Good morning. Welcome to Trisura Group Ltd's first quarter 2023 earnings conference call. On the call today are David Clare, Chief Executive Officer, and David Scotland, Chief Financial Officer. David Clare will begin by providing a business and strategic update, followed by David Scotland, who will discuss financial results for the quarter. Following formal comments, lines will be open for analyst questions. I'd like to remind participants that in today's comments, including in responding to questions and in discussing new initiatives related to financial and operating performance, forward-looking statements may be made, including forward-looking statements within the meaning of applicable Canadian and U.S. securities laws. These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts, please see Trisura's filings with securities regulators. To ask a question during the Q&A session, you will need to press star one one o n your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. Thank you. I'll now turn the call over to David Clare. Thank you. Good morning, everyone, and welcome. Our business reported strong operating performance in the first quarter, growing insurance revenue 58% compared to Q1 2022 and supporting 21% operating return on equity. Momentum is sustained as we scale an increasingly diversified specialty insurance platform. Results again were particularly strong in Canada, with 33% growth in insurance revenue supported by profitable underwriting. Our U.S. fronting business produced $459 million of insurance revenue, an increase of 71% over the prior year. In Canada, top line growth was demonstrated across all business lines. Canadian fronting and surety led the way. Fronting driven by a more mature platform and surety by market share gains, as well as contribution from both our Sovereign acquisition and U.S. expansion. Corporate insurance continued to benefit from expansion of distribution partnerships and stable pricing. We saw our warranty practices grow as auto inventory issues began to rationalize. Importantly, disciplined underwriting drove a 15% loss ratio, an improvement over a strong comparative year supported by our particularly impressive result in surety. We are proud of our 81% combined ratio in the quarter, did not beat a strong comparative period set in Q1 2021 of 77% due to a higher expense ratio as a result of a shift in mix. I apologize, that reference was to Q1 2022. The Canadian business generated a 28% return on equity. With the expansion of our US fronting expertise, our Canadian entity now generates attractive fee-based earnings to complement a heritage of profitable underwriting in-income. US fronting generated CAD 459 million in insurance revenue in the quarter. Maturation of existing programs drove the top line. Although we generated $53 million in admitted revenue in the quarter, the market continues to drive opportunities to Excess in Surplus Lines. US fronting generated $18 million in fees, a 30% increase, and recorded $36 million of deferred fee income indicative of future fronting fees to be earned. Loss ratio in the quarter, adjusted for the impact of run-off, increased due to certain reinsurance costs incurred in the quarter, as well as a decrease in yields used to discount claims reserves. Fronting operational ratio, adjusted for the impact of run-off, increased as a result of similar factors. The impacts of IFRS 17 added approximately five points to both loss ratio and fronting operational ratio, which otherwise are within expected ranges. On a last 12-month basis and adjusting for the run-off program, the US produced a 13% operating ROE. A historic rise in interest rates coincided with an increase in capital managed at Trisura. A combination of growth and profitability and a recent capital raise has resulted in increased contributions to the investment portfolio. The combination of higher rates and a larger portfolio has been very positive for the contribution from the investment portfolio. We began realizing these benefits through Q4 and observed continued momentum in Q1, with net investment income increasing 150% over the prior year. We are excited about the enhanced risk-adjusted yields we are capturing for years to come. As we progress our strategic priorities, environmental, social, and governance considerations are front of mind and an important part of Trisura's maturation. We are focused on better communicating existing initiatives and believe we have taken steps in the right direction with enhanced ESG-related disclosure in our management information circular. We also continue to progress in enhancing our ESG commitments. I'm excited to introduce Anik Lanthier, our newest director, to our shareholders at our upcoming AGM. She is an important and skilled addition to our team. We observed continued healthy pricing trends across most lines in the quarter, although expect hardening trends in insurance pricing to balance, although not reverse later this year. This will be informed by the state of the reinsurance market as well as economic and interest rate trends, and we feel well equipped to navigate the environment. I should acknowledge our fourth quarter experience and note we expect to see impacts from the run-off through 2023. We will endeavor to share guidance on the expected future impacts as they become available. In response to investor and analyst feedback, we are introducing an investor day on June first, immediately following our annual general meeting. We will be introducing the management teams of our Canadian and U.S. entities in a fireside chat format, providing the opportunity for investors to meet a broader group of Trisura members. The event will be in person as well as streamed online. We remain committed to disciplined underwriting and structuring standards as well as conservative reserving. Although we have not seen signs