Trisura Group confirms shareholder results
Trisura Group confirms shareholder results | Insurance Business Canada
Insurance News
Trisura Group confirms shareholder results
It’s a green light for the nominees
Insurance News
By
Paul Lucas
It was a massive thumbs up for the nominees at this year’s annual meeting of shareholders for Trisura Group.
The Toronto-based specialty insurance provider, which also serves the US market, has revealed the results of its meeting, held on June 3 – one that saw all of its nine nominees that were originally proposed for election to the board by shareholders subsequently elected. It issued the following proxies from shareholders in regards to the election:
Director Nominee
Votes For
%
Votes Withheld
%
David Clare
33,530,663
98.25%
597,786
1.75%
Paul Gallagher
32,118,368
94.11%
2,010,081
5.89%
Sacha Haque
33,658,204
98.62%
470,245
1.38%
Barton Hedges
33,599,955
98.45%
528,494
1.55%
Anik Lanthier
33,601,593
98.46%
526,856
1.54%
Janice Madon
33,594,631
98.44%
533,818
1.56%
George E. Myhal
30,614,846
89.70%
3,513,603
10.30%
Lilia Sham
33,659,553
98.63%
468,896
1.37%
Robert Taylor
32,840,051
96.22%
1,288,398
3.78%
The shareholder announcements come on the back of the group’s first quarter 2024 results, which were released in early May.
Those results pointed to a significant increase in net income – climbing to $36.4 million. This was largely attributed to growth in business along with an improvement in US fronting. The firm also pointed to higher net investment income – overall, net income enjoyed a 16% year-on-year rise.
“Trisura demonstrated strong performance in the quarter with operating net income of $33.2 million, or $0.68 per share, driven by continued growth, profitable underwriting and higher investment income,” said David Clare, Trisura’s president and CEO at the time.
“Continued expansion of market share and distribution partners drove insurance revenue growth of 16.5%. In Canada, disciplined underwriting resulted in a combined ratio of 81.8%, while in US fronting continued growth and an improved loss ratio resulted in a strong insurance service result and improved fronting operational ratio.”
Have something to say about the Trisura’s recent performance? Leave a comment below.
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