Trisura Group Ltd., the specialty insurance provider has released its financial results for the third quarter of 2024, which includes insurance revenue growth of 10.5%, climbing from $730.7 million to $807.6 million, which was primarily reflected through continued momentum across North America.
Within its insurance operations, the group saw an 18.4% increase in insurance revenue from Trisura Specialty (formerly known as Trisura Canada) to $261.7 million in the quarter, while Trisura US Programs (formerly known as Trisura US) contributed $546.0 million in insurance revenue during Q3 2024.
At the same time, Trisura posted a net income of $36.1 million in the quarter, a solid increase from last year’s $14.8 million.
The firm also posted an operating net income of $33.2 million in the quarter, representing a 4.7% increase compared to Q3 2023, despite particularly strong loss ratios in Trisura Specialty in 2023, as a result of growth in the business, growing earnings from US Programs and higher net investment income.
Moving towards investments, Trisura posted a 20.4% rise in net investment income during the quarter, coming in at $16.2 million, as compared to the $13.4 million figure that was reported in Q3 2023.
The firm posted a 16.7% Return on equity (ROE) during the quarter, a notable increase compared to 2.8% in Q3 2023, While operating ROE sat at 18.6%, which was lower than last year’s 20.2%, as a result of a higher loss ratio at Trisura Specialty, as well as higher Shareholders’ equity due to unrealised gains on the investment portfolio in 2024, the firm noted.
David Clare, President and CEO of Trisura, commented on the firm’s results: “Trisura reported strong performance in the quarter with Operating net income of $33.2 million, or $0.68 per share, driven by growth, profitable underwriting in Trisura Specialty, growing earnings from US Programs and higher Net investment income.
“Maturation of our business and continued expansion with distribution partners drove insurance revenue growth of 10.5%. Our platforms demonstrated disciplined underwriting, supporting growing net income and an 18.6% operating ROE.
He concluded: “We are excited to observe strong growth in US Surety, with $36.5 million in premiums written in the quarter as our relationships expand. Growth, strong earnings, and unrealized gains on the investment portfolio lifted book value to almost $750 million. We have a growing pipeline of opportunities, and remain optimistic for the years ahead.”
