Trisura Group
Trisura Group is a Toronto-headquartered specialty insurance carrier operating across Canada and the US in five lines: Surety, Corporate Insurance, Warranty, Program, and Fronting, distributing through brokers, program administrators, and reinsurers in both admitted and excess/surplus markets.
- Company typePublic
- Founded2006
- HeadquartersToronto, Canada
- Headcount—
- GTM typeB2B
- OfferingServices
What Trisura Group does
Trisura Group Ltd. is a Canadian-headquartered specialty insurance provider listed on the Toronto Stock Exchange under ticker TSU, operating through wholly-owned Canadian and US subsidiaries. The company's Canadian operations date to 2006 via Trisura Guarantee Insurance Company, with US specialty insurance companies integrated since early 2018. Trisura writes five interconnected specialty lines — Surety, Corporate Insurance, Warranty, Program, and Fronting — distributed primarily through brokers, program administrators, and reinsurers rather than direct underwriting. The US platform operates in both excess/surplus markets and admitted markets, holding 45 state surety licenses as of Q1 2026.
The business model is built on insurance premium revenue (Q1 2026 net insurance revenue of C$193.6 million, 12.1% year-over-year growth) supplemented by investment income from a managed portfolio. Multi-line and multi-jurisdictional underwriting allows fixed-cost amortization and capital efficiency, producing 2025 results of CAD 793.1 million in revenue, net income of CAD 142.2 million (up 19.6% year-over-year), an 84.9% combined ratio, and 17.2% ROE. Growth is targeted through both organic US/Canadian expansion and strategic acquisitions, supported by a C$200 million senior unsecured notes issuance completed in March 2026 — the company's largest capital raise to date.
Trisura serves commercial clients requiring coverage beyond standard market offerings, including contract and commercial surety bonds, warranty products, specialty corporate insurance, delegated program authority, and fronting services for reinsurers. The company carries A-/A financial strength ratings from AM Best, DBRS, and Fitch across operating subsidiaries, and a BBB (High) issuer rating from DBRS, with leadership under CEO David Clare (since October 2018) and CFO David Scotland, alongside a board drawing from Brookfield, Greenlight Re, Intact Financial, iA Financial, Manulife, and PSP Investments.
Trisura Group firmographics
Firmographics- Name
- Trisura Group
- Legal name
- Trisura Group Ltd.
- Website
- https://trisuragroup.com
- Company type
- Public
- Founded year
- 2006
- Operating status
- Operating
- Short description
- Trisura Group is a Toronto-headquartered specialty insurance carrier operating across Canada and the US in five lines: Surety, Corporate Insurance, Warranty, Program, and Fronting, distributing through brokers, program administrators, and reinsurers in both admitted and excess/surplus markets.
- Ownership category
- akta.pro rank
Trisura Group industry classification
Industry- Product category
- Specialty Insurance
- NAICS
- Insurance Carriers (5241), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers and Related Activities (524)
- SIC
- Surety Insurance (6351), Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Product Liability & Recall (FSAJAGAG)
Keywords
Where Trisura Group is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Trisura Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Others
Revenue model
- Net Insurance Revenue: Insurance premiums collected from specialty lines including Surety, Corporate Insurance, Warranty, Program, and Fronting business lines. Revenue is driven by underwriting performance and premium growth, with Q1 2026 net insurance revenue of C$193.6 million representing 12.1% year-over-year growth.
- Investment Income: Returns generated from investment portfolio. The company maintains a strong capital base and expanded investment income in 2025, contributing to overall profitability alongside underwriting operations.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Trisura Group product offering
Product offeringCore offering
Trisura Group underwrites and distributes specialty insurance products across five business lines: Surety, Corporate Insurance, Warranty, Program, and Fronting. The company serves commercial clients primarily through brokers and program-administrator partners in Canada and the United States, holding licenses in 45 U.S. states.
Product overview
Trisura Group is a specialty insurance provider operating five interconnected business lines: Surety, Corporate Insurance, Warranty, Program, and Fronting. The company operates through Canadian and US specialty insurance subsidiaries, with its Canadian operations dating back to 2006 and US operations integrated since early 2018. These five lines function as distinct but complementary insurance products delivered through a unified multi-line and multi-jurisdictional platform, enabling the company to write business in both admitted and excess & surplus markets across Canada and the United States.
Differentiator
Problem solved
Functional benefit
Products and services
- Surety Surety bond products issued to commercial clients (e.g., contractors) requiring performance, contract, or license-and-permit bonds.
- Corporate Insurance Specialty commercial insurance coverage targeted at businesses with non-standard or hard-to-place risks.
- Warranty Warranty insurance products backing manufacturer or service-provider warranty obligations for commercial clients.
- Program Program business structured around delegated underwriting authority granted to program-administrator partners who originate, underwrite, and service niche commercial books on Trisura's behalf.
- Fronting Insurance fronting services in which Trisura issues policies on behalf of program administrators or carriers, providing licensed paper and regulatory compliance.
Quantifiable outcome
- Combined ratio of 84.3% in Q1 2026, among the most profitable specialty underwriters globally
- +3 more outcomes
Companies that use Trisura Group
Customer profileSegments2 records
Ideal customer profiles1 record
Trisura Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Trisura Group partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Deloitte LLPcoreAppointed as external auditor for Trisura Group Ltd. at the 2026 annual shareholders meeting with 99.93% shareholder approval. Deloitte provides independent audit services for financial statements and regulatory compliance.
