Author Topic: TSU - Trisura  (Read 14435 times)

snowball82

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Re: TSU - Trisura
« Reply #40 on: March 09, 2019, 05:28:34 PM »
Bryan Sinclair from Trisura:

Trisura’s Surety business, resident in our Canadian operation, writes Contract Surety, Commercial Surety and Developer Surety.

Contract surety is primarily related to government infrastructure projects, at the municipal, provincial and federal levels, and represents the majority of both gross premium written and underwriting income within that vertical (~75% on average). It’s important to note that this sub-segment is not exposed to housing construction.

Commercial surety relates to license and permit, and customs bonds, and represents ~15% of gross premium written.

Developer surety relates to the condo market, with our book of business focused on the GTA and Vancouver markets. Developer surety would make up less than 10% of our gross premium written.

Hope that helps,

Bryan


New all time high at $ 29.50

Thanks for the sharing. Very appreciated to see we are some in a team effort here.

I like to see than the contract Surety is primarily related to government infrastructure projects. The government’s commitment to infrastructure spend is significant.

It is obviously too soon to know if Trisura will build a business model like Markel but it is interesting to see they also have some activities in the specialty insurance :

https://www.markelinsurance.com/about-us

https://www.markelcorp.com/specialty

Is Markel the best Specialty insurance company in United States ?
« Last Edit: March 10, 2019, 08:02:58 AM by snowball82 »


snowball82

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Re: TSU - Trisura
« Reply #41 on: March 15, 2019, 02:39:59 AM »
New high at $ 30.

They have a large brokers network in Canada. We can see them there :

https://www.trisura.com/find-a-broker/

I didn’t see the same network in US. I guess it will be different in US as the goal is to add specialty programs.
« Last Edit: March 15, 2019, 02:42:32 AM by snowball82 »

ourkid8

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Re: TSU - Trisura
« Reply #42 on: March 26, 2019, 10:08:00 AM »

snowball82

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Re: TSU - Trisura
« Reply #43 on: May 09, 2019, 02:33:45 PM »
Very strong results for Q1 2019.

Trisura Group Reports First Quarter 2019 Results Book Value Per Share Increased to $20.41
TORONTO, May 09, 2019 -- Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading international specialty insurance holding company, today announced financial results for the first quarter of 2019.
David Clare, CEO of Trisura, stated, “Strong performance from both our Canadian and U.S. subsidiaries demonstrated continued progress on our strategic priorities in the first quarter. In Canada, robust top line growth and underwriting profitability, generated industry-leading returns on equity. Our U.S. platform produced over $41 million in gross premiums written, $1 million in fee income, generating its first profitable quarter.”
Highlights
• Gross premiums written growth of 133.7% in Q1 2019, driven by continued growth in our Canadian Specialty P&C business and strong momentum in our US Specialty business.
• Net income in Q1 2019 of $2.5 million, an increase of $0.7 million over Q1 2018, driven by our Canadian Specialty P&C business and supported by profitability from our US Specialty business.
• Consolidated ROE (trailing 12 months) of 7.2% at March 31, 2019, compared to 6.9% at December 31, 2018 and 5.6% at September 30, 2018.
• Strong Q1 2019 results from our Canadian Specialty P&C business, achieving an 83.5% combined ratio, driving a 21.3% ROE for the trailing 12 months.
• Basic and diluted EPS of $0.38 and $0.37 in Q1 2019 respectively, compared to $0.28 and $0.27 in Q1 2018.
• Book value per share of $20.41, a 9.3% increase over March 31, 2018.
Amounts in millions of Canadian dollars
Q1 2019
Q1 2018
Variance
Gross Premiums Written
Net Premiums Written
Net Underwriting (Loss) Income
Net Investment Income
Net Income
EPS – Basic, $
EPS – Diluted, $
Book Value Per Share, $
Debt-to-Capital Ratio
ROE Trailing Twelve Months (“TTM”) Combined Ratio - Canadian Specialty P&C Canadian Specialty P&C ROE - TTM
81.4 28.4 (8.3)
4.6
2.5 0.38 0.37 20.41 18.0% 7.2% 83.5% 21.3%
34.8 23.9 1.2 1.9 1.9 0.28 0.27 18.68 19.4% 4.6%* 83.6% 14.5%
133.7% 18.8% nm 140.6% 35.1% 34.5% 36.3% 9.3% (1.4pts) 2.6pts (0.1pts) 6.8pts
*For period after spin-off from Brookfield Asset Management Inc. on June 22, 2017 (annualized)
Underwriting
• Excellent performance from our Canadian Specialty insurance operations, achieving GPW growth of 17.8% driven by Risk Solutions and Surety and an 83.5% combined ratio driven by strong results in Surety and improved claims experience in Corporate Insurance.
• Strong and accelerating premium growth in our US Specialty platform, with GPW of $41.9 million in Q1 2019 compared to $53.7 million in fiscal 2018. Earned fee income of $1 million helped support our first profitable quarter in the U.S.
• Weakening interest rates in Europe drove reserve strengthening in our Reinsurance subsidiary, largely offset by investment income and gains from a legal settlement.
Capital
• The minimum capital test (“MCT”) ratio of our Canadian subsidiary was 242% as at March 31, 2019 (239% as at December 31, 2018), which comfortably exceeds regulatory requirements of 150%.
• Trisura Specialty’s capital of $66.8 million as at March 31, 2019 ($66.5 million as at December 31, 2018) was in excess of the minimum Risk Based Capital Ratio requirement of the Oklahoma Insurance Department.
• Trisura International’s capital of $27.6 million as at March 31, 2019 ($28.7 million as at December 31, 2018) was sufficient to meet the FSC’s regulatory capital requirement.
• Consolidated debt-to-capital ratio of 18.0% as at March 31, 2019 is below our long-term target of 20%.
Investments
• Net investment income of $4.6 million in Q1 2019 compared to $1.9 million in Q1 2018.
• In Canada, interest and dividend income increased 61.1% over the prior period as we continued to benefit from the reallocation of the Canadian portfolio.
• Investment income related to the Reinsurance portfolio increased due to gains from declining interest rates in our sovereign bond portfolio.
• A legal settlement related to our structured insurance asset generated a significant windfall in the quarter.
About Trisura Group

