Financial Performance - Gross written premiums decreased 57.5% year-over-year to $19.0 million in Q2 2024, down from $44.7 million in Q2 2023[3] - The company reported a net loss allocable to common shareholders of $4.0 million, or $0.32 per share, for Q2 2024[9] - The combined ratio for Q2 2024 was 123.6%, compared to 120.9% in Q2 2023[8] - The loss ratio for Q2 2024 was 91.5%, up from 83.0% in the prior year[8] - Conifer Holdings reported a net loss allocable to common shareholders of $3.95 million for the three months ended June 30, 2024, compared to a net loss of $4.74 million for the same period in 2023, representing a 16.5% improvement[14] - Adjusted operating income for the three months ended June 30, 2024, was a loss of $3.64 million, compared to a loss of $4.73 million in the prior year, indicating a 23.1% reduction in losses[14] - The diluted loss per common share for the three months ended June 30, 2024, was $0.32, an improvement from a loss of $0.39 per share in the same quarter of 2023[14] - Net income (loss) for Q2 2024 was $(3,792) million, compared to $(4,739) million in Q2 2023, showing an improvement of 20.0%[16] - Earnings (loss) per common share improved to $(0.32) in Q2 2024 from $(0.39) in Q2 2023[16] Revenue and Premiums - Gross earned premiums for Q2 2024 were $29,381 million, down from $36,013 million in Q2 2023, representing a decrease of 18.1%[16] - Net earned premiums decreased to $16,666 million in Q2 2024 from $23,183 million in Q2 2023, a decline of 28.3%[16] - Total revenue and other income increased to $26,848 million in Q2 2024, compared to $24,923 million in Q2 2023, reflecting a growth of 7.7%[16] - Agency commission income significantly increased to $8,831 million in Q2 2024 from $211 million in Q2 2023, a remarkable growth of 4011.4%[16] Investment and Assets - Net investment income increased by 11.2% to $1.5 million compared to $1.4 million in the prior year period[3] - The company reported total investments of $144.37 million as of June 30, 2024, slightly down from $145.31 million at the end of 2023, a decrease of 0.6%[15] - Total assets decreased to $292.93 million as of June 30, 2024, down from $311.80 million at the end of 2023, reflecting a 6.0% decline[15] - Cash and cash equivalents decreased to $9.70 million as of June 30, 2024, down from $11.13 million at the end of 2023, a decline of 12.8%[15] Liabilities and Recoverables - Total liabilities were reported at $294.10 million as of June 30, 2024, compared to $308.92 million at the end of 2023, showing a decrease of 4.8%[15] - Premiums and agents' balances receivable increased to $30.58 million as of June 30, 2024, up from $29.37 million at the end of 2023, marking a 4.1% increase[15] - Reinsurance recoverables on unpaid losses rose to $74.36 million as of June 30, 2024, compared to $70.81 million at the end of 2023, representing a 5.5% increase[15] Operational Efficiency - The expense ratio improved by 5.8 percentage points to 32.1% from 37.9% in the prior year[3] - Conifer Holdings continues to focus on growth strategies and capital position improvements, with expectations for future premium increases and operational performance enhancements[11] - The company expects 100% of future commercial gross written premium to flow through its managing general agency (MGA) model[1] - Conifer anticipates that substantially all commercial lines business will be directly written by third-party insurers with A.M. Best ratings of A- or better by the end of Q3 2024[2]

