Trisura Group reveals $135 million bought deal
Trisura Group has announced that it has entered into an agreement with a syndicate of underwriters spearheaded by BMO Capital Markets and Cormark Securities, wherein the underwriters have agreed to purchase 4,070,000 common shares from Trisura on a bought deal public offering basis.
A release said that the shares are being sold for $33.25 per Common Share, resulting in gross proceeds of about $135 million.
In a statement, Trisura said that it intends to use the net proceeds of the offering for “general corporate purposes,” which include supporting the growth of its platform in both the US and Canada.
“Our business continues to perform well and Q2 results exhibit particularly strong growth,” said Trisura president and CEO David Clare. “The significant and consistent growth is expected to support profitability over the long term, particularly in our US 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.”
Trisura has also granted the underwriters an option 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 any over-allotments.
The closing of the offering is expected to occur sometime on and about July 14, 2022, subject to regulatory approval, Trisura said.
For the first quarter of 2022, Trisura posted GWP of 55.2%, which was supported by its continued growth in Canada and strong momentum in its US operations.
