TROY, Mich., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights Net income allocable to common shareholders of $2.1 million, or $0.17 per shareGains in the quarter due largely to valuation recognition of an earnoutNet investment income of $1.3 millionBook value increased to $2.31 per common share outstanding Management Comments Brian Roney, CEO of C ...

Core Insights - Main Street Capital Corporation (MAIN) reported an adjusted net investment income of 99 cents per share for Q2 2025, matching the Zacks Consensus Estimate but down from $1.01 per share in the same quarter last year [1] - The increase in total investment income was a positive factor, while rising expenses negatively impacted the results [1] - Distributable net investment income on a GAAP basis was $94.3 million, reflecting a 6% increase year-over-year [1] Total Investment Income & Expenses - Total investment income for Q2 was $143.9 million, a 9% increase year-over-year, primarily driven by higher dividend income, although it fell short of the Zacks Consensus Estimate by 4.9% [2] - Total expenses rose to $50.6 million, up 12.9% year-over-year, with increases across all expense categories [2] Portfolio Activities - In Q2, the company invested $209.3 million in its lower middle market (LMM) portfolio, with $110.3 million allocated to new portfolio companies, compared to $154.5 million in the same quarter last year [3] - Total private loan portfolio investments amounted to $188.6 million, down from $323.8 million in the prior-year quarter [3] Balance Sheet Position - As of June 30, 2025, cash and cash equivalents were $86.9 million, down from $109.2 million as of March 31, 2025 [5] - The company has an unused capacity of $1.26 billion under its corporate revolving credit facility, a 5.9% increase from the previous quarter [5] - Total assets were $5.3 billion, slightly up from the previous quarter, and net asset value per share increased to $32.30 from $32.03 [5] Future Outlook - Growth in total investment income is expected to continue, driven by increased demand for customized financing and higher investment commitments, although rising expenses present a near-term concern [6]

Core Insights - Assurant, Inc. (AIZ) reported a strong second-quarter 2025 net operating income of $5.56 per share, exceeding the Zacks Consensus Estimate by 25.5% and reflecting a year-over-year increase of 36.3% [1][11] - Total revenues rose 6.5% year over year to $3.1 billion, slightly surpassing estimates by 0.7% [2][11] - Adjusted EBITDA, excluding reportable catastrophes, increased 12.7% year over year to $415.8 million, also beating estimates [4][11] Revenue Breakdown - Net earned premiums, fees, and other income increased 5.9% year over year to $2.6 billion, driven by growth across both Global Lifestyle and Global Housing segments [2][5] - Global Housing revenues increased 10.2% year over year to $732 million, primarily due to higher net earned premiums and net investment income [5] - Global Lifestyle revenues rose 7.5% year over year to $2.4 billion, driven by higher net earned premiums, fees, and other income [7] Investment Income and Expenses - Net investment income increased 3.2% year over year to $128.7 million, supported by higher yields and assets in fixed maturity securities [3] - Total benefits, losses, and expenses rose 6.5% year over year to $2.9 billion, mainly due to higher policyholders' benefits and administrative expenses [3] Segment Performance - Adjusted EBITDA for Global Housing, excluding catastrophes, increased 18% year over year to $244.2 million, driven by growth in Homeowners [6] - Adjusted EBITDA for Global Lifestyle, excluding catastrophes, was $201.4 million, a 6% year-over-year increase, attributed to growth in Connected Living [8] - Corporate & Other segment reported an adjusted EBITDA loss of $29.8 million, wider than the previous year's loss [9] Financial Position - As of June 30, 2025, liquidity stood at $518 million, significantly above the targeted minimum level of $225 million [12] - Total assets increased 1.4% to nearly $36 billion, while total shareholders' equity rose 7.7% year over year to $5.5 billion [12] Share Repurchase and Dividends - In Q2, Assurant repurchased shares worth $62 million, with an additional $25 million repurchased from July 1 to August 1, 2025 [13] - Total dividends for the quarter amounted to $43 million [13] Guidance for 2025 - Assurant expects adjusted EBITDA, excluding reportable catastrophes, to grow in the mid-to-high single digits [14] - Adjusted earnings per diluted share, excluding reportable catastrophes, is anticipated to grow by 10% [15] - The company plans to return $250 to $300 million in share repurchases, reflecting a strong capital position [16]

