Presurance Holdings Reports 2025 Fourth Quarter Financial Results

Rhea-AI Summary

Presurance Holdings (Nasdaq: PRHI) reported a fourth-quarter 2025 net loss allocable to common shareholders of $17.0 million (diluted loss per share $1.39) and an adjusted operating loss of $15.2 million (Q4 adjusted loss per share $1.24).

Gross written premiums fell to $7.9 million in Q4 (-41.9% YoY) while personal lines production rose 12.7% for the year; commercial lines produced zero premium in Q4 as the company continues runoff.

Positive

• Personal lines production +12.7% year-over-year
• Personal lines comprised 100% of Q4 gross written premiums
• Simplified risk profile via commercial lines runoff

Negative

• Net loss allocable to common shareholders of $17.0 million in Q4
• Adjusted operating loss of $15.2 million in Q4
• Q4 combined ratio 333.5%, indicating large underwriting losses
• Gross written premiums down 41.9% in Q4 to $7.9 million

Key Figures

Q4 2025 gross written premiums: $7,946K Full-year 2025 gross written premiums: $59,840K Q4 2025 net loss: $(17,041K) +5 more

8 metrics

Q4 2025 gross written premiums $7,946K Quarter ended Dec 31, 2025 vs $13,683K in Q4 2024 (-41.9%)

Full-year 2025 gross written premiums $59,840K Year ended Dec 31, 2025 vs $72,053K in 2024 (-17.0%)

Q4 2025 net loss $(17,041K) Net income (loss) allocable to common shareholders, Q4 2025

Q4 2025 net loss per share $(1.39) Diluted EPS, net loss allocable to common shareholders, Q4 2025

Q4 2025 adjusted operating loss $(15,216K) Adjusted operating income (loss), quarter ended Dec 31, 2025

Personal lines gross written premiums $51,128K Full-year 2025 vs $45,367K in 2024 (12.7% increase)

Q4 2025 combined ratio 333.5% Overall underwriting combined ratio, quarter ended Dec 31, 2025

Book value per share $0.73 Book value per common share outstanding vs $1.76 prior year

Market Reality Check

Price: $0.6128 Vol: Volume 16,903 is well bel...

low vol

$0.6128 Last Close

Volume Volume 16,903 is well below 20-day average 195,445, indicating limited pre-news activity. low

Technical Shares at 0.6128 are trading below the 200-day MA of 0.94 and far under the 2.83 52-week high.

Previous Earnings Reports

1 past event · Latest: Nov 12 (Negative)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Nov 12	Quarterly earnings	Negative	-4.3%	Q3 2025 loss and elevated combined ratio as commercial runoff continued.

Pattern Detected

The last earnings release showed weak profitability metrics and was followed by a negative price move.

Recent Company History

In Q3 2025, Presurance reported an overall combined ratio of 141.2%, a net loss of $3.97M (‑$0.32 per share), and book value per share of $2.07, reflecting pressure from legacy commercial lines. Subsequent rights-offering news in early 2026 raised $14M and modestly supported the stock. Today’s Q4/2025 and full‑year results continue the narrative of runoff-driven losses alongside a strategic pivot toward personal lines.

Historical Comparison

-4.3% avg move · Prior earnings on Nov 12, 2025 led to a -4.27% move after weak profitability metrics. This release a...

earnings

-4.3%

Average Historical Move earnings

Prior earnings on Nov 12, 2025 led to a -4.27% move after weak profitability metrics. This release again centers on losses and runoff-driven volatility.

Earnings updates show ongoing runoff of legacy commercial lines and a continued shift toward personal lines homeowners business, with profitability still under pressure.

Market Pulse Summary

This announcement details a challenging Q4 2025, with gross written premiums down to $7.9M, a combin...

