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. (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.
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