Q3 2024 Trisura Group Ltd Earnings Call Transcript
Key Points
- Trisura Group Ltd (TRRSF) reported an 11% growth in insurance revenue and a 19% operating return on equity for Q3 2024.
- The company's book value increased by 24% over Q3 2023, reaching almost $750 million.
- US Surety saw significant growth with $36 million in premiums written, indicating strong expansion and new distribution relationships.
- Consolidated net investment income grew by 20% due to a larger portfolio and higher risk-adjusted yields.
- The company maintained a strong combined ratio of 85.6%, demonstrating disciplined underwriting and profitability.
- The operating loss ratio for US programs increased to 75%, driven by higher program retention and discounting impacts.
- Trisura Group Ltd (TRRSF) experienced a slightly higher expense ratio due to start-up costs associated with US practices.
- Premiums declined slightly due to the non-renewal of certain programs earlier in the year.
- The company faced claims pressure from exited lines, impacting financial results.
- Growth in the Canadian Fronting business was slower compared to historical trends, indicating potential market challenges.
Good morning. Welcome to Trisura Group Ltd.'s third quarter 2024 earnings conference call. On the call today are David Clare, Chief Executive Officer; and David Scotland, Chief Financial Officer. David Clare will begin by providing a business and strategic update, followed by David Scotland, who will discuss financial results for the period.
Following formal comments, lines will be open for analyst questions. I'd like to remind participants that in today's comments, including in responding to questions and in discussing new initiatives related to financial and operating performance, forward-looking statements may be made, including forward-looking statements within the meaning of applicable Canadian and US securities law.
These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts, please see Trisura's filings with the securities regulators. (Operator Instructions
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