Trisura Group announces second quarter 2022 financial results, citing “continuation of established trends” as a factor in its strong performance.
said David Clare, President and CEO of Trisura. “Strong growth supported by investment income and stable underwriting generated a return on equity of 19.2% despite continued investment in infrastructure.”
Clare explained that it was “a continuation of established trends” that drove the insurer’s quarterly results. Growth in market share and maturity of the company’s platform helped him grow premiums in the fourth quarter by 76.7%, while disciplined underwriting in Canada helped him reach a combined ratio of 80.6% in the fourth quarter. he added the CEO. Meanwhile, Trisura’s U.S. business generated a record $447.6 million in gross premiums for him in the fourth quarter and reported deferred fee income of $34.7 million.
The CEO also noted that Trisura was able to raise $144 million in equity capital after the end of the quarter.
Other highlights from the report include:
- Trisura’s second quarter 2022 consolidated combined ratio was 79.1% and its consolidated loss ratio was 28.3%.
- Underwriting discipline in Canada brought the loss ratio to 14.2% in the quarter.
- Growth continued in the US with GPW of $447.6 million versus $220.6 million in Q2 2021 and fee income of $15.5 million versus $11.1 million in Q2 2021. rice field. Trisura attributes this growth to mature new programs. .
- Canada’s GPW grew 36.2% in Q2 2022. Trisura’s strong underwriting performance across all product lines contributed to his combined ratio of 80.6% and ROE of 31.6%.
read more: Trisura Group Announces $135 Million Acquisition Deal
Last month, Trisura entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Cormark Securities to allow the underwriters to purchase 4,070,000 shares of common stock from Trisura on an open public offering basis. The shares were sold at a price of $33.25 per share of common stock, with total proceeds of approximately $135 million.
Trisura Group Announces Second Quarter 2022 Financial Results
Source link Trisura Group Announces Second Quarter 2022 Financial Results