- CIBC Capital MarketsminorCIBC Capital Markets analyst Scott Fletcher hosted a virtual fireside chat with CEO David Clare to discuss Q1 2026 results and company outlook. The event was accessible via live audio webcast.
- Brokers and Program AdministratorscoreStrong partnerships with brokers, program administrators, and reinsurers form the distribution foundation for specialty insurance products across Surety, Warranty, Corporate Insurance, Program, and Fronting lines.
- ReinsurerscoreGlobal reinsurance partnerships provide capacity and risk transfer for fronting operations and retained insurance business. The reinsurance market has shifted from firm to more accommodative environment.
- TSX Trust CompanyminorTransfer agent for Trisura Group shares, managing shareholder records and equity transfer services for the Toronto Stock Exchange listed company.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
Trisura Group competitors and assessment
Company assessmentEmerging players
- Greenlight Capital Re: Specialty reinsurer with leadership historically linked to Trisura board director Barton Hedges. Comparable because both operate in specialty insurance/reinsurance with disciplined underwriting, though Greenlight Re is smaller and more reinsurance-focused than Trisura's primary carrier model.
Broad incumbents
- iA Financial Group: Canadian financial services company with P&C insurance and specialty operations through iA Auto and Home and Dealerly. Comparable because Trisura board director Lilia Sham was previously EVP Strategy at iA, and both compete in the Canadian specialty market.
- Intact Financial Corporation: Canada's largest P&C insurer, operating across personal, commercial, and specialty lines. Comparable because Trisura's Canadian specialty operations and US expansion face direct competition from Intact's specialty subsidiaries, especially in surety-adjacent and corporate insurance lines.
- The Travelers Companies: Major US P&C insurer with a long-standing surety operation. Comparable to Trisura because Travelers' surety franchise and commercial specialty lines are direct competitors in the US market where Trisura is expanding.
- Fairfax Financial Holdings: Canadian-headquartered holding company with a large portfolio of specialty P&C insurers, including Northbridge and Crum & Forster. Comparable to Trisura because Fairfax's specialty insurance subsidiaries compete head-to-head with Trisura's Canadian and US operations across surety, corporate, and program lines.
- Arch Capital Group: Bermuda-based specialty P&C insurer and reinsurer with strong E&S and program business. Comparable to Trisura because both write specialty risks through E&S and program structures with disciplined underwriting, and Arch serves as a relevant scale benchmark.
Direct peers
- Markel Corporation: US-listed specialty insurer focused on niche commercial lines and excess & surplus business with a track record of disciplined underwriting. Comparable to Trisura because both operate specialty insurance platforms targeting non-standard risks via E&S and program channels, with similar combined-ratio-driven value creation.
- Kinsale Capital Group: US excess and surplus lines insurer with industry-leading combined ratios in the high 70s to low 80s. Comparable to Trisura because both compete in the US E&S market for commercial specialty risks, with Kinsale serving as a benchmark for specialty underwriting margin.
- RLI Corp. US specialty P&C insurer writing casualty, property, and surety products with consistently strong combined ratios. Comparable to Trisura because RLI's specialty, surety, and E&S distribution model closely matches Trisura's product mix and underwriting discipline.
- WR Berkley Corporation: Specialty P&C insurer with decentralized operating model across many niche business lines, including surety and excess & surplus. Comparable to Trisura because Berkley's specialty operating units, broker-driven distribution, and disciplined combined ratios mirror Trisura's multi-line specialty approach.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Trisura Group social profiles
Digital presenceTrisura Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Trisura Group leadership team
Management profileNumber of profiles
Trisura Group subsidiaries and ownership
Company hierarchySubsidiaries5 records
Trisura Group funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Trisura Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Trisura Group
What does Trisura Group do?
Trisura Group underwrites and distributes specialty insurance products across five business lines: Surety, Corporate Insurance, Warranty, Program, and Fronting. The company serves commercial clients primarily through brokers and program-administrator partners in Canada and the United States, holding licenses in 45 U.S. states.
Is Trisura Group a public or private company?
Trisura Group is a public company. It is classified as public and is currently operating.
When was Trisura Group founded?
Trisura Group was founded in 2006.
Where is Trisura Group based?
Trisura Group is headquartered in Toronto, Canada, in the North America region.
How does Trisura Group make money?
Two revenue lines are on record. Net Insurance Revenue is the primary driver. The others are investment Income.
Who are Trisura Group's main competitors?
Greenlight Capital Re is listed as an emerging player. Broad incumbents are iA Financial Group, Intact Financial Corporation, The Travelers Companies, Fairfax Financial Holdings and Arch Capital Group. Direct peers are Markel Corporation, Kinsale Capital Group, RLI Corp. and WR Berkley Corporation.
Does Trisura Group have an API?
No public API is recorded for Trisura Group.
What industry is Trisura Group in?
Trisura Group's product category is Specialty Insurance. Its primary akta.pro industry code is FSAJAGAG, Product Liability & Recall. Its NAICS code is 5241 and its SIC code is 6351.