AM Best Affirms Credit Ratings of Trisura Group Ltd. Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--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 the operating subsidiaries of Trisura Group Ltd. (TGL) [TSX: TSU] (Toronto, Ontario, Canada). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of all companies and their ratings.)

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 rating affirmations recognize TGL’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which continues to support business growth across Canada and the United States. TGL continues to demonstrate strong capital growth supported by underwriting and investment profits, while maintaining strong financial flexibility through access to the capital markets. The group’s financial leverage was 17.3% at the end of first quarter of 2026, which is below the company’s stated long-term target of approximately 25%. Additionally, interest coverage is considered strong. Reserve development trends show favorable development on a consolidated basis, partially offset by some adverse development in the United States, albeit moderating in recent years.

The rating affirmations are supported further by stable profitability in its Canadian and U.S. operations, which continue to deliver strong underwriting performance and operating earnings. In the United States, TGL is focused on expanding its surety platform and expects stable earnings growth, supported by ongoing portfolio optimization in its U.S. program business and a disciplined approach to reserving.

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been affirmed with stable outlooks for the following subsidiaries of Trisura Group Ltd.:

• Trisura Specialty Insurance Company
• Trisura Insurance Company
• Bricktown Specialty Insurance Company
• Trisura Guarantee Insurance Company
• First Founders Assurance Company

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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