Conifer Holdings Reports 2024 Fourth Quarter and Year End Financial Results
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) ha riportato cambiamenti significativi nel 2024, caratterizzati dalla vendita delle sue operazioni di agenzia assicurativa in agosto, con un guadagno di 61 milioni di dollari. L'azienda ha registrato un reddito netto di 23,5 milioni di dollari per l'intero anno 2024, nonostante una perdita netta di 25,4 milioni di dollari nel quarto trimestre.
Il Premio Lordo Scritto totale è diminuito del 50% rispetto all'anno precedente, con i premi del quarto trimestre che sono scesi del 43,9% a 13,7 milioni di dollari. Questa diminuzione riflette il cambiamento strategico dell'azienda lontano dalle linee commerciali a seguito della vendita dell'agenzia. Tuttavia, il business delle Linee Personali ha mostrato una forte crescita, aumentando del 10,6% nel quarto trimestre e del 23,4% per l'intero anno, rappresentando ora il 77% del premio lordo scritto totale.
Il reddito netto da investimenti dell'azienda è cresciuto del 5,8% a 5,8 milioni di dollari per il 2024. Il valore contabile per azione era di 1,76 dollari al 31 dicembre 2024. L'azienda si concentra principalmente sull'assicurazione per la casa in Texas e nei mercati del Midwest.
Conifer Holdings (CNFR) reportó cambios significativos en 2024, marcados por la venta de sus operaciones de agencia de seguros en agosto, con una ganancia de 61 millones de dólares. La compañía publicó un ingreso neto de 23.5 millones de dólares para todo el año 2024, a pesar de una pérdida neta de 25.4 millones de dólares en el cuarto trimestre.
El Prima Bruta Escrita total disminuyó un 50% interanual, con las primas del cuarto trimestre cayendo un 43.9% a 13.7 millones de dólares. Esta disminución refleja el cambio estratégico de la compañía alejándose de las líneas comerciales tras la venta de la agencia. Sin embargo, el negocio de Lineas Personales mostró un fuerte crecimiento, aumentando un 10.6% en el cuarto trimestre y un 23.4% para el año completo, representando ahora el 77% del total de primas brutas escritas.
El ingreso neto por inversiones de la compañía creció un 5.8% a 5.8 millones de dólares para 2024. El valor contable por acción se situó en 1.76 dólares al 31 de diciembre de 2024. La compañía se centra principalmente en el seguro de hogar en Texas y los mercados del Medio Oeste.
Conifer Holdings (CNFR)는 2024년에 중요한 변화를 보고했으며, 8월에 보험 대행사 운영을 6,100만 달러에 매각한 것이 특징입니다. 이 회사는 2024년 전체에 대해 2,350만 달러의 순이익을 기록했지만, 4분기에는 2,540만 달러의 순손실을 보였습니다.
총 총 보험료는 전년 대비 50% 감소했으며, 4분기 보험료는 43.9% 감소하여 1,370만 달러에 달했습니다. 이러한 감소는 대행사 매각 이후 상업 라인에서의 전략적 전환을 반영합니다. 그러나 개인 보험 사업은 강력한 성장을 보여주었으며, 4분기에는 10.6%, 연간으로는 23.4% 증가하여 현재 총 보험료의 77%를 차지하고 있습니다.
회사의 순 투자 수익은 2024년에 5.8% 증가하여 580만 달러에 달했습니다. 2024년 12월 31일 기준 주당 장부 가치는 1.76달러였습니다. 이 회사는 주로 텍사스와 중서부 시장에서 주택 보험에 집중하고 있습니다.
Conifer Holdings (CNFR) a rapporté des changements significatifs en 2024, marqués par la vente de ses opérations d'agence d'assurance en août pour un gain de 61 millions de dollars. L'entreprise a affiché un revenu net de 23,5 millions de dollars pour l'année entière 2024, malgré une perte nette de 25,4 millions de dollars au quatrième trimestre.
Le Montant Brut Écrit total a diminué de 50% d'une année sur l'autre, avec des primes du quatrième trimestre chutant de 43,9% à 13,7 millions de dollars. Ce déclin reflète le changement stratégique de l'entreprise loin des lignes commerciales suite à la vente de l'agence. Cependant, l'activité des Lignes Personnelles a montré une forte croissance, augmentant de 10,6% au quatrième trimestre et de 23,4% pour l'année entière, représentant désormais 77% du total des primes brutes écrites.
