Trisura Group Ltd. Announces $135 Million Bought Deal Public Offering of Common Shares to Support Continued Organic Growth

Not for distribution to U.S. news wire services or dissemination in the United States. Consistent execution of growth strategies in Canada and U.S. generating strong organic growth Growth exceeded plan in Q2 with U.S. gross premiums written expected to be $425M - $450M (>90% growth from Q2 2021) TORONTO, July 07, 2022 (GLOBE NEWSWIRE) -- Trisura Group Ltd. ("Trisura", or the "Company") (TSX:TSU ), a leading specialty insurance company, announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Cormark Securities Inc. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to buy, on bought deal public offering basis, 4,070,000 common shares (the "Common Shares") of the Company, at a price of $33.25 per Common Share (the "Offering Price") for gross proceeds of approximately $135 million (the "Offering"). "Our business continues to perform well and Q2 results exhibit particularly strong growth," said David Clare, President and CEO. "The significant and consistent growth is expected to support profitability over the long term, particularly in our U.S. fee-based business. Additional capital will position Trisura to support the premium base that has already been generated, and to pursue new avenues of growth." The Company intends to use the net proceeds of the Offering for general corporate purposes including, but not limited to, supporting growth of the platform in both Canada and the U.S. Growth exceeded plan in the second quarter, with gross premium written expected to be $600 - $635 million, $425 - $450 million of which relates to U.S. fronting, up from $364 million and $221 million in Q2 2021, respectively. Growth in the U.S. has been driven by maturation of existing programs and supplemented by new program additions. The Company has granted the Underwriters an option (the "Over-Allotment Option"), exercisable in whole or in part at any time up to 30 days following the closing of the Offering, to purchase up to an additional 15% of the Common Shares at the Offering Price to cover over-allotments, if any. The Common Shares to be issued under the Offering will be offered by way of a prospectus supplement to be filed in each of the provinces and territories of Canada, and may be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and ... Full story available on