Analysis

This announcement details a challenging Q4 2025, with gross written premiums down to $7.9M, a combined ratio of 333.5%, and a net loss of $17.0M. At the same time, personal lines gross written premiums for 2025 rose to $51.1M as commercial lines moved to runoff. Investors may track future combined ratios, book value per share, and the pace of legacy loss development to gauge progress of the strategic shift.

Key Terms

gross written premiums, net written premiums, net earned premiums, loss ratio, +3 more

7 terms

gross written premiums financial

"Gross written premiums decreased year over year in the fourth quarter of 2025"

Gross written premiums are the total amount of money an insurance company charges for all the policies it sells during a specific period, before subtracting any costs or claims. It's like the total sales a store makes from all its products before deducting expenses. This figure shows how much business the insurer is taking on and helps gauge its size and growth.

net written premiums financial

"Net written premiums were impacted by an in-force quota share reinsurance treaty"

Net written premiums are the total value of insurance policies an insurer issues during a period, after subtracting the portion it passes on to reinsurers. It shows how much premium income the company is keeping to cover claims and run the business, so investors use it like a revenue-base gauge: rising net written premiums suggest growth or higher risk retention, while declines may signal more reinsurance or shrinking new sales.

net earned premiums financial

"Net earned premiums | | 5,687 | | 12,708 | | -55.2% |"

Net earned premiums are the portion of insurance premium income that an insurer recognizes as revenue for the period after subtracting amounts passed to other insurers (reinsurance) and adjusting for premiums that cover future periods. For investors it shows the actual insurance revenue available to cover claims and expenses—think of it like the money a subscription business can count on this month after refunds and partner fees—so it helps assess growth and underwriting health.

loss ratio technical

"Loss ratio (1) | | 286.9 | % | | 254.6 | %"

Loss ratio is the percentage of an insurer’s collected premiums that is paid out to cover claims and related costs, showing how much of customer payments are used to settle losses. Investors treat it like a fuel-efficiency gauge for an insurance business—lower loss ratios suggest pricing and risk selection leave more room for profit, while consistently high ratios signal weak pricing, rising claims, or not enough money set aside, which can hurt returns.

expense ratio technical

"Expense ratio (2) | | 46.6 | % | | 38.3 | %"

The expense ratio is the annual fee a mutual fund or exchange-traded fund charges to cover its operating costs, shown as a percentage of the fund’s assets. Think of it like a yearly maintenance or subscription fee that quietly reduces your investment’s returns; even small differences matter over time because the fee compounds against your gains. Investors compare expense ratios to judge how much of their returns will be eaten by fund costs.

combined ratio technical

"Combined ratio (3) | | 333.5 | % | | 292.9 | %"

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

accident year combined ratio technical

"Accident year combined ratio | | 154.8 | % | | 107.9 | %"

A measure of an insurer’s underwriting profitability for losses that occurred in a single policy year, calculated by comparing the claims and underwriting expenses tied to that year with the premiums earned for the same year. Think of it like checking the cost of ingredients and labor for meals made in one day versus the money taken in that day — it shows whether the insurance business for that year is running at a profit or loss and helps investors judge pricing, reserve adequacy and future earnings stability.

AI-generated analysis. Not financial advice.

TROY, Mich., March 27, 2026 (GLOBE NEWSWIRE) -- Presurance Holdings, Inc. (Nasdaq: PRHI) (“Presurance” or the “Company”) today announced results for the fourth quarter ended December 31, 2025.

Year-end 2025 Financial Highlights

• Personal Lines production up 12.7% on the year
• Commercial Lines were down 67% and continue to run off
• Personal lines production comprised 100% of gross written premiums in Q4
• Commercial Lines – zero premium production for the fourth quarter
  
  

While gross written premiums declined in the fourth quarter, as the Company continued its disciplined shift away from previously written commercial lines, on the other hand, personal lines premium was up 12.7% on the year, reflecting a concerted focus going forward. With the exit from commercial lines business on-going, the Company has meaningfully simplified its risk profile and reduced exposure to volatility associated with the old legacy business.

