Trisura Group

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.

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

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

• Specialty insurance underwriting
• Surety bond products
• Corporate insurance coverage
• Warranty insurance products
• Insurance fronting services

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. 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.
2. 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

Core 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

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Deloitte LLPcoreImplementation/ SI/ Consulting Partner · 2 June 2026Appointed 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 MarketsminorGTM or Marketing Partner · 27 May 2026CIBC 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 AdministratorscoreChannel Partner/ Reseller/ DistributorStrong partnerships with brokers, program administrators, and reinsurers form the distribution foundation for specialty insurance products across Surety, Warranty, Corporate Insurance, Program, and Fronting lines.
• ReinsurerscoreChannel Partner/ Reseller/ DistributorGlobal 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 CompanyminorOthersTransfer 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

Emerging 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

• Xtwitter.com/trisura
• LinkedInca.linkedin.com/company/trisura-guarantee-insurance-company

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trisura Group