of recession in our results to date, we acknowledge economic risks are skewed to the downside. It is our hope that volatility will provide opportunities for us to win business and strengthen our reputation, and we feel confident that we can navigate any potential changes in economic outlook. We are planning for growth, and with a strong capital base and comparatively greater scale, feel cautiously optimistic for the years ahead. Our equity base has grown to CAD 513 million, a healthy increase from year-end and almost reaching levels achieved in Q3. I'd like to turn it over to David Scotland for a more detailed review of financial results. Thanks, David. I'll now provide a brief walkthrough of some financial results for the quarter. The Q1 results reflect the first quarter of the implementation of IFRS 17, the new accounting standard for insurance contracts, which have been applied retroactively. As a result, our 2022 results have been restated to reflect the new standard. Q1 2023 also reflects the first quarter of the implementation of IFRS 9, the new accounting standard for financial instruments, which has not been restated retroactively. The new standards have led to a number of changes, particularly with respect to presentation of both the income statement and the balance sheet. Insurance revenue, which replaces gross premiums written as the new top-line revenue balance, was CAD 639 million for the quarter, which reflecting growth of 58% over Q1 2022. Insurance service expense, which consists of amortization of insurance acquisition cash flows such as commissions, claims expense, and other operating costs, increased in the quarter primarily as a result of growth in the business, which has led to an increase in claims and commissions expense. Net expense from reinsurance contracts, which includes both premium paid to reinsurers as well as recoveries from reinsurers, increased as a result of growth in the business, which has led to more reinsurance ceded, particularly from Canadian and US fronting lines. The increase in this balance was lower than that of insurance service expense, as this balance includes recoveries from claims ceded to the reinsurers. Net service result in Canada for the quarter was greater than the prior year as a result of growth in the business and consistently strong underwriting. Net service result in the U.S. for the quarter was lower than the prior year as a result of losses generated from a program in runoff. Without the impact of the runoff business, insurance service result was greater than the prior year as a result of growth in the business. In Q1 2023, the combined ratio in Canada was 80.7%. In Q1 2023, the fronting operational ratio in the U.S. was over 100% as a result of the runoff program. Without the impact of that runoff program, it was 86% for the quarter and was impacted by a decline in the yield curve used to discount reserves. Net investment income was greater in Q1 2023 than 2022 as a result of an increase in interest in dividend income. The increase is primarily related to an increase in the size of the investment portfolio, but also benefited from higher yields. Net loss for investment was CAD 2.2 million in the quarter, primarily as a result of movement on swap agreements used to hedge share-based compensation. Excluding the impact of derivative used to hedge share-based compensation, there were gains in the period of CAD 1.6 million. Net finance expense from insurance and reinsurance contracts, which reflects the time value of money and changes in the time value of money, was a loss of CAD 4.7 million in Q1 2023 rather than the gain of CAD 700 thousand in Q1 2022, which was the result of a decrease in the yield curve used to discount claims reserves in Q1 2023. In Q1 2022, there was an increase in the yield curve used to discount claims reserves, and as a result, the impact to net income was positive in that quarter. Other income, which represents fees for surety services, grew by 19% in the quarter, reflecting growth in the number of surety accounts. Other operating expense grew by 25% in the quarter, reflecting growth in both the Canadian and US operations. Excluding the impact of share-based compensation, which was mitigated through a hedging program, the increase was 17% for the quarter. Income tax expense was lower than the prior year as a result of lower net income before tax. Net income for the group was CAD 14 million for the quarter. Operating net income, which adjusts for certain items to reflect income from core operations and excludes the impact of the runoff business, was CAD 28 million, which is greater than the adjusted net income from Q1 2022 as a result of strong underwriting and growth in the business. Diluted earnings per share was CAD 0.30 a share in Q1 2023, which was lower than the prior year as a result of the runoff program. Operating EPS, which reflects core operations and excludes the impact of the runoff portfolio, was CAD 0.61 a share, reflecting a 24% increase over the prior quarter. Consolidated ROE on a rolling 12-month basis was 4.1% at Q1 2023. Operating ROE was 20.6%, which was a slight increase over the prior year. The balance sheet has also changed as a result of the implementation of IFRS 17, with premiums receivable, deferred acquisition costs, unpaid claims, and unearned premiums presented together now as a single line item referred to as insurance contract liabilities. In addition to this, reinsurance assets, reinsurance premiums payable, and unearned reinsurance ceding commission are now presented as a single line item referred to as reinsurance contract assets. Cash in the period decreased as a result of additional purchases of investments in the period. Investments have increased as a result of more cash having been deployed into the portfolio, as well as unrealized gains on the portfolio. Reinsurance contract