AM Best Affirms Credit Ratings of Trisura Group Ltd. Subsidiaries
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.