Core Viewpoint - PennantPark Investment Corporation reported its financial results for the second quarter ended March 31, 2025, highlighting a decrease in net investment income and net asset value per share, alongside significant portfolio activity and investment performance metrics [1][2][4]. Financial Highlights - Investment portfolio totaled $1,213.6 million with net assets of $488.1 million as of March 31, 2025 [2]. - GAAP net asset value per share was $7.48, reflecting a quarterly change of -1.2% [2]. - Net investment income for the quarter was $11.4 million, or $0.18 per share, down from $14.3 million or $0.22 per share in the same quarter of the previous year [15]. - Total investment income for the quarter was $30.7 million, compared to $36.0 million in the prior year [13]. Portfolio Activity - The company made purchases of investments totaling $176.8 million and sales and repayments of investments amounting to $263.1 million during the quarter [2][6]. - The portfolio consisted of 158 companies with an average investment size of $6.9 million, and a weighted average yield on debt investments of 12.0% [4]. - As of March 31, 2025, the portfolio included 41% first lien secured debt and 29% preferred and common equity [4]. Investment Income and Expenses - Investment income for the three months ended March 31, 2025, was primarily derived from first lien secured debt, totaling $22.1 million [13]. - Total expenses for the quarter were $19.2 million, a decrease from $21.7 million in the same quarter of the previous year [14]. - The decrease in expenses was attributed to lower interest and debt-related expenses [14]. Realized and Unrealized Gains - Net realized losses for the quarter were $(27.7) million, compared to $(31.0) million in the same quarter of the previous year [17]. - The net change in unrealized appreciation on investments was $27.1 million for the quarter [18]. Liquidity and Capital Resources - As of March 31, 2025, the company had $314.5 million in outstanding borrowings under the Truist Credit Facility, with a weighted average interest rate of 6.7% [22]. - Cash and cash equivalents available for investing and corporate purposes were $32.6 million [23]. Distributions - The company declared distributions of $0.24 per share for the quarter, totaling $15.7 million, compared to $0.21 per share in the same quarter of the previous year [27].

Financial Data and Key Metrics Changes - For the third fiscal quarter, the company's net investment income (NII) was $83.5 million, equating to $0.19 per common share, with a net asset value (NAV) of $3.2 billion or $7.25 per common share [4] - The net debt to total assets ratio stood at 28.7%, with unsecured debt plus unsecured preferred making up 87.5% of total debt plus preferred [4] - The company has distributed over $4.5 billion or $21.57 per share since inception, with monthly common shareholder distributions of $0.45 per share announced for May, June, July, and August [5] Business Line Data and Key Metrics Changes - The portfolio at fair value comprised 65.5% first lien debt, up 650 basis points from the prior year, while senior secured second lien debt decreased to 10.5%, down 410 basis points [6] - The company originated $196 million in investments during the quarter, with $149 million (76%) in first lien loans [11] - The real estate property portfolio yielded an income of 4.5% for the quarter, with an unrealized gain of $460 million as of March [9] Market Data and Key Metrics Changes - The company held 114 portfolio companies across 33 different industries, with an aggregate fair value of $6.9 billion [6] - The weighted average EBITDA per portfolio company was just under $100 million [10] - Non-accruals as a percentage of total assets were approximately 0.6% [10] Company Strategy and Development Direction - The company focuses on first lien senior secured loans, with a strategy to continue investing primarily in this area [8] - The management aims to achieve a value-maximizing orderly reduction in the size of the real estate portfolio, which has historically provided strong returns [20] - The company is under-levered compared to peers, with a debt to total capital ratio around 30%, reflecting a conservative approach [27] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment is affected by macroeconomic factors, including interest rate hikes, which have slowed the pacing of exits from real estate investments [20] - The company is optimistic about future opportunities to enhance net investment income through portfolio rotation and leveraging its diversified funding sources [28] - Management emphasized the importance of maintaining a strong balance sheet and liquidity to capitalize on attractive investment opportunities [12] Other Important Information - The company has a combined balance sheet cash and undrawn revolving credit facility commitments of $1.7 billion, with $4.4 billion of unencumbered assets [12] - The weighted average cost of unsecured debt financing was 4.33% as of March [15] Q&A Session Summary Question: Other income from NP REIT was low this quarter; should this bounce back? - Management indicated that the low other income reflects a slowdown in exits due to macroeconomic conditions, but they expect normalization over time [20] Question: How does the company plan to manage dividend coverage with SOFR trends? - Management highlighted a focus on lower middle market lending and portfolio rotation to enhance yields, while also considering leverage options [27][28] Question: Will the company prioritize preferred financing over traditional unsecured debt? - Management stated that both unsecured debt and preferred financing will be prioritized, with a focus on maintaining a diverse funding strategy [30]

