2024 Annual Report

Letter to our Shareholders

Trisura continues to benefit from a focus on specialty insurance, demonstrating profitable underwriting and structuring in niche lines of business, and achieving strong operational results while expanding. Momentum continued in 2024 with revenue growing 14% across Surety, Corporate Insurance and Warranty (our lines with the highest profitability margin), while Canadian Fronting and US Programs grew 11% as we scale the platform in Canada and curate our portfolio in the US. Underwriting strength yielded an 89% combined ratio and alongside increased investment returns and favourable foreign exchange, drove book value per share growth of 26%. This exceeded our 5-year compound annual growth rate of 25%.

We achieved record Operating and Net Income of $136 million and $119 million respectively this year. Reported and Operating retuon equity of 17% and 19% respectively exceeded our mid-teens target and demonstrated resilience through growth. Our expanding footprint and relevance with partners, alongside our highest ever capital base of $785 million, have driven meaningful progress towards our goal of being a North American specialty insurer of scale.

OPERATING AND FINANCIAL HIGHLIGHTS

Trisura Specialty continued to build momentum, expanding lines of business we know well and providing consistent support to distribution partners through the cycle, achieving 19% growth in the year. Our Surety operations maintained a track record of underwriting excellence, achieving a 15% Loss ratio while expanding into the US. Warranty and Canadian Fronting operations continued to grow their contribution to earnings as both business lines expanded. Corporate Insurance grew over the prior year and delivered a strong 28% Loss ratio in the context of a balancing market - demonstrating our ability to grow and underwrite through the cycle.

We made exciting progress on growth initiatives in 2024. Our US Surety platform grew premiums by 197%, broadened its presence and licensing, and developed significant distribution relationships. By Q3 2024 we were ranking in the top 35 sureties in the US up from 51 at the end of 2023 - significant progress in a market meaningfully larger than Canada. We further capitalized our Treasury listed balance sheet, setting the stage for dedicated infrastructure.

In US Corporate Insurance we began binding premium, growing our broker network and building our infrastructure. Despite the investment in both nascent US platforms, Trisura Specialty grew Operating net income 20% in 2024, supporting a 25% Operating retuon equity.

US Programs benefit from a secular trend of growth in Managing General Agents ("MGAs") as Trisura remains uniquely positioned to source, structure, and monitor program business with distribution partners and reinsurers across Excess and Surplus and Admitted markets. We believe the diversification of our portfolio, strong rating, size and permanence of capital make Trisura a preferred partner to the US MGA market, with over $2 billion in revenue and $91 million in fee income across 70 programs.

As our platform continues to mature we non-renewed certain programs and strategically exited relationships where we did not see a path to appropriate profitability. Beyond these non-renewals,

Trisura 2024 Annual Report | Letter to our Shareholders

we took decisive actions to strengthen reserves to prudent levels. Through comprehensive analysis, we proactively addressed increasing frequency and severity trends observed industrywide, driven by both social and economic inflation in liability lines.

Growth of US Programs excluding certain non-renewed programs was 27% for the year, and our ongoing portfolio of US Programs generated an 81% Operating combined ratio, demonstrating that both growth and profitability remain the expectation.

Our investment portfolio performed well in 2024, growing investment income by 30% and contributing to book value growth through mark-to-market gains. Profitable growth alongside higher rates allowed Trisura to secure higher yields through deployment, while reducing volatility. Our portfolio maintains the highest proportion of investment grade corporate and government bonds of any time in our history.

We continue to invest in our team, elevating long-tenured management to drive best practices, as well as lead our growth initiatives. I would like to congratulate Richard Grant on taking leadership of underwriting across Trisura Group, as well as stepping in as CEO of Trisura Specialty. Chris Sekine, the former CEO of Trisura Specialty, is continuing his involvement as an Executive Director across subsidiary boards and maintains involvement in strategic initiatives in surety, reinsurance and distribution. Trisura Group's board has evolved as well, and in 2024 we benefitted from the contributions of our two newest directors, Lilia Sham and Sacha Haque.

SPECIALTY INSURANCE OPERATING ENVIRONMENT

North American Specialty Insurance and US MGA premiums continue to grow faster than the broader Insurance market. We believe our focus in these areas will drive differentiated growth and profitability in the long term.

Reinsurance markets have been challenging over the past two years, but capacity was more available as we progressed through 2024. We observed orderly renewals in our reinsurance programs in the year and for January 1, 2025. In the US, property markets showed balance following the dislocation of 2022 and 2023. In some cases, we observed rate reductions in the property reinsurance market as capacity returned. Casualty reserve adequacy has been a focus in the industry as social and economic inflation have impacted claims. We expect a continued focus on casualty trends which may drive pricing in casualty even as property balances. US Program submissions continue to favour the E&S market, a trend we expect to continue as complexity, risk and inflationary trends are sustained.

Surety markets remain highly competitive, but are supported by stability in interest rates, an optimistic economic environment and commitments to increased infrastructure spending. Corporate Insurance markets have balanced following strength in recent years, while Warranty is benefitting from better auto inventory and consumer spending as interest rates normalize in Canada.

