Specialty insurance provider, Trisura Group, forecasts its net income for the third quarter of 2023 to include $12 million after-tax loss from non-recurring items, including the negative impact of the US run-off program.
The firm also estimates an additional negative after-tax impact of $5 million driven primarily by unrealized losses on the investment portfolio, as well as other non-operating items.
It expects operating earnings per share of $0.64-$0.68, which according to Trisura, were driven by profitable underwriting and enhanced investment income. Book value per share is estimated at $12.55-$12.59 and operating ROE is expected to exceed 20%.
Additionally, the insurer predicts for the fourth quarter of 2023 a negative after-tax impact to net income in the range of $11 – $14 million ($0.23 – $0.29 per share), driven by costs of protection, other run-off costs and mitigated by earned premium on the program.
The specialist insurer will release its Q3 2023 results after the market closes on November 2nd, 2023.
For the third quarter of 2022, Trisura’s net income of $23.7 million saw a 48% increase compared to the same period in the prior year. US Gross Premium Written and fee grew to $465.6 million and $18.2 million, figures that contributed to the net income growth.
Gross Premium Written in Canada increased by 24.3% in the quarter, while strong underwriting performance across all lines contributed to a combined ratio of 83.1% and an ROE of 30.6%.
