{"success":true,"data":{"pressRelease":{"id":"26454","rtpr_id":"nGNX956f1P","ticker":"TSU","exchange":"TSX","all_tickers":["TSU"],"title":"Trisura Group Reports First Quarter 2026 Results: Strong Growth in Operating Net Income of 11% Reflects Robust Underwriting and Increasing Net Investment Income","author":"Globe Newswire","published_at":"2026-05-07T20:01:00.947Z","article_body":"TORONTO, May 07, 2026 (GLOBE NEWSWIRE) -- Trisura Group Ltd. (“Trisura” or\n“Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today\nannounced financial results for the first quarter of 2026.\n\nDavid Clare, President and CEO of Trisura, stated,\n\n“Q1 was a strong start to the year, with Operating net income of $37.9\nmillion, or $0.78 per share. Momentum continued with growth in Net insurance\nrevenue of 12.1% underpinned by a combined ratio of 84.3% and supported by a\n16.5% growth in Net investment income.\n\nOur Surety lines continued expanding following significant growth in 2025,\nwith an increase in net insurance revenue of 13.1%((1)) as we scaled in the US\nand continued to grow in Canada. Primary lines, which are the segments that\ncarry the highest underwriting margins and meaningfully drive profitability,\nachieved 11.4% growth in Net insurance revenue.\n\nThe completion of our $200 million senior unsecured notes offering in March\nmarked our largest capital raise to date and an important milestone in the\nevolution of our capital structure. Our 17.3% Debt-to-capital ratio remains\nwell below our target range, with a balance sheet approaching $950 million\nsupporting flexibility and capacity to continue growing.”\n\nHighlights\n* Operating ROE((2) )of 17.0% was strong, reflecting profitability from core\noperations (ROE((2)) was 17.0% in the quarter).\n\n\n* BVPS((2)) of $19.98 increased 16.4% over Q1 2025, supported by strong\nearnings. Our capital position was further strengthened in the quarter by the\nsuccessful completion of a $200 million senior unsecured notes offering, with\nour Debt-to-capital((2)) ratio remaining conservatively positioned at 17.3%. \n\n\n* Net insurance revenue((2)) growth of 12.1% was robust, driven by continued\nmomentum across US Programs and Primary lines((3)). \n\n\n* GPW((2)) growth of 6.1%((1)) was driven by continued strength in Primary\nlines which grew by 12.9%((1) )this quarter.\n\n\n* Combined ratio((2)) for the quarter was 84.3%, reflecting strong\nunderwriting performance across the portfolio.\n\n\n* Operating EPS((2) )was $0.78 in the quarter, supported by strong\nUnderwriting and Net investment income. Net income of $37.4 million was\ngreater than the prior year by 29.0%.\n Q1 2026 Q1 2025 $ variance % variance \n GPW 732,427 711,671 20,756 2.9 % \n Net insurance revenue 193,598 172,711 20,887 12.1 % \n \n Underwriting income ((2)) 30,512 29,862 650 2.2 % \n Net investment income 21,196 18,197 2,999 16.5 % \n \n Operating net income ((2)) 37,882 34,170 3,712 10.9 % \n Net income 37,409 28,990 8,419 29.0 % \n \n Loss ratio ((2)) 34.1 % 31.5 % n/a 2.6pts \n Expense ratio ((2)) 50.2 % 51.2 % n/a (1.0pts) \n Combined ratio 84.3 % 82.7 % n/a 1.6pts \n \n OEPS - diluted - in dollars 0.78 0.70 0.08 11.4 % \n EPS - diluted - in dollars 0.77 0.60 0.17 28.3 % \n BVPS - in dollars 19.98 17.16 2.82 16.4 % \n Debt-to-capital ratio 17.3 % 10.7 % n/a 6.6pts \n Operating ROE 17.0 % 19.0 % n/a (2.0pts) \n ROE 17.0 % 15.0 % n/a 2.0pts \n\n\n\nQ1 Consolidated Performance \n* Net insurance revenue of $193.6 million increased by 12.1%, reflecting\ngrowth in the business, including 11.4% growth in Primary Lines((3)).\n* Underwriting income of $30.5 million increased modestly driven by Net\ninsurance revenue growth, partially offset by a higher Loss ratio.\n* The Loss ratio of 34.1% remained solid and within expectations. The increase\ncompared to the prior year reflects a particularly strong Q1 2025 result in US\nPrograms.\n* The Expense ratio of 50.2% decreased modestly and was within expectations\nfor the period.\n* Net investment income increased 16.5% in the quarter fueled by ongoing cash\ncontributions to the investment portfolio.\n* Operating earnings per share of $0.78 (EPS of $0.77) increased by 11.4% in\nthe quarter, driven by higher Net investment income and supported by stable\nUnderwriting income.\n* Operating ROE of 17.0% (ROE 17.0%) was lower than the prior year. Strong\nprofitability from core operations continued, with Operating net income higher\nyear-over-year, but this was more than offset by the increase in\nShareholders’ equity, largely reflecting retained earnings from core\noperations.\nCapital\n* The Company and its regulated specialty insurance subsidiaries are\nwell-capitalized, and we expect to have sufficient capital to exceed both our\nminimum regulatory and internal capital targets, and to fund our operations.\n* The Company's Debt-to-capital ratio of 17.3% as at March 31, 2026 was\nhigher than Q1 2025 reflecting the recent $200 million senior unsecured notes\noffering used to refinance existing indebtedness and further strengthen the\nbalance sheet, partially offset by the increase to Shareholders' equity from\npositive Net income.\nCorporate Development\n* Further expanded our US Surety licenses, reaching 45 state licenses in our\ntreasury-listed entity, adding Illinois, Pennsylvania, Georgia, Florida and\nWashington.\nAnalysts' Estimate\n* The average estimate((4) )of Operating EPS for the quarter among the\nanalysts who follow the Company was $0.76.\nEarnings Conference Call\n\nTrisura will host its First Quarter Earnings Conference Call to review\nfinancial results at 9:00a.m. ET on Friday, May 8(th), 2026.