Trisura Group Ltd T.TSU

Alternate Symbol(s): TRRSF

Financial Services Insurance - Property & Casualty

Trisura Group Ltd. is a specialty insurance provider. The Company is engaged in operating in surety, risk solutions, corporate insurance, and fronting business lines of the market. It has investments in subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada (Trisura Canada) and the United States (Trisura US). Its segments include the operations of Trisura Canada, comprising surety business underwritten in both Canada and the United States, and risk solutions, fronting and corporate insurance products primarily underwritten in Canada and Trisura US, which provides specialty fronting insurance solutions underwritten in the United States. The main products offered by its surety business line are contract surety bonds, commercial surety bonds, developer surety bonds, and new home warranty insurance. Its contract surety bonds, such as performance and labor and material payment bonds, are primarily for the construction industry.

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Trisura Group Ltd > RBC

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Post by retiredcfon Nov 08, 2024 8:34am

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Post# 36302758

RBC

Unable to post much of the report due to significant cut and paste problems. GLTA

November 7, 2024

Trisura Group Ltd.
Q3 First Glance, In line with our operating estimate

TSX: TSU | CAD 43.42 | Outperform | Price Target CAD 52.00

Sentiment: Neutral

Q3 results: Trisura reported Q3/24 operating EPS of $0.68 vs. $0.67 in Q3/23, which matched our $0.68 estimate and was $0.01/ share ahead of the $0.67 consensus expectation.

Both operating segments were in line with our estimates on an operating basis.

Initial thoughts: We would note that the company renamed its operating segments which now consist of Trisura Specialty (formerly the Canada segment) and U.S. Programs (formerly the U.S. segment). Overall Q3 segment operating results were in line with expectations and reflect a difficult year-ago comparison. Gross written premium growth decelerated from recent run rates but net written premium growth remained strong (and was ahead of our estimate) as the company retained more business in both segments. Net investment income grew nicely y/y but was relatively flat on a sequential basis. Book value growth was haealthy and reflected positive bond marks. The company will hold a conference call tomorrow morning at 9AM ET. We expect key areas of focus on the Q3 call to include growth prospects across both segments, loss trends, investment portfolio strategy, and an update on P&C insurance market trends in key markets.