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TRISURA GROUP LTD . Trisura Group Reports Second Quarter 2021 Results TORONTO , Aug. 04 , 2021 ( GLOBE NEWSWIRE ) -- 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 $ 40.3 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 . Amounts in C $ millions Q2 2021 Q2 2020 Variance Gross premiums written 363.5 202.7 79.4 % Q2 2021 YTD 673.8 Q2 2020 YTD Variance 372.6 80.8 % Net income 16.9 6.6 156.4 % 36.2 15.0 142.1 % - EPS diluted , $ ( 1 ) 0.40 0.17 135.3 % 0.86 0.40 115.0 % Adjusted EPS - diluted , $ ( 1 ) 0.35 0.22 59.1 % 0.75 0.44 70.5 % Book value per share , $ ( 1 ) 8.03 6.56 22.4 % 8.03 6.56 22.4 % Debt - to - Capital ratio 18.4 % 9.9 % 8.5pts 18.4 % 9.9 % 8.5pts LTM ROE 18.3 % 11.8 % 6.5pts 18.3 % 11.8 % 6.5pts Adjusted LTM ROE 16.1 % 13.8 % 2.3pts 16.1 % 13.8 % 2.3pts Combined ratio - Canada 83.3 % 78.9 % 4.4pts 75.4 % 80.3 % ( 4.9pts ) Fronting Operational Ratio - US 69.8 % ( 1.0pts ) ( 1 ) Adjusted to reflect the four - for - one split effective July 9 , 2021. Per - share disclosure is presented on a post - split basis . 69.9 % ( 0.1pts ) 68.6 % 69.6 %