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

We had a strong start to the year, extending consistent execution and momentum from 2025, underpinned by quality underwriting and a customer-focused approach. This was our best Q1 operating net earnings in our history, demonstrative of our ability to grow profitably through expansion.

Underwriting performance was robust, with an 84% combined ratio and book value per share growth over 16%, approaching $20 per share. Our evolution continues, writing proportionally more Primary Lines business with attractive durable margins as we expanded both established and de novo segments.

Primary Lines: Surety, Corporate Insurance, and Warranty, remain our foundation, growing 13% in the quarter. Surety grew 14% on a constant currency basis, with success in Canadian contract surety and continued momentum in our US expansion.

We made meaningful progress in our US licensing, receiving approvals in 5 states, including Florida most recently, one of the most active construction and infrastructure markets in the US. We continue to pursue 5 remaining state licenses and expect our expanded footprint to support growth.

Corporate Insurance demonstrated consistent growth and improved profitability despite a softening market, with GPW increasing over 5% and underwriting income nearly doubling, supported by a strong loss ratio and improved operational leverage in our US practice. Progress in US Corporate Insurance follows the approach proven in Surety: expanding in areas we know well and attracting experienced talent, supported by a centralized head office.

We are seeing signs of momentum, with Q1 premiums in US Corporate Insurance exceeding full year 2025. While still early stage, this platform is expected to contribute meaningfully to profitability and scale over time.

Warranty net insurance revenue increased 19%, reflecting the maturation and expansion of existing programs after a strong 2025. US program premium growth of 11% and net insurance revenues growth of 37% were strong, reflecting contributions from existing and new programs, as well as the backdrop of a more supportive reinsurance market.

We achieved an 80% combined ratio, benefiting from consistent performance and continued investment in infrastructure. Our scale, permanent capital, and diversification increasingly position Trisura as a preferred long-term partner for strong, profitability-focused MGAs.

Canadian fronting underwriting income was steady at about $5 million, despite pressure from a softening market. We expect decreased premium this year in Canadian fronting, but remain committed to the line and its potential to contribute to growth and profitability over the long term.

We continue to onboard new partners selectively, building a pipeline that we expect will increasingly support GPW over the coming quarters. Investment income grew 16.5% to $21.2 million in the quarter, driven by ongoing contributions to the portfolio and mitigated by some seasonality and FX impacts.

Defending yield and positioning the portfolio constructively through a period of elevated volatility was a key focus in the quarter. The portfolio remains conservatively positioned, ready to take advantage of market dislocation as attractive opportunities arise.

The completion of our $200 million senior unsecured notes offering in March was a meaningful milestone. It represents our largest capital raise to date and refinanced existing indebtedness, extending our maturity profile and strengthened the balance sheet in preparation for future investment.

This was executed well by the team despite geopolitical volatility. Trisura has scaled meaningfully, and we believe the opportunity ahead is significant.

We remain committed to the pursuit of profitable growth through expansion of our Primary Lines and curation of a diverse, high-quality portfolio of programs and fronted business. Above-average underwriting profitability, combined with enhanced investment income, is expected to drive consistent increases in shareholders' equity.

Expansion into the US builds on two decades of disciplined underwriting. As the platform matures, we expect them to equal or exceed the earnings contribution of their Canadian counterparts.

The significance and profitability of our US Surety platform and earlier momentum realized in US Corporate Insurance this quarter lends credibility to the attractiveness of our geographic expansion. As we navigate the balance of 2025, our operating priorities remain consistent: scaling profitably in Primary Lines, expanding deliberately in the US, and maintaining the discipline that has underpinned our track record.

The structural tailwinds supporting Surety remain intact, and we are confident in our ability to replicate our success in Corporate Insurance. Primary Lines continue to grow at attractive margins, and investment income is adding meaningfully to earnings quality and predictability.

Volatility creates opportunities to demonstrate consistent insurance appetite, invest opportunistically, and strengthen our reputation. With the strongest capital base in our history and a platform that continues to scale, we are optimistic about the years ahead.

With that, I'd like to turn it over to David Scotland for a more detailed review of financial results.

Thanks, David. I'll now provide a walkthrough of financial results for the quarter.

Operating EPS was 78 cents per share for the quarter, up 11%, contributing to strong operating return on equity of 17%, comfortably above our mid-teens target. Gross premiums written was $730 million for the quarter, reflecting continued disciplined growth.

