite dilution from our equity raise in May 2020, and achieved in the context of significant growth.
• GPW in Canada increased by 73.7% in Q1 2021. Strong underwriting performance across all lines contributing to a 65.3% combined ratio and a 27.4% ROE.
• US premium and fee income growth, which reached $224.7 million and $9.5 million in the quarter, contributed to improved net income of $6.4 million and a 13.2% ROE despite an increase in the capital base.

COVID-19

• Trisura staff continue to work effectively from home. We have introduced safety measures in physical offices and began a gradual return to work in jurisdictions where it is safe.
• Despite resilience in the quarter, a recent third wave globally and the potential for a weaker than anticipated economic recovery may threaten momentum.
• Premium generation and claims activity may be impacted depending on the length and depth of the pandemic-related economic slowdown, as well as the effectiveness of government support programs and vaccines in driving a sustained re-opening. Depending on these factors, premium growth could slow and claims activity could increase.

Insurance Operations

• Disciplined underwriting in Canada contributed to a loss ratio of 13.3% for the quarter. The lower loss ratio as well as a lower expense ratio in the quarter resulted in a combined ratio of 65.3%, in the context of 73.7% growth in premiums.
• GPW in the US of $224.7 million in Q1 2021 compared to $120.7 million in Q1 2020, and fee income of $9.5 million in Q1 2021 compared to $4.1 million in Q1 2020.
• Improved asset-liability matching in our Reinsurance business limited volatility through the quarter.

Capital

• The minimum capital test (“MCT”) ratio of our Canadian operations was 254% as at March 31, 2021 (249% as at December 31, 2020), which comfortably exceeded regulatory requirements of 150%.
• Capital in our US operations of $126.6 million USD at March 31, 2021 ($122.6 million USD at December 31, 2020) was in excess of the various Company Action Levels of the states in which Trisura Specialty is licensed.
• Consolidated debt-to-capital ratio of 8.0% as at March 31, 2021 is below our long-term target of 20.0%.

Investments

• Investment loss was $5.3 million in Q1 2021, driven by the impact of movements in European interest rates on the long duration assets supporting certain reserves in our Reinsurance business. Importantly, these investment losses are offset by reductions in reserves in the Reinsurance business.
• In Canada and the US, interest and dividend income rose 2.3% versus the prior year. The US portfolio benefited from improved diversification after rebalancing through COVID-related volatility, and increased capital following the equity raise in May 2020.
• Net gains were greater in Q1 2021 as a result of gains in our share-based compensation hedging program and favourable foreign exchange movements.

Corporate Development

• Trisura continues to grow its admitted licenses, with 48 state admitted licenses today and the intention of securing admitted licenses in all 50 states.
• In the quarter Trisura bound $7.6 million in admitted premiums; we expect the admitted business to be a more significant opportunity for growth in the second half of 2021.
• In March 2021, DBRS Morningstar assigned Trisura Canada and Trisura US a Financial Strength Rating of A (low), and Trisura Group Ltd. an Issuer Rating of BBB.

Financial Statement Presentation – Update

• In Q4 2020 we adjusted the presentation of our consolidated income statement to reflect a more representative view of our business, removing net underwriting income, which in the context of a business with life reserves on the Balance sheet, diluted the utility of the measure.
• Adjusted EPS and adjusted ROE were also introduced in Q4 2020, to adjust for non-recurring items and better reflect earnings for our core operations, providing a more representative depiction of the run-rate operations of the business.

Earnings Conference Call

 Trisura will host its inaugural Earnings Conference Call to review financial results at 9:00 a.m. ET on Thursday May 6^th, 2021.

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

https://edge.media-server.com/mmc/p/bshtsh2a

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 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 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 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, 2021 and December 31, 2020
(in thousands of Canadian dollars, except as otherwise noted)

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

Trisura Group Ltd.
Consolidated Interim Statements of Cash Flows
For the three 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 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.