assets have increased as a result of growth in the business in both Canada and the U.S. Insurance contract liabilities have increased also as a result of growth in the insurance revenue in both Canada and the United States. Growth in these balances on the liability side is largely offset by growth in the reinsurance contract asset balance. Equity is greater than the prior year-end as a result of positive net income in the period, as well as unrealized gains on the investment portfolio. In addition to this, implementation of the new standards has led to a one-time increase in equity of CAD 10.3 million as a result of the conversion to IFRS 17, primarily driven by an increase in deferred acquisition costs to Trisura Canada. Book Value Per Share was CAD 11.15 at March 31, 2023, and is greater than December 31, 2022 as a result of profit generated from insurance and investment income in the period, as well as unrealized gains and the opening equity adjustment. As at March 31, 2023, debt to capital was 12.8%, which is lower than December 31, 2022 as a result of the increase in equity during the period. The company remains well capitalized and we expect to have sufficient capital to meet our regulatory capital requirements. David, I'll now turn things back over to you. Thank you, David. Operator, we take questions now. As a reminder, if you'd like to ask a question at this time, that is star one one. Our first question comes from the line of Nick Prattis with CIBC Capital Markets. I just wanted to start with a question on the program in runoff. Is it fair to assume that the earnings impact in the second half of the year should be relatively more muted than the first half, just given that the program there is expected to roll off by year-end? Is there anything else that we should be aware of that could create a little bit of additional noise in H2? Hi, Nick. Thanks for the question. In the second half of the year, the impact of that runoff program will mostly be informed by reinsurance that we purchased to protect ourselves through storm season. We would expect there to be an impact, but the ultimate size will really be determined by the amount of program left in force and the price of protection that we're purchasing. We'll provide some updates on that through the latter half of the year, probably closer to our Q2 reporting date. I don't know yet that it's appropriate for me to give magnitude of size, but we can provide some of those updates in short order. Understood. Okay. Then, are you able to expand a bit on the composition of growth that you're expecting within the U.S. entity this year? Like, I think you had previously signaled that property programs wouldn't be a large contributor because of some of the challenges in the reinsurance market. Are you expecting other lines without property catastrophe exposure to make up for that? You know, how do you see the split between admitted and non-admitted market premium evolving? Just, any additional color there would be helpful. Yeah. At this stage, I think most of the growth in the business is still going to be coming from excess and surplus lines or non-admitted lines. It has been slower given the tone in the market and given the disproportionate share of new business being accounted for by E&S. I would say although our property exposure, so our ultimate PML or TIV is not growing or attempting not to grow in the property space, prices in that property space have been significantly increased this year. Rates in the property space, especially in E&S, are increasing. That can be a contributor to growth. Although I would say generally, the E&S market has been a relatively healthy place. That differs by line. There are some lines where those trends are more pronounced than others. The space in the U.S., the Excess and Surplus Lines market, continues to see decent momentum. That growth from our book, as it focuses on E&S, is likely more so on older mature programs than it is on new programs. I would say that that's been the contributor of our growth in 2022, and we'd expect that growth driver for 2023 to continue. Yeah. Okay. That makes sense. All right. Thanks very much. I'll pass the line. Thanks, Nick. Our next question comes from the line of Stephen Boland with Raymond James. Oh, good morning, everyone. Just, the first question's on corporate insurance in Canada. You know, the language in the MD&A mentions, you know, moderate increases, stable pricing. It seems a little bit more conservative than what we've seen, you know, across the industry in terms of, you know, words like firm and hard markets. I'm just wondering if that is just, you know, is it unique to that business line? I think generally, Steven, we have seen healthy markets, healthy rate in the broader commercial insurance space, and I think those comments reflect that. I would note our lines of business tend to be a little bit more specialized than the broader market. We generally have higher profitability than the broader market does. We've seen very healthy rate environments, healthy rate increases for the past few years, and I think those are appropriate in the context of the uncertainty in the market. I do note that the rate increases we're seeing in Q1 are not as substantial as what we've seen in 2021 or 2022. That language attempts to reflect that. I don't mean to imply that the environment isn't healthy or isn't attractive. We've had a few years now of rate increases that we think are appropriate for our business, but it's not the magnitude that it used to be. Okay. The second question is, if you can just remind us about the, you know, what your growth expectations are for the US business again. Is it all impacted by, you know, the amount of capital that you have available? Yeah. Our growth expectations this year for the U.S. business again are on a top-line basis, and I would apply