\n\nTo listen to the call via live audio webcast, please follow the link below:\n\nhttps://edge.media-server.com/mmc/p/dnkb73ik\n\nA replay of the call will be available through the link above.\n\nAbout Trisura Group\n\nTrisura Group Ltd. is a specialty insurance provider operating in the Surety,\nWarranty, Corporate Insurance, Program and Fronting business lines of the\nmarket. Trisura has investments in wholly owned subsidiaries through which it\nconducts insurance operations. Those operations are primarily in Canada and\nthe United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange\nunder the symbol “TSU”.\n\nFurther information is available at http://www.trisuragroup.com. Important\ninformation may be disseminated exclusively via the website. Investors should\nconsult the site to access this information. Details regarding the operations\nof Trisura Group Ltd. are also set forth in regulatory filings. A copy of the\nfilings may be obtained on Trisura Group’s SEDAR+ profile at\nwww.sedarplus.ca. \n\nFor more information, please contact:\n\nBryan Sinclair\nTel: 416 607 2135\nEmail: bryan.sinclair@trisura.com \n\nNon-IFRS Financial Measures and other Financial Measures\n\nWe report certain financial information using non-IFRS financial measures,\nnon-IFRS ratios and supplementary financial measures that we use to measure\nand evaluate the performance of our business. Non-IFRS financial measures do\nnot have standardized meanings prescribed by IFRS and may not be comparable to\nsimilar measures used by other companies in our industry. They are used by\nmanagement and financial analysts to assess our performance.\n\nFurther, they provide users with an enhanced understanding of our results and\nrelated trends and increase transparency and clarity into the core results of\nthe business.\n\nThese metrics are operating performance measures that highlight trends in our\ncore business or are required ratios used to measure compliance with OSFI and\nother regulatory standards. Our Company also believes that securities\nanalysts, investors and other interested parties use these operating metrics\nto compare our Company’s performance against others in the specialty\ninsurance industry. Our Company’s management also uses these operating\nmetrics and other financial measures in order to facilitate operating\nperformance comparisons from period to period. Such operating metrics and\nother financial measures should not be considered as the sole indicators of\nour performance and should not be considered in isolation from, or as a\nsubstitute for, analysis of our financial statements prepared in accordance\nwith IFRS. For more information about these supplementary financial measures,\nNon-IFRS financial measures, and Non-IFRS ratios, including definitions and\nexplanations of how these measures provide useful information, refer to\nSection 6, Other Information in our Q1 2026 MD&A , which is available on our\nwebsite at http://www.trisuragroup.com and on SEDAR+ at www.sedarplus.ca. \n\nTable 1 – Reconciliation of Operating net income to reported Net income and\nOEPS: reflect Net income, adjusted for certain items to normalize earnings to\ncore operations in order to reflect our North American specialty operations.\n\n Q1 2026 Q1 2025 \n Operating net income 37,882 34,170 \n Impact of Exited lines (723 ) 111 \n Impact of movement in yield curve in Net insurance finance income (expenses) 1,921 (3,569 ) \n Net (gains) losses (733 ) (4,547 ) \n Other non-operating items ((5)) (988 ) 1,199 \n Tax impact of above items 50 1,626 \n Non-operating results, net of tax (473 ) (5,180 ) \n Net income 37,409 28,990 \n \n Operating net income 37,882 34,170 \n Weighted-average number of common shares outstanding – diluted (in thousands of shares) 48,438 48,472 \n Operating EPS – diluted (in dollars) 0.78 0.70 \n\nTable 2 – Reconciliation of Insurance service result to Underwriting income\n- Consolidated\n\n Financial statements line item 1 2 3 4 5 6 7 MD&A line item \n For the three months ended March 31, 2026 \n Insurance revenue 779,640 (585,933 ) - - - (109 ) - - 193,598 Net insurance revenue \n Insurance service expenses (585,866 ) 430,843 5,727 (10,940 ) (1,761 ) 832 - (1,921 ) (163,086 ) Sum of Net claims ($65,935) and Net expenses $(97,151) \n Net income (expenses) from reinsurance contracts assets (155,090 ) 155,090 - - - - - - - n/a \n Insurance service result 38,684 - 5,727 (10,940 ) (1,761 ) 723 - (1,921 ) 30,512 Underwriting income \n For the three months ended March 31, 2025 \n Insurance revenue 779,606 (601,048 ) - - - (5,847 ) - - 172,711 Net insurance revenue \n Insurance service expenses (585,213 ) 444,725 5,461 (10,649 ) (6,478 ) 5,736 - 3,569 (142,849 ) Sum of Net claims $(54,345) and Net expenses $(88,504) \n Net income (expenses) from reinsurance contracts assets (156,323 ) 156,323 - - - - - - - n/a \n Insurance service result 38,070 - 5,461 (10,649 ) (6,478 ) (111 ) - 3,569 29,862 Underwriting income \n\n\n\n Reconciling items in the table above: \n 1 Net of reinsurance impact \n 2 Other income \n 3 Other operating expenses related to Trisura Specialty and Trisura US Programs \n 4 Net insurance finance income (expenses) \n 5 Impact of Exited lines \n 6 Other non-operating items \n 7 Movement in yield curve in Net insurance finance income (expenses) \n\n\n\nTable 3 – ROE and Operating ROE: a measure of the Company’s use of equity.\n\n Q1 2026 Q1 2025 \n LTM net income 150,665 111,472 \n LTM average equity 888,702 742,056 \n ROE 17.0 % 15.0 % \n Operating LTM net income 142,135 136,831 \n LTM average equity, excluding certain items, from Table 4 838,419 720,794 \n Operating ROE 17.0 % 19.0 % \n\n\n\nTable 4 – Reconciliation of Average equity((6)) to LTM average equity,\nexcluding certain items((1)): LTM average equity, excluding certain items is\nused in calculating Operating ROE.