Trisura Investor Presentation – May 2022

A Growing Specialty Insurer

May 2022

A Growing Specialty Insurer

• •Canadian specialty lines franchise operating for 16 years

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

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

  

• •Conservative debt-to-capital1of 17.4% and capital in excess of regulatory requirements in subsidiaries

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

• •Consistent profitability: 19% consolidated LTM Q1/22 ROE1; 5-year average 86% combined ratio1,2in Canada and 30% LTM Q1/22 ROE; increasing profitability from US subsidiary reaching a 14% LTM Q1/22 ROE

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

• •5-year GPW CAGR of 66%2(35%2, 3in Canada, 165%2, 3CAGR in US)

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

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

• •High quality investment portfolio comprised primarily of cash (34%), government bonds (7%), and corporate fixed income(35%)

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

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

• •Strong enterprise risk management infrastructure in place

• •Management team with a diversity of skills, and strong relationships with regulators and distribution partners; senior management directly owns ~6% of shares outstanding

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

Specialty Insurer Targeting Mid-teens ROEs and Growth in Book Value

Note: All figures in C$ million unless otherwise stated.

1This is a supplementary financial measure. Refer to Q1 2022 MD&A, Section 10, Operating Metrics table for its composition. To access MD&A, see Trisura'swebsite or SEDAR atwww.sedar.com.

• 2As of December 31st, 2021.

• 35-year CAGR in Canada, 3-year CAGR in US

Company Overview

Key Performance Metrics

• •Hybrid fronting business that works with distribution partners and cedesmajority of risk to reinsurance markets

• •LTM Q1/22 GPW: $1.1 billion

• •LTM Q1/22 Net Income: $27 million, 14% ROE

• •DBRS Rating: A (Low)

• •A.M. Best Rating: A- (Excellent) Size 9

Note: All figures in C$ million unless otherwise stated.1As at May 6th, 2022

Key Achievements

Share Price Performance1and GPW Growth($ millions)

June - December 2017:Completed spin-off from Brookfield, developed public company infrastructure and US capabilities

May - December 2018:Enhanced corporate governance and risk management functions through dedicated board committees and personnel

December 2018:Finalized internalization of investment function across all three subsidiaries

September 2019:Completed inaugural equity raise of $58 million

November 2019:Closed the acquisition of 21stCentury Preferred Insurance Company, providing access to admitted markets in the US

May 2020:Completed $68 million equity raise and increased capacity on revolving credit facility to $50 million

June - July 2021:Completed $75 million senior unsecured notes offering and executed a four-for-one common share split

January - April 2022:Advanced various Environmental, Social & Governance initiatives, including the implementation of a Sustainability Linked Loan and Responsible Investment Policy, and enhanced related disclosure within the Management Information Circular and Management Discussion and Analysis

Note: All figures in C$ million unless otherwise stated.

• 1Cumulative share price performance measured from close of business December 31st, 2017.

• 2'Current' as at May 6th, 2022.

Strategic Priorities

• •Expand North American insurance market share through enhanced distribution and capacity relationships

• •Build fronting model of scale in US and Canadian markets

  Growth

• •Grow Admitted business and obtain US Treasury listing

• •Evaluate strategic partnerships and inorganic growth

• •Demonstrate the value of specialty focus through strong loss ratio and underwriting margin outperformance

• •Leverage fixed cost base and technology to gain scale, demonstrating sustainable mid-teens ROE

• •Diversify earnings to produce stable returns

• •Maintain and improve ratings and appropriate regulatory capital

• •Synchronize risk management across the platform

• •Optimize capital allocation, reflecting appropriate capitalization for insurance, credit and market risks

• •Enhance yield and increase allocation to alternatives; maintain appropriate risk profile and improve diversification

• •Develop track record of execution, expand shareholder base and distribution partners

• •Strengthen access to capital and enhance ability to fund growth

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Trisura Group Ltd. published this content on 10 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2022 20:22:51 UTC.