ifer (CNFR) - 2024 Q3 - Quarterly Results

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].