\n\n Q1 2026 Q1 2025 \n Average equity 883,969 741,016 \n Adjustments: days in quarter proration 4,733 1,040 \n LTM average equity 888,702 742,056 \n LTM Average AOCI (34,361 ) (15,793 ) \n LTM Average cumulative impact of unrealized gains (losses) (19,932 ) (7,685 ) \n LTM Average cumulative impact of SBC 4,010 2,216 \n LTM average equity, excluding certain items 838,419 720,794 \n\n\n\nTable 5 – Combined ratio – Consolidated: Combined ratio is used to\nevaluate underlying profitability relative to Net insurance revenue in a given\nperiod.\n\n Q1 2026 Q1 2025 \n Net insurance revenue, as presented in Table 2 193,598 172,711 \n Net claims, as presented in Table 2 (65,935 ) (54,345 ) \n Net expenses, as presented in Table 2 (97,151 ) (88,504 ) \n Underwriting income 30,512 29,862 \n \n Loss ratio 34.1 % 31.5 % \n Expense ratio 50.2 % 51.2 % \n Combined ratio 84.3 % 82.7 % \n\n\n\nFootnotes\n\n(1) Growth shown on a constant currency basis.\n\n(2) These are non-IFRS financial measures, non-IFRS ratios, and supplementary\nfinancial measures. They are not standardized financial measures under the\nfinancial reporting framework used to prepare the financial statements of the\nCompany to which the measure relates and might not be comparable to similar\nfinancial measures disclosed by other companies. See Section 6, Other\nInformation in our Q1 2026 MD&A for details on composition and an explanation\nof how it provides useful information to an investor.\n\n(3) Primary lines are lines of insurance business such as Surety, Corporate\nInsurance, and Warranty.\n\n(4) The average Operating EPS estimate is calculated as the average of 9\nanalyst estimates provided to the Company.\n\n(5) Other non-operating items include miscellaneous expenses that in the view\nof management are not part of our core insurance operations.\n\n(6) Average equity is calculated as the sum of opening equity and closing\nequity over the last twelve months, divided by two.\n\nCautionary Non-IFRS and Other Financial Measures\n\nReported results conform to generally accepted accounting principles (GAAP),\nin accordance with IFRS. In addition to reported results, our Company also\npresents certain financial measures, including non-IFRS financial measures\nthat are historical, non-IFRS ratios, and supplementary financial measures, to\nassess results. Non-IFRS financial measures, such as operating net income, are\nutilized to assess the Company’s overall performance. To arrive at operating\nresults, our Company adjusts for certain items to normalize earnings to core\noperations, in order to reflect our North American specialty operations.\nNon-IFRS ratios include a non-IFRS financial measure as one or more of its\ncomponents. Examples of non-IFRS ratios include operating diluted earnings per\nshare and operating ROE. The Company believes that non-IFRS financial measures\nand non-IFRS ratios provide the reader with an enhanced understanding of our\nresults and related trends and increase transparency and clarity into the core\nresults of the business. Non-IFRS financial measures and non-IFRS ratios are\nnot standardized terms under IFRS and, therefore, may not be comparable to\nsimilar terms used by other companies. Supplementary financial measures depict\nthe Company’s financial performance and position, and are explained in this\ndocument where they first appear, and incorporates information by reference to\nour Company’s current MD&A, for the three months ended March 31, 2026. To\naccess MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These\nmeasures are pursuant to National Instrument 52-112 Non-GAAP and Other\nFinancial Measures Disclosure.\n\nCautionary Statement Regarding Forward-Looking Statements and Information\n\nNote: This news release contains “forward-looking information” within the\nmeaning of applicable securities laws in Canada. Forward-looking information\nincludes statements that are predictive in nature, depend upon or refer to\nfuture events or conditions, and include, but are not limited to, statements\nregarding the operations, business, financial condition, expected financial\nresults, performance, prospects, opportunities, priorities, targets, goals,\nongoing objectives, strategies and outlook of our Company and its\nsubsidiaries, as well as the outlook for the North American economy for the\ncurrent fiscal year and subsequent periods. Forward-looking statements are\ntypically identified by words such as “expects,” “likely,”\n“anticipates,” “plans,” “believes,” “estimates,” “seeks,”\n“intends,” “targets,” “projects,” “forecasts”, “potential”\nor negative versions thereof and other similar expressions, or future or\nconditional verbs such as “may,” “will,” “should,” “would” and\n“could”.\n\nForward looking information is based on opinions, estimates, and assumptions\nof management and is based on management’s experience and perception of\nhistorical trends, current conditions and expected future developments as well\nas other factors that management believes are appropriate and reasonable.\nAlthough we believe that our anticipated future results, performance or\nachievements expressed or implied by the forward-looking statements and\ninformation are based upon reasonable assumptions and expectations, the reader\nshould not place undue reliance on forward-looking statements and information\nbecause they involve known and unknown risks, uncertainties and other factors,\nmany of which are beyond our control, which may cause the actual results,\nperformance or achievements of our Company to differ materially from\nanticipated future results, performance or achievement expressed or implied by\nsuch forward-looking statements and information. Past performance is not\nindicative nor a guarantee of future results and there can be no assurance\nthat comparable results will be achieved in the future.