Trisura Announces the Timing of the Second Quarter 2023 Results Release and Conference Call, and Provides an Update on the Second Quarter Results and US Run-Off Program

Trisura Group Ltd

TORONTO, Aug. 3, 2023 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurer, announces details of timing for the release of second quarter 2023 results Conference Call and provides an update on second quarter results and the US run-off program.

Second Quarter 2023 Results Release and Results Call

Trisura will report its second quarter 2023 results after the market close on Thursday, August 10, 2023. The Company will host a conference call for analysts and investors on Friday, August 11, 2023 at 9:00 a.m. ET. Conference call participants include David Clare, President and Chief Executive Officer, and David Scotland, Chief Financial Officer.

To listen to the call via live audio webcast, please follow the link below:
https://edge.media-server.com/mmc/p/4awigj54

A recording of the call is available via the link above.

Second Quarter Results

For the second quarter of 2023, we anticipate strong operating earnings per share of $0.53 to $0.56. Book value is estimated at $530 million and operating ROE is expected to be in excess of 19%.

Run-Off program update

As previously announced, we anticipate a one-time impact from the winding-up of a US program through 2023.

• An estimated positive after-tax impact on net income of $5 million for the second quarter of 2023, driven by premium earned for the program and offset by settlement costs and protection costs.

• An estimated negative after-tax impact on net income in the range of $18 million to $23 million for the second half of 2023, driven by protection costs and other settlement costs and offset by awards earned under the program.

• In the event of a hurricane occurring once in 250 years during the storm’s peak season (September 30, 2023), Trisura’s participation in the wind-down program is estimated to be 6% to 8% of equity.

About the Trisura Group

Trisura Group Ltd. is a specialty insurance provider operating in the surety, risk solutions, corporate insurance, fronting and reinsurance market segments. Trisura has interests in wholly owned subsidiaries through which the Company conducts insurance and reinsurance business. These operations are primarily located in Canada (“Trisura Canada”) and the United States (“Trisura US”). Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

The story goes on

Visit http://www.trisura.com for more information. Important information may only be disseminated via the website; Investors should consult the website to access this information. Trisura Group Ltd business details are also included in the official documents. A copy of the filings is available on Trisura Group’s SEDAR profile at www.sedar.com.

For more information, please contact:
Name: Bryan Sinclair
Tel: 416 607 2135
Email: [email protected]

Cautionary Note Regarding Forward-Looking Statements and Information

Note: This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Forward-looking statements include statements that are forward-looking in nature, depend on or relate to future events or conditions, including statements about the course of any US program, operations, business, financial condition, expected financial results, performance, prospects and opportunities, priorities , goals, ongoing objectives, strategy and prospects of the Company and its subsidiaries, as well as the outlook for the North American and international economy for the current fiscal year and subsequent periods, and includes words such as “expects”, “likely”, “anticipates”, “plans”, “believes”, “estimates”, “aims”, “intends”, “goal”, “projects”, “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, ” should”, “would” and “could”.

Although we believe that our future results, performance or achievements expressed or implied by the forward-looking statements and information are based on reasonable assumptions and expectations, the reader should not place undue reliance on any forward-looking statement or information because it is Known and forward-looking statements and information involve unknown risks, uncertainties and other factors, many of which are beyond our control and which could cause our company’s actual results, performance or achievements to differ materially from anticipated future results, performance or achievements that are expressed or implied in such forward-looking statements.

Factors that could cause actual results to differ materially from those anticipated or implied by any forward-looking statements include, among others: the effects or unanticipated effects of general economic, political and market factors in the countries in which we do business ; the behavior of financial markets, including fluctuations in interest rates and exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within such markets; insurance risks, including price risk, concentration risk and large loss risk and risks associated with estimates of loss reserves; strategic measures including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and achieve anticipated benefits; changes in accounting policies and methods used in reporting financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to adequately manage human capital; the effects of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulations and laws in the countries in which we operate; government investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and the availability and cost of reinsurance; ability to collect amounts owed; catastrophic events such as earthquakes, hurricanes or pandemics; developments related to COVID-19, including the impact of COVID-19 on the economy and global financial markets; the potential impact of international conflicts and other developments, including acts of terrorism and cyberterrorism; risks related to dependence on channel partners, capacity providers and program administrators; risks of third parties; risk that the models used to manage the business do not perform as expected; risk of climate change; risk of economic downturn; Risk of inflation and other risks and factors set out from time to time in our filings with securities regulators in Canada.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the above factors, as well as other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, whether as a result of new information, future events or otherwise.