this to insurance revenue as well as the old metric, which is gross written premiums. Think about that in the high teens, and that would include, we believe, the impact of this runoff program. We don't think that that is limited in any way by the capital in the business. We've got on an adjusted basis, I know our supplement reports about a 7 times premium to capital surplus. We've got some surplus notes in the vehicle that drops that ratio down to closer to six times. We think there's healthy runway internally with the capital available in the business, as well as quite a bit of surplus capital at the holding company and debt capacity. That growth rate is not limited at all by the amount of capital we have in the business and is informed more by an acknowledgment of the maturity of the platform, the size and scale that we've achieved today, as well as some of the notes we've already talked about around the property space. Okay. That's great. Thanks. As a reminder, to ask a question, please press star one one on your telephone. Our next question comes from the line of Marcel McLean with TD Securities. Oh, I think they sent me a kind of. Can you guys hear me? We can. Hey, Marcel. Okay, thanks. A couple quick ones for me. Just on the runoff program, substantially all of this is gonna be complete by Q4 2023. I just wanna confirm that there's nothing longer tail in there that could creep into the early part of next year or later. No, the vast majority of these policies, substantially all will be run off by December 31st, 2021. There's about a six-month period where you can make claims on these policies following those, the last date, the runoff date. You can see claims experience for about 6 months after that. The biggest exposure for this line of business is through storm season. If you think about the runoff exposure post-December 31st, 2021 or December 31st, 2023, really it's through a relatively benign period of the year. We would expect our usual reserving to reflect any claims experienced. We are thinking about this program very much as being sort of run off by the end of this year. There can be, reinsurance costs that you amortize slightly past, the year-end, but substantially the exposure in the program, should be out of our system by the end of the year. Okay. Got it. The remainder of my questions are more on the underlying business here. You called out the strong growth from the U.S. Surety platform. I know it's coming up probably off a pretty small base, just wondering if you can provide maybe the level of premiums or how that's tracking versus your expectations in these early days? Platform has demonstrated in the surety space. It is a slow, it is a slower build. That's a practice and a platform that takes some time to build up. We are happy with the expansion there, with the level of premium that we're seeing. It's I think in the quarter just under $5 million U.S., which is. Oh, sorry, CAD 5 million in the quarter, which is alongside our expectations. Okay, perfect. Then, just final one for me. Just sort of looking at the overall business, you know, we're seeing strong momentum in the Canadian fronting platform really since it's been launched, and that continues. And same with the opportunities in the U.S. space. How do you view the evolution of the company's earnings over the next, say, longer term, like five or 10 years? Like, what would the split of fee income versus the more traditional underwriting look like? It's a great question, Marcel. This is something we've seen internally changing pretty substantively over the past five years. The contribution that we have to earnings from what we qualify as more fee-based earnings has substantially stepped up. I think about fee-based, I think about our earnings in three categories, really. There's the underwriting-based earnings from the primary lines of business that we have, so Surety, corporate insurance, some of the warranty products. There's a fee-based business that we have from fronting products, which are more recurring and predictable. Then there's investment income, which generally is fairly predictable in how you earn it. A greater proportion of our earnings going forward are expected to be coming from those recurring sources of business, so the fee income and the investment income. I will admit, I had anticipated a larger proportion to be represented by fee income than the underwriting income sooner, but our Canadian and primary lines practice has grown quickly. If I combine fee income and investment income, looking forward over the next two years, it's probably approaching 50% of our earnings, at a composition basis as you get out in these next couple years. That will be informed by the relative growth of each platform. All that to say, the composition and diversification of our earnings today versus three years ago, or especially five years ago, is very, very different, and I think it's a positive move for the company to generate both more diversified earnings and more stable and predictable earnings. Okay, that's helpful. Thanks. That's all for me. Thanks, Marcel. As a reminder, that is star one one to ask a question at this time. I'm showing no further questions in queue. I'd like to turn the call back to David Clare for closing remarks. Thanks very much, operator. Thank you for everyone who's joined. I do acknowledge this quarter with the adoption of IFRS 17, there's a different framework, a different paradigm for our investors to read and interpret our results. We have attempted to provide these in as much a clear way and rational way as we can. To the extent you have questions for us on how to read these, how to interpret them, don't hesitate to reach out. We are here to help. With that, operator, I'd like to close the call. This concludes today's conference call. Thank you for participating. You may now disconnect. Thanks.