\n\nMany factors that could cause actual results to differ materially from those\ncontemplated or implied by forward-looking statements including, but not\nlimited to: the impact or unanticipated impact of general economic, political\nand market factors in the countries in which we do business; the behaviour of\nfinancial markets, including fluctuations in interest and foreign exchange\nrates; global equity and capital markets and the availability of equity and\ndebt financing and refinancing within these markets; insurance risks including\npricing risk, concentration risk and exposure to large losses, and risks\nassociated with estimates of loss reserves; strategic actions including\ndispositions; the ability to complete and effectively integrate acquisitions\ninto existing operations and the ability to attain expected benefits; changes\nin accounting policies and methods used to report financial condition\n(including uncertainties associated with critical accounting assumptions and\nestimates); the ability to appropriately manage human capital; the effect of\napplying future accounting changes; business competition; operational and\nreputational risks; technological change; changes in government regulation and\nlegislation within the countries in which we operate; governmental\ninvestigations; litigation; changes in tax laws; changes in capital\nrequirements; changes in reinsurance arrangements and availability and cost of\nreinsurance; ability to collect amounts owed; catastrophic events, such as\nearthquakes, hurricanes or pandemics; the possible impact of international\nconflicts and other developments including terrorist acts and cyberterrorism;\nrisks associated with reliance on distribution partners, capacity providers\nand program administrators; third party risks; risk that models used to manage\nthe business do not function as expected; climate change risk; risk of\neconomic downturn; risk of inflation; risks relating to cyber-security; risks\nrelating to artificial intelligence; risks relating to credit ratings; and\nother risks and factors detailed in Section 5 - Risk Management in our Q1 MD&A\nand in our other documents filed with securities regulators in Canada from\ntime to time.\n\nWe caution that the foregoing list of important factors that may affect future\nresults is not exhaustive. When relying on our forward-looking statements and\ninformation, investors and others should carefully consider the foregoing\nfactors and other uncertainties and potential events. Unless otherwise\nindicated, all forward-looking information in this MD&A is included as of the\ndate hereof and is presented for the purpose of assisting our securityholders\nin understanding our financial position, objectives and priorities as at and\nfor the periods ended on the dates presented, and may not be appropriate for\nother purposes. Except as required by law, our Company undertakes no\nobligation to publicly update or revise any forward-looking statements or\ninformation, whether written or oral, that may be as a result of new\ninformation, future events or otherwise.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/f7e09878-5930-4949-ba56-891517e06bc8)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX956f1P","title":"Trisura Group Reports First Quarter 2026 Results: Strong Growth in Operating Net Income of 11% Reflects Robust Underwriting and Increasing Net Investment Income","author":"Globe Newswire","ticker":"TSU","created":"2026-05-07T20:01:00.947Z","tickers":["TSU"],"exchange":"TSX","article_body":"TORONTO, May 07, 2026 (GLOBE NEWSWIRE) -- Trisura Group Ltd. (“Trisura” or\n“Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today\nannounced financial results for the first quarter of 2026.\n\nDavid Clare, President and CEO of Trisura, stated,\n\n“Q1 was a strong start to the year, with Operating net income of $37.9\nmillion, or $0.78 per share. Momentum continued with growth in Net insurance\nrevenue of 12.1% underpinned by a combined ratio of 84.3% and supported by a\n16.5% growth in Net investment income.\n\nOur Surety lines continued expanding following significant growth in 2025,\nwith an increase in net insurance revenue of 13.1%((1)) as we scaled in the US\nand continued to grow in Canada. Primary lines, which are the segments that\ncarry the highest underwriting margins and meaningfully drive profitability,\nachieved 11.4% growth in Net insurance revenue.\n\nThe completion of our $200 million senior unsecured notes offering in March\nmarked our largest capital raise to date and an important milestone in the\nevolution of our capital structure. Our 17.3% Debt-to-capital ratio remains\nwell below our target range, with a balance sheet approaching $950 million\nsupporting flexibility and capacity to continue growing.”\n\nHighlights\n* Operating ROE((2) )of 17.0% was strong, reflecting profitability from core\noperations (ROE((2)) was 17.0% in the quarter).\n\n\n* BVPS((2)) of $19.98 increased 16.4% over Q1 2025, supported by strong\nearnings. Our capital position was further strengthened in the quarter by the\nsuccessful completion of a $200 million senior unsecured notes offering, with\nour Debt-to-capital((2)) ratio remaining conservatively positioned at 17.3%. \n\n\n* Net insurance revenue((2)) growth of 12.1% was robust, driven by continued\nmomentum across US Programs and Primary lines((3)). \n\n\n* GPW((2)) growth of 6.1%((1)) was driven by continued strength in Primary\nlines which grew by 12.9%((1) )this quarter.