snowball82

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Re: TSU - Trisura
« Reply #44 on: May 12, 2019, 07:23:52 AM »
The results had been better than expected. I added recently.

CAN :

"Q1 2019 ROE (trailing 12 months) of 21.3% compared favourably to 14.5% for Q1 2018, benefitting from strong claims performance in Q1 2019 and the latter half of 2018 while weaker underwriting income in late 2017 impacted Q1 2018 ROE (trailing 12 months).

USA :

US Specialty P&C continued to accelerate in its premium generation, producing GPW of $41.9 million in Q1 2019 across 16 programs ($27.2 million in Q4 2018, $17.7 million in Q3 2018, $7.6 million in Q2 2018 and $1.3 million in Q1 2018). The US platform retained 3.8% of this GPW, the remainder of which was ceded to reinsurance partners.

Fee income in our US Specialty P&C business is comprised of fronting fees received from reinsurers and are recognized over the life of the insurance contracts they are associated with, similar to the premium earning profile. In Q1 2019 the earned fronting fees of $1 million were 5.7% of earned ceded premium and have grown strongly as the business written in 2018 earns through. Fronting fees are not reflected in underwriting ratios for the US Specialty P&C business.

US Specialty achieved its first quarter of positive net income in Q1 2019 as growth in net earned premiums, fronting fee income and investment income exceeded claims and operating expenses.
« Last Edit: May 12, 2019, 07:44:39 AM by snowball82 »

whistlerbumps

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Re: TSU - Trisura
« Reply #45 on: May 13, 2019, 07:04:59 AM »
Agree that it was a great quarter.  Canada is humming and US has shown an ability to grow quickly and should be profitable faster than expected. 

snowball82

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Re: TSU - Trisura
« Reply #46 on: May 13, 2019, 09:21:27 AM »

snowball82

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Re: TSU - Trisura
« Reply #47 on: July 07, 2019, 06:02:35 PM »
Agree that it was a great quarter.  Canada is humming and US has shown an ability to grow quickly and should be profitable faster than expected.

New growth opportunity?

Application for Approval to Acquire Control of 21st Century Preferred Insurance Company

https://www.pabulletin.com/secure/data/vol49/49-25/941.html
« Last Edit: July 07, 2019, 06:06:24 PM by snowball82 »

ourkid8

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Re: TSU - Trisura
« Reply #48 on: July 08, 2019, 11:34:42 AM »
I received the below message from Bryan:

You’re correct in that 21st century is a shell entity that will enable us to expand our licensing in the admitted space in the US. However, as with many things in the insurance industry, we require regulatory approval before the initiative can move forward. We intend to share more information once we have feedback from the Pennsylvania and Oklahoma Insurance Departments; until then not much will change for us operationally and we’ve held off on any material public communication on it.

Business as usual for now however once we obtain all the necessary approvals, this will definitely help accelerate the fronting business.  (@Snowball82: Exactly what I wrote to you via email this weekend)


Agree that it was a great quarter.  Canada is humming and US has shown an ability to grow quickly and should be profitable faster than expected.

New growth opportunity?

Application for Approval to Acquire Control of 21st Century Preferred Insurance Company

https://www.pabulletin.com/secure/data/vol49/49-25/941.html
« Last Edit: July 08, 2019, 02:06:16 PM by ourkid8 »

whistlerbumps

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Re: TSU - Trisura
« Reply #49 on: July 08, 2019, 11:44:22 AM »
Got a similar response from the company.  Nothing material yet but does seem like another positive step forward as they work to grow Trisura US.