Trisura Investor Presentation – February 2022

Diversified Specialty

• Fee-based U.S. hybrid fronting platform with strong premium growth and profitability

Insurance Platform

• Reinsurance subsidiary provides flexibility, capital support and internal reinsurance

• Conservative debt-to-capital1 of 17.3% 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

• Consistent profitability: 19% consolidated LTM Q4/21 ROE1; 5-year average 86% combined ratio1,2 in Canada and 30% LTM

and Credit Profile

Q4/21 ROE; increasing profitability from U.S. subsidiary reaching a 14% LTM Q4/21 ROE

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

Well-Funded Growth

• 5-year average 39%2 growth in GPW & Fee Income in Canada

• U.S. platform launched in 2018, is the largest contributor to premiums and demonstrating increased profitability

Opportunities

• Proven access to capital (raised $126 million in equity and $75 million in debt) and reinsurance relationships to support

Across the Platform

growth

• High quality investment portfolio comprised primarily of cash (35%), government bonds (11%), and corporate fixed income

Conservative and

(34%); and conservative allocation to alternatives

• Conservative underwriting culture; limited retention in U.S. and 5-year average loss ratio of 23%1,2 in Canada

Disciplined Approach

to Risk Management

• Disciplined reinsurance strategy; deep relationships with high-quality counterparties

• Strong enterprise risk management infrastructure in place

Globally Experienced

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

Management Team &

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

1

This is a supplementary financial measure. Refer to Q4 2021 MD&A, Section 10, Operating Metrics table for its composition. To access MD&A, see Trisura's

website or SEDAR at www.sedar.com.

2

As of December 31st, 2021.