\n\n\n* Combined ratio((2)) for the quarter was 84.3%, reflecting strong\nunderwriting performance across the portfolio.\n\n\n* Operating EPS((2) )was $0.78 in the quarter, supported by strong\nUnderwriting and Net investment income. Net income of $37.4 million was\ngreater than the prior year by 29.0%.\n Q1 2026 Q1 2025 $ variance % variance \n GPW 732,427 711,671 20,756 2.9 % \n Net insurance revenue 193,598 172,711 20,887 12.1 % \n \n Underwriting income ((2)) 30,512 29,862 650 2.2 % \n Net investment income 21,196 18,197 2,999 16.5 % \n \n Operating net income ((2)) 37,882 34,170 3,712 10.9 % \n Net income 37,409 28,990 8,419 29.0 % \n \n Loss ratio ((2)) 34.1 % 31.5 % n/a 2.6pts \n Expense ratio ((2)) 50.2 % 51.2 % n/a (1.0pts) \n Combined ratio 84.3 % 82.7 % n/a 1.6pts \n \n OEPS - diluted - in dollars 0.78 0.70 0.08 11.4 % \n EPS - diluted - in dollars 0.77 0.60 0.17 28.3 % \n BVPS - in dollars 19.98 17.16 2.82 16.4 % \n Debt-to-capital ratio 17.3 % 10.7 % n/a 6.6pts \n Operating ROE 17.0 % 19.0 % n/a (2.0pts) \n ROE 17.0 % 15.0 % n/a 2.0pts \n\n\n\nQ1 Consolidated Performance \n* Net insurance revenue of $193.6 million increased by 12.1%, reflecting\ngrowth in the business, including 11.4% growth in Primary Lines((3)).\n* Underwriting income of $30.5 million increased modestly driven by Net\ninsurance revenue growth, partially offset by a higher Loss ratio.\n* The Loss ratio of 34.1% remained solid and within expectations. The increase\ncompared to the prior year reflects a particularly strong Q1 2025 result in US\nPrograms.\n* The Expense ratio of 50.2% decreased modestly and was within expectations\nfor the period.\n* Net investment income increased 16.5% in the quarter fueled by ongoing cash\ncontributions to the investment portfolio.\n* Operating earnings per share of $0.78 (EPS of $0.77) increased by 11.4% in\nthe quarter, driven by higher Net investment income and supported by stable\nUnderwriting income.\n* Operating ROE of 17.0% (ROE 17.0%) was lower than the prior year. Strong\nprofitability from core operations continued, with Operating net income higher\nyear-over-year, but this was more than offset by the increase in\nShareholders’ equity, largely reflecting retained earnings from core\noperations.\nCapital\n* The Company and its regulated specialty insurance subsidiaries are\nwell-capitalized, and we expect to have sufficient capital to exceed both our\nminimum regulatory and internal capital targets, and to fund our operations.\n* The Company's Debt-to-capital ratio of 17.3% as at March 31, 2026 was\nhigher than Q1 2025 reflecting the recent $200 million senior unsecured notes\noffering used to refinance existing indebtedness and further strengthen the\nbalance sheet, partially offset by the increase to Shareholders' equity from\npositive Net income.\nCorporate Development\n* Further expanded our US Surety licenses, reaching 45 state licenses in our\ntreasury-listed entity, adding Illinois, Pennsylvania, Georgia, Florida and\nWashington.\nAnalysts' Estimate\n* The average estimate((4) )of Operating EPS for the quarter among the\nanalysts who follow the Company was $0.76.\nEarnings Conference Call\n\nTrisura will host its First Quarter Earnings Conference Call to review\nfinancial results at 9:00a.m. ET on Friday, May 8(th), 2026.\n\nTo listen to the call via live audio webcast, please follow the link below:\n\nhttps://edge.media-server.com/mmc/p/dnkb73ik\n\nA replay of the call will be available through the link above.\n\nAbout Trisura Group\n\nTrisura Group Ltd. is a specialty insurance provider operating in the Surety,\nWarranty, Corporate Insurance, Program and Fronting business lines of the\nmarket. Trisura has investments in wholly owned subsidiaries through which it\nconducts insurance operations. Those operations are primarily in Canada and\nthe United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange\nunder the symbol “TSU”.\n\nFurther information is available at http://www.trisuragroup.com. Important\ninformation may be disseminated exclusively via the website. Investors should\nconsult the site to access this information. Details regarding the operations\nof Trisura Group Ltd. are also set forth in regulatory filings. A copy of the\nfilings may be obtained on Trisura Group’s SEDAR+ profile at\nwww.sedarplus.ca. \n\nFor more information, please contact:\n\nBryan Sinclair\nTel: 416 607 2135\nEmail: bryan.sinclair@trisura.com \n\nNon-IFRS Financial Measures and other Financial Measures\n\nWe report certain financial information using non-IFRS financial measures,\nnon-IFRS ratios and supplementary financial measures that we use to measure\nand evaluate the performance of our business. Non-IFRS financial measures do\nnot have standardized meanings prescribed by IFRS and may not be comparable to\nsimilar measures used by other companies in our industry. They are used by\nmanagement and financial analysts to assess our performance.\n\nFurther, they provide users with an enhanced understanding of our results and\nrelated trends and increase transparency and clarity into the core results of\nthe business.