Le revenu net d'investissement de l'entreprise a augmenté de 5,8% pour atteindre 5,8 millions de dollars en 2024. La valeur comptable par action était de 1,76 dollar au 31 décembre 2024. L'entreprise se concentre principalement sur l'assurance habitation au Texas et sur les marchés du Midwest.
Conifer Holdings (CNFR) berichtete 2024 über bedeutende Veränderungen, die durch den Verkauf seiner Versicherungsagentur im August mit einem Gewinn von 61 Millionen Dollar gekennzeichnet waren. Das Unternehmen erzielte für das gesamte Jahr 2024 einen Nettogewinn von 23,5 Millionen Dollar, trotz eines Nettverlusts von 25,4 Millionen Dollar im vierten Quartal.
Die Bruttoeinnahmen aus Versicherungsprämien sanken im Jahresvergleich um 50%, wobei die Prämien im vierten Quartal um 43,9% auf 13,7 Millionen Dollar fielen. Dieser Rückgang spiegelt den strategischen Wandel des Unternehmens weg von kommerziellen Linien nach dem Verkauf der Agentur wider. Dennoch zeigte das Geschäft mit Privatlinien ein starkes Wachstum, das im vierten Quartal um 10,6% und im Gesamtjahr um 23,4% zunahm und nun 77% der gesamten Bruttoeinnahmen aus Versicherungsprämien ausmacht.
Das Nettoanlageergebnis des Unternehmens wuchs 2024 um 5,8% auf 5,8 Millionen Dollar. Der Buchwert pro Aktie betrug zum 31. Dezember 2024 1,76 Dollar. Das Unternehmen konzentriert sich hauptsächlich auf die Hausratversicherung in Texas und den Märkten im Mittleren Westen.
- Sale of insurance agency operations generated $61 million gain
- Personal Lines business grew 23.4% for full year 2024
- Net income of $23.5 million for full year 2024
- Net investment income increased 5.8% to $5.8 million
- Personal Lines combined ratio improved significantly in 2024
- Q4 net loss of $25.4 million ($2.08 per share)
- Total Gross Written Premium declined 50% year-over-year
- Commercial Lines loss ratio increased significantly in Q4
- Q4 adjusted operating loss of $25.8 million
- $21,000 loss from change in fair value of equity investments in Q4
Insights
Conifer's Q4 and 2024 results tell the story of a company in strategic transition. While reporting
The company's strategic pivot away from commercial lines is dramatically reducing their premium volume - total gross written premiums decreased
The bright spot is their personal lines business, particularly homeowners insurance in Texas and the Midwest, which grew
With a book value of
This transition year involved debt reduction and organizational streamlining, but investors should closely monitor whether the personal lines focus can generate sustainable profitability going forward after stripping away the one-time gain effect.
Conifer's results highlight a classic insurance company restructuring strategy - divesting underperforming segments while doubling down on profitable niches. The
The
The company's strategic focus on low-value dwelling insurance in Texas and the Midwest shows promise with
Despite "storm activity" mentioned for the full year, the improved personal lines combined ratio demonstrates pricing adequacy and underwriting discipline in their continuing business. The
The
TROY, Mich., March 28, 2025 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the fourth quarter and year ended December 31, 2024.
Year End 2024 Financial Highlights
- Net income allocable to common shareholders of
$23.5 million $61 Million gain on sale of insurance agency operations in August 2024- Continuing Personal Lines business profitable for the fourth quarter of 2024
- Book value per share of
$1.76 as of December 31, 2024
Management Comments
Brian Roney, CEO of Conifer, commented, “2024 was indeed a transitional year for Conifer Holdings as we successfully sold our insurance agency operations, paid down considerable debt, further strengthened reserves, streamlined our organization overall, and focused our production efforts on select personal lines going forward.”
Reduction of Commercial Lines Business
For the full year 2024, total Gross Written Premium was down almost
Future premiums are expected to consist primarily of Personal Lines business, notably our homeowner’s insurance portfolio in Texas and the Midwest. As detailed in the Personal Lines results overview below, gross written premium for those lines of business for the fourth quarter of 2024 increased
Additional information regarding the disposal of Conifer’s agency business and its impact on future Company operations can be found in the Company’s 2024 Annual Report to be filed March 28, 2025 on Form 10-K.
