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Trisura reports 84.9% combined ratio as US surety expands
The Canadian specialty insurer said its loss ratio improved to 32.8% in Q2, while gross premiums written fell 3.4% to CA$870.3 million as Canadian fronting contracted.
Trisura Group posted an 84.9% combined ratio in the second quarter of 2026, improving from 85.6% a year earlier, as the insurer reported a lower loss ratio of 32.8% versus 33.2%. Insurance Business said the company’s underwriting income rose to CA$30 million for the quarter and net insurance revenue increased to CA$198.4 million.
The publication also cited that operating net income climbed 10.7% year over year to CA$36.8 million. On a year-to-date basis, the combined ratio was 84.5%, essentially flat compared with 84.3% through the first half of 2025.
While the overall result improved, gross premiums written declined 3.4% in the quarter to CA$870.3 million, reflecting contraction in the Canadian fronting segment. Insurance Business said primary lines including surety, corporate insurance, and warranty grew, with primary lines net insurance revenue up 6.6% in Q2 and 8.8% year-to-date, alongside US programs growth supported by a strong prior-year comparison.
The outlet framed the shift as a managed move away from lower-risk fronting fee income toward higher-margin primary underwriting exposure. It also noted the Canadian surety market remains soft, with elevated claims pressure and new capacity entering from players with limited loss history.