AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of Trisura Specialty Insurance Company (TSIC), Trisura Insurance Company (TIC), Bricktown Specialty Insurance Company (BSIC) and Trisura Guarantee Insurance Company (TGIC). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of First Founders Assurance Company (FFAC) (Chester, NJ). The aforementioned companies are subsidiaries of Trisura Group Ltd. (TGL) [TSX: TSU] (Toronto, Ontario, Canada), a non-operating holding company. TSIC, TIC, and BSIC are domiciled in Oklahoma City, OK, while TGIC is domiciled in Toronto, Ontario, Canada. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect TGL’s overall balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings acknowledge improvement in TGL’s overall balance sheet strength assessment, supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Additionally, the group’s capital base has grown significantly over the recent five-year period, driven by several public capital raises and very strong earnings growth, which more than tripled in the recent three-year period. This growth in equity has supported the group’s overall growth and its expansion into the admitted U.S. market. While underwriting leverage was previously elevated due to an accelerated growth period, recent moderation in premium growth, combined with capital expansion, has resulted in leverage metrics that closely align with industry norms. Financial flexibility is strong with moderate levels of debt and very strong interest coverage.

TGL’s operating performance benefits from the diversification in its earnings from fronting fee income, underwriting income and investment income and its business profile recognizes the diversification afforded by its diversified North American footprint, providing specialty insurance in the surety, warranty, corporate insurance, program and fronting business lines.

The ratings of FFAC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.

The ratings acknowledge the significant capital and operational support FFAC receives from TGL and its strategic importance to TGL’s U.S. surety operations. In the second quarter of 2024, TGL contributed approximately USD $55 million of capital to FFAC. Furthermore, TGL seeks to continue to expand FFAC’s licensing to all 50 states.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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