Trisura Group outlines quarterly results

Trisura Group outlines quarterly results | Insurance Business Canada

Insurance News

Trisura Group outlines quarterly results

CEO cites “strong performance” in the period

Insurance News

By
Terry Gangcuangco

Specialty insurance provider Trisura Group has released its earnings report for the second quarter of 2024 – a period that showed “strong performance,” according to president and chief executive David Clare.

Trisura reported the following financial results:

Metric

Q2 2024

Q2 2023

Insurance revenue

$772.2 million

$664.4 million

Net income

$27.1 million

$26.8 million

Operating net income

$31.3 million

$26 million

Within its insurance operations, the group saw a 21.3% increase in insurance revenue from Trisura Specialty (formerly Trisura Canada) to $238.5 million, while US Programs (formerly Trisura US) contributed $533.7 million in insurance revenue. The latter figure also represented an improvement from the same period in 2023.

Clare noted: “Q2 demonstrated strong performance with operating net income of $31.3 million, or $0.65 per share, driven by growth, increased earnings from our US Programs platform and higher net investment income.

“Insurance revenue growth of 16.2% was significant, with continued momentum across our business. Our US and Canadian platforms demonstrated disciplined underwriting, supporting growing net income and a 19.6% operating ROE (return on equity).

“Net investment income grew 42% over Q2 2023, reaching $16.9 million as we benefited from higher yields and a larger investment portfolio.”

The CEO went on to highlight: “In the quarter, we added capital to our new surety balance sheet in the US and continued the process of expanding licenses and rate filings for US surety and corporate insurance.

“With a larger capital base, greater financial flexibility following an increase in our revolving credit facility, and ample opportunities to grow, we remain optimistic for the years ahead.”

With investments in wholly owned subsidiaries through which it conducts insurance and reinsurance operations, Trisura operates in the surety, risk solutions, corporate insurance, and fronting business lines of the market.

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