Conifer Holdings, Inc. (NASDAQ:CNFR) Q3 2023 Earnings Conference Call November 10, 2023 8:30 AM ET Company Participants Brian Roney - President Jim Petcoff - Executive Chairman and Co-Chief Executive Officer Nick Petcoff - Director and Co-Chief Executive Officer Harold Meloche - Chief Financial Officer Conference Call Participants Paul Newsome - Piper Sandler Operator Good morning, and welcome to the Conifer Holdings Third Quarter 2023 Investor Call. All participants will be in listen-only mode. [Operator I ...

Financial Performance - Gross Written Premium (GWP) for Q3 2023 was $38.5 million, a 16.5% increase year-over-year[4] - Adjusted operating loss for Q3 2023 was $5.0 million, or $0.41 per share[37] - Net loss was $2.7 million, or $0.22 per share, based on 12.2 million average shares outstanding[68] - The expense ratio for Q3 2023 was 33.9%[23], beating the near-term target of 35%[75] Portfolio and Investments - Total investment portfolio was $159.0 million as of September 30, 2023[32] - The average credit quality of the investment portfolio is AA+[32] - Debt securities portfolio allocation: AAA (47%), AA (32%), A (13%), BBB (8%)[44] Business Lines - Commercial Lines represented approximately 74% of the premium written in Q3 2023[62] - Personal Lines production comprised approximately 26% of total premium in Q3 2023[84] - Personal Lines GWP increased 84.4% over Q3 2022[29] Personal Lines Top States - Texas accounted for 47.6% of Personal Lines Gross Written Premium with $12.95 million[27] - Oklahoma accounted for 45.9% of Personal Lines Gross Written Premium with $12.484 million[27]

Conifer Holdings Inc. Q2 2023 INVESTOR CONFERENCE CALL August 10, 2023 Nasdaq: CNFR Fulfilling the Unique Needs of Specialty Insurance Markets as a Long-Term Partner 2 SAFE HARBOR STATEMENT | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Conifer Holdings, Inc. (NASDAQ:CNFR) Q2 2023 Earnings Conference Call August 10, 2023 8:30 AM ET Company Participants Brian Roney – President Jim Petcoff – Executive Chairman and Co-Chief Executive Officer Nick Petcoff – Director and Co-Chief Executive Officer Harold Meloche – Chief Financial Officer Conference Call Participants Paul Newsome – Piper Sandler Operator Good morning, everyone, and welcome to Conifer Holdings' Second Quarter 2023 Investor Conference Call. All participants will be in a listen-onl ...

Prior to October 13, 2022, Sycamore owned 50% of Venture Agency Holdings, Inc. ("Venture") and has accounted for its ownership under the equity method of accounting. On October 13, 2022, Sycamore purchased the other 50% of Venture from an individual for $9.7 million. Following this purchase, Sycamore owned 100% of Venture, which was then renamed to VSRM, Inc. ("VSRM"). VRSM and its two wholly owned subsidiaries, The Roots Insurance Agency, Inc. ("Roots") and Mitzel Insurance Agency, Inc. ("Mitzel") were inc ...

Financial Data and Key Metrics Changes - In Q1 2023, gross written premiums increased by 10% to over $36 million compared to the same period last year [7][44] - The combined ratio improved to 99.5%, down 13 percentage points from the previous year, while the loss ratio decreased to 62% from 75% [7][8] - Net income for the quarter was $1 million or $0.08 per share, a significant improvement from a net loss of $2.9 million or $0.30 per share in the prior year [8] - Adjusted operating income was $307,000 or $0.03 per share, compared to an adjusted operating loss of $3.1 million or $0.32 per share in the same quarter last year [8] - Total assets at quarter end were $293 million, with cash and total investments amounting to $163 million [8] Business Line Data and Key Metrics Changes - The commercial lines segment reported a profitable combined ratio of 97.6%, with a loss ratio of 61%, down 20 percentage points from the previous year [20][22] - The small business group contributed significantly to commercial lines premium production, with over 10% top line growth in the quarter [20] - Personal lines gross written premium increased by more than 65% year-over-year to just over $7 million, representing 20% of total gross written premium [20][44] Market Data and Key Metrics Changes - Texas and Oklahoma markets performed well despite cat losses, with a favorable geographic spread and continued growth potential in personal lines premium production [6] - Property renewal rates increased by 7% year-over-year, while general liability rates for hospitality rose by 4% [26] Company Strategy and Development Direction - The company remains focused on preserving a sustainable top line, streamlining expenses, and maintaining operational profitability to generate favorable returns for shareholders [4] - Strategic decisions made in 2022, including a loss portfolio transfer reinsurance agreement, are expected to yield benefits and improve underwriting results [17][18] - Continued investment in business and exploration of logical growth opportunities are planned, with a commitment to delivering exceptional value to customers and shareholders [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic decisions implemented over the past years, which have positioned the company for profitable future growth [17] - The company anticipates continued positive improvement in results due to prior strategic initiatives and ongoing underwriting enhancements [22] - The competitive environment remains challenging, particularly in the reinsurance market, but management is optimistic about future improvements [27][40] Other Important Information - The company reported a 17% increase in book value per share, rising to $1.82 from $1.55 at year-end [8] - The average credit quality of investable assets is AA, with an average duration of 3.4 years and a tax-equivalent yield of 2.4% [8] Q&A Session Summary Question: Can you discuss the impact of the hard reinsurance market on your business? - Management noted that the reinsurance market was one of the most difficult experienced, but there was consistency in casualty rates, while property rates were significantly impacted [27] Question: How is premium growth generated by rate increases versus exposure growth? - On the personal lines side, a 10% rate increase was implemented for Texas homeowners and a 12% increase for Oklahoma, contributing to growth alongside exposure increases [36] Question: What changes are being observed in the competitive environment for specialty commercial business? - Management indicated that while there are new entrants in some casualty markets, the property market remains tight, and they are monitoring the situation closely [40]