Management Comments

Brian Roney, CEO of Presurance, commented, "We are taking decisive steps to manage the lingering effects of the legacy commercial lines run-off. Continued adverse development, largely from our previously written commercial lines business under prior management, has significantly impacted our financial results for the quarter and the year. Going forward, the Company continues to focus on select personal lines homeowners’ business, a segment that aligns with our underwriting goals and offers attractive opportunities.”

2025 Fourth Quarter Financial Results Overview

	At and for the Three Months Ended December 31,											At and for the Year Ended December 31,
		2025				2024			% Change				2025				2024			% Change
	(dollars in thousands, except share and per share amounts)
Gross written premiums	$	7,946			$	13,683			-41.9%			$	59,840			$	72,053			-17.0%
Net written premiums		3,698				9,526			-61.2%				21,348				49,338			-56.7%
Net earned premiums		5,687				12,708			-55.2%				32,387				60,862			-46.8%
Net investment income		1,149				1,352			-15.0%				5,037				5,763			-12.6%
Net realized investment gains (losses)		(695	)			-			**				(716	)			(125	)		**
Change in fair value of equity investments		478				(21	)		**				234				(203	)		**
Net income (loss) allocable to common shareholders		(17,041	)			(25,382	)		**				(18,438	)			23,530			**
Net income (loss) allocable to common shareholders per share, diluted	$	(1.39	)		$	(2.08	)		**			$	(1.51	)		$	1.93			**
Adjusted operating income (loss)*		(15,216	)			(25,821	)		**				(25,634	)			(34,558	)		**
Adjusted operating income (loss) per share, diluted*	$	(1.24	)		$	(2.11	)					$	(2.10	)		$	(2.83	)
Book value per common share outstanding	$	0.73			$	1.76						$	0.73			$	1.76
Weighted average shares outstanding, basic and diluted		12,222,881				12,222,881							12,222,881				12,222,881
Underwriting ratios:
Loss ratio (1)		286.9	%			254.6	%						119.0	%			120.2	%
Expense ratio (2)		46.6	%			38.3	%						49.8	%			35.8	%
Combined ratio (3)		333.5	%			292.9	%						168.8	%			156.0	%
* The "Definitions of Non-GAAP Measures" section of this release defines and reconciles data that are not based on generally accepted accounting principles.
** Percentage is not meaningful
(1) The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums and other income from underwriting operations.
(2) The expense ratio is the ratio, expressed as a percentage, of policy acquisition costs and other underwriting expenses to net earned premiums and other income from underwriting operations.
(3) The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.

2025 Fourth Quarter Gross Written Premium

Gross written premiums decreased year over year in the fourth quarter of 2025 to $7.9 million, compared to $13.7 million in the prior year period. This reduction reflects a deliberate recalibration, as we streamline our book of business to emphasize personal lines that deliver better risk-adjusted returns and further aligns within our long-term strategy.

Commercial Lines Financial and Operational Review

Commercial Lines Financial Review
	Three Months Ended December 31,											Year Ended December 31,
		2025				2024			% Change				2025				2024			% Change
	(dollars in thousands)
Gross written premiums	$	(8	)		$	3,124			-100.3	%		$	8,712			$	26,686			-67.4	%
Net written premiums		(88	)			488			118.0	%			(1,629	)			14,541			-111.2	%
Net earned premiums		(17	)			4,254			-100.4	%			2,553				28,160			-90.9	%
Underwriting ratios:
Loss ratio	*					650.8	%						624.7	%			184.8	%
Expense ratio	*					33.8	%						51.6	%			29.8	%
Combined ratio	*					684.6	%						676.3	%			214.6	%
Contribution to combined ratio from net
(favorable) adverse prior year development	*					550.9	%						439.9	%			118.5	%
Accident year combined ratio (1)	*					133.7	%						236.4	%			96.1	%
(1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year's profitability and assists management in their evaluation of product pricing levels and quality of business written.
* Percentage not meaningful

The Company’s commercial lines of business represented 0% of total gross written premium in the fourth quarter of 2025. As reflected above, Commercial Lines premiums have decreased year over year, largely as a result of the commercial lines run-off and the decision to move away from the underperforming legacy commercial lines.

