Trisura Group Ltd.

Good morning. Welcome to Tricera Group Limited's fourth quarter 2025 earnings conference call. On the call today are David Clare, Chief Executive Officer, and David Scotland, Chief Financial Officer. David Clare will begin by providing a business and strategic update, followed by David Scotland, who will discuss financial results for the period. Following formal comments, lines will be open for analyst questions. I'd like to remind participants that in today's comments, including in responding to questions and in discussing new initiatives related to financial and operating performance, forward-looking statements may be made, including forward-looking statements within the meaning of the applicable Canadian and U.S. securities law. These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risk and future events and results may differ materially from such statements. For further information on these risks and their potential impacts, please see Trishara's filings with the securities regulators. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. Thank you. I'll now turn the call over to David Clare.

Thank you, operator. Good morning, everyone, and welcome.

2026 marks 20 years since Trishura began operations. Over the past two decades, the company has experienced transformational growth while remaining committed to quality underwriting and a customer-focused culture. In 2025, we made significant progress towards our objective of becoming a leading North American specialty insurer as we delivered strong profitability, underpinned by an 85% combined ratio, expanded our footprint across North America, and continued to shift our earnings mix towards primary lines with attractive and durable margins. Consistent execution and compounding of book value per share, which grew 18%, reinforces the confidence we have in our strategy and ability to create value for our partners and shareholders. Primary lines, surety, warranty, and corporate insurance remain the foundation of our business, growing net insurance revenue 20% in 2025. Surety was a standout, growing premium 36%, with continued success in our U.S. expansion and strength in Canada. In the U.S., momentum with distribution partners and expanded licensing drove growth, with Trishura ranking among the top 30 surety riders by Q3 2020. Early results highlight our team's strong relationships and disciplined underwriting, supporting the significant opportunity ahead. Warranty grew 17%, driven by deeper relationships with existing partners and improving auto purchasing activity. Corporate insurance grew premium and delivered a strong 31% loss ratio in a balancing market, demonstrating a focus on profitability and underwriting expertise despite shifting market conditions. Continued investment in U.S. corporate insurance follows the approach proven out in surety. expanding the areas we know well and attracting experienced talent, while relying on established infrastructure and best practices. While still in early stages, this platform is expected to contribute meaningfully to profitability and scale over time.