Q1 2023 MD&A

TRISURA GROUP LTD.

Management's Discussion and Analysis for the first quarter of 2023

(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 three months ended March 31, 2023. This MD&A should be read in conjunction with our unaudited Condensed Interim Consolidated Financial Statements for the quarter ended March 31, 2023 and the audited Consolidated Financial Statements for the year ended December 31, 2022, except for the adoption, effective January 1, 2023, of IFRS 9, Financial Instruments, and IFRS 17, Insurance Contracts that resulted in the restatement of certain comparative amounts (see Section 10, Changes in Accounting Policies).

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 Condensed Interim Consolidated Financial Statements are in Canadian dollars and are prepared in accordance with International Financial Reporting 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 May 11, 2023. Additional information is available on SEDAR at www.sedar.com.

• Income Statement Analysis
• Balance Sheet Analysis
• Share Capital
• Liquidity
• Capital

• Industry
• Outlook and Strategy
• Environmental, Social, and Governance

• Changes in Accounting Policies
• Operating Metrics
• Non-IFRSFinancial Measures and Other Financial Measures
• Special Note Regarding Forward-Looking Information
• Glossary of Abbreviations

TRISURA GROUP LTD.

Management's Discussion and Analysis for the first quarter of 2023

(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, Risk Solutions, Corporate Insurance, and Fronting business lines of the market. Our operating subsidiaries include a Canadian specialty insurance company and a US specialty insurance company. Our Canadian specialty insurance subsidiary started writing business in 2006 and has a strong underwriting track record over its 17 years of operation, with a newly launched US surety platform integrated with our Canadian team. Our US specialty insurance company has participated as a hybrid fronting 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.

TRISURA GROUP LTD.

Management's Discussion and Analysis for the first quarter of 2023

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

SECTION 2 - FINANCIAL HIGHLIGHTS IN Q1 2023

• Insurance revenue of $639.1 million, increased by 58.3% compared to Q1 2022, demonstrating sustained momentum for the organization with growth across all lines of business.
• Net income of $14.0 million decreased by 40.1% compared to Q1 2022 as a result of losses on the run-off of a US program. Operating net income(1) of $28.6 million grew 38.5% over Q1 2022 and is indicative of the core operations of the business.
• EPS of $0.30 in the quarter decreased by 45.5% over Q1 2022. Operating EPS(2) of $0.61 in the quarter increased by 24.5% demonstrating the profitability of core operations through continued growth.
• ROE(3) was 4.1% in the quarter. Operating ROE(1) of 20.6% increased compared to Q1 2022. A significant contributor to Operating ROE in the quarter was strong underwriting performance in Canada and the US, as well as strong investment income.
• BVPS(3) of $11.15 increased by 25.4% over Q1 2022, primarily the result of strong earnings in the Canadian operations, and the equity raise in Q3 2022.
• Canada:
• • Insurance revenue growth of 33.2% in the quarter reflects increased market share, expansion of distribution relationships, new fronting arrangements and the benefit of stable market pricing conditions in certain lines of business.
  • Insurance service result of $18.2 million in the quarter grew 17.6% versus Q1 2022 as a result of growth in revenue and profitable underwriting performance.
  • Combined ratio(2) of 80.7% was strong, supported by improved loss ratio(2) and mitigated by higher expense ratio(2) as the business mix evolves.
  • Net income of $16.5 million drove a 28.4% ROE.
• United States:
• • Insurance revenue of $459.3 million in the quarter grew by 70.9% over Q1 2022, as a result of favourable market conditions, and maturation of existing programs.
  • Fee income(1) in the quarter of $18.0 million reflects a larger premium base and a 29.6% increase over Q1 2022.
  • Deferred fee income(1), a precursor to earned fees, surpassed $35.9 million.
  • After-taxlosses of $11.6 million were associated with the run-off of a US program. It is expected that Q2 will reflect a benefit from the run-off business. Excluding this impact, core operations of US Fronting continued to demonstrate progress and profitability.
• Net investment income growth of 150.3% in the quarter was driven by increasing yields and a larger investment portfolio.

1. 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, Non-IFRS Financial Measures and Other Financial Measures for details and an explanation of how it provides useful information to an investor.
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, Non-IFRS Financial Measures and Other Financial Measures for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor.
3. These are supplementary financial measures. Refer to Section 10, Operating Metrics for its composition.