US programs grew by 11% in the quarter, demonstrating continued growth, while Surety delivered strong growth of 13.8% in the quarter. Surety performance reflects ongoing strength in Canada and continued momentum in our US platform, supported by distribution expansion and additional state licensing.

During the quarter, we advanced our US buildout, reaching 45 licensed states in our Treasury-listed entity, with recent additions including Illinois, Pennsylvania, Georgia, Florida, and Washington State. We continue to see strong partner engagement and are progressing towards scale, with Trisura ranked among the top 30 US surety writers.

We expect to support this growth with continued, measured capital deployment into the platform over time. Net insurance revenue, broadly consistent with net premiums earned, was $193 million for the quarter, reflecting solid growth of 12% over the prior year.

This disciplined approach to growth is reflected in strong underwriting performance, with a combined ratio of 84% in the quarter. The loss ratio in the quarter remains solid, within our expectations.

The increase compared to the prior year reflects a particularly strong Q1 2025 in US programs. The expense ratio was consistent with the prior year and within our expectations for the quarter.

Underwriting income increased modestly in the quarter, reflecting business growth, partially offset by a slightly higher loss ratio. Underwriting performance continues to support our mid-teens operating ROE objective.

Net investment income of $21.2 million increased by 16% in the quarter, driven by new cash deployment to the investment portfolio. Our operating effective tax rate was 23% for the quarter, reflecting the composition of taxable income between Canada and the United States.

Overall, operating net income was $37.9 million for the quarter, reflecting consistently profitable underwriting and growing net investment income. Non-operating results in the quarter primarily consisted of favorable movement in the yield curve in the period, partially offset by unrealized losses on the investment portfolio.

Exited lines had an immaterial impact to net income for the quarter. Strong earnings per share contributed to a 2.6% increase in book value for the quarter, resulting in a book value per share of $19.91 at March 31st.

This was partly offset by unrealized losses booked through other comprehensive income on the fixed income portfolio, driven by higher interest rates. Book value has grown at an average rate of 26% over the past 5 years, ending the quarter just under $950 million.

We are well on track to achieve our book value target of $1 billion by the end of 2027. We successfully completed a $200 million senior unsecured notes offering in March, our largest issuance to date and a meaningful step in the evolution of our capital structure.

The issuance was well supported by the market and executed on attractive terms, enhancing financial flexibility while maintaining a conservative debt-to-capital ratio of 17%, well below our target of 25%. The company remains well capitalized, with capacity to meet regulatory requirements and support growth.

As we progress through 2026, our diversified specialty platform, disciplined underwriting approach, and strong capital position, enhanced by our recent debt issuance, provide a solid foundation for continued profitable growth. David, I'll now turn things back over to you.

Thanks, Dave. Operator, we would now take questions.

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Hi, good morning. Dave, can you quantify or maybe talk about the level of US surety written premium this quarter, and put the growth in perspective as of the quarter?

Also, as you talked about, you received 5 new state licenses, and hoping you can kind of just maybe talk or put in perspective what level of premiums we could or should expect over the coming year or few years, and just some context as to what those 5 new states and Florida sounds like, in particular, could mean for the business.

Thanks, Doug. Our mix of business in Surety on a North American basis is pretty consistent with recent quarters, about that 55% Canadian, 45% US split.

That growth over the last year has grown faster in the US than Canada, and we can provide maybe some more detailed comments to that in the coming quarters. If we think about the states that we've brought on, you're right, Florida is a very significant one, although the others are not insignificant as well.

I think our expectation for premium growth through this year is not changing meaningfully. That mid-teens expectation for growth, I think, is still a good anchor for you to think of.

Our confidence in that level and potentially outperforming that level is increasing, although I'd like to see how the businesses perform as we onboard our capabilities in those states. For now, I'd stick with the mid-teens expectation for growth, and as we work through the rest of the year, we'll see how the platform navigates our launches into these states.

Just to follow up on that, is the profitability or the underwriting profit that we see in Surety, is it pretty evenly split between Canada and the US as well?

The combined ratios in both entities, they're very comparable, the profitability is following that similar proportional breakdown.

Okay. Then just second, on the US Corporate Insurance, it sounds like we're at that J-curve point where growth should accelerate quite a bit.

You've done a lot of the hard work, got the license, got the broker relationships, I believe. You can correct me if I'm wrong.

Can you put what the growth could be in perspective and we typically think of when you launch something, it takes 2 to 3, or sorry, 3 to 5 years to kind of reach underwriting profit. You did it faster in Surety.

