Specialty insurer Trisura Group has reported $644.8 million of gross premiums written in the third quarter of 2022, an increase of 59.3% compared to $404.7 million from the prior year quarter, thanks to sustained growth in Canada and expansion in US fronting.
Net income for the quarter increased by 48% to $23.7 million, compared to $16.1 million from the same period last year.
20% Return on Equity (ROE) compares to 20.4% from 2021, exceeding the company’s mid-teens target despite significant growth and a larger capital base.
Meanwhile, 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%.
Fronting arrangements in Canada contributed $72.5 million premiums in the quarter.
At the same time, US Gross Premium Written and fee grew by 78.7% and 72.6% respectively over the quarter to $465.6 million and $18.2 million.
This contributed to improved net income of $8.6 million in the quarter, as well as a 13.6% ROE.
“Trisura extended its track record of performance, reporting income of $23.7 million, a new quarterly record. Growth in premium and profitable underwriting supported by increased investment income generated a 19.9% return on equity despite investments in infrastructure,” said David Clare, President and CEO of Trisura.
“Expansion of market share and maturation of our platform resulted in premium growth of 59.3% in the quarter. In Canada, disciplined underwriting and greater scale generated an 83.1% combined ratio(1). Our US business bound a quarterly record $465.6 million of gross premiums and reported deferred fee income of $40.7 million.
“In July we raised $144.0 million in equity capital, the proceeds of which are to support growth across the platform. We also closed the acquisition of a book of surety business in Canada, adding to our momentum in the years to come.”
