Trisura Group releases financial results for Q2 2022

Trisura Group has posted its financial results for the second quarter of 2022, citing “continuation of established trends” as the factors for its solid performance.

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

Clare explained that it was a “continuation of established trends” which drove the insurer’s results for the quarter. Expansion of market share and maturation of the company’s platform led to premium growth of 76.7% in the quarter, the CEO added, and in Canada, disciplined underwriting generated an 80.6% combined ratio for the quarter. Meanwhile, Trisura’s US business generated a record $447.6 million of gross premiums for the quarter, and reported deferred fee income of $34.7 million.

The CEO also noted that after quarter-end, Trisura managed to raise $144.0 million in equity capital – the proceeds of which are “expected to support growth across the platform.”

Other highlights of the report include:

Trisura’s consolidated combined ratio for Q2 2022 is 79.1%, while its consolidated loss ratio is 28.3%.
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. Trisura has credited this growth to maturing and new programs.
GPW in Canada increased by 36.2% in Q2 2022. Strong underwriting performance across all Trisura’s lines contributed to a combined ratio of 80.6% and a 31.6% ROE.