Conifer Holdings Reports 2025 First Quarter Financial Results

Core Insights - Conifer Holdings, Inc. reported mixed financial results for the first quarter of 2025, with a small net income gain despite significant declines in gross and net written premiums [2][5][15]. Financial Performance - Gross written premiums decreased by 33.5% to $16.2 million compared to $24.3 million in the same period last year [5]. - Net written premiums fell by 29.6% to $10.8 million from $15.4 million year-over-year [2]. - Net earned premiums dropped by 38.9% to $10.3 million from $16.9 million in the prior year [2]. - Net investment income was $1.3 million, down 16.6% from $1.5 million in the previous year [13]. - The company reported a net income allocable to common shareholders of $522,000, or $0.04 per share, compared to $74,000, or $0.01 per share, in the prior year [15][26]. Underwriting Performance - The loss ratio increased to 89.7% from 62.0%, while the expense ratio rose to 50.8% from 34.7%, resulting in a combined ratio of 140.5%, up from 96.7% [12][26]. - Personal lines production grew by 22% during the quarter, with gross written premiums in this segment increasing to $14.1 million from $11.6 million [3][11]. - The commercial lines segment saw a dramatic decline, with gross written premiums down 84.0% to $2.0 million [6][7]. Strategic Focus - The company is shifting its focus towards personal lines, particularly low-value dwelling homeowner's insurance in Texas and the Midwest, following the sale of its agency group in 2024 [5][7]. - Personal lines now represent 87.4% of total gross written premiums for the quarter [10]. Investment and Equity - The change in fair value of equity investments resulted in a loss of $192,000, compared to a gain of $43,000 in the prior year [14]. - Book value per common share increased to $2.09 from $0.21 year-over-year [3].