Slides
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Driving Profitable Growth in Specialty Insurance Investor Day - June 3rd, 2025
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Agenda 2 Who We Are Where We Have Come From What Sets Us Apart Where We Are Going
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3 Who We Are Company Overview Specialty Insurance
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4 We believe specialty insurance can be done better. As expert leaders in Surety, Corporate Insurance, Warranty, Fronting and Programs, our mission is to be the first choice for our partners seeking specialty insurance needs.
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5 Specialty Insurance Requires Niche Underwriting and Structuring Expertise Difficult to Underwrite Complex to Structure Experience Matters Classes of business that require deep, differentiated expertise to underwrite, administer and service Structures that balance the needs of our distribution partners with appropriate capacity alignment Approach, expertise and relationships in specific lines developed over decades, through insurance cycles
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Canadian Fronting $21M Underwriting Income US Programs $38M Underwriting Income 6 North American Specialty Insurer Addressing Unique Commercial Risks Integrated North American Platform Corporate Insurance $13M Underwriting Income Surety $33M Underwriting Income1 Warranty $12M Underwriting Income
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7 Margin Outperformance Performance culture, supporting industry-leading profitability Rare Pure-play diversified specialty platform Stable Strong capital position and prudent risk management Growth Experience Significant organic growth opportunities Long-tenured management and board of directors History of Industry-Leading Operating Results Building Specialty Lines
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Where We Have Come From 8 Earnings Composition Key Metrics Growth in Scale
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$147 $3,162 2017 2024 9 Significant Growth has Enhanced Relevance with Distribution Partners +55% CAGR C$ million Gross Premium Written1,2
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10 Specialty Focus and Disciplined Underwriting has Driven Industry-Leading Profitability 96% 83% 2017 2024 Combined Ratio1,2 (13pts)
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11 Disciplined Underwriting and Growing Investment Income has Significantly Expanded Earnings $0.09 $0.32 $0.48 $0.84 $1.47 $1.88 $2.34 $2.80 2017 2018 2019 2020 2021 2022 2023 2024 +63% CAGR Operating EPS1
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15.3% 13.2% 12.3% 4.3% 6.8% 7.1% 19.6% 20.0% 19.4% 2022 2023 2024 Underwriting Income Investment Income 12 A Strong Operator in Specialty Results in Attractive Return on Equity Operating ROE1
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$4.59 $16.44 2017 2024 13 Consistent Growth in Book Value Achieved Through Strong Underwriting and Investment Returns +20% CAGR $122 $785 2017 2024 Book ValueBook Value Per Share1 +31% CAGR C$ million
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14 What Sets Us Apart Strength in Relationships Exceptional Service Stability and Depth of Leadership Proven Operator
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15 Create Differentiated Experiences for Our Distribution and Capacity Partners Our Values Our Approach Exceptional Experiences Broker Focused Tailored Solutions Build Trust Expertise Entrepreneurial Consistency Decisions Made at the Point of Contact IQ EQ
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Growing and Diverse Distribution Relationships are Gaining Momentum Across North America 5-Year CAGR with National Brokers 44% Brokers >$1M Premium 52 Contracted Brokers 240+ 16 MGA Partners 42 Programs 70 Contracted Brokers 60 Integrated Approach to Coverage
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17 “Trisura is collaborative, solution oriented and always looking out for the client while maintaining underwriting integrity. Working with Trisura is a true partnership. No matter who we speak with at Trisura, doing the right thing is at the heart of what they do.” - Leading North American Broker
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18 “Our successful relationship with Trisura is based upon trust, open communication, mutual alignment and proactive collaboration. The Trisura approach to partnership with our firm is different from the other specialty insurers because our team truly believes that Trisura maintains a “broker-first” mindset that delivers better outcomes for Trisura, our brokerage and our clients.” - Independent Canadian Broker
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19 "One of Trisura’s standout strengths is undoubtedly its people. The deep-rooted partnership we’ve created has been a result of their team fostering collaboration, innovation, and integrity, which resonates in every interaction and project we undertake. Trisura's ability to adapt and innovate has consistently impressed, making them not just a partner but a leader in the industry." - US MGA Partner of 5 Years
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20 Attracting, Retaining and Developing Talent Demonstrates an Institutionalized Approach to Service and Underwriting Low Attrition / High Retention Average Voluntary Turnover Rate Experienced Senior Underwriters Years of Experience Award Winning Employer as One of Canada's Top Small & Medium Employers Strong Employee Engagement Aligned Ownership Team Engagement of Senior Managers are Owners of the Business 30+ 8yrs 7% 94% 90% Peer Avg. of 12%
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87% 81% Peers Trisura 21 Disciplined Underwriting and Specialty Focus have Achieved Industry-Leading Outcomes Combined Ratio (6pts) 3
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16% 18% Peers Trisura 22 Disciplined Underwriting and Specialty Focus have Achieved Industry-Leading Outcomes Operating ROE 2pts
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23 Strong Growth and Consistent Profitability has Resulted in Above Average Book Value Growth 31% 23% 24% 21% 26% 15% 13% (1%) 19% 16% 2020 2021 2022 2023 2024 Trisura Peers BVPS Growth