2024 Fourth Quarter and Full Year Financial Results Overview
| At and for the Three Months Ended December 31, | At and for the Year Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||
| (dollars in thousands, except share and per share amounts) | |||||||||||||||||||||
| Gross written premiums | $ | 13,683 | $ | 24,398 | -43.9 | % | $ | 72,053 | $ | 143,834 | -49.9 | % | |||||||||
| Net written premiums | 9,526 | 15,329 | -37.9 | % | 49,338 | 68,688 | -28.2 | % | |||||||||||||
| Net earned premiums | 12,708 | 14,821 | -14.3 | % | 60,862 | 83,935 | -27.5 | % | |||||||||||||
| Net investment income | 1,352 | 1,411 | -4.2 | % | 5,763 | 5,447 | 5.8 | % | |||||||||||||
| Net realized investment gains (losses) | - | (20 | ) | ** | (125 | ) | (20 | ) | ** | ||||||||||||
| Change in fair value of equity investments | (21 | ) | 13 | 261.5 | % | (203 | ) | 608 | -133.4 | % | |||||||||||
| Net income (loss) allocable to common shareholders | (25,382 | ) | (19,479 | ) | -30.3 | % | 23,530 | (25,923 | ) | ** | |||||||||||
| Net income (loss) allocable to common shareholders | $ | (2.08 | ) | $ | (1.59 | ) | -30.3 | % | $ | 1.93 | $ | (2.12 | ) | ||||||||
| per share, diluted | |||||||||||||||||||||
| Adjusted operating income (loss)* | (25,821 | ) | (19,411 | ) | -33.0 | % | (34,558 | ) | (27,867 | ) | -24.0 | % | |||||||||
| Adjusted operating income (loss) per share, diluted* | $ | (2.11 | ) | $ | (1.59 | ) | -32.7 | % | $ | (2.83 | ) | $ | (2.28 | ) | -24.1 | % | |||||
| Book value per common share outstanding | $ | 1.76 | $ | 0.24 | $ | 1.76 | $ | 0.24 | |||||||||||||
| Weighted average shares outstanding, basic and diluted | 12,222,881 | 12,222,881 | 12,222,881 | 12,220,551 | |||||||||||||||||
| Underwriting ratios: | |||||||||||||||||||||
| Loss ratio (1) | 254.6 | % | 191.1 | % | 120.2 | % | 97.8 | % | |||||||||||||
| Expense ratio (2) | 38.3 | % | 40.6 | % | 35.8 | % | 37.1 | % | |||||||||||||
| Combined ratio (3) | 292.9 | % | 231.7 | % | 156.0 | % | 134.9 | % | |||||||||||||
| * The "Definitions of Non-GAAP Measures" section of this release defines and reconciles data that are not based on generally accepted accounting principles. | |||||||||||||||||||||
| ** Percentage is not meaningful | |||||||||||||||||||||
| (1) The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums and other income from underwriting operations. | |||||||||||||||||||||
| (2) The expense ratio is the ratio, expressed as a percentage, of policy acquisition costs and other underwriting expenses to net earned premiums and other income from underwriting operations. | |||||||||||||||||||||
| (3) The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under | |||||||||||||||||||||
2024 Fourth Quarter Gross Written Premium
Gross written premiums decreased
Commercial Lines Financial and Operational Review
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||
| Gross written premiums | $ | 3,124 | $ | 14,850 | -79.0 | % | $ | 26,686 | $ | 107,078 | -75.1 | % | ||||||||||
| Net written premiums | 488 | 7,009 | 93.0 | % | 14,541 | 36,580 | -60.2 | % | ||||||||||||||
| Net earned premiums | 4,254 | 7,296 | -41.7 | % | 28,160 | 59,221 | -52.4 | % | ||||||||||||||
| Underwriting ratios: | ||||||||||||||||||||||
| Loss ratio | 650.8 | % | 316.7 | % | 184.8 | % | 105.7 | % | ||||||||||||||
| Expense ratio | 33.8 | % | 38.4 | % | 29.8 | % | 35.5 | % | ||||||||||||||
| Combined ratio | 684.6 | % | 355.1 | % | 214.6 | % | 141.2 | % | ||||||||||||||
| Contribution to combined ratio from net | ||||||||||||||||||||||
| (favorable) adverse prior year development | 550.9 | % | 205.5 | % | 118.5 | % | 32.3 | % | ||||||||||||||
| Accident year combined ratio (1) | 133.7 | % | 149.6 | % | 96.1 | % | 108.9 | % | ||||||||||||||
| (1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year's profitability and assists management in their evaluation of product pricing levels and quality of business written. | ||||||||||||||||||||||
