E&S Stamping Data: Limited Read-Through for TSU

Research evidence excerpt

E&S Stamping Data: Limited Read-Through for TSU

Financial Services - Insurance

Trisura Group Ltd.

TD SECURITIES INC. - CANADA QUICK TAKE: COMPANY UPDATE

June 8, 2026

Price: C$42.30 (06/5/2026) E&S Stamping Data: Limited Read-Through

Price Target: C$60.00 for TSU

BUY (1)

ESG SCORE: 45/100

Mario Mendonca, CFA, CA^ THE TD COWEN INSIGHT

416 308 2361

We do not see meaningful read-through for TSU's US Programs top-line growth from recent

mario.mendonca@tdsecurities.com

weakness in E&S stamping data. TSU's US Programs continues to grow on the back of strong

Masa Song^ admitted lines performance and limited exposure to commercial property. TSU's top line is still

416 982 5452 driven more by the addition and ramp-up of new programs and partners than by market-wide

masa.song@tdsecurities.com

trends.

Fernando Torrealba Tesi, CFA^

416 983 2664 Impact: NEUTRAL

fernando.torrealbatesi@tdsecurities.com

U.S. E&S Stamping data has been weak of late. On a rolling 3-month basis, E&S y/y premium

Key Data growth has been steadily declining for the past five months, turning negative in May for the

Symbol TSX: TSU-T

first time in several years, and accentuating a softening trend that began a year ago. See the

Market Cap C$2.0B latest note on the subject from our US colleague, Andrew Kligerman.

Net Debt (MM): Net Debt autogenerated by FactSet.

BV/Share: BVPS (Excluding AOCI): C$19.33 Trisura participates in the E&S market through its US Programs segment. While weakness in

E&S markets presents a softer backdrop for Trisura, we believe there is limited read-through

from E&S stamping data into TSU's US Programs top-line growth. Consider the following:

■E&S markets stamping data only reflects non-admitted lines, while TSU's US Programs GPW

consists of ~30% admitted lines.