Welcome to our dedicated page for Conifer Holdings news (Ticker: CNFR), a resource for investors and traders seeking the latest updates and insights on Conifer Holdings stock.
Conifer Holdings, Inc. (NASDAQ: CNFR) is a specialty insurer providing tailored property and casualty solutions for niche markets, including hospitality businesses. This page aggregates official news and press releases to help stakeholders track the company’s strategic initiatives and market developments.
Investors and industry professionals will find timely updates on earnings reports, operational changes, and regulatory compliance efforts. Content focuses on Conifer’s core segments—commercial lines, personal insurance, and wholesale agency operations—with insights into its dual admitted and excess & surplus (E&S) capabilities.
Key updates on Conifer’s financial strategy, including its shift toward non-risk-bearing revenue streams, are prioritized to reflect evolving business priorities. All materials adhere to factual reporting standards, ensuring transparency for both expert analysts and general readers.
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Conifer Holdings (CNFR) reported significant changes in 2024, marked by the sale of its insurance agency operations in August for a $61 million gain. The company posted net income of $23.5 million for the full year 2024, despite a Q4 net loss of $25.4 million.
Total Gross Written Premium declined 50% year-over-year, with Q4 premiums dropping 43.9% to $13.7 million. This decline reflects the company's strategic shift away from commercial lines following the agency sale. However, Personal Lines business showed strong growth, increasing 10.6% in Q4 and 23.4% for the full year, now representing 77% of total gross written premium.
The company's net investment income grew 5.8% to $5.8 million for 2024. Book value per share stood at $1.76 as of December 31, 2024. The company focuses primarily on homeowner's insurance in Texas and the Midwest markets.
Conifer Holdings (CNFR) reported third quarter 2024 results, highlighting a $61 million gain from the sale of its insurance agency operations to Bishop Street Underwriters, completed in August 2024. The company reported net income of $53.3 million but faced an adjusted operating loss of $7.4 million. Total Gross Written Premium declined 61% due to the company's shift away from commercial lines business. Personal lines premium grew 10% to $11 million, representing 73% of total gross written premium. The company expects future focus on select personal lines, particularly Texas and Midwest homeowners insurance, with commercial lines projected to represent 10% or less of written premiums going forward.
Conifer Holdings (Nasdaq: CNFR) has announced significant changes to its business structure and leadership. The company has sold its insurance agency operations for $45 million, with potential additional earn-out payments of up to $25 million based on future performance. Conifer also divested its remaining interest in Sycamore Specialty Underwriters for $6.5 million.
As a result of these transactions, Conifer no longer has any insurance agency operations and expects a significant decline in revenue. In conjunction with these changes, Nick Petcoff has resigned as CEO and director, joining the purchaser of the sold operations. The Board has appointed Brian Roney, previously Conifer's President, as the new Chief Executive Officer.
Conifer Holdings (Nasdaq: CNFR) reported Q2 2024 financial results, highlighting a strategic shift towards a non-risk bearing revenue model. Key points include:
- Expense ratio improved 5.8 percentage points to 32.1%
- Net investment income increased 11.2% to $1.5 million
- Gross written premiums decreased 57.5% to $19.0 million
- Net loss of $4.0 million, or $0.32 per share
- Adjusted operating loss of $3.6 million, or $0.30 per share
The company is transitioning to a production-based revenue approach through its MGA, Conifer Insurance Services. This strategic move aims to optimize resources and focus on commission revenues. Personal lines gross written premium increased 23.0% to $12.2 million, driven by growth in low-value dwelling business.
Conifer Holdings, Inc. (Nasdaq: CNFR) has announced a conference call and webcast scheduled for August 14, 2024, at 8:30am Eastern Time to discuss their second quarter 2024 financial results. The company plans to release these results after market close on August 13, 2024. Investors, analysts, employees, and the public are invited to participate via webcast or conference call. The webcast will be archived for later viewing on Conifer's investor relations website. Participants are advised to refer to Conifer's audited consolidated financial statements and related notes in their annual form 10-K, filed with the SEC on April 1, 2024, for additional context.
Conifer Holdings (CNFR) announced its 2024 Q1 financial results, showcasing a strategic shift towards non-risk bearing revenue models. The combined ratio improved to 96.7%, down 2.8 percentage points from Q1 2023. The expense ratio dropped to 34.7%, contributing to a net investment income rise of 18.7% to $1.6 million. Despite a gross written premium decrease of 32.9% to $24.3 million, net income for common shareholders reached $74,000, or $0.01 per share. The company's commercial lines saw a significant premium decline of 56%, while personal lines grew by 59.6%.
Conifer Holdings, Inc. (Nasdaq: CNFR) will host a conference call/webcast on May 15, 2024, to discuss financial results for the first quarter ended March 31, 2024. The Company plans to release its first-quarter financial results on May 14, 2024. Investors, analysts, employees, and the public can listen to the conference call via webcast or phone.