The Company’s commercial lines production was down
Personal Lines Financial and Operational Review
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||
| Gross written premiums | $ | 10,559 | $ | 9,548 | 10.6 | % | $ | 45,367 | $ | 36,756 | 23.4 | % | ||||||||||
| Net written premiums | 9,038 | 8,320 | 8.6 | % | 34,797 | 32,108 | 8.4 | % | ||||||||||||||
| Net earned premiums | 8,454 | 7,525 | 12.3 | % | 32,702 | 24,714 | 32.3 | % | ||||||||||||||
| Underwriting ratios: | ||||||||||||||||||||||
| Loss ratio | 55.2 | % | 69.0 | % | 64.6 | % | 78.9 | % | ||||||||||||||
| Expense ratio | 40.6 | % | 42.7 | % | 41.1 | % | 40.7 | % | ||||||||||||||
| Combined ratio | 95.8 | % | 111.7 | % | 105.7 | % | 119.6 | % | ||||||||||||||
| Contribution to combined ratio from net | ||||||||||||||||||||||
| (favorable) adverse prior year development | 0.9 | % | -2.6 | % | 0.8 | % | -5.6 | % | ||||||||||||||
| Accident year combined ratio | 94.9 | % | 114.3 | % | 104.9 | % | 125.2 | % | ||||||||||||||
Personal Lines premium represented
Despite storm activity in the full year, the combined ratio for personal lines business improved significantly in 2024 compared to the same period in 2023.
Combined Ratio Analysis
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Underwriting ratios: | |||||||||||||
| Loss ratio | 254.6 | % | 191.1 | % | 120.2 | % | 97.8 | % | |||||
| Expense ratio | 38.3 | % | 40.6 | % | 35.8 | % | 37.1 | % | |||||
| Combined ratio | 292.9 | % | 231.7 | % | 156.0 | % | 134.9 | % | |||||
| Contribution to combined ratio from net (favorable) | |||||||||||||
| adverse prior year development | 185.0 | % | 100.0 | % | 55.3 | % | 21.2 | % | |||||
| Accident year combined ratio | 107.9 | % | 131.7 | % | 100.7 | % | 113.7 | % | |||||
Net Investment Income
Net investment income increased
Change in Fair Value of Equity Securities
During the quarter, the Company reported a loss of
Net Income (Loss) allocable to common shareholders
The Company reported a net loss allocable to common shareholders of
Adjusted Operating Income (Loss)
In the fourth quarter of 2024, the Company reported an adjusted operating loss of
About Conifer Holdings
Conifer Holdings, Inc. is a Michigan-based property and casualty holding company. Through its subsidiaries, Conifer offers specialty insurance coverage for both commercial and personal lines, marketing through independent agents. The Company is traded on the Nasdaq Capital Market under the symbol CNFR. Additional information is available on the Company's website at www.ir.cnfrh.com.
Forward-Looking Statement
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Conifer’s expectations regarding future revenue, premiums, earnings, its capital position, expansion, and business strategies. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. The forward-looking statements are qualified by important factors, risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including those described in our Form 10-K (“Item 1A Risk Factors”) filed with the SEC on March 28, 2025 and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this press release speaks only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws or regulations.
Definitions of Non-GAAP Measures
Conifer prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.
We believe that investors’ understanding of Conifer’s performance is enhanced by our disclosure of adjusted operating income. Our method for calculating this measure may differ from that used by other companies and therefore comparability may be limited. We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding: 1) net realized investment gains and losses, 2) change in fair value of equity securities 3) other gains and 4) net income from discontinued operations. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance.