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24 Unique Focus and Experience in Specialty Lines Drives Exceptional Stakeholder Experiences Exceptional Service Specialized Focus Underwriting Expertise Stability and Depth of Leadership Growing Scale Led by underwriters with decades of experience in specialty lines Responsive, collaborative and solutions-oriented Defined appetite and empowered workforce Track record of profitable performance Distribution and capacity relationships, capital, rating, and licenses
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25 Where We Are Going Trisura as a Business Builder Industry Trends Growth in Surety Capital Measuring Success
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Specialty Lines and MGA Growth has Outpaced Broader P&C and We Expect that to Continue 26 2019 – 2024 CAGR 2024 Market Size Specialty P&C MGA E&S P&C 11.5% $9B 8.8% $99B 19.5% US$98B 8.3% US$1,047B 10.2% US$79B
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Strong Growth and Operating Environment in Specialty Lines 27 Surety Corporate Insurance Warranty Canadian Fronting US Programs Competitive line of business Stable interest rates and economic environment are supportive Growing market share across North America Balancing price dynamic after strength through COVID Target niche markets: D&O, E&O, fidelity and general liability Volume growth and momentum with distribution partners Consumer demand recovering post COVID Receding inflation and stable interest rates are supportive Growth with new and existing partners across North America Favourable P&C underwriting environment Relies on foreign reinsurer appetite for Canadian P&C premium Trisura is in a unique position to serve this market Secular trend of MGA investment and E&S growth continues Casualty market hardening, capacity returning to property Pursuing measured growth in core portfolio of programs
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Demonstrable Track Record of Building Businesses 28 2006 2017 2018 2019 2020 2021 2022 2023 2024 $480M $1.5B $523M $533M $76M $0.4M Canadian Primary4 US Programs (E&S) US Programs (Admitted) Canadian Fronting US Surety US Corp. Ins. GPW
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Significant Opportunity to Grow Upmarket in Canadian Surety 29 Access to ~60% of the Canadian market ~$700M of $1.2B ~$1.2B Trisura Trisura Scale and investments drive access to a larger market +70%
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Nascent US Surety Expansion has Realized Early Success 30 ~US$10B US Canada ~$1.2B 10% Trisura Share <1% Canadian Premium in US Context +12x
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Well-Capitalized to Continue Growth 31 AM Best Size 10 Fixed-income and cash in investment portfolio 86% A- Rating Equity capital, +31% CAGR since 2018 $820M Operating ROE5 generates capital to pursue opportunities Excess debt capacity $107M 19% Debt-to-capital1 ratio is below 20% target 10.7% Conservative Positioning Flexible Posture Note: Figures as at Q1 2025
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Capital Allocation Prioritizing Attractive Organic Growth Opportunities 32 Support Organic Growth Strategic M&A Return of Capital to Shareholders 1 2 3
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How We Will Measure Long-Term Performance 33 $1 billion in book value by end of 2027 is achievable Revenue Growth ~15%+ (Mid to high teens) Operating ROE ~15%+ (Mid to high teens) BVPS ~15%+ (Mid to high teens)
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34 Continue to Deliver Industry-Leading Book Value Growth Diversified Specialty Platform ~50% Underwriting Income from Primary Lines6 30+ Avg. Years of Experience at the Senior Level Industry Leading Profitability 18% 5-year Avg. Operating ROE 58% 5-year Operating Net Income1 CAGR Strong Capital Position Prudent Risk Management Demonstrable Track Record of Building Businesses Experienced Management 33% 5-year Book Value CAGR $107M Debt Capacity 81% 3-year Avg. Combined Ratio 86% Fixed Income & Cash
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35 We’re in attractive markets We’re strong operators We can replicate our success
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36 Trisura Group Ltd. (“Trisura”) is not making any offer or invitation of any kind by communication of this document to the recipient and under no circumstances is it to be construed as a prospectus or an advertisement. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, is subject to change, and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. Unless otherwise noted, all references to “$” or “Dollars” are to Canadian Dollars. CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION Note: This presentation contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise. CAUTIONARY NON-IFRS AND OTHER FINANCIAL MEASURES Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three months ended March 31, 2025. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. Notice to Recipients
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37 Endnotes 1 These are non-IFRS financial measures and supplementary financial measures. They are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. Refer to Section 8 – Accounting and Disclosure Matters in the Q1 2025 Management’s Discussion and Analysis dated May 1, 2025 for further details, which is available on the Company’s website at www.trisura.com and on SEDAR+ at www.sedarplus.ca 2 The composition of some of the supplementary financial measures, such as Gross premiums written, and non-IFRS financial measures, such as Underwriting income have been updated as these financial measures now reflect operating performance. The labels of some of the non-IFRS ratios, such as Loss ratio, Combined ratio have also been updated as these ratios now reflect operating performance. Refer to Section 8 – Accounting and Disclosure Matters in the Q1 2025 Management’s Discussion and Analysis dated May 1, 2025 for further details. 3 Peers benchmark data is based on the publicly disclosed metrics across 12 comparable companies in the Canadian and US Specialty P&C industry. Peers benchmark data represents Morgan Stanley estimates. 4 Canadian Primary includes Canadian Surety, Canadian Corporate Insurance, and Warranty. 5 FY 2024 Operating ROE. 6 Primary Lines include Surety, Corporate Insurance, and Warranty.