\n\nThese metrics are operating performance measures that highlight trends in our\ncore business or are required ratios used to measure compliance with OSFI and\nother regulatory standards. Our Company also believes that securities\nanalysts, investors and other interested parties use these operating metrics\nto compare our Company’s performance against others in the specialty\ninsurance industry. Our Company’s management also uses these operating\nmetrics and other financial measures in order to facilitate operating\nperformance comparisons from period to period. Such operating metrics and\nother financial measures should not be considered as the sole indicators of\nour performance and should not be considered in isolation from, or as a\nsubstitute for, analysis of our financial statements prepared in accordance\nwith IFRS. For more information about these supplementary financial measures,\nNon-IFRS financial measures, and Non-IFRS ratios, including definitions and\nexplanations of how these measures provide useful information, refer to\nSection 6, Other Information in our Q1 2026 MD&A , which is available on our\nwebsite at http://www.trisuragroup.com and on SEDAR+ at www.sedarplus.ca. \n\nTable 1 – Reconciliation of Operating net income to reported Net income and\nOEPS: reflect Net income, adjusted for certain items to normalize earnings to\ncore operations in order to reflect our North American specialty operations.\n\n Q1 2026 Q1 2025 \n Operating net income 37,882 34,170 \n Impact of Exited lines (723 ) 111 \n Impact of movement in yield curve in Net insurance finance income (expenses) 1,921 (3,569 ) \n Net (gains) losses (733 ) (4,547 ) \n Other non-operating items ((5)) (988 ) 1,199 \n Tax impact of above items 50 1,626 \n Non-operating results, net of tax (473 ) (5,180 ) \n Net income 37,409 28,990 \n \n Operating net income 37,882 34,170 \n Weighted-average number of common shares outstanding – diluted (in thousands of shares) 48,438 48,472 \n Operating EPS – diluted (in dollars) 0.78 0.70 \n\nTable 2 – Reconciliation of Insurance service result to Underwriting income\n- Consolidated\n\n Financial statements line item 1 2 3 4 5 6 7 MD&A line item \n For the three months ended March 31, 2026 \n Insurance revenue 779,640 (585,933 ) - - - (109 ) - - 193,598 Net insurance revenue \n Insurance service expenses (585,866 ) 430,843 5,727 (10,940 ) (1,761 ) 832 - (1,921 ) (163,086 ) Sum of Net claims ($65,935) and Net expenses $(97,151) \n Net income (expenses) from reinsurance contracts assets (155,090 ) 155,090 - - - - - - - n/a \n Insurance service result 38,684 - 5,727 (10,940 ) (1,761 ) 723 - (1,921 ) 30,512 Underwriting income \n For the three months ended March 31, 2025 \n Insurance revenue 779,606 (601,048 ) - - - (5,847 ) - - 172,711 Net insurance revenue \n Insurance service expenses (585,213 ) 444,725 5,461 (10,649 ) (6,478 ) 5,736 - 3,569 (142,849 ) Sum of Net claims $(54,345) and Net expenses $(88,504) \n Net income (expenses) from reinsurance contracts assets (156,323 ) 156,323 - - - - - - - n/a \n Insurance service result 38,070 - 5,461 (10,649 ) (6,478 ) (111 ) - 3,569 29,862 Underwriting income \n\n\n\n Reconciling items in the table above: \n 1 Net of reinsurance impact \n 2 Other income \n 3 Other operating expenses related to Trisura Specialty and Trisura US Programs \n 4 Net insurance finance income (expenses) \n 5 Impact of Exited lines \n 6 Other non-operating items \n 7 Movement in yield curve in Net insurance finance income (expenses) \n\n\n\nTable 3 – ROE and Operating ROE: a measure of the Company’s use of equity.\n\n Q1 2026 Q1 2025 \n LTM net income 150,665 111,472 \n LTM average equity 888,702 742,056 \n ROE 17.0 % 15.0 % \n Operating LTM net income 142,135 136,831 \n LTM average equity, excluding certain items, from Table 4 838,419 720,794 \n Operating ROE 17.0 % 19.0 % \n\n\n\nTable 4 – Reconciliation of Average equity((6)) to LTM average equity,\nexcluding certain items((1)): LTM average equity, excluding certain items is\nused in calculating Operating ROE.\n\n Q1 2026 Q1 2025 \n Average equity 883,969 741,016 \n Adjustments: days in quarter proration 4,733 1,040 \n LTM average equity 888,702 742,056 \n LTM Average AOCI (34,361 ) (15,793 ) \n LTM Average cumulative impact of unrealized gains (losses) (19,932 ) (7,685 ) \n LTM Average cumulative impact of SBC 4,010 2,216 \n LTM average equity, excluding certain items 838,419 720,794 \n\n\n\nTable 5 – Combined ratio – Consolidated: Combined ratio is used to\nevaluate underlying profitability relative to Net insurance revenue in a given\nperiod.\n\n Q1 2026 Q1 2025 \n Net insurance revenue, as presented in Table 2 193,598 172,711 \n Net claims, as presented in Table 2 (65,935 ) (54,345 ) \n Net expenses, as presented in Table 2 (97,151 ) (88,504 ) \n Underwriting income 30,512 29,862 \n \n Loss ratio 34.1 % 31.5 % \n Expense ratio 50.2 % 51.2 % \n Combined ratio 84.3 % 82.7 % \n\n\n\nFootnotes\n\n(1) Growth shown on a constant currency basis.\n\n(2) These are non-IFRS financial measures, non-IFRS ratios, and supplementary\nfinancial measures. They are not standardized financial measures under the\nfinancial reporting framework used to prepare the financial statements of the\nCompany to which the measure relates and might not be comparable to similar\nfinancial measures disclosed by other companies. See Section 6, Other\nInformation in our Q1 2026 MD&A for details on composition and an explanation\nof how it provides useful information to an investor.\n\n(3) Primary lines are lines of insurance business such as Surety, Corporate\nInsurance, and Warranty.\n\n(4) The average Operating EPS estimate is calculated as the average of 9\nanalyst estimates provided to the Company.\n\n(5) Other non-operating items include miscellaneous expenses that in the view\nof management are not part of our core insurance operations.\n\n(6) Average equity is calculated as the sum of opening equity and closing\nequity over the last twelve months, divided by two.