Maybe you can kind of give context as to what your expectation would be for that US Corporate Insurance business, cuz I do think it's still, and you can correct me if I'm wrong, a bit of a drag on underwriting profit currently.

You're right. On your last point, there is still a drag from our buildout of that US Corporate Insurance business.

That's likely expected for the next couple quarters, although I will acknowledge the underwriting profitability was quite a bit stronger in Corporate Insurance as a whole, partly because that drag has improved somewhat. I would say in total, our Corporate Insurance growth, we still expect as an overall unit to be in that sort of high-single to low-teens level for the year.

Part of that is going to benefit from some onboarding of new growth in that US Corporate Insurance platform. At this stage, it's tough to talk about exactly what that timing is, but I can say the momentum that we saw in Q1 was meaningfully improved over last year.

I think we talked about this in our comments, but the first quarter of this year meaningfully exceeded our full-year 2025 premiums in US Corporate Insurance, so that buildout that you're referencing, that 3- to 5-year buildout for this platform to sort of reach our expectations from a profitability and premium perspective, it's certainly having some good momentum right now, which is the same theme we saw in the buildout of our US Surety platform. Then

just a follow-up, where are you seeing most of the momentum in the US Corporate? Is there a particular region, a particular kind of segment to the market?

It is a little bit regional. It's a little bit dependent on where we get our licenses, where our people are from.

Our base at this stage in the Corporate Insurance market is in the Northeast of the US. Our licenses and our rate filings differ a little bit by state and by product.

There's a little bit of nuance here, Doug, as you're onboarding the practice's infrastructure, where you get your first licenses, and first rateings, and first products filed is obviously where you're getting the most momentum. A little bit of that is concentrated right now in the early areas that we have received that infrastructure.

I expect that will start to spread in the same way that most business does in the US, by population and business concentration. At this stage, there's a little bit of focus and concentration in that Northeast area.

I expect that starts to balance as we add both people and season some of the licenses and filings that we've navigated.

Appreciate the color. Thank you.

Morning. Just one question, actually.

Dave, just when we look at the MGA industry, it's grown materially, I guess, in response to the hard market conditions over 6, 8 years. As the buzz around softer environment is coming into play, what do you think happens to the MGA industry?

Is there a compression that we should expect? I guess, two, when you look at your partners in the MGA world, how comfortable are you with rate adequacy?

Do you have to step up your audit functions? I'm just trying to get an idea if anything is going to change with the coming softer markets.

Thanks, Stephen. On your first point, I would say as a general rule, the MGA community, the market, is made up of a very entrepreneurial group of professionals, and I would say that the caliber and quality of the talent and professionals in this space over the last 5 to 10 years has meaningfully stepped up.

I think this industry, despite following similar cycles to the broader insurance industry, is in a more significant position on a relative basis than it has been historically. We generally, as a Trisura entity, partner with groups we feel have specialized underwriting or distribution expertise, and certainly there's going to be marginal impacts from cycle trends around the edges.

We really are trying to focus on groups we think have a differentiated approach to either underwriting or distribution. Most of our groups are very substantial and significant players in the markets that they navigate.

I think it's fair to say this industry in this space is expected, at least on our end, to continue some growth. That rate of growth is probably different than it has been over the last couple years, but we've got a lot of confidence in the quality of the partners that we're working with and the ability of this industry to continue navigating now that it's stepped up its overall proportion.

On your underwriting question, I think we've been fairly demonstrative in our focus on underwriting quality and sustainability of loss ratios. I don't think I would highlight anything different today than the actions that we've consistently taken over the last few years in monitoring and requiring strong underwriting performance from our partners.

I think the nuances that you're talking about at high level differ very significantly, line by line. The patterns and, let's say, underwriting trends from a pricing perspective are very different in property than casualty today.

It really depends on which part of the market, which part of the country, which business lines you're writing, and we've very much focused in a detailed way on all of those differences.

That's all I had. Thanks very much.

Great, thanks, and good morning, everyone. Wanted to start with the $200 million senior unsecured notes offering.

Congrats on getting that done, and maybe you could just highlight for us what does that do for the business in terms of deploying it, and then a reminder on the capital structure, you'll be at 17% leverage, or you are at 17% leverage. What are you guys targeting kind of over time?

Thanks.

Thanks, Bart. This was actually a great milestone for us.

This is our largest capital raise in our history. It was our first index-eligible bond, a very strong offering navigated by the team.

First and foremost, I think, is a marker of how far we've come as a company, how much more significant the vehicle is in its capital-raising capabilities. I do thank you for noting that.