We expect Trisura to perform well across the insurance cycle. We have enhanced scale and diversification in primary lines, which is expected to outperform traditional lines through hard and soft markets. The majority of our growth in 2024 was in these areas, where our profitability margin is the highest. Balancing our established platform, US Programs and Canadian fronting can benefit from greater reinsurance capacity typical in soft markets.

Trisura 2024 Annual Report | Letter to our Shareholders

In Surety, Corporate Insurance and Warranty we continue to take a targeted, long-term approach to lines where we have deep expertise. Our US Programs and Canadian Fronting platforms represent a diverse and uncorrelated portfolio of business that benefits from its broad posture and structured retention. In all our segments, we intend to act as a consistent partner through the cycle.

STRATEGIC PRIORITIES

We remain committed to the pursuit of profitable growth, expanding Primary lines where we have underwriting expertise and developing a diverse program and fronted business to generate stable fee income. Above average and growing underwriting profitability alongside enhanced investment income is expected to drive consistent increases in book value. We continue to pursue our target of $1 billion in book value by the end of 2027.

The expansion of Surety and Corporate Insurance to the US builds on a history of disciplined underwriting over the last two decades. We continue to grow our US footprint with teams across multiple regions, where local expertise is supported by established infrastructure, risk management and underwriting experience. Our risk appetite is consistently applied across North America, though the market opportunity is significantly larger in the US. As nascent US platforms mature we anticipate they will equal or exceed the contributions to earnings of their Canadian counterparts. With $75 million in US Surety premium in 2024 and an expectation for a combined ratio in 2025 comparable to our Canadian surety operations, we have early evidence of how attractive geographic expansion can be.

Growing scale has catalyzed an expansion of appetite in Canadian Surety as we move into larger limit bonding. Recent strategic hires added expertise that allow Trisura to target parts of the market we have not historically participated in. A greater breadth of offering has already resulted in more touchpoints with broker partners.

While most MGA premium is placed with primary insurers, the portion addressed by highly reinsured models like ours continues to grow. We are the third largest participant in this market in the US with an estimated 10% market share. In recent years we have taken steps to curate our program portfolio, prioritizing partners we expect to grow profitably over the long term and removing exposure to lines no longer within our risk appetite. We are confident in the path forward and excited to demonstrate the potential of the portfolio.

Inorganic growth levers have been an important part of Trisura's evolution. US acquisitions, book rollovers and strategic hires have provided access to new markets, amplified growth, and expanded capabilities. We continue to pursue and are well-positioned to execute more significant inorganic opportunities should they align with our risk appetite and meet our retuthresholds.

Our strategic initiatives are well-funded - Trisura's capital base of $785 million is the highest in the company's history. Debt capacity approaching $100 million below our 20% debt-to-capital target and expanding earnings represent support for both organic and inorganic initiatives. An attractive but measured growth profile in addition to strong profitability establishes a self-funding posture in the near term. 2024 marked the first year since 2018 that Trisura did not raise capital, as we expanded with the benefit of internally generated capital.

Progress made through 2024 and our optimism for 2025 has reinforced our expectations of premium growth, operating ROE and book value per share growth in excess of 15%, targeting $1 billion in book value by the end of 2027.

Trisura 2024 Annual Report | Letter to our Shareholders

CLOSING

Our earnings are supported by an attractive and diverse mix of underwriting income, fee income, and stable investment income. Through substantial growth we have expanded earnings and maintained a high teens retuon equity. We continue to expect a greater degree of stability in our earnings growth, enhanced by portfolio curation in US Programs and a prudent approach to reserving.

We remain committed to the principles that have driven profitable growth and compounding book value: a strategic focus in specialty insurance, buoyed by structural tailwinds; experienced, profitable underwriting; consistent support and exceptional service for our distribution and capacity partners; and, a conservative approach to growth, risk appetite and reinsurance structuring.

We continue to plan for growth and expect that market volatility will provide opportunities to win business and strengthen our reputation. Our capital base is the strongest in our history and we continue to expand - we are optimistic for the years ahead.

Thank you to our employees, brokers, partners and shareholders for the continued support in pursuing our goal of becoming a North American specialty insurer of scale.

Sincerely,

David Clare

President and CEO

Trisura Group Ltd.

February 13, 2025

Trisura 2024 Annual Report | Letter to our Shareholders

TRISURA GROUP LTD.

Management's Discussion and Analysis for the year ended 2024

(in thousands of Canadian dollars, except per share numbers and as otherwise noted)

MANAGEMENT'S DISCUSSION AND ANALYSIS

Our Management's Discussion and Analysis ("MD&A") is provided to enable a reader to assess the results of operations and financial condition of Trisura Group Ltd. for the twelve months ended December 31, 2024. This MD&A should be read in conjunction with our audited Consolidated Financial Statements for the year ended December 31, 2024.

Unless the context indicates otherwise, references in this MD&A to the "Company" refer to Trisura Group Ltd. and references to "us", "we" or "our" refer to the Company and its subsidiaries and consolidated entities.

The Company's Consolidated Financial Statements are in Canadian dollars and are prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board. In this MD&A, all references to "$" are to Canadian dollars unless otherwise specified or the context otherwise requires.

