Trisura Group reports significant hike in GWP
International specialty insurance provider Trisura has achieved a significant rise in gross written premiums supported by strong momentum in its US business and continued growth in Canada.
The company reported gross and net premiums written growth of 99.6 percent and 24.5 percent in Q3 2019. It said that its Q3 2019 net income of $2.5 million was driven by strong underwriting performance and investment income in Canada and the US, offset by an increase in its reinsurance reserves due to a decrease in European interest rates.
Trisura reported stable results from its Canadian business, achieving a 92.6 percent combined ratio, driving a 19.1 percent TTM ROE.
David Clare, President and CEO of Trisura, stated: “In Q3, Trisura Group generated net income of $2.5 million, driven by strong performance from our specialty P&C platforms in North America.
“In Canada, consistent underwriting and enhanced investment returns yielded a 19.1 percent TTM ROE. Our US platform continued its trajectory of growth, with net income of $1.4 million alongside GPW of $71.2 million.
“Declining interest rates in Europe drove strengthening in our reinsurance annuity reserves, offset by improved investment income as well as the adoption of a reserving methodology consistent with Solvency II.”
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