This is a nice de-risking for us of future growth opportunities, and the biggest use, or most immediate use, for this will obviously be continued investment in our US Treasury-listed platform. As we've seen these licenses continue to come on board, the trajectory and the premium expectations for that US Surety platform continue to grow, the expectation and the need for more capital in that vehicle also continues to grow.

We've now effectively de-risked and internally funded, I'll say now going forward, the capital for that platform. We are still pretty conservatively leveraged.

As you note, 17% is about our debt-to-capital right now. We've got appetite to take that up to about 25% in the fullness of time, still some, I'll say, conservative posture on the leverage side as we look at, I think, prudently building out the platform.

Great. Thanks.

Then on the Canadian fronting, the premiums slowed down there, and you had called kind of for the expectation this year to premiums declining. Could you maybe just unpack a bit more, what are you guys seeing on the competitive front?

Is it new entrants? Is it accelerating?

Are people writing silly policies? Just help us understand what's driving that Canadian fronting industry dynamic.

It's less so new entrants in this market or different models, companies adopting our approach. It's more so traditional players jumping back into the market in a significant way, and that would include players like Lloyd's and traditional P&C players coming back into the market in a real way.

Our focus is always on profitability, on appropriate underwriting, and we and our partners, as we see that both rate softening and increased competition, see opportunities to I think allow that business to price itself out of our appetite. I don't think there's any real change here in terms of the types of people that are participating in the market.

There's just more appetite in that market to write business more aggressively than we've seen in years past. I will say we still have a relatively healthy pipeline, and as recently as last couple months, are onboarding new relationships in this space.

There's still, I think, appetite and avenue to continue growing this business. We're just setting out sort of pragmatic expectation that in what we're seeing right now, it's likely that fronting premium is a bit lower than 2025 this year.

Great. Thanks for taking the questions, Dave.

Thanks. Jumped on the call late here, sorry if this question was asked, but in US programs, maybe just the outlook there.

Some of the stamping data as of April slowed a little bit. Maybe you can talk about outlook for growth in both the existing programs, have got some new partners, and you're growing more in the admitted market as well.

How is that profitability in with respect to that, and what are the plans there? Thanks.

Thanks, Tom. Maybe I'll take a few of these out of order.

You did highlight some of the admitted growth in the platform. Several of the new programs that we onboarded last year actually were in that admitted space, and so we are seeing some of our highest premium production out of the admitted programs proportionally this quarter.

It is nice to see that platform expand. It is worth noting for people on the call that our platform does span both E&S and admitted programs, and increasingly we've got a more proportionate mix between those two.

The growth outlook for this platform, I think we talked about it at the beginning of the year being kind of mid-to-high single digits for the full year. On a constant currency basis, we were above that this quarter, I think there's some indication here that the accommodative or more, let's say, positive tone in the reinsurance market is driving a few more opportunities for us.

I think it's obviously a much larger platform than a few years ago, the platform scale is a bit more significant. Those percentage growth rates are a bit less than they've been historically, but still a great outlook for this business and one we're quite excited about.

I think what people often don't understand about our business is that in insurance space, often people assume that a hard or soft market is inherently positive or negative. One, because our business is much more specialty focused than most, we navigate these markets a bit differently.

Two, because we're a fairly large purchaser of reinsurance, as reinsurance markets get more accommodative, that can be a positive nuance for us, and that's what you're seeing a little bit in that US program space. The outlook remains pretty consistent.

I think a great start to the year, and most importantly in this platform, a very, very strong combined ratio right alongside our expectations. I think you'll continue to see that type of trajectory for the business for the next few quarters.

Retention was different in the quarter than I think your 10 to 15 guide. Was that addressed in an earlier question?

Maybe you can just flush that out. Sorry.

No, it wasn't, Tom, it's a good question. There's a bit of nuance quarter-to-quarter in retention that can be impacted by the timing of reinsurance purchases, which, as can reduce or impact net premiums earned levels.

What you're seeing this quarter, there's no real change from an average quota share percentage retention, but some nuances on the calculation of that figure. I think there's probably an opportunity for us to talk about this on a trailing 12-month average going forward, which will be a lot more consistent for people rather than quarter-to-quarter.

No signal for you to take out of a lower retention this quarter, just really nuances in timing of some of the tactical reinsurance purchases.

Thanks.

Thank you very much, Operator, and thank you to everyone for joining today. As always, if you have any further questions, don't hesitate to reach out, and we look forward to talking to you all soon.