Conifer Holdings, Inc. (NASDAQ:CNFR) Q1 2024 Earnings Conference Call May 15, 2024 8:30 AM ET Company Participants Brian Roney - President Nick Petcoff - Chief Executive Officer & Director Harold Meloche - Chief Financial Officer Conference Call Participants Operator Good morning, everyone, and welcome to Confier Holdings' First Quarter 2024 Earnings Conference call. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation there will be an opportunity to ask questi ...

Financial Performance - Net earned premiums fell to $16,887 thousand for the three months ended March 31, 2024, down 23.5% from $21,952 thousand in the same period of 2023[29]. - Total revenue and other income decreased to $23,078 thousand for Q1 2024, a decline of 6.1% compared to $24,579 thousand in Q1 2023[29]. - Net income for the three months ended March 31, 2024, was $231 thousand, a significant decrease from $1,001 thousand in the same period of 2023[30]. - The company reported a total comprehensive loss of $205 thousand for Q1 2024, compared to a comprehensive income of $3,287 thousand in Q1 2023[30]. - Earnings per common share for Q1 2024 was $0.01, down from $0.08 in Q1 2023[82]. - Gross written premiums for the three months ended March 31, 2024, totaled $24,313 million, a decrease from $36,214 million in the same period last year, representing a decline of approximately 32.9%[93]. - The company reported agency commission income of $4,336 million for the quarter, compared to $430 million in the previous year, indicating a significant increase[93]. - Operating expenses for the quarter were $4,495 million, compared to $4,279 million in the same period last year, representing an increase of approximately 5.0%[93]. Assets and Liabilities - Total assets decreased from $311,804 thousand as of December 31, 2023, to $301,078 thousand as of March 31, 2024, a decline of approximately 3.5%[27]. - The company’s total liabilities decreased from $308,915 thousand as of December 31, 2023, to $298,519 thousand as of March 31, 2024, a reduction of approximately 3.3%[27]. - The accumulated deficit improved slightly from $(86,683) thousand as of December 31, 2023, to $(86,609) thousand as of March 31, 2024[27]. - Shareholders' equity as of March 31, 2024, was $2,559 million, down from $2,889 million, reflecting a decline of about 11.4%[27]. Cash Flow and Investments - Cash and cash equivalents increased from $11,125 thousand as of December 31, 2023, to $17,316 thousand as of March 31, 2024, an increase of 55.5%[27]. - Net cash provided by operating activities was $8,175,000, compared to a cash outflow of $6,018,000 in the prior year[35]. - The company reported unrealized investment losses of $436 million in Q1 2024, contrasting with unrealized gains of $2,286 million in Q1 2023[30]. - The total fair value of investments with unrealized losses was $97,574 million, with gross unrealized losses of $13,760 million as of March 31, 2024[49]. - The company reported net investment income of $1,552 million for the three months ended March 31, 2024, compared to $1,307 million for the same period in 2023, indicating a year-over-year increase of approximately 18.7%[53]. Strategic Changes - The company plans to shift its business model to rely primarily on commission revenues generated by its managing general agency (MGA) and third-party insurers[45]. - Substantially all commercial lines business will no longer be underwritten by the insurance company subsidiaries by the end of Q2 2024[45]. - The company expects to continue underwriting a limited amount of personal lines business within its insurance company subsidiaries[45]. - The Company is shifting from underwriting insurance products to primarily producing and selling insurance products through its Managing General Agents (MGA) starting Q1 2024[40]. - The Company anticipates that existing cash and investments will be adequate to meet its capital and liquidity needs over the next twelve months[45]. Losses and Expenses - Losses and loss adjustment expenses, net, were $10,520 thousand for Q1 2024, down from $13,713 thousand in Q1 2023, representing a reduction of 23.3%[29]. - Policy acquisition costs rose to $7,013 million in Q1 2024, up from $4,721 million in Q1 2023, marking an increase of about 48.5%[29]. - The Company recorded $10,520 in total net incurred losses and LAE for Q1 2024, down from $13,713 in Q1 2023[69]. - Direct losses and LAE increased significantly to $22.0 million in Q1 2024 from $2.0 million in Q1 2023[69]. Stock and Dividends - Preferred stock dividends paid amounted to $157 thousand in Q1 2024, with no dividends reported in the same period of 2023[29]. - Dividends paid to shareholders amounted to $176,000, with no dividends paid in the previous year[35]. - The Company issued $6.0 million of Series A Preferred Stock with an annualized dividend rate of 10.5% as of March 31, 2024[76]. - As of March 31, 2024, the Company had 12,222,881 issued and outstanding shares of common stock[79].

TROY, Mich., May 07, 2024 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (NASDAQ:CNFR) announced today that it will host a conference call/webcast on Wednesday, May 15, 2024 at 8:30am Eastern Time to discuss financial results for the first quarter ended March 31, 2024. The Company plans to release its first quarter financial results after the market closes on Tuesday, May 14, 2024. Investors, analysts, employees and the public are invited to listen to the conference call via: Webcast:CNFR Q1 2024 Financial Resu ...

TROY, Mich., April 04, 2024 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (NASDAQ:CNFR) ("Conifer" or the "Company") today announced results for the fourth quarter and year ended December 31, 2023. Year End 2023 Financial Highlights (compared to the prior year period) Gross written premium increased 4.2% to $143.8 millionNet investment income increased 81.6% to $5.5 millionExpense ratio improved 130bps to 37.1% Management Comments Nick Petcoff, CEO of Conifer, commented, "Much of our recorded loss for the 202 ...

TROY, Mich., April 04, 2024 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (NASDAQ:CNFR) ("Conifer") today announced commencement of a capacity relationship with Accelerant, a data-driven risk exchange, connecting underwriters of specialty insurance risk with risk capital providers. Accelerant holds a financial strength rating of "A-" (Excellent) from A.M. Best. By leveraging Accelerant's Risk Exchange, including its analytics platform, Conifer aims to improve risk assessment, thereby enhancing its underwriting ...

TROY, Mich., April 03, 2024 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (NASDAQ:CNFR) announced today that it will host a conference call/webcast on Friday, April 5, 2024 at 8:30am Eastern Time to discuss financial results for the fourth quarter which ended on December 31, 2023. The Company plans to release its fourth quarter financial results after the market closes on Thursday, April 4, 2024. Investors, analysts, employees and the public are invited to listen to the conference call via:  Webcast: CNFR Q4 2 ...

TROY, Mich., April 03, 2024 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (Nasdaq: CNFR) announced today that it will host a conference call/webcast on Friday, April 5, 2024 at 8:30am Eastern Time to discuss financial results for the fourth quarter which ended on December 31, 2023. The Company plans to release its fourth quarter financial results after the market closes on Thursday, April 4, 2024. Investors, analysts, employees and the public are invited to listen to the conference call via:  Webcast: CNFR Q4 ...

SECURITIES AND EXCHANGE COMMISSION FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether any of those error corrections ar ...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating to C (Weak) from B+ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “ccc” (Weak) from “bbb-” (Good) of Conifer Insurance Company (CIC) and White Pine Insurance Company (White Pine), subsidiaries of Conifer Holdings, Inc. (CHI) [NASDAQ: CNFR], a publicly traded property/casualty insurance holding company. Additionally, AM Best has downgraded the Long-Term ICR to “c” (Poor) from “bb-” (Fair) of CHI. Concurre ...

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 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. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Michigan 27-1298795 (State or other jurisdiction of ...