\n\nCautionary Non-IFRS and Other Financial Measures\n\nReported results conform to generally accepted accounting principles (GAAP),\nin accordance with IFRS. In addition to reported results, our Company also\npresents certain financial measures, including non-IFRS financial measures\nthat are historical, non-IFRS ratios, and supplementary financial measures, to\nassess results. Non-IFRS financial measures, such as operating net income, are\nutilized to assess the Company’s overall performance. To arrive at operating\nresults, our Company adjusts for certain items to normalize earnings to core\noperations, in order to reflect our North American specialty operations.\nNon-IFRS ratios include a non-IFRS financial measure as one or more of its\ncomponents. Examples of non-IFRS ratios include operating diluted earnings per\nshare and operating ROE. The Company believes that non-IFRS financial measures\nand non-IFRS ratios provide the reader with an enhanced understanding of our\nresults and related trends and increase transparency and clarity into the core\nresults of the business. Non-IFRS financial measures and non-IFRS ratios are\nnot standardized terms under IFRS and, therefore, may not be comparable to\nsimilar terms used by other companies. Supplementary financial measures depict\nthe Company’s financial performance and position, and are explained in this\ndocument where they first appear, and incorporates information by reference to\nour Company’s current MD&A, for the three months ended March 31, 2026. To\naccess MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These\nmeasures are pursuant to National Instrument 52-112 Non-GAAP and Other\nFinancial Measures Disclosure.\n\nCautionary Statement Regarding Forward-Looking Statements and Information\n\nNote: This news release contains “forward-looking information” within the\nmeaning of applicable securities laws in Canada. Forward-looking information\nincludes statements that are predictive in nature, depend upon or refer to\nfuture events or conditions, and include, but are not limited to, statements\nregarding the operations, business, financial condition, expected financial\nresults, performance, prospects, opportunities, priorities, targets, goals,\nongoing objectives, strategies and outlook of our Company and its\nsubsidiaries, as well as the outlook for the North American economy for the\ncurrent fiscal year and subsequent periods. Forward-looking statements are\ntypically identified by words such as “expects,” “likely,”\n“anticipates,” “plans,” “believes,” “estimates,” “seeks,”\n“intends,” “targets,” “projects,” “forecasts”, “potential”\nor negative versions thereof and other similar expressions, or future or\nconditional verbs such as “may,” “will,” “should,” “would” and\n“could”.\n\nForward looking information is based on opinions, estimates, and assumptions\nof management and is based on management’s experience and perception of\nhistorical trends, current conditions and expected future developments as well\nas other factors that management believes are appropriate and reasonable.\nAlthough we believe that our anticipated future results, performance or\nachievements expressed or implied by the forward-looking statements and\ninformation are based upon reasonable assumptions and expectations, the reader\nshould not place undue reliance on forward-looking statements and information\nbecause they involve known and unknown risks, uncertainties and other factors,\nmany of which are beyond our control, which may cause the actual results,\nperformance or achievements of our Company to differ materially from\nanticipated future results, performance or achievement expressed or implied by\nsuch forward-looking statements and information. Past performance is not\nindicative nor a guarantee of future results and there can be no assurance\nthat comparable results will be achieved in the future.\n\nMany factors that could cause actual results to differ materially from those\ncontemplated or implied by forward-looking statements including, but not\nlimited to: the impact or unanticipated impact of general economic, political\nand market factors in the countries in which we do business; the behaviour of\nfinancial markets, including fluctuations in interest and foreign exchange\nrates; global equity and capital markets and the availability of equity and\ndebt financing and refinancing within these markets; insurance risks including\npricing risk, concentration risk and exposure to large losses, and risks\nassociated with estimates of loss reserves; strategic actions including\ndispositions; the ability to complete and effectively integrate acquisitions\ninto existing operations and the ability to attain expected benefits; changes\nin accounting policies and methods used to report financial condition\n(including uncertainties associated with critical accounting assumptions and\nestimates); the ability to appropriately manage human capital; the effect of\napplying future accounting changes; business competition; operational and\nreputational risks; technological change; changes in government regulation and\nlegislation within the countries in which we operate; governmental\ninvestigations; litigation; changes in tax laws; changes in capital\nrequirements; changes in reinsurance arrangements and availability and cost of\nreinsurance; ability to collect amounts owed; catastrophic events, such as\nearthquakes, hurricanes or pandemics; the possible impact of international\nconflicts and other developments including terrorist acts and cyberterrorism;\nrisks associated with reliance on distribution partners, capacity providers\nand program administrators; third party risks; risk that models used to manage\nthe business do not function as expected; climate change risk; risk of\neconomic downturn; risk of inflation; risks relating to cyber-security; risks\nrelating to artificial intelligence; risks relating to credit ratings; and\nother risks and factors detailed in Section 5 - Risk Management in our Q1 MD&A\nand in our other documents filed with securities regulators in Canada from\ntime to time.