Trisura GPW drops 1.6% to C$711.7 million because of non-renewed US programs

By Michael Loney

May 2 - (The Insurer) - Canadian specialty insurance provider Trisura Group has reported a 1.6% drop in gross premiums written and a 1.9 percentage point deterioration in its combined ratio to 82.7% in the first quarter, while its U.S. programs GPW fell 4.4%.

Toronto-based Trisura reported operating net income of C$34.2 million ($24.8 million) in the quarter, up from C$33.2 million in the same period of 2024.

Operating earnings per share increased to C$0.70 in the quarter from C$0.68 in the prior-year period.

The combined ratio for the quarter was 82.7%, a 1.9 point deterioration from 80.8% in the first quarter of 2024, reflecting a higher loss ratio at Trisura Specialty, which consists of surety and corporate insurance written in Canada and the U.S., as well as warranty and Canadian fronting.

Underwriting income of C$29.9 million was up from C$29.4 million a year ago due to growth in the business and foreign exchange movement, offset by a higher combined ratio.

Total GPW decreased by 1.6% to C$711.7 million from C$723.1 million in Q1 2024, primarily as a result of non-renewed U.S. programs during 2024 offset by 28.1% growth in primary lines.

GPW was up 37.9% for surety to C$52.9 million, 10.4% for corporate insurance to C$41.9 million and 36.7% for warranty to C$46.5 million. Canadian fronting GPW was down 18.1% to C$91.3 million, while U.S. programs GPW was down 4.4% to C$479.1 million.

U.S. GPW in the quarter was lower year on year as a result of non-renewed programs. Growth excluding certain non-renewed programs from 2025 and 2024 was 16.8% for the quarter.

In the quarter, C$139.1 million of GPW was generated by admitted programs compared to C$92.0 million in Q1 2024.

Trisura U.S.’s combined ratio improved 2.3 points to 75.5% from 77.8% in the first quarter of 2024.