Q1 2023 INVESTOR CONFERENCE CALL May 11, 2023 Fulfilling the Unique Needs of Specialty Insurance Markets as a Long-Term Partner SAFE HARBOR STATEMENT CONIFER'S INFRASTRUCTURE Conifer Insurance Company • Founded in 2009 • Licensed & Admitted in 4 States (MI, IL, IN, SD) • E&S in 49 States (Exc. NY) PROGRAM PORTFOLIO 3 Q1 2023 HIGHLIGHTS STRATEGIC INITIATIVES CONTINUE TO DRIVE GROWTH Focused Expertise in Niche Specialty Insurance Markets Our Lines Of Business 6 • Partner with retail and select wholesale agenc ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-------|----------------------------|-------|---------------------|-------|-------------|-------|------------------------| | Debt Securities: | | | Cost or Amortized \nCost | Gains | Gross Unrealized \n | | \nLosses | | Estimated \nFair Value | | U.S. Government | $ | | 7,220 | $ | — | $ | (249 ) | $ | 6,971 | | State and local government | | | 26,063 | | 1 | | (3,866 ) | | 22,198 | | ...

SECURITIES AND EXCHANGE COMMISSION (248) 559-0840 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value CNFR The Nasdaq Stock Market LLC Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☑ Indicate by check mark if the registrant is not required to file reports pursu ...

Financial Data and Key Metrics Changes - The company reported a net income of $2.1 million or $0.17 per share for the fourth quarter, compared to a net loss of $801,000 or $0.08 per share in the prior year period [12] - The combined ratio was 142% in the fourth quarter compared to 104% during the same period last year, with the accident year combined ratio excluding Hurricane Ian's impact at 101% [11] - The expense ratio for the fourth quarter was 37%, down 420 basis points from the same period last year, and the full year 2022 expense ratio was 38% compared to 41% in the prior year [29] Business Line Data and Key Metrics Changes - Total gross written premium was approximately $34.5 million for the fourth quarter, reflecting a nearly 5% increase year-over-year [20] - The personal lines business represented 17% of total gross written premium for the fourth quarter, with personalized gross written premium up almost 50% quarter-over-quarter to $6 million [9] - The company has reduced writings in Florida to a select book of Restaurant/Tavern business, with all other product offerings largely non-renewed [8] Market Data and Key Metrics Changes - The company has seen a 45% increase in premium in Michigan since 2020, with Michigan accounting for roughly 25% of gross written premium overall for 2022 [21] - The company is deliberately reducing exposure to Florida while increasing market share in favorable geographies like Michigan [21] Company Strategy and Development Direction - The company is focused on organic growth and has made significant strides in underwriting enhancements, narrowing its focus to key specialty verticals [4][7] - The strategy includes executing a Loss Portfolio Transfer to strengthen reserves and protect against legacy reserve drag [5][19] - The company aims to achieve a sustainable top line and streamlined expense structure, with a goal of maintaining an expense ratio of 35% or lower [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the direction of the company, highlighting improved geographic spread and enhanced claim statistics [10] - The company anticipates continued successes for the balance of the year and beyond, driven by underwriting focus and expense reduction initiatives [13][19] Other Important Information - The company recorded a $43,000 decrease in the fair value of equity securities in the fourth quarter, with investments conservatively managed [24] - Total assets were $312 million at quarter-end, with cash and total investments of $165 million [30] Q&A Session All Questions and Answers Question: What is the plan for the maturing notes towards the end of September of this year? - Management indicated that they will either renew the notes or pay them off, with plans underway for one or the other [32]