\n\nWe caution that the foregoing list of important factors that may affect future\nresults is not exhaustive. When relying on our forward-looking statements and\ninformation, investors and others should carefully consider the foregoing\nfactors and other uncertainties and potential events. Unless otherwise\nindicated, all forward-looking information in this MD&A is included as of the\ndate hereof and is presented for the purpose of assisting our securityholders\nin understanding our financial position, objectives and priorities as at and\nfor the periods ended on the dates presented, and may not be appropriate for\nother purposes. Except as required by law, our Company undertakes no\nobligation to publicly update or revise any forward-looking statements or\ninformation, whether written or oral, that may be as a result of new\ninformation, future events or otherwise.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/f7e09878-5930-4949-ba56-891517e06bc8)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-07T20:01:01.054400941Z","server_sent_at_ms":1778184061054},"received_at":"2026-05-07T20:01:01.206Z","source_url":"https://www.globenewswire.com/news-release/2026/05/07/3290496/0/en/trisura-group-reports-first-quarter-2026-results-strong-growth-in-operating-net-income-of-11-reflects-robust-underwriting-and-increasing-net-investment-income.html"},"analysis":{"id":"20701","press_release_id":"26454","analysis_json":{"industry":{"label":"Insurance","sector":"Financials"},"redFlags":["Combined ratio increased to 84.3% from 82.7% in the prior year","Loss ratio increased to 34.1% from 31.5% in the prior year"],"eventType":"earnings","narrative":"Trisura Group reported Q1 2026 operating net income of $37.9 million, or $0.78 per share, beating analyst estimates of $0.76.\n\nNet insurance revenue grew 12.1% to $193.6 million, driven by momentum in US Programs and Primary lines, while the combined ratio came in at 84.3%.\n\nThe company completed a $200 million senior unsecured notes offering in March, maintaining a conservative debt-to-capital ratio of 17.3%.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Strong earnings beat with double-digit revenue growth and solid underwriting margins."},"keyFigures":{"eps":0.78,"revenue":"$193.6 million","revenueYoy":"12.1%","customDimensions":{"gpw":"$732.4 million","bvps":19.98,"net_income":"$37.4 million","combined_ratio":"84.3%","debt_to_capital":"17.3%","operating_net_income":"$37.9 million"}},"quotedText":"Q1 was a strong start to the year, with Operating net income of $37.9 million, or $0.78 per share.","namedEntities":{"people":[{"name":"David Clare","role":"President and CEO"},{"name":"Bryan Sinclair","role":"Contact"}],"products":["Surety lines","Primary lines","US Programs","Corporate Insurance","Warranty"],"companies":[{"name":"Trisura Group Ltd.","ticker":"TSU"}],"dollarAmounts":[{"amount":"$37.9 million","context":"Operating net income"},{"amount":"$37.4 million","context":"Net income"},{"amount":"$193.6 million","context":"Net insurance revenue"},{"amount":"$732.4 million","context":"GPW"},{"amount":"$200 million","context":"senior unsecured notes offering"}]},"materialImpact":{"score":4,"reasoning":"Strong Q1 results with Operating EPS of $0.78 beating analyst estimates by $0.02. Net insurance revenue grew 12.1% year-over-year to $193.6 million, and operating net income increased 11%. While the combined ratio deteriorated slightly, it remains healthy at 84.3%."},"tickerRelevance":{"others":[],"primary":"TSU"},"globalImportance":35,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings-beat","sectorWeight":"insurance"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"Trisura Group reported Q1 2026 operating net income of $37.9 million, or $0.78 per share, beating analyst estimates of $0.76.\n\nNet insurance revenue grew 12.1% to $193.6 million, driven by momentum in US Programs and Primary lines, while the combined ratio came in at 84.3%.\n\nThe company completed a $200 million senior unsecured notes offering in March, maintaining a conservative debt-to-capital ratio of 17.3%.","key_figures":{"eps":0.78,"revenue":"$193.6 million","revenueYoy":"12.1%","customDimensions":{"gpw":"$732.4 million","bvps":19.98,"net_income":"$37.4 million","combined_ratio":"84.3%","debt_to_capital":"17.3%","operating_net_income":"$37.9 million"}},"named_entities":{"people":[{"name":"David Clare","role":"President and CEO"},{"name":"Bryan Sinclair","role":"Contact"}],"products":["Surety lines","Primary lines","US Programs","Corporate Insurance","Warranty"],"companies":[{"name":"Trisura Group Ltd.","ticker":"TSU"}],"dollarAmounts":[{"amount":"$37.9 million","context":"Operating net income"},{"amount":"$37.4 million","context":"Net income"},{"amount":"$193.6 million","context":"Net insurance revenue"},{"amount":"$732.4 million","context":"GPW"},{"amount":"$200 million","context":"senior unsecured notes offering"}]},"model_name":"glm-4.7","prompt_hash":"sha256:f66160e0fe5301b2","schema_hash":"sha256:12363694422af5d9","created_at":"2026-05-08T02:24:20.946Z","global_importance":35,"audience_relevance":25,"importance_components":{"tickerTier":"mid-cap","eventGravity":"earnings-beat","sectorWeight":"insurance"}},"durationMs":96121,"modelName":"glm-4.7"}}