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Conifer Holdings, Inc. (CNFR) is a specialized insurance company based in Michigan. The company provides customized insurance products primarily for regional industry groups which are often underserved by larger national and international insurance firms. Conifer’s core expertise lies in the hospitality sector, offering comprehensive coverage to restaurants, bars, and taverns. The company's approach is supported by knowledgeable management, dedicated underwriting, and efficient claims handling.
Conifer Holdings operates through three primary segments: Commercial Lines, Personal Lines, and Wholesale Agency Business. The Commercial and Personal Lines segments are considered underwriting businesses, providing various property and casualty insurance products. The Wholesale Agency Business, on the other hand, generates non-risk bearing revenue through commissions and policy fees.
The company offers both admitted and excess & surplus lines capabilities, which vary by state, allowing for a flexible approach to meet diverse insurance needs. Conifer’s revenue is derived from the premiums earned through its insurance operations.
Recent Achievements and Financial Performance:
- For the third quarter ended September 30, 2023, Conifer reported a combined ratio of 120.8%. Excluding storm losses, the accident year combined ratio was 95.3%.
- In the first quarter of 2024, gross written premiums decreased to $24.3 million, reflecting a strategic decision to focus on non-risk bearing revenue.
- The combined ratio improved to 96.7% for the first quarter of 2024, highlighting effective risk mitigation strategies and a commitment to profitability.
Conifer Holdings continues to demonstrate strong financial discipline, with ongoing improvements in their expense ratio, which was 34.7% for the first quarter of 2024, below the company's near-term target of 35%. Adjusted operating income was reported at $188,000, or $0.02 per share, for the same period.
The company regularly hosts conference calls to discuss its financial performance and operational review, with the next scheduled call on April 5, 2024.
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.
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