Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a
leading specialty insurance provider, announces details regarding
timing of first quarter 2023 results release and earnings
conference call and provides an update on the US run-off program
and first quarter results.
First Quarter 2023 Results Release and
Earnings Conference Call
Trisura will release its first quarter 2023
results after the market closes on Thursday, May 11th, 2023. The
company will host a conference call for analysts and investors on
Friday, May 12th, 2023 at 9:00 a.m. ET. Conference call
participants will be David Clare, President and Chief Executive
Officer and David Scotland, Chief Financial Officer.
To listen to the call via live audio webcast,
please follow the link
below:https://edge.media-server.com/mmc/p/strobz89
A replay of the call will be available through
the link above.
Update on Run-Off Program
As previously disclosed, we anticipate one-time
impacts from the run-off of a US program through 2023. The company
estimates a negative after-tax net income impact of this run-off in
the first-half of 2023 in the range of $5 – $9 million.
- A negative estimated after-tax
impact to net income in the range of $11 - $13 million for the
first quarter of 2023, driven by costs of protection, other run-off
costs and mitigated by earned premium on the program.
- A positive estimated after-tax
impact to net income in the range of $4 - $6 million for the second
quarter of 2023, driven by earned premium on the program and
mitigated by run-off costs and costs of protection.
The company intends to provide an estimate of
the second-half 2023 impact of the run-off in advance of third
quarter reporting.
First Quarter Results
In the context of a shift to IFRS 17 reporting,
we will include an Operating Earnings Per Share(1) metric which
reflects the core operations of the business. This metric will
exclude the impact of the run-off, amongst other items which
introduce volatility as a result of new reporting standards.
Operating Earnings Per Share is the metric most comparable to
analyst’s consensus Earnings Per Share.
In Q1 2023 we expect Operating Earnings Per
Share will be in the range of $0.57 - $0.62. As a result of IFRS 17
we expect a positive adjustment to shareholders’ equity as at
December 31, 2022 of approximately $10 million.
(1) Operating earnings per share is a non-IFRS
ratio. See MD&A 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.
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.
About Trisura Group
Trisura Group Ltd. is a specialty insurance
provider operating in the surety, risk solutions, corporate
insurance, fronting and reinsurance segments of the market. Trisura
has investments in wholly owned subsidiaries through which it
conducts insurance and reinsurance operations. Those operations are
primarily in Canada (“Trisura Canada”) and the United States
(“Trisura US”). Trisura Group Ltd. is listed on the Toronto Stock
Exchange under the symbol “TSU”.
Further information is available at
http://www.trisura.com. Important information may be disseminated
exclusively via the website; investors should consult the site to
access this information. Details regarding the operations of
Trisura Group Ltd. are also set forth in regulatory filings. A copy
of the filings may be obtained on Trisura Group’s SEDAR profile at
www.sedar.com.
For more information, please contact: Name:
Bryan SinclairTel: 416 607 2135 Email:
bryan.sinclair@trisura.com
Cautionary Statement Regarding Forward-Looking
Statements and Information
Note: This news release contains
“forward-looking information” within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of applicable Canadian securities regulations.
Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions,
include statements regarding the operations, business, financial
condition, expected financial results, performance, prospects,
opportunities, priorities, targets, goals, ongoing objectives,
strategies and outlook of the Company and its subsidiaries, as well
as the outlook for North American and international economies for
the current fiscal year and subsequent periods, and include words
such as “expects,” “likely,” “anticipates,” “plans,” “believes,”
“estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”
or negative versions thereof and other similar expressions, or
future or conditional verbs such as “may,” “will,” “should,”
“would” and “could”.
Although we believe that our anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause the actual results, performance or achievements of our
Company to differ materially from anticipated future results,
performance or achievement expressed or implied by such
forward-looking statements and information.
Factors that could cause actual results to
differ materially from those contemplated or implied by
forward-looking statements include, but are not limited to: the
impact or unanticipated impact of general economic, political and
market factors in the countries in which we do business; the
behaviour of financial markets, including fluctuations in interest
and foreign exchange rates; global equity and capital markets and
the availability of equity and debt financing and refinancing
within these markets; insurance risks including pricing risk,
concentration risk and exposure to large losses, and risks
associated with estimates of loss reserves; strategic actions
including dispositions; the ability to complete and effectively
integrate acquisitions into existing operations and the ability to
attain expected benefits; changes in accounting policies and
methods used to report financial condition (including uncertainties
associated with critical accounting assumptions and estimates); the
ability to appropriately manage human capital; the effect of
applying future accounting changes; business competition;
operational and reputational risks; technological change; changes
in government regulation and legislation within the countries in
which we operate; governmental investigations; litigation; changes
in tax laws; changes in capital requirements; changes in
reinsurance arrangements and availability and cost of reinsurance;
ability to collect amounts owed; catastrophic events, such as
earthquakes, hurricanes or pandemics; developments related to
COVID-19, including the impact of COVID-19 on the economy and
global financial markets; the possible impact of international
conflicts and other developments including terrorist acts and
cyberterrorism; risks associated with reliance on distribution
partners, capacity providers and program administrators; third
party risks; risk that models used to manage the business do not
function as expected; climate change risk; risk of economic
downturn; risk of inflation and other risks and factors detailed
from time to time in our documents filed with securities regulators
in Canada.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. When
relying on our forward-looking statements, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Except as required by law, the
Company undertakes no obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
that may be as a result of new information, future events or
otherwise.
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