Trisura Group (TSU-T)

(Note the short timeframe.)
Keeps delivering. Great management. Good organic growth rate. Focused on profitable growth. Very attractive multiple. Specialty insurer, with a high ROE.

EPS of 68c missed estimates of 67c; Insurance revenue was $807.6M. Revenue rose 10.5%. ROE was 18.6%, higher than estimates (18.5%). Book value rose to $15.64 from $12.58. Debt to capital 11.6%, better than estimates (11.7%). The company noted strength in Trisura Specialty  and growing earnings from US programs, as well as higher net investment income. The stock is down on the 'miss', but all in we would consider the quarter OK. The stock is still up 20% YTD.
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1-2 year performance has been very good. Specialized insurance can be very profitable. Capital appreciation very good - not paying dividends. However, volatility can be hard for some investors. Would recommend for long term investors (can be volatile). 

Highly profitable with one of the highest combined ratios in Canada, and are very profitable in the U.S. Expects them to keep generating returns in the high-teens. Can keep growing for years to come. Trades at an attractive multiple. Could be taken out in the insurance space.

EPS of 65c matched estimates; Revenue of $772M was nicely ahead of estimates. Operating ROE was 19.6% vs 19% expected. Sales rose 16%. Net investment income rose 42%. Book value increased 26.3% to $14.56. Operating ratio was 87.5%. Scotia raised its priced target from $62 to $63. We would consider the results good. 
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Doesn't know much about the business, and doesn't have a target price. Other names in the financial sector that have more opportunity. Is a quality company - just hasn't investigated lately. Historically a high multiple. 

It's floating between 2x and 4x book value, now heading lower. He'd heavily buy at $35. Shares now are okay. He targets $60.

All reinsurance in property & casualty business. Really expensive in Canada. IFC is the monster, DFY is a newer entrant. He owns none of them. Likes the business, but valuation is too high.

Specialty insurance company with large US book. Volatile stock, but will continue to hold shares. Well run company. High growth company. Insurance lines can product write downs, but management teams learning from mistakes. Expecting growth multiple to grow. Expecting all time stock highs going forward. 

It is a specialty insurance company and the numbers have been good. He has a couple of others. in the sector.

It is a high quality specialty insurance company. He didn't buy because he felt like he missed the buying opportunity. You could get exposure now - it is well managed and the numbers are good.

EPS of $0.31 missed expectations of $0.4229 and revenues of $769.94M beat estimates of $758.69M. Insurance revenue grew by 32.7% in the quarter, reflecting sustained momentum across North America. Its operating net income was up 50.2%, driven by profitable growth in Canada and core operations in the US. Its net income was impacted by the run-off of a US program and unrealized losses in the investment portfolio, partially offset by one-time benefits in the primary lines business. Its net investment income grew substantially, due to higher risk-adjusted yields and an increased size of the investment portfolio. Its operating ROE of 20.2% exceeded its target, demonstrating the strength of its core operations. Its EPS estimates jump from FY2023 to FY2024 on a GAAP basis, however, non-GAAP, this EPS estimate goes from $2.40 to $2.64. Its balance sheet expanded, it has been issuing less shares than in previous quarters, and shares increased following results, indicating that investors are largely pleased with the results. 

Its write-downs are still looming, but its core operations have shown strength and we think it begins to demonstrate its ability to execute and grow in future quarters.
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Has followed business for a long term. Small cap insurance provider that has lots of room for growth. Massive growth the past few years. Taking lessons learned in Canada into the US market. Current share price a great place to buy. Problems from the past year being fixed very quickly. Higher interest rates not presenting problem for the company with cash flow. 

Great business, unique. Very profitable, very high ROE and growth. Growing pains include needing more capital. Hiccup spooked investors. Will take a few more quarters to soothe the market that no skeletons remain. Pretty good value here.

It was spun out from Brookfield and has good management. He likes it but doesn't own based on valuation.