Conifer Holdings, now Presurance Holdings, reports developments for a Michigan property-and-casualty insurance holding company that writes specialty coverage through subsidiaries and markets largely personal lines through independent agents. Company updates focus on the shift toward personal lines, including homeowners insurance in Texas and the Midwest, and the runoff of legacy commercial lines after the completed sale of insurance agency operations.
Recurring announcements also cover quarterly and annual underwriting measures, gross written premium trends, combined ratios, investment income, book value, the completed corporate rebrand and ticker change, and capital actions such as a rights offering and preferred stock redemption.
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Conifer Holdings reported its financial results for Q4 and year-end 2022, highlighting a 4.6% increase in gross written premiums to $34.5 million compared to the previous year. However, net earned premiums decreased 11.3% to $23.2 million. The expense ratio improved by 420bps to 37.2% in Q4. The company achieved a net income of $2.1 million ($0.17 per share), a turnaround from a net loss of $801,000 in Q4 2021. Despite challenges, management expressed optimism for sustainable profitability through enhanced reserve strategies. Overall, the results signal a mixed but cautiously optimistic outlook for Conifer Holdings.