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Trisura Group Reports Second Quarter 2017 Results

TORONTO, ONTARIO — (Marketwired) — 08/10/17 — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU) today announced financial results for the quarter ended June 30, 2017 and new management appointments, including the appointment of Jimmy Doyle as Chief Financial Officer.

“Trisura had an excellent quarter. We began trading on the TSX, delivered solid results in our Canadian operations, and continued to develop our international operations. Our new US entity, Trisura Specialty Insurance Company, received its license to operate as a non-admitted surplus line insurer in all states in the US. We are now focused on gaining a rating for Trisura Specialty Insurance Company to enhance our ability to source business.” said Greg Morrison, CEO of Trisura.

Second Quarter 2017 Financial Results

Q2 2017 Highlights

(i) $0.30275 EPS for the quarter ended June 30, 2017 attributable to Brookfield Asset Management Inc. prior to spinoff on June 22, 2017 and to Trisura shareholders post-spinoff.

Note: P&C Business reflects Trisura Guarantee operations only. ROE is calculated on comprehensive income of Trisura Guarantee. See M&DA for further details.



Management Appointments

Trisura Group continued to develop its management team and group infrastructure in anticipation of future growth. Jimmy Doyle, currently the Chief Risk Officer of Trisura and the head of Trisura International, has been appointed Chief Financial Officer of Trisura to succeed Allen Taylor. Mr. Doyle–s Chief Risk Officer role at Trisura will be incorporated into his mandate as CFO. David Scotland, currently Vice President, Finance & Controller at Trisura Guarantee, will be taking on the additional role of Vice President, Finance at Trisura, assisting Mr. Doyle as CFO.

“Allen Taylor was instrumental in our spinoff, and oversaw our initial quarterly results as a standalone public company; we appreciate the valuable work he has done for Trisura.” said Greg Morrison. “Jimmy Doyle and David Scotland have been very involved within Trisura–s businesses for many years. We look forward to Jimmy and David playing a strong leadership role in the financial management of Trisura, as we continue to execute our growth strategy.”

These management appointments will take effect on August 15, 2017 and the services agreement between Brookfield and Trisura under which Brookfield provided CFO services to Trisura will be terminated at that time.

Investment Committee and Management Services Agreement

The Board of Directors of Trisura has formed an Investment Committee (the “IC”) comprised of independent directors Paul Gallagher, Bart Hedges, and David Nowak to oversee the investments of Trisura Group. The IC has approved a management services agreement with Trisura–s largest shareholder, Partners Value Investments LP (“PVI”). Pursuant to this agreement, PVI will provide David Clare to act as Chief Investment Officer of Trisura Group. The management services agreement will be reviewed annually and is cancellable on 30 days– notice.

About Trisura Group

Trisura Group Ltd. is a leading 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, Trisura International Insurance and Trisura Specialty Insurance Company. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at . 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 are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group–s SEDAR profile at .

Cautionary Statement Regarding Forward-Looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Trisura Group, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Trisura Group to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Trisura Group undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

David Clare
Tel: 647-503-6516

Short URL: https://www.88finance.com/?p=556163

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