Trisura reports significant net income surge in Q1’24 results

Specialty insurance provider Trisura Group has reported a remarkable net income of $36.4 million for the first quarter of 2024, representing a significant 160.7% increase compared to $14 million in the same period last year.

The company attributes this impressive surge to several factors, including business growth, enhanced profitability in US Fronting, unrealised gains in the investment portfolio, and higher net investment income.

In Q1, insurance revenue in Canada saw a notable uptick of 23.4% to $221.9 million compared to the corresponding period last year. Trisura explains that this growth reflects an increased market share, expansion of distribution relationships, expanding fronting and growth of US Surety.

Furthermore, insurance revenue in the US witnessed a solid increase of 13.7% to $522.4 million compared to the first quarter of 2023, driven by favourable market conditions and the maturation of existing programs.

Overall, insurance revenue surged by a significant 16.5%, climbing from $639.1 million in Q1’23 to $744.3 million in Q1’24.

David Clare, President, and CEO of Trisura, commented, “Trisura demonstrated strong performance in the quarter with Operating net income of $33.2 million, or $0.68 per share, driven by continued growth, profitable underwriting and higher investment income.

“Continued expansion of market share and distribution partners drove insurance revenue growth of 16.5%. In Canada, disciplined underwriting resulted in a Combined ratio of 81.8%, while in US Fronting continued growth and an improved loss ratio resulted in a strong insurance service result and improved fronting operational ratio.”

He added, “Net investment income grew 66.3% in the quarter, reaching $16.8 million through higher yields and an increased size of the investment portfolio.

“Growth, strong earnings, and gains on the investment portfolio lifted book value to over $662 million. In the quarter, we closed the acquisition of our Treasury-listed surety company and look forward to expanding our US surety presence in the coming years. With a larger capital base, increased financial flexibility and ample opportunities to grow, we are optimistic for the years ahead,” Clare concludes.

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.