This MD&A is dated February 13, 2025. Additional information is available on SEDAR+ at www.sedarplus.ca.

TRISURA GROUP LTD.

Management's Discussion and Analysis for the year ended 2024

(in thousands of Canadian dollars, except per share numbers and as otherwise noted)

SECTION 1 - OVERVIEW

OUR BUSINESS

Our Company is a leading specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Our operating subsidiaries include Canadian and US specialty insurance companies. Our Canadian specialty insurance subsidiary started writing business in 2006 and has a strong underwriting track record over its 18 years of operation. Our US specialty insurance company has participated as a highly reinsured entity in the non-admitted markets since early 2018 and is licensed as an excess and surplus lines insurer in Oklahoma with the ability to write business across 50 states. Our US specialty insurance company can also write business on an admitted basis in 49 states. We continue the process of applying for licenses in the remaining state.

Our Company has an experienced management team, strong partnerships with brokers, program administrators and reinsurers, and a specialized underwriting focus. We plan to grow by building our business in the US and Canada, both organically and through strategic acquisitions. We believe our Company can capitalize on favourable market conditions through our multi-line and multi-jurisdictional platform.

Effective Q2 2024, we have refined the naming convention used for our operating segments. What was previously referred to as Trisura Canada has been renamed Trisura Specialty and includes US generated business in the Surety and Corporate Insurance lines. Trisura US has been renamed Trisura US Programs, acknowledging the range of structures in the segment. There have been no changes to what is operationally reflected in the two segments.

TRISURA GROUP LTD.

Management's Discussion and Analysis for the year ended 2024

(in thousands of Canadian dollars, except per share numbers and as otherwise noted)

SECTION 2 - FINANCIAL HIGHLIGHTS IN Q4 2024

• Book value reached a new record of $785.3 million and BVPS(1) reached $16.44 increasing by 5.1% for the quarter and 26.3% over Q4 2023, the combined result of earnings from Trisura Specialty, unrealized gains and foreign exchange.
• ROE(1) was 16.9% at Q4 2024. Operating ROE(2) of 19.4% was strong, although slightly lower than Q4 2023, as profitability from core operations(3) continued, but Shareholders' equity increased disproportionately from unrealized gains and foreign exchange.
• Net income of $19.3 million increased 70.1% compared to Q4 2023 as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio(2). Operating net income(4) of $38.2 million increased 47.6% over Q4 2023, as a result of growth in the business, a lower Loss ratio and higher Net investment income.
• Insurance revenue of $794.2 million, increased by 5.2% compared to Q4 2023, reflecting stronger growth from Surety and Warranty in particular. Trisura's Primary lines (Surety, Corporate Insurance and Warranty) grew by 17.7% in the quarter, which are the lines of business where the profitability margin on GPW(1) is the highest.
• The Operating combined ratio(2) for TGL was 81.5% for the quarter reflecting a lower Loss ratio than the prior year, driven by strong results in Surety and Corporate Insurance, slightly offset by investments in our US expansion. The Combined ratio was 96.7% in the quarter, which improved over the prior year as strong profitability in Trisura Specialty offset the impacts of Exited lines(5).
• EPS of $0.40 in the quarter was greater than Q4 2023, as a result of growth in the business, higher Net investment income, and improved profitability. EPS in the quarter was impacted by a higher Loss ratio associated with Exited lines. Operating EPS(2) of $0.79 in the quarter increased by 46.3% demonstrating the strength of core operations through continued growth and profitability.
• Trisura Specialty:
• • The Operating combined ratio of 79.4% was strong, and lower than Q4 2023 largely as a result of a lower Loss ratio, driven by profitable underwriting in Surety and Corporate Insurance.
  • Net income of $32.1 million increased by 53.3% over the prior year and drove a 27.4% ROE. Operating net income of $27.2 million increased 40.6% over Q4 2023 and drove a 24.9% Operating ROE, a reduction from recent levels partially driven by a larger equity base.
• Trisura US Programs:
• • Growth of US Programs Insurance revenue was 26.4% in the quarter, excluding certain non-renewed programs in the year, indicative of ongoing business and reflecting continued momentum and potential of the platform.
• Net investment income growth of 5.8% in the quarter was driven by a larger investment portfolio.
• In the quarter, Trisura continued the process of expanding the US Corporate Insurance and US Surety licensing and rate filing for our new Treasury Listed entity.

1. These are supplementary financial measures. Refer to Section 10 - Accounting and Disclosure Matters for its composition.
2. These are non-IFRS ratios. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. See non-IFRS ratios in Section 10 - Accounting and Disclosure Matters for details on composition, as well as each non-IFRS financial measure used as a component of the ratio, and an explanation of how it provides useful information to an investor.
3. See Section 10 - Accounting and Disclosure Matters, definition of Operating Net Income, for further explanation of "core operations".
4. These are non-IFRS financial measures. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. See Section 10 - Accounting and Disclosure Matters for details and an explanation of how it provides useful information to an investor.
5. Please refer to Table 3.11 for details on composition of Exited lines.