Reconciliations of adjusted operating income (loss) and adjusted operating income (loss) per share:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| (dollar in thousands, except share and per share amounts) | |||||||||||||||||
| Net income (loss) | $ | (25,382 | ) | $ | (19,460 | ) | $ | 24,347 | $ | (25,904 | ) | ||||||
| Less: | |||||||||||||||||
| Net realized investment gains (losses) | - | (20 | ) | (125 | ) | (20 | ) | ||||||||||
| Change in fair value of equity securities | (21 | ) | 13 | (203 | ) | 608 | |||||||||||
| Other gains | 646 | - | 646 | - | |||||||||||||
| Net income from discontinued operations | (186 | ) | (42 | ) | 58,587 | 1,375 | |||||||||||
| Impact of income tax expense (benefit) from adjustments * | - | - | - | - | |||||||||||||
| Adjusted operating income (loss) | $ | (25,821 | ) | $ | (19,411 | ) | $ | (34,558 | ) | $ | (27,867 | ) | |||||
| Weighted average common shares, diluted | 12,222,881 | 12,222,881 | 12,222,881 | 12,220,551 | |||||||||||||
| Diluted income (loss) per common share: | |||||||||||||||||
| Net income (loss) | $ | (2.08 | ) | $ | (1.59 | ) | $ | 1.99 | $ | (2.12 | ) | ||||||
| Less: | |||||||||||||||||
| Net realized investment gains (losses) | - | - | (0.01 | ) | - | ||||||||||||
| Change in fair value of equity securities | - | - | (0.02 | ) | 0.05 | ||||||||||||
| Other gains | 0.05 | - | 0.06 | - | |||||||||||||
| Net income from discontinued operations | (0.02 | ) | - | 4.79 | 0.11 | ||||||||||||
| Impact of income tax expense (benefit) from adjustments * | - | - | - | - | |||||||||||||
| Adjusted operating income (loss), per share | $ | (2.11 | ) | $ | (1.59 | ) | $ | (2.83 | ) | $ | (2.28 | ) | |||||
* The Company has recorded a full valuation allowance against its deferred tax assets as of December 31, 2024 and December 31, 2023, respectively. As a result, there were no taxable impacts to adjusted operating income from the adjustments to net income (loss) in the table above after taking into account the use of NOLs and the change in the valuation allowance.
| Conifer Holdings, Inc. and Subsidiaries | ||||||||
| Consolidated Balance Sheets | ||||||||
| (dollars in thousands) | ||||||||
| December 31 | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Investment securities: | ||||||||
| Debt securities, at fair value (amortized cost of | $ | 105,665 | $ | 122,113 | ||||
| Equity securities, at fair value (cost of | 1,603 | 2,354 | ||||||
| Short-term investments, at fair value | 21,151 | 20,838 | ||||||
| Total investments | 128,419 | 145,305 | ||||||
| Cash and cash equivalents | 27,654 | 10,663 | ||||||
| Premiums and agents' balances receivable, net | 9,901 | 29,364 | ||||||
| Receivable from Affiliate | - | 1,047 | ||||||
| Reinsurance recoverables on unpaid losses | 84,490 | 70,807 | ||||||
| Reinsurance recoverables on paid losses | 6,919 | 12,619 | ||||||
| Prepaid reinsurance premiums | 6,088 | 28,908 | ||||||
| Deferred policy acquisition costs | 6,380 | 6,405 | ||||||
| Receivable from contingent considerations | 8,070 | - | ||||||
| Other assets | 3,735 | 7,036 | ||||||
| Assets from discontinued operations | - | 3,452 | ||||||
| Total assets | $ | 281,656 | $ | 315,606 | ||||
| Liabilities and Shareholders' Equity | ||||||||
| Liabilities: | ||||||||
| Unpaid losses and loss adjustment expenses | $ | 189,285 | $ | 174,612 | ||||
| Unearned premiums | 30,590 | 65,150 | ||||||
| Reinsurance premiums payable | 1 | 246 | ||||||
| Debt | 11,932 | 25,061 | ||||||
| Funds held under reinsurance agreements | 25,829 | 24,550 | ||||||
| Premiums payable to other insureds | - | 13,986 | ||||||
