Financial Performance - For the full year 2024, total Gross Written Premium decreased by almost 50% to $72.1 million from $143.8 million in 2023, while Net Earned Premium fell by 27.5% to $60.9 million[2][4][8]. - The Company reported a net income allocable to common shareholders of $23.5 million for the full year 2024, translating to $1.93 per share, while the Q4 2024 net loss was $25.4 million, or $2.08 per share[4][17]. - Adjusted operating loss for Q4 2024 was $25,821 thousand, compared to a loss of $19,411 thousand in Q4 2023, indicating a decline in performance[25]. - Net income (loss) for the year ended December 31, 2024, was $24,347 thousand, compared to a loss of $25,904 thousand in 2023, showing an improvement in profitability[27]. - Total revenue and other income for the year ended December 31, 2024, was $67,271 thousand, a decrease from $90,522 thousand in 2023, representing a decline of about 25.5%[27]. Premiums and Business Segments - Personal Lines business saw a 10.6% increase in Gross Written Premium for Q4 2024, totaling $10.6 million, and a 23.4% increase for the full year 2024, reaching $45.4 million[3][11][12]. - The Commercial Lines business experienced a 79% decline in Gross Written Premium for Q4 2024, contributing only 23% to total gross written premium[10][12]. - The Company anticipates that future premiums will primarily come from Personal Lines, particularly homeowner's insurance in Texas and the Midwest[3][10]. Loss Ratios and Claims - The loss ratio for the combined business in Q4 2024 was 254.6%, significantly higher than 191.1% in Q4 2023, indicating increased claims relative to premiums[13]. - Adjusted operating loss for Q4 2024 was $25.8 million, or $2.11 per share, reflecting ongoing challenges in the commercial lines segment[18]. Investment Income and Assets - Net investment income increased by 5.8% to $5.8 million for the year ending December 31, 2024, compared to $5.4 million in the prior year[15]. - The company reported a net investment income of $5,763 thousand for the year ended December 31, 2024, compared to $5,447 thousand in 2023, reflecting a growth of approximately 5.8%[27]. - Total assets decreased to $281,656 thousand as of December 31, 2024, from $315,606 thousand in 2023, a reduction of approximately 10.7%[26]. Liabilities and Valuation - The company recorded total liabilities of $260,131 thousand as of December 31, 2024, down from $312,717 thousand in 2023, a decrease of about 16.8%[26]. - Unpaid losses and loss adjustment expenses increased to $189,285 thousand in 2024, up from $174,612 thousand in 2023, indicating a rise of about 8.4%[26]. - The company has recorded a full valuation allowance against its deferred tax assets as of December 31, 2024, resulting in no taxable impacts to adjusted operating income from the adjustments to net income[25]. Shareholder Metrics - Book value per share improved to $1.76 as of December 31, 2024, compared to $0.24 in the previous year[4][12]. - The diluted loss per common share for Q4 2024 was $(2.08), compared to $(1.59) in Q4 2023, indicating a worsening in earnings per share[27]. Other Financial Highlights - The Company recorded a $61 million gain from the sale of its insurance agency operations in August 2024, which contributed to the overall financial results[4][17]. - Net earned premiums for Q4 2024 were $12,708 thousand, down from $14,821 thousand in Q4 2023, reflecting a decrease of approximately 14.2%[27].

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 2024Continuing Personal Lines business profitable for the fourth quarter of 2024Book value per share of $1.76 as of December 31, 2024 Management Comments ...

Investment Portfolio - As of December 31, 2024, the fair value of the investment portfolio, excluding cash and cash equivalents, was $128.4 million, down from $145.3 million in 2023, indicating a decrease of approximately 11.9%[314] - As of December 31, 2024, a 200 basis point increase in interest rates would decrease the fair value of investments by $6,328,000, representing a 5.0% decline in shareholders' equity[316] - The estimated fair value of investments remains at $126,816,000 with no change in interest rates[316] - A 200 basis point decrease in interest rates would increase the fair value of investments by $7,305,000, leading to a 5.8% increase in shareholders' equity[316] Interest Rate Risk Management - The option adjusted duration of the debt securities portfolio was 2.7 years as of December 31, 2024, compared to 2.9 years in 2023, reflecting a slight reduction in interest rate risk exposure[314] - The primary market risk exposure to the debt portfolio is interest rate risk, with the fair market value of fixed-income securities inversely related to changes in market interest rates[314] - The company manages interest rate risks by investing in securities with varied maturity dates and maintaining the duration of the investment portfolio within a defined range of three to four years[314] Regulatory Environment - The company's insurance subsidiaries are subject to various state regulations designed to protect policyholders, which may impact profitability and operational flexibility[66] - Regulatory requirements include the approval of premium rates and policy forms, as well as maintaining minimum capital and surplus levels[68] - The company is required to participate in insolvency funds or associations, which protect policyholders against insurer insolvency, with minimal assessments reported for 2023 and 2024[75][76] - The National Association of Insurance Commissioners (NAIC) Insurance Regulatory Information System (IRIS) identifies thirteen industry ratios to assist in monitoring the financial condition of insurance companies[78] Employee and Operational Information - As of December 31, 2024, the company had nine full-time employees, with no collective bargaining agreements in place[79] - The company maintains an internet website where it provides access to its financial reports and filings with the SEC[80] Reinsurance and Credit Risk - The net amount due from reinsurers decreased from $112.3 million in 2023 to $97.5 million in 2024[319] - The company primarily invests in investment-grade securities to manage credit risk[317] - The company selects reinsurers with an A.M. Best rating of "A-" or better to mitigate credit risk[318] - The company remains obligated to pay claims regardless of reinsurer performance under reinsurance agreements[318] - The company evaluates the financial condition of reinsurers throughout the duration of agreements to manage credit risk[318] Inflation Impact - Inflation is not believed to have a material effect on operations, except for its impact on interest rates and claims costs[320] - The company considers inflation effects in pricing and estimating reserves for unpaid losses and loss adjustment expenses (LAE)[320]