Financial Performance - Net earned premiums for the three months ended June 30, 2024, were $16,666 thousand, down 28.2% from $23,183 thousand in the same period of 2023[8] - Total revenue and other income increased to $26,848 thousand for the three months ended June 30, 2024, compared to $24,923 thousand for the same period in 2023, marking an increase of 7.7%[8] - Losses and loss adjustment expenses decreased to $15,281 thousand for the three months ended June 30, 2024, down 21.1% from $19,319 thousand in the same period of 2023[8] - The company reported a net loss of $3,792 thousand for the three months ended June 30, 2024, compared to a net loss of $4,739 thousand for the same period in 2023, indicating an improvement of 20.0%[9] - The company reported a total comprehensive loss for the three months ended June 30, 2024, was $(3,604) thousand, compared to $(5,480) thousand for the same period in 2023, reflecting a decrease in losses of 34.2%[9] - Net income for the six months ended June 30, 2024, was $(3,561) thousand, compared to $(3,738) thousand for the same period in 2023, indicating a slight improvement[18] - The company reported a segment loss of $4,360,000 for the three months ended June 30, 2024, compared to a loss of $5,265,000 in the same period of 2023, indicating an improvement[62] - The company reported a segment loss of $4,905 million for the six months ended June 30, 2024, compared to a loss of $5,400 million in the same period of 2023[63] Assets and Liabilities - Total assets decreased from $311,804 thousand as of December 31, 2023, to $292,934 thousand as of June 30, 2024, representing a decline of approximately 6.0%[5] - Total liabilities decreased from $308,915 thousand as of December 31, 2023, to $294,099 thousand as of June 30, 2024, a reduction of approximately 4.8%[5] - The company’s accumulated deficit increased to $(90,559) thousand as of June 30, 2024, compared to $(86,683) thousand as of December 31, 2023[5] - Total equity as of June 30, 2024, was $2,559 thousand, down from $2,889 thousand at the end of the previous year[15] - Cash at the end of the period was $9,697 thousand, down from $18,765 thousand at the beginning of the period[18] - The company reported net cash used in operating activities of $(1,952) thousand for the six months ended June 30, 2024, compared to $(1,447) thousand for the same period in 2023[18] - The company reported a total deficit of $90,559,000 as of June 30, 2024, compared to $86,683,000 at December 31, 2023, indicating a worsening financial situation[16] Investment and Income - Net investment income for the three months ended June 30, 2024, was $1,505 thousand, an increase of 11.1% from $1,354 thousand in the same period of 2023[8] - The company reported total investment income for the six months ended June 30, 2024, reached $3,169,000, up 14.0% from $2,781,000 in the prior year[32] - The company reported gross unrealized gains related to equity investments of $354,000 as of June 30, 2024, down from $505,000 at December 31, 2023[33] - The company holds only investment-grade securities, with gross unrealized losses of $13.6 million as of June 30, 2024, primarily due to market conditions[26] - The company executed multiple producer agreements to underwrite a majority of its commercial lines business moving forward[25] Business Strategy and Operations - The company has shifted its business model to focus on producing insurance products through its managing general agency (MGA), with two third-party insurers underwriting most of its commercial lines business by the end of Q2 2024[21] - The strategic shift from premium revenues to commission revenues began in 2024, with expectations that almost all commercial lines business will be underwritten by third-party insurers by Q3 2024[66] - The wholesale agency business segment has become more prominent, with substantially all commercial lines business produced by the MGA and underwritten by third-party insurers[70] - The company is actively considering the sale of assets and business operations to raise capital for debt repayment and improve its financial position[21] - The company expects existing cash and investments to be adequate to meet its capital and liquidity needs over the next twelve months[25] Premiums and Underwriting - For the three months ended June 30, 2024, the Company recorded gross written premiums of $18,971,000, a decrease from $44,674,000 in the same period of 2023[61] - The Company reported net written premiums of $13.2 million, a decrease of 54.9% from $29.3 million in 2023[45] - Commercial lines gross written premiums fell by $28.0 million, or 80.5%, to $6.8 million in Q2 2024, down from $34.8 million in Q2 2023[79] - Personal lines gross written premiums increased by $2.3 million, or 23.0%, to $12.2 million in Q2 2024, compared to $9.9 million in Q2 2023[74] - The accident year loss ratio for commercial lines was 55.8% and for personal lines was 95.3%, resulting in a total loss ratio of 74.7% for Q2 2024[81] - The underwriting combined ratio was 123.6% for Q2 2024, compared to 120.9% for Q2 2023, indicating an underwriting loss[74] Regulatory and Compliance - The company does not expect the new accounting guidance (ASU 2022-06) to have a material impact on its consolidated financial statements[24] - The company is evaluating the impact of new segment reporting guidance (ASU 2023-07) on its consolidated financial statements[24] - The company is assessing the implications of the new income tax disclosure requirements (ASU 2023-09) on its financial statements[24] - The company anticipates needing to contribute between $3.0 million to $5.0 million in additional capital to WPIC to maintain its licenses[100] - A.M. Best downgraded the financial strength ratings of CIC and WPIC to C, indicating a weak ability to meet ongoing financial obligations[68] - Kroll downgraded CIC to BB- and WPIC to B, both with a negative outlook, indicating low financial condition quality[68]

TROY, Mich., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (Nasdaq: CNFR) ("Conifer" or the "Company") today announced results for the second quarter ended June 30, 2024. At and for the Three Months Ended June 30, At and for the Six Months Ended June 30, Second Quarter 2024 Financial Highlights (compared to the prior year period) Expense ratio improved 5.8 percentage points to 32.1% Net investment income increased 11.2% over the prior year period to $1.5 million Significant progress in planned gr ...

TROY, Mich., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (Nasdaq: CNFR) announced today that it will host a conference call/webcast on Wednesday, August 14, 2024, at 8:30am Eastern Time to discuss financial results for the second quarter ended June 30, 2024. The Company plans to release its second quarter financial results after the market closes on Tuesday, August 13, 2024. Investors, analysts, employees and the public are invited to listen to the conference call via: Webcast: CNFR Q2 2024 Fin ...

News Release Management Comments Nick Petcoff, CEO of Conifer, commented, "We are pleased to see the early signs of progress resulting from our strategic shift away from a risk-bearing carrier revenue model, toward wholesale agency, production-based revenue. Results to date have been encouraging, and we are proud to report a profitable first quarter for Conifer. " • Combined ratio was 96.7%, an improvement of 2.8 percentage points from Q1 2023 • Expense ratio improved 2.6 percentage points to 34.7% • Net in ...

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 ...