Trisura Group, a specialty insurance provider, has announced its financial results for the first quarter of 2025.
For the period, operating net income was CA$34.2 million, driven by business expansion. Operating earnings per share were CA$0.70, reflecting a 2.9% increase from a year earlier.
The company reported an operating return on equity of 18.4%, compared to 15.0% in the same quarter of 2024. Book value reached CA$820 million, supported by a debt-to-capital ratio of 10.7%, providing flexibility for continued growth.
Meanwhile, gross premiums written were CA$711.7 million, a decrease of 1.6% from a year earlier, mainly due to non-renewed US programs, offset by growth in its primary lines segment.
In its insurance operations, Trisura reported net insurance revenue of CA$172.7 million, a 12.8% increase from the same quarter last year, mainly driven by growth in primary lines. Underwriting income was CA$29.9 million, up 1.7% from a year earlier, due to business expansion and foreign exchange fluctuations, though partly offset by a higher combined ratio. The higher loss ratio at Trisura Specialty was balanced by a shift in business mix, resulting in a higher expense ratio but a lower loss ratio.
In terms of investments, net investment income rose by 8.6% from a year earlier, supported by the larger investment portfolio.
The company also expanded its US Surety business, securing 33 state licenses in its Treasury-listed entity and continued to focus on rate filings and building relationships with distribution partners.
As of March 31, 2025, the minimum capital test ratio for Trisura’s regulated Canadian subsidiary was 273%, slightly down from 276% at the end of 2024, well above the regulatory requirement of 150%.
The risk-based capital of Trisura’s US regulated insurance companies exceeded the minimum requirements of the states where they are licensed. The consolidated debt-to-capital ratio stood at 10.7%, below the company’s long-term target of 20%.
