Trisura combined ratio holds steady; income falls

Gross written premiums for international specialty insurer Trisura Group (Trisura) more than doubled for the year ended December 31, 2019. Its income fell significantly, while its combined ratio for Canada just about held steady.

The company said that strong underwriting across all lines and accelerated growth of its US platform were key factors influencing its results. Weakening interest rates in Europe drove reserve strengthening in its reinsurance subsidiary in the first nine months of 2019; however, the impact to net income in Q4 2019 was muted following an improvement in the asset-liability matching.

Gross written premiums for 2019 were $448 million, up 104 percent on the 2018 figure of 219 million. The company’s combined ratio for Canada was 87 percent, slightly up from 86 percent the previous year. Net income was $5.1 million, down 41 percent on the 2018 figure of $8.6 million.

David Clare, president and CEO of Trisura, stated: “We are pleased with Trisura’s fourth quarter results, generating net income of $4.2 million driven by strong performance from our specialty platforms in North America.

“In Canada, substantial top-line growth, disciplined underwriting and enhanced investment returns sustained our industry leading return on equity. Our US platform continued to build momentum, binding almost $100 million of quarterly gross premiums, and generating net income of $1.5 million to add to its first year of profitability.

“Importantly, improved asset-liability matching in our international reinsurance operations limited volatility in Q4.”

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