Trisura Group

The business

Trisura is a specialty insurance holding company operating in surety, warranty, corporate insurance, and — most notably — program/fronting business, where it partners with MGAs and reinsurers in the US and Canada.

It earns fronting fees and specialty underwriting margins rather than taking large balance-sheet risk on program business.

Most recently reported Q1 2026 revenue was C$804.85M (+1.1% YoY) with net income of C$37.4M and EPS of C$0.77 (+28% YoY); TTM EPS reached C$3.10.

The moat

Trisura's fronting/program platform is a capital-efficient, fee-oriented niche with relatively few scaled North American players, creating a specialized position.

Deep expertise in surety and warranty underwriting supports pricing discipline in lines larger insurers underweight.

As a nimble specialist it can grow book value quickly, though its moat is narrow and reputational — dependent on program partner and reinsurer relationships.

Financial snapshot

Most recent reported period : Q1 FY2026 (ended March 31, 2026); Q2 not yet reported as of Aug 4, 2026. Figures reflect the review date — confirm current numbers before acting.

Free cash flow yield & sustainable growth

Earnings yield : ≈7.4%P/E of 13.4 on TTM EPS of C$3.10 at C$42.28 → earnings yield ≈ 1/13.4 ≈ 7.4%

Growth is driven by expansion of US program/fronting fee income plus specialty underwriting; TTM EPS grew ~35% YoY.

Capital-efficient fronting lets Trisura scale premiums without proportionate balance-sheet strain, supporting rapid book-value compounding when underwriting stays clean.

See the full earnings-yield ranking →

Valuation & what to watch

At C$42.28 (Aug 4, 2026) TSU trades at just ~13.4x trailing earnings — the lowest multiple here and a ~7.4% earnings yield — reflecting both its small-cap risk profile and strong recent EPS growth (+35% TTM).

Analysts carry a Buy consensus with an average target near C$57, implying material upside if execution holds; the low multiple offers the most margin of safety in this cohort, at the cost of higher business risk.

Dividend

No dividend; earnings are retained to fund growth of the specialty and fronting platform.

Risks & the bear case

• Program/fronting exposes Trisura to reinsurance credit risk and reserve strengthening — it previously took a US program reserve charge, underscoring the model's fragility if a partner or reinsurer falters.
• Small-cap liquidity, concentration in a specialized niche, and reliance on MGA/reinsurer relationships amplify volatility.
• No dividend means returns depend entirely on book-value growth and multiple re-rating.

Recent developments

Reported Q1 2026 net income of C$37.4M and EPS of C$0.77, up ~28% YoY; TTM EPS reached C$3.10, up ~35%.

Trades near C$42 with an analyst consensus target around C$57, implying substantial upside if growth is sustained; Q2 2026 not yet reported as of Aug 4, 2026.

Verdict

Trisura is the deep-value, higher-risk name here: a capital-efficient specialty/fronting model growing earnings ~35% yet priced at only ~13x — the cheapest multiple and highest earnings yield in the group, with the widest analyst upside. The catch is that fronting carries real reinsurance-credit and reserve risk (Trisura has been burned before), and small-cap illiquidity magnifies swings. No dividend means the thesis is pure book-value compounding and re-rating. Appropriate only for investors who understand the fronting model and can stomach concentration and volatility. (CoinCompass is a publisher, not an adviser.)