Financial Performance - Total investment income for Q1 2025 was $12.118 million, compared to $16.526 million in Q1 2024[35] - Core investment income for Q1 2025 was $12.102 million, compared to $16.453 million in Q1 2024[18] - Net investment income (NII) for Q1 2025 was $4.340 million ($0.47 per share), compared to $6.226 million ($0.67 per share) in Q1 2024[35] - Net asset value (NAV) as of March 31, 2025, was $173.511 million ($18.85 per share), compared to $178.493 million ($19.41 per share) as of December 31, 2024[33] Portfolio Composition and Trends - Investment portfolio at fair value as of March 31, 2025, was $406.423 million, comprised of 93 different portfolio companies[33] - The debt investment portfolio, excluding CLO Funds, equities, and Joint Ventures, totaled $324.8 million at fair value as of March 31, 2025[9] - Non-accruals on debt investments, as of March 31, 2025, were six debt investments representing 2.6% of the Company's investment portfolio at fair value[9] - Weighted average annualized yield (excluding income from non-accruals and collateralized loan obligations) was approximately 11.0% as of March 31, 2025[9] Capital Structure and Liquidity - Par value of outstanding borrowings, as of March 31, 2025, was $255.4 million, compared to $267.5 million as of December 31, 2024[9] - Asset coverage ratio of total assets to total borrowings was 168% as of March 31, 2025[9]

Core Insights - American International Group, Inc. (AIG) reported first-quarter 2025 adjusted earnings per share of $1.17, exceeding the Zacks Consensus Estimate by 11.4%, but down from $1.25 in the same quarter last year [1] - Adjusted operating revenues were $6.6 billion, a significant decline year over year, missing the consensus mark by 2.6% [1] Financial Performance - The first-quarter earnings were bolstered by new business production and strong retention, although lower premiums and high catastrophe charges from California wildfires negatively impacted results [2] - Total premiums for the quarter were $5.8 billion, down 1.7% year over year, and also missed the Zacks Consensus Estimate by 1.5% [3] - Total net investment income increased by 13% year over year to $1.1 billion, driven by higher income from fixed maturity securities and dividends from Corebridge Financial, beating the consensus by 18.4% [3] - Total benefits, losses, and expenses rose 2.1% year over year to $5.8 billion, primarily due to increased losses and loss adjustment expenses [4] - Adjusted return on equity was 6.4%, consistent with the previous year [4] Segmental Performance - General Insurance – North America Commercial segment reported net premiums written of $1.2 billion, a 14% increase year over year, supported by new business and strong retention [5] - Underwriting income for this segment fell 45% to $129 million, impacted by increased catastrophe charges, which rose to $258 million from $72 million a year ago [6] - General Insurance – International Commercial segment saw net premiums written of $2.0 billion, a 5% increase year over year, with underwriting income decreasing by 27% to $240 million [7] - General Insurance – Global Personal segment reported net premiums written of $1.3 billion, a 14% decrease year over year, with an underwriting loss of $126 million compared to a profit of $30 million in the prior year [8] Investment and Financial Position - AIG's total net investment income rose 51% year over year to $11 million, attributed to dividends from Corebridge [9] - Interest expenses decreased by 21% year over year due to debt reduction, with adjusted pre-tax loss narrowing from $205 million to $70 million [10] - As of March 31, 2025, AIG had a cash balance of $1.4 billion, total assets of $161.9 billion, and long-term debt of $8.6 billion, down from $8.8 billion at the end of 2024 [11] - Total equity fell to $41.5 billion from $42.6 billion at the end of 2024, with total debt to total capital at 17.1% [11] - Adjusted book value per share declined 6.2% year over year to $74.45 [12] Capital Deployment - AIG repurchased shares worth $2.2 billion and distributed dividends of $234 million, with a cash dividend of 45 cents per share for the second quarter, marking a 12.5% increase [13]

Financial Data and Key Metrics Changes - The company's net premium earned was relatively flat compared to 2024, driven by higher renewal premiums offset by lower new business and audit premiums [7][8] - Gross premiums written increased by 1% to $212 million, while net premiums earned decreased by 1% to $183 million [11][12] - Net investment income rose by 20% to $32 million, marking the highest quarterly figure in the company's history [9][14] - The current accident year loss and LAE ratio on voluntary business increased from 64% to 66% [9][12] - The underwriting expense ratio improved to 23.4%, down from 25% a year ago [10][13] - Adjusted net income increased by 24% to $21.3 million compared to $17.2 million last year [15] Business Line Data and Key Metrics Changes - The increase in gross premiums was primarily due to higher renewal business, while lower new business and final audit premiums offset this growth [11][12] - Commission expenses decreased to $23 million from $25 million, and the commission expense ratio improved to 12.6% from 13.6% [13] - Underwriting expenses decreased to $43 million from $46 million, contributing to the improved underwriting expense ratio [13] Market Data and Key Metrics Changes - The company reported a record number of policies in force, with a year-over-year growth rate of 4% [8] - The overall selection of the current accident year loss ratio of 66% is below the industry average, which has been in the range of 69% to 70% [26] Company Strategy and Development Direction - The company continues to prioritize profitability over growth and is refining its underwriting and pricing approach to maintain discipline while returning to moderate new business growth levels [18] - The appetite expansion effort is identifying areas for profitable growth, with confidence to accelerate this effort going forward [18] - The company is monitoring potential impacts from tariff discussions and the cost of prescription drugs and medical services [18] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the ability to maintain a strong customer base amid potential recessionary headwinds due to deep relationships with customers and agents [18] - The company has not experienced negative impacts from tariff discussions but is closely monitoring the situation [18] - The management highlighted a focus on expense management and prudent capital management, indicating a strong financial position [19] Other Important Information - The Board of Directors authorized a new stock repurchase program for up to $125 million over a 20-month period [15] - A 7% increase in the quarterly dividend to $0.32 per share was declared, reflecting confidence in the company's financial strength [15][16] Q&A Session Summary Question: Can you talk about specifics regarding loss trends and how broad they are geographically? - Management noted that the increase in the accident year GLOF and LAE ratio reflects ongoing competitive rate environments and pressure on accident years 2023 and 2024, particularly in California [24][26] Question: How about underlying medical inflation and its drivers? - Management indicated that lost time claim frequencies have generally trended downward, although California saw an uptick due to cumulative trauma claims [29][30] Question: Is there a macroeconomic contribution to cumulative trauma claims? - Management stated that there is no identifiable macroeconomic cause for the increase in cumulative trauma claims in California, which is unique to the state [31][32] Question: What do you think will show up in the NCCI's state of the line report? - Management anticipates that reserve redundancies are still significant but carriers are reducing them less, indicating caution in the rate environment [39]

