Trisura Group has posted its financial results for the second quarter of 2022, citing “continuation of established trends” as the factors for its solid performance.
“Our business performed well in the quarter, recording net income of $20.2 million,” said Trisura president and CEO David Clare. “Strong growth and stable underwriting, supported by investment income, generated a 19.2% return on equity, despite continued investment in infrastructure.”
Clare explained that it was a “continuation of established trends” which drove the insurer’s results for the quarter. Expansion of market share and maturation of the company’s platform led to premium growth of 76.7% in the quarter, the CEO added, and in Canada, disciplined underwriting generated an 80.6% combined ratio for the quarter. Meanwhile, Trisura’s US business generated a record $447.6 million of gross premiums for the quarter, and reported deferred fee income of $34.7 million.
The CEO also noted that after quarter-end, Trisura managed to raise $144.0 million in equity capital – the proceeds of which are “expected to support growth across the platform.”
Other highlights of the report include:
Last month, Trisura entered into an agreement with a syndicate of underwriters spearheaded by BMO Capital Markets and Cormark Securities, to allow the underwriters to purchase 4,070,000 common shares from Trisura on a bought deal public offering basis. The shares are being sold for $33.25 per Common Share, resulting in gross proceeds of about $135 million.
