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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Trisura Group Ltd.    TSU   CA89679A2092

TRISURA GROUP LTD.

(TSU)
  Report
Delayed Quote. Delayed Toronto Stock Exchange - 01/15 04:00:00 pm
85.7 CAD   +0.62%
2020EXECUTIVE OUTLOOK 2021 : Chris Sekine, Trisura
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2020TRISURA GROUP LTD. : Appoints George R. James to Lead U.S. Surety Operations
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SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

TRISURA : REPORTS THIRD QUARTER 2020 RESULTS

11/05/2020 | 07:16am EST

Trisura Group Ltd. ('Trisura' or 'Trisura Group') (TSX: TSU), a leading international specialty insurance provider, today announced financial results for the third quarter of 2020.

David Clare, President and CEO of Trisura, stated, 'In the third quarter Trisura generated net income of $6.5 million - over 150% greater than Q3 2019 - driven by strong results in Canada, continued profitability in the U.S., and investment gains. In Canada, disciplined underwriting and consistent investment returns generated an industryleading 20% return on equity. Our U.S. business maintained its trajectory of growth, binding a new record of $171.0 million of quarterly gross premiums and generating $3.7 million in net income.

Highlights

Gross and net written premiums growth of 109.5% and 72.4% in Q3, supported by momentum in our U.S. operations and continued growth in Canada.

Net income of $6.5 million in the quarter grew 157.0% compared to prior year, driven by strong underwriting in Canada, continued profitability in the U.S and investment gains.

Consolidated LTM ROE of 11.7%, which includes dilution from the equity raises in September 2019 and May 2020, compared to 1.9% at Q3 2019.

Book value per share of $26.86, a 24.5% increase from December 31, 2019, driven by the equity raise in May and supported by positive net income.

EPS - diluted of $0.62 in Q3 2020 was impacted by share-based compensation as a result of rising share price but compared favourably to $0.37 in Q3 2019.

Premiums grew in our Canadian business by 58.9% in Q3 2020. Exceptional surety performance contributed to achieving a 91.5% combined ratio and a 20.0% LTM ROE.

Continued growth in our U.S. business, producing $171.0 million in GPW in the quarter and $3.7 million in net income, and reaching a 9.7% LTM ROE despite two significant capital injections.

Sufficient capital in our US operations supported an increase in A.M. Best size category from size VII to size VIII.

About Trisura Group

Trisura Group Ltd. is an international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company in Canada, Trisura Specialty Insurance Company in the US and Trisura International Insurance Ltd. in Barbados. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol 'TSU'. Further information is available at http://www.trisura.com/group. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group's SEDAR profile at www.sedar.com.

Contact:

Tel: 416 607 2135

Email: bryan.sinclair@trisura.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 853 M 670 M 670 M
Net income 2020 29,0 M 22,7 M 22,7 M
Net Debt 2020 - - -
P/E ratio 2020 29,3x
Yield 2020 -
Capitalization 880 M 691 M 691 M
Capi. / Sales 2020 1,03x
Capi. / Sales 2021 0,78x
Nbr of Employees 159
Free-Float 87,9%
Chart TRISURA GROUP LTD.
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Trisura Group Ltd. Technical Analysis Chart | TSU | CA89679A2092 | MarketScreener
Technical analysis trends TRISURA GROUP LTD.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 108,00 CAD
Last Close Price 85,70 CAD
Spread / Highest target 33,0%
Spread / Average Target 26,0%
Spread / Lowest Target 16,7%
EPS Revisions
Managers and Directors
NameTitle
David Clare President, Chief Executive Officer & Director
George E. Myhal Chairman
Jimmy Doyle Chief Financial & Risk Officer
Gregory E. A. Morrison Director
paul Gallagher Independent Director
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