Trisura Group has announced its financial results for the second quarter of 2023, reporting $664.4 million in insurance revenue.
The specialty insurance provider said this 43% increase from $464.6 million in the prior year quarter reflects sustained momentum across North America.
In Canada, insurance revenue was up 31.5% compared to Q2 2022, driven by increased market share, expansion of distribution relationships, new fronting arrangements and stable market pricing conditions in certain lines of business.
Strong underwriting performance across all lines also contributed to a combined ratio of 82.9%, an ROE of 26.7% and operating ROE of 28.4% in Q2 2023, according to Trisura.
Meanwhile, in the US, insurance revenue for the quarter increased 48.5% to $467.9 million amid favourable market conditions and the maturation of existing programs. Additionally, fee income was up 22.3% to $18.9 million from $15.5 million in Q2 2022.
Overall, Trisura reported a quarterly income increased 28% to $26.8 million compared to the same period last year, while operating net income was up 36.5% to $26 million.
Interest and dividend income also rose 134.4% to $11.9 million compared to Q2 2022 due to higher risk-adjusted yields and increased capital.
President and CEO David Clare said Trisura’s second quarter results were driven by “measured growth, underwriting profitability and enhanced investment income,” in addition to the “positive impact” brought by the run-off of a US program.
“Our business remains well-capitalized, supported by surplus capital, a $50 million revolving credit facility, a 12.4% debt to capital ratio and a conservatively positioned investment portfolio,” Clare said.
Trisura also reported EPS of $0.57 in Q2 2023 compared to $0.50 in Q2 2022. Book value per share additionally increased 30.0% to $11.53 from June 30, 2022.
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