Investor Presentation – Trisura – A Growing and Profitable Specialty Insurer

Diversified

• US hybrid fronting platform participating in the admitted and non-admitted ('E&S') markets for 5 years

Specialty Platform

• Earnings supported by an attractive mix of underwriting income and recurring fee-based and investment income

• Conservative Debt-to-capital1 below our internal target (20%) and capital in excess of regulatory requirements in subsidiaries

Strong Balance Sheet

• Issuer rating of BBB (DBRS); Financial Strength ratings of A (low) (DBRS) and A- (AM Best) at operating subsidiaries

• 21% consolidated LTM Q1/23 Operating ROE2 (ROE: 4%); 5-year average 85% combined ratio2, 3 in Canada and 28% Q1/23

and Profitability

ROE; increasing profitability from US subsidiary reaching a 13% Q1/23 Adj. ROE4 (ROE: -16%)

• Conservative approach to reserving; consistent history of favourable prior year claims development

• 5-year GPW CAGR of 75%3 (38%3, 5 in Canada, 86%3, 5 in US)

Growth

• Growth supported by expanding distribution relationships in existing lines of business and growth of our hybrid fronting

Opportunities

model in Canada and US

• Proven access to capital (raised $276 million in equity & $75 million in debt) and reinsurance relationships to support growth

• High quality investment portfolio comprised primarily of cash (31%), government bonds (7%), and corporate fixed income

(45%)

Conservative Risk

• Conservative underwriting culture; limited retention in US and 5-year average loss ratio of 22%2, 3 in Canada

Management

• Disciplined reinsurance strategy; deep relationships with high-quality counterparties - 83% of reinsurance recoverable6

are with rated reinsurers, the remaining 17% from unrated reinsurers with appropriate collateral

• Strong enterprise risk management infrastructure in place

Experienced

• Management team with a diversity of skills, and strong relationships with regulators and distribution partners; senior

Management

management directly owns ~6% of shares outstanding

& Board of Directors

• Board of Directors comprised of seasoned executives with strong experience across financial services

Note: All figures in C$ million unless otherwise stated. 1 This is a supplementary financial measure. Refer to Q1 2023 MD&A, Section 10 for details. To access MD&A,

see Trisura's website or SEDAR at www.sedar.com. 2 This is a non-IFRS financial ratio. Refer to Q1 2023 MD&A, Section 10 for details. 3 As of December 31st, 2022.

1

4 Adjusted figures exclude impact of Write Down on Reinsurance Recoverable in Q4 2022 and the run-off program. 5 5-year CAGR in Canada, 3-year CAGR in US.