Core Viewpoint - Arch Capital Group Ltd. (ACGL) reported a first-quarter 2025 operating income of $1.54 per share, exceeding the Zacks Consensus Estimate by 12.4%, although it represented a 37.1% decline year over year. The results were supported by higher premiums in the Insurance and Reinsurance segments and improved net investment income, but were negatively impacted by poor underwriting income and increased catastrophic losses [1]. Premiums and Income - Gross premiums written increased by 8.9% year over year to $6.4 billion, while net premiums written rose by 10.5% year over year to $4.5 billion, driven by higher premiums in both Insurance and Reinsurance segments [2]. - Net investment income grew by 15.6% year over year to $378 million, although it fell short of the estimate of $436.2 million, influenced by a reduction in investable assets due to a $1.9 billion special cash dividend paid in December 2024 and higher investment expenses [3]. Revenue and Losses - Operating revenues reached $4.5 billion, marking a 21.2% increase year over year, but missed the Zacks Consensus Estimate by 0.9%. Pre-tax current accident year catastrophic losses amounted to $547 million, significantly higher than the previous year's loss of $58 million. Underwriting income declined by 43.3% year over year to $417 million [4]. - The combined ratio, indicating the percentage of premiums paid out as claims and expenses, worsened by 1,130 basis points to 90.1, compared to the estimate of 94.5 [5]. Segment Performance - In the Insurance segment, gross premiums written rose by 24.4% year over year to $2.6 billion, with net premiums written climbing 25.4% to $1.9 billion, driven by new business opportunities and rate changes, despite competitive market pressures [6]. - The Reinsurance segment saw gross premiums written increase by 0.8% year over year to $3.5 billion, while net premiums written rose by 2.2% to $2.3 billion, primarily due to rate increases and growth in existing accounts, although offset by reductions in specialty lines [7][8]. - The Mortgage segment experienced a decline, with gross premiums written dropping by 4.4% year over year to $326 million and net premiums written decreasing by 4% to $266 million, attributed to lower mortgage originations [9]. Financial Position - As of March 31, 2025, the company had cash of $1.2 billion, a 21.2% increase from the end of 2024. Debt remained flat at $2.7 billion. Book value per share was $55.15, up 3.8% from the end of 2024, while annualized operating return on average common equity contracted by 920 basis points year over year to 11.5% [11].

Financial Performance - Net investment income per share for Q4 2024 was $0.35, while earnings per share were $0.10[9] - The net asset value per share decreased by $0.30, or 1.9%, to $15.43 as of December 31, 2024, primarily due to mark-to-market adjustments[9] - The company declared a Q4 2024 base distribution of $0.36 per share and a year-end special distribution of $0.05 per share[9] Debt and Leverage - As of December 31, 2024, the company had $1.12 billion in total principal amount of debt outstanding, with 38% as senior secured bank debt and 62% as unsecured debt[9] - The net debt-to-equity ratio was 1.27x as of December 31, 2024, compared to 1.18x as of September 30, 2024[9] - The company issued $172.5 million of 7.50% unsecured notes due 2029[9] Investment Portfolio - Total investments at fair value were $1.82 billion across 105 portfolio companies in 24 industries as of December 31, 2024[9] - Senior secured loans comprised 86.1% of the investment portfolio, with 86.0% in first lien investments[9] - Investments on non-accrual status were 1.41% of the total investment portfolio at fair value[9] - New investment commitments for the quarter were $106 million, of which $100 million were funded[12]