TSU: Entering the Sunshine State

Research evidence excerpt

TSU: Entering the Sunshine State

Trisura Group Ltd.

Company description

Headquartered in Toronto, Trisura is a leading specialty insurer that writes business in both Canada and the U.S. The company’s

product offerings are in surety, risk solutions, corporate insurance and fronting units. Key core products lines include surety bonds,

warranty, D&O, E&O, fidelity and other related casualty classes. In the fronting business, the company acts as an intermediary

between risk bearers and distributors to place business through fronting operations in both the U.S. and Canada (the company

cedes most of this business to reinsurers and collects fronting fees). Trisura distributes product via its different insurance lines

through more than 150 international, national, and regional brokerage firms in Canada. Trisura was formed in 2017 and spun off

from Brookfield Asset Management in June 2017. Trisura started writing business in the U.S. in 2018.

Required disclosures

Non-U.S. analyst disclosure

One or more research analysts involved in the preparation of this report (i) may not be registered/qualified as research analysts

with the NYSE and/or FINRA and (ii) may not be associated persons of the RBC Capital Markets, LLC and therefore may not be

subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities

held by a research analyst account.

Conflicts disclosures

The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including

total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated

by investment banking activities of the member companies of RBC Capital Markets and its affiliates.