| Liabilities from discontinued operations | - | 4,083 | ||||||
| Accounts payable and accrued expenses | 2,494 | 5,029 | ||||||
| Total liabilities | 260,131 | 312,717 | ||||||
| Commitments and contingencies | - | - | ||||||
| Shareholders' equity: | ||||||||
| Series A Preferred stock, no par value (10,000,000 shares authorized; 0 and 1,000 | ||||||||
| issued and outstanding, respectively) | - | 6,000 | ||||||
| Common stock, no par value (100,000,000 shares authorized; 12,222,881 | ||||||||
| issued and outstanding, respectively) | 98,178 | 98,100 | ||||||
| Accumulated deficit | (63,153 | ) | (86,683 | ) | ||||
| Accumulated other comprehensive income (loss) | (13,500 | ) | (14,528 | ) | ||||
| Total shareholders' equity | 21,525 | 2,889 | ||||||
| Total liabilities and shareholders' equity | $ | 281,656 | $ | 315,606 | ||||
| Conifer Holdings, Inc. and Subsidiaries | ||||||||||||||||
| Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| (dollars in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue and Other Income | ||||||||||||||||
| Premiums | ||||||||||||||||
| Gross earned premiums | $ | 19,721 | $ | 38,115 | $ | 106,612 | $ | 146,572 | ||||||||
| Ceded earned premiums | (7,013 | ) | (23,294 | ) | (45,750 | ) | (62,637 | ) | ||||||||
| Net earned premiums | 12,708 | 14,821 | 60,862 | 83,935 | ||||||||||||
| Net investment income | 1,352 | 1,411 | 5,763 | 5,447 | ||||||||||||
| Net realized investment gains (losses) | - | (20 | ) | (125 | ) | (20 | ) | |||||||||
| Change in fair value of equity securities | (21 | ) | 13 | (203 | ) | 608 | ||||||||||
| Other gains | 646 | - | 646 | - | ||||||||||||
| Other income | 41 | 144 | 328 | 552 | ||||||||||||
| Total revenue and other income | 14,726 | 16,369 | 67,271 | 90,522 | ||||||||||||
| Expenses | ||||||||||||||||
| Losses and loss adjustment expenses, net | 32,349 | 28,470 | 73,302 | 82,413 | ||||||||||||
| Policy acquisition costs | 3,535 | 2,392 | 13,335 | 15,797 | ||||||||||||
| Operating expenses | 3,165 | 3,969 | 11,831 | 16,738 | ||||||||||||
| Interest expense | 862 | 845 | 4,883 | 3,206 | ||||||||||||
| Total expenses | 39,911 | 35,676 | 103,351 | 118,154 | ||||||||||||
| Income (loss) from continuing operations before income taxes | (25,185 | ) | (19,307 | ) | (36,080 | ) | (27,632 | ) | ||||||||
| Income tax expense (benefit) | 11 | 111 | (1,840 | ) | (353 | ) | ||||||||||
| Net income (loss) from continuing operations | $ | (25,196 | ) | $ | (19,418 | ) | $ | (34,240 | ) | $ | (27,279 | ) | ||||
| Net income (loss) from discontinued operations | (186 | ) | (42 | ) | 58,587 | 1,375 | ||||||||||
| Net income (loss) | (25,382 | ) | (19,460 | ) | 24,347 | (25,904 | ) | |||||||||
| Series A Preferred Stock Dividends and Redemption premium | - | 19 | 817 | 19 | ||||||||||||
| Net income (loss) allocable to common shareholders | (25,382 | ) | (19,479 | ) | 23,530 | (25,923 | ) | |||||||||
| Earnings (loss) per common share, basic and diluted | ||||||||||||||||
| Net income (loss) from continuing operations | $ | (2.06 | ) | $ | (1.59 | ) | $ | (2.87 | ) | $ | (2.23 | ) | ||||
| Net income (loss) from discontinued operations | $ | (0.02 | ) | $ | (0.00 | ) | $ | 4.79 | $ | 0.11 | ||||||
| Net income (loss) allocable to common shareholders | $ | (2.08 | ) | $ | (1.59 | ) | $ | 1.93 | $ | (2.12 | ) | |||||
| Weighted average common shares outstanding, | ||||||||||||||||
| basic and diluted | 12,222,881 | 12,222,881 | 12,222,881 | 12,220,551 | ||||||||||||
For Further Information:
Jessica Gulis, 248.559.0840
ir@cnfrh.com
FAQ
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