Financial Performance - Conifer Holdings reported a net income of $53.3 million for Q3 2024, translating to $4.32 per share[2][11]. - Adjusted operating loss for the quarter was $7.4 million, or $0.60 per share[2][12]. - The company anticipates a significant decline in revenue following the sale of its insurance agency operations[3][5]. - Adjusted operating loss for the three months ended September 30, 2024, was $(7,352) thousand compared to $(4,275) thousand for the same period in 2023, indicating a worsening of approximately 72.8%[17]. - The company reported a net income allocable to common shareholders of $52,788 thousand for the three months ended September 30, 2024, compared to a net loss of $(2,706) thousand for the same period in 2023[19]. - Diluted income per common share for the three months ended September 30, 2024, was $4.32, a significant increase from $(0.22) in the prior year[17]. Revenue and Premiums - Gross written premiums decreased by 60.9% year-over-year to $15 million, primarily due to the exit from commercial lines[4][5]. - Net earned premiums fell by 39.1% to $14.6 million compared to the previous year[4]. - Personal lines gross written premiums increased by 10.1% to $11.1 million, representing 73% of total gross written premiums[9]. - Net earned premiums for the three months ended September 30, 2024, were $14,601 thousand, a decrease from $23,979 thousand for the same period in 2023, representing a decline of approximately 39.5%[19]. - Total revenue and other income for the three months ended September 30, 2024, was $16,017 thousand, down from $25,440 thousand in the prior year, reflecting a decrease of about 37.0%[19]. Assets and Liabilities - Total assets as of September 30, 2024, were $299,852 thousand, a decrease from $315,606 thousand as of December 31, 2023, representing a decline of about 5.0%[18]. - Total liabilities decreased to $250,801 thousand as of September 30, 2024, from $312,717 thousand at the end of 2023, reflecting a reduction of approximately 19.8%[18]. - Cash and cash equivalents increased to $32,389 thousand as of September 30, 2024, compared to $10,663 thousand at the end of 2023, indicating a growth of approximately 203.5%[18]. Other Financial Metrics - The loss ratio for the combined business was 143.1%, up from 120.8% in the prior year[10]. - Interest expense for the three months ended September 30, 2024, was $2,275 thousand, up from $855 thousand in the same period last year, representing an increase of about 166.5%[19]. - The company expects commercial lines to represent 10% or less of written premiums going forward[3].

TROY, Mich., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the third quarter ended September 30, 2024. This quarter, the Company reported a $61 million gain on the sale of its insurance agency operations, completed in August of this year, along with an adjusted operating loss of over $7 million in the period. Third Quarter 2024 Financial Highlights $61 Million gain on sale of insurance agency operationsAdjusted operating loss ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-37536 Conifer Holdings, Inc. (Exact name of registrant as specified in its charter) Michigan 27-1298795 (State or other jurisdiction of ...

NEW YORK and TROY, Mich., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Bishop Street Underwriters ("Bishop Street"), a multi-boutique insurance platform owned by RedBird Capital Partners ("RedBird"), today announced it has acquired Conifer Insurance Services ("Conifer" or "CIS"), a specialty commercial managing general agency ("MGA") from Conifer Holdings, Inc. (Nasdaq: CNFR). The acquisition of Conifer marks Bishop Street's entry into commercial lines, expanding its multiline, differentiated MGA platform. Conifer op ...

Conifer Holdings, Inc. (NASDAQ:CNFR) Q2 2024 Earnings Conference Call August 14, 2024 8:30 AM ET Company Participants Brian J. Roney – President Nicholas J. Petcoff – CEO Harold Meloche – CFO Conference Call Participants Unidentified Analyst - Operator Good morning and welcome to Conifer Holdings' Second Quarter 2024 Investor Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation there will be an opportunity to ask questions. Please note this even ...

Conifer Holdings Inc. Q2 2024 INVESTOR CONFERENCE CALL August 14, 2024 Nasdaq: CNFR Fulfilling the Unique Needs of Specialty Insurance Markets as a Long-Term Partner 2 SAFE HARBOR STATEMENT | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

News Release For Further Information: Jessica Gulis, 248.559.0840 ir@cnfrh.com Conifer Holdings Reports 2024 Second Quarter Financial Results Company to Host Conference Call at 8:30 AM ET on Wednesday, August 14, 2024 Troy, MI, August 13, 2024 – Conifer Holdings, Inc. (Nasdaq: CNFR) ("Conifer" or the "Company") today announced results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial Highlights (compared to the prior year period) • Expense ratio improved 5.8 percentage points to 32.1 ...