Trisura reports higher insurance revenue for Q2 – Trisura Group, a specialty insurance provider, announced its second quarter financial results for 2023 on Tuesday. The company reported $664,400 in insurance revenue, a 43% increase from the previous year’s $464.6 thousand.
In the second quarter, Trisura saw sustained growth across North America, with increased market share, an expansion of distribution relationships and new fronting arrangements, and stable market pricing in some lines of business. The strong underwriting performance contributed to the company’s 82.9% combined ratio, a 26.7% return on equity, and an operating return on equity of 28.4%.
In the United States, insurance revenue grew 48.5% in the second quarter to $467,9 million, driven by favourable market conditions and maturity of existing programs. Fee income increased 22.3% year-on-year to $18,9 million, from $15,5 million in the second quarter of 2022.
Overall, Trisura reported a quarterly income increased 28% to $26.8 million compared to the same period last year, while operating net income was up 36.5% to $26 million.
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Interest and dividend income also rose 134.4% to $11.9 million compared to Q2 2022 due to higher risk-adjusted yields and increased capital.
President and CEO David Clare said Trisura’s second quarter results were driven by “measured growth, underwriting profitability and enhanced investment income,” in addition to the “positive impact” brought by the run-off of a US program.
Trisura continues to be well-positioned, with excess capital, a revolving credit facility of $50 million, a debt-to-capital ratio of 12.4%, and a well-positioned investment portfolio, according to Clare.
Second-quarter earnings per share (EPS) for Trisura was $0.59 per share in the second quarter of 2023, compared with $0.52 per share for the second quarter of 2022. The book value per share also increased by $0.03, or 30.0%, to $11,53 as of June 30, 2023, compared to the same period last year.
