Trisura Group (OTCPK:TRRS.F) Fireside chat February 19, 2026 10:00 AM ET Company ParticipantsDavid Clare - CEOConference Call ParticipantsDoug Young - Managing Director and Senior Equity AnalystOperatorGood morning, everyone, and we apologize for the delay this morning. Thank you for joining us on today's call with David Clare, CEO of Trisura Group, and Doug Young, Bank and Insurance analyst at Desjardins. A quick reminder before we begin, as attendees, you are in listen-only mode. You will be able to submi ...

Warranty premium grew 17% in 2025, which management attributed to deeper relationships with existing partners and improving auto purchasing activity. Corporate Insurance, Clare said, grew premium and delivered a 31% loss ratio in a “balancing market,” with Trisura continuing to invest in U.S. Corporate Insurance in a way that mirrors its earlier U.S. surety expansion—focusing on areas it knows, hiring experienced talent, and leveraging existing infrastructure.Management emphasized that primary lines—Surety, ...

Core Viewpoint - Trisura Group Ltd. has announced its intention to renew its Normal Course Issuer Bid (NCIB) to repurchase up to 1,427,012 common shares, representing approximately 3% of its issued and outstanding shares, to offset dilution from equity incentive programs and return capital to shareholders [1][2][4]. Group 1: NCIB Details - The NCIB will commence on December 9, 2025, and end on December 8, 2026, allowing Trisura to purchase shares at market prices or other permitted prices [2][5]. - Trisura Group had previously received approval to purchase up to 1,433,371 common shares under its previous NCIB, which expires on December 5, 2025 [3]. - The company has not repurchased any common shares in the last twelve months [3]. Group 2: Share Purchase Plan - An automatic share purchase plan is intended to be established around December 9, 2025, allowing for share purchases during internal trading black-out periods [6]. - All shares acquired under the NCIB will be cancelled or purchased by a non-independent trustee as per Trisura's escrowed stock plan [5]. Group 3: Company Overview - Trisura Group Ltd. operates as a specialty insurance provider in various business lines, including Surety, Warranty, Corporate Insurance, and Fronting, primarily in Canada and the United States [7].

Summary of Trisura Group (TRRS.F) 2025 Conference Call Company Overview - Trisura Group is a specialty property and casualty (P&C) insurance company focused on niche commercial risks, avoiding traditional lines like personal auto and home insurance [4][5] - The company targets a combined ratio of 85% and aims for higher return on equity (ROE) than the industry average, typically in the mid to upper teens [5][6] Key Developments - The launch of the surety business in the U.S. is a significant milestone, with over 40% of surety premiums now coming from the U.S. market [10][11] - Trisura is the fourth largest surety player in Canada and aims to replicate this success in the U.S. [8][10] - The company has made substantial investments in its U.S. surety practice, leading to improved profitability and growth [9][11] Strategic Priorities - The focus is on scaling the U.S. surety practice and enhancing profitability, with a target growth rate of 10-15% and ROEs above 15% [14][16] - Expansion into larger bonding markets in Canada is also a priority, aiming to move beyond small and mid-cap focused bonding [15][16] Specialty Lines Performance - The specialty lines platform is considered the core of Trisura's business, with expected growth rates of mid-20% for surety, mid to high single digits for corporate insurance, and over 35% for warranty products [19][20][28] - The company anticipates continued growth in both U.S. and Canadian surety operations, indicating a strong market position [20][21] Market Conditions and Economic Indicators - Surety is a procyclical business, heavily influenced by infrastructure construction and government spending [36][37] - The company is optimistic about infrastructure investments from the Canadian government, which could drive demand for surety products [37] U.S. Corporate Insurance Expansion - The U.S. corporate insurance practice is still in the build phase, with significant potential for growth in the coming years [40][41] - The company is focused on developing policy language, rates, and licenses to support this expansion [40] Capital Allocation Strategy - Trisura has a flexible capital structure with a debt-to-capital ratio of about 13%, allowing for internal funding of growth initiatives [49][50] - The company prioritizes organic growth, particularly in the U.S. surety platform, while also considering strategic acquisitions [52][54] Pricing Conditions - Trisura's niche specialty business is less affected by traditional insurance cycles, although some segments may experience pricing pressures [58][61] - The company is monitoring the reinsurance market closely, as changes in availability and pricing could impact operations [62][63] Future Outlook - Trisura aims to regain its valuation premium by continuing to demonstrate strong ROEs and growth in profitable lines [65][66] - The company is optimistic about its performance and increasing interest from investors [66]

Core Insights - Trisura Group Ltd. will participate in the Scotiabank Financials Summit on September 4, 2025, with CEO David Clare featured in a fireside chat [1] - Trisura Group is a specialty insurance provider focusing on Surety, Warranty, Corporate Insurance, Program, and Fronting business lines, primarily operating in Canada and the United States [2] Company Overview - Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol "TSU" [2] - The company conducts its insurance operations through wholly owned subsidiaries [2] Additional Information - Further details about Trisura Group can be found on their official website, and important information may be disseminated exclusively through this platform [3] - Regulatory filings related to Trisura Group Ltd. are available on their SEDAR+ profile [3]

Core Viewpoint - Trisura Group Ltd. is set to release its second quarter 2025 financial results on August 7, 2025, followed by a conference call on August 8, 2025, featuring key executives [1][2]. Company Overview - Trisura Group Ltd. operates as a specialty insurance provider in various business lines, including Surety, Warranty, Corporate Insurance, Program, and Fronting [3]. - The company conducts its insurance operations primarily in Canada and the United States and is listed on the Toronto Stock Exchange under the symbol "TSU" [3].