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]

STRATEGIC INITIATIVES CONTINUE TO DRIVE GROWTH 1 Attractive Entry Point Valuation Based on Operating Trajectory 3 INVESTMENT THESIS Focused Expertise in Niche Specialty Insurance Markets GWP Q4 2022: $34.5M +4.6% over Q4 2021 GWP for full year 2022: $138.0 +4.5% over full year 2021 Focus is on expanding profitable core premium within select key verticals STRATEGIC INITIATIVES EXECUTED Balance sheet protection from future impact of legacy reserve drag from 2019 and prior accident years Q4 2022 INVESTOR CONFE ...

Financial Data and Key Metrics Changes - Gross written premiums decreased just under 2% to $33 million in Q3 2022 compared to the same period last year [21] - The combined ratio was 106.5% in Q3 2022, largely unchanged from 106.9% in Q3 2021 [22] - The loss ratio increased to 67% in Q3 2022 from 65% in Q3 2021 [22] - Net loss reported was $1.5 million or $0.14 per share for Q3 2022, compared to a net loss of $1.2 million or $0.12 per share in the prior year [25] Business Line Data and Key Metrics Changes - The personal lines business represented 16% of total gross written premium for Q3 2022, with gross written premium up almost 42% year-over-year at $5.5 million [18] - In commercial lines, the loss ratio was 64% for Q3 2022, with a focus on increasing profitable premium from small business groups [22][13] - Total claims in Q3 2022 were down 6% from a year ago, indicating favorable claims trends [19] Market Data and Key Metrics Changes - The company has reduced its exposure to the state of Florida by roughly 57% since 2018, with expected premiums down almost 70% in the state [16] - Michigan has seen the premium base more than double since 2018, accounting for over 25% of gross written premium in Q3 2022 [16] Company Strategy and Development Direction - The company completed two significant strategic transactions aimed at improving profitability: an asset purchase agreement with Whitetail Insurance Services and a Loss Portfolio Transfer reinsurance agreement with Fleming Re [7][9] - The focus remains on profitable premium growth and streamlining expenses, with a near-term expense ratio goal of 35% [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing improvements to the business mix and expense reductions, expecting continued success for the balance of 2022 and beyond [27] - The company anticipates that favorable claims trends and strategic decisions will positively impact financial results in the near term [20] Other Important Information - The company reported a net investment income of $860,000 in Q3 2022, up 67% from the prior year [24] - Total assets were $286 million at quarter end, with cash and total investments of $179 million [26] Q&A Session Summary Question: Impact of the MGA sale and loss portfolio transfer on income statement - Management indicated that the sale of the MGA assets would not be consolidated in financials and would show as equity income from a subsidiary [30] Question: Improvements in expense ratio - Management expects the expense ratio to decrease from 38.5% in the current year, with significant expense reductions already implemented [32]

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, 2022 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 ...

Conifer Holdings, Inc. (NASDAQ:CNFR) Q2 2022 Earnings Conference Call August 11, 2022 8:30 AM ET CompanyParticipants Jim Petcoff - Chairman and Co-CEO Harold Meloche - CFO Brian Roney - President Nick Petcoff - EVP and Director Conference Call Participants Paul Newsome - Piper Sandler Operator Good morning, and welcome to Conifer Holdings Second Quarter 2022 Investor Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportuni ...

Conifer Holdings Inc. Q2 2022 INVESTOR CONFERENCE CALL August 11, 2022 Nasdaq: CNFR Fulfilling the Unique Needs of Specialty Insurance Markets as a Long-Term Partner 2 SAFE HARBOR STATEMENT | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...