Author Topic: TSU - Trisura  (Read 81 times)


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TSU - Trisura
« on: Today at 02:17:17 PM »
I bought a position in this microcap insurance company, a spin off from Brookfield Asset Management (BAM). Current price is $ 26.97.

It is interesting to see they got 19 % return on equity in Canada and they have a plan to expand in US.

"Trisura Group is an international specialty insurance provider operating in surety, risk solutions, corporate insurance and reinsurance, and is trading on the Toronto Stock Exchange (TSX: TSU). Trisura Group has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance and Trisura Specialty Insurance Company (“Trisura US”).

Trisura Guarantee Insurance Company started writing business in Canada in 2006 and has a long track record of profitable operations.
Trisura International Insurance has operated as a reinsurance company for almost 15 years.
Trisura Specialty Insurance Company is currently being incorporated as an operating subsidiary in the U.S.
Trisura Group benefits from an experienced management team, strong distribution partners and a specialized and profitable business focus. Trisura plans to grow through strategic acquisitions and a multi-line, multi-jurisdictional platform while continuing to focus on our existing distribution network and increasing penetration in our existing product segments."

They released the Q4 :

TORONTO, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance holding company, today announced financial results for the fourth quarter and year ended December 31, 2018.

David Clare, CEO of Trisura, stated, “We are very pleased with our fourth quarter and full year results for 2018. Strong underwriting and topline growth continued for our Canadian subsidiary, yielding industry leading returns. We continue to build momentum in our US fronting platform, binding 14 programs and generating over $50 million in gross premiums written in 2018.”


Gross premiums written growth of 77% in Q4 2018 and 49% in full year 2018, driven by continued growth in our Canadian Specialty P&C business and strong momentum in our US Specialty business.
Net income in Q4 2018 of $1.6 million, an increase of $1.7 million over Q4 2017, and full year income of $8.6 million, an increase of $3.8 million (excluding Minority Interests) over 2017, driven by our Canadian Specialty P&C business. 
Consolidated ROE (trailing 12 months) of 6.9% at December 31, 2018, compared to 5.6% at September 30, 2018 and 4.1% at June 30, 2018.
Strong Q4 and full year results from our Canadian Specialty P&C business, achieving an 83.9% combined ratio in Q4 and an 86.3% combined ratio for the full year, driving a 19.1% ROE for the trailing 12 months. 
Basic and diluted EPS of $0.24 in Q4 2018 and $1.29 (basic) and $1.27 (diluted) in full year 2018.
Book value per share of $19.63, a 7.0% increase over December 2017.

The annual report 2018 is available :

More content to come. Let start the discussion. Or the monologue.