Personal Lines Financial and Operational Review

Personal Lines Financial Review
	Three Months Ended December 31,											Year Ended December 31,
		2025				2024			% Change				2025				2024			% Change
	(dollars in thousands)
Gross written premiums	$	7,954			$	10,559			-24.7	%		$	51,128			$	45,367			12.7	%
Net written premiums		3,786				9,038			-58.1	%			22,977				34,797			-34.0	%
Net earned premiums		5,704				8,454			-32.5	%			29,834				32,702			-8.8	%
Underwriting ratios:
Loss ratio		107.3	%			55.2	%						75.7	%			64.6	%
Expense ratio		43.6	%			40.6	%						49.7	%			41.1	%
Combined ratio		150.9	%			95.8	%						125.4	%			105.7	%
Contribution to combined ratio from net
(favorable) adverse prior year development		17.9	%			0.9	%						8.3	%			0.8	%
Accident year combined ratio		133.0	%			94.9	%						117.1	%			104.9	%

Personal lines premium represented 100% of total gross written premium for the fourth quarter of 2025. Net written premiums were impacted by an in-force quota share reinsurance treaty to support the business. Personal lines production was largely driven by Texas premium and supplemented by continuing business in select Midwestern states.

Combined Ratio Analysis

	Three Months Ended December 31,							Year Ended December 31,
	2025			2024				2025			2024
Underwriting ratios:
Loss ratio	286.9	%		254.6	%			119.0	%		120.2	%
Expense ratio	46.6	%		38.3	%			49.8	%		35.8	%
Combined ratio	333.5	%		292.9	%			168.8	%		156.0	%
Contribution to combined ratio from net (favorable)
adverse prior year development	178.7	%		185.0	%			42.3	%		55.3	%
Accident year combined ratio	154.8	%		107.9	%			126.5	%		100.7	%

Continued adverse development significantly impacted the financial results for the year, especially in the fourth quarter, and the impact of the quota share reinsurance treaty exacerbated select ratios for the period as well.

Net Investment Income

Net investment income was $1.1 million for the quarter ended December 31, 2025, compared to $1.4 million in the prior year period.

Change in Fair Value of Equity Securities

During the quarter, the Company reported a loss from the change in fair value of equity securities of $695,000, compared to no changes in the fair value of equity securities in the prior year period.

Net Income (Loss) allocable to common shareholders

The Company reported net loss allocable to common shareholders of $17.0 million, or $1.39 per share, for the fourth quarter of 2025.

Adjusted Operating Income (Loss)

The Company reported an adjusted operating loss of $15.2 million, or $1.24 per share, for the fourth quarter ended December 31, 2025. See Definitions of Non-GAAP Measures.

About Presurance Holdings

Presurance Holdings, Inc. is a Michigan-based property and casualty holding company. Through its subsidiaries, the Company provides specialty insurance coverage with a focus on disciplined growth and long-term value creation. The Company trades on the Nasdaq Capital Market under the symbol PRHI. Additional information can be found on the Company’s website at ir.PREHLD.com.

Definitions of Non-GAAP Measures

Presurance prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual and therefore is not reconciled to GAAP data.

We believe that investors’ understanding of the Company’s performance is enhanced by our disclosure of adjusted operating income. Our method of calculating this measure may differ from that used by other companies and therefore comparability may be limited. We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding: 1) net realized investment gains (losses), 2) change in fair value of equity securities, 3) Other gains, 4) Change in fair value of contingent considerations, 5) Change in contingent consideration bonus expense and 6) net income (loss) from discontinued operations. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into the results of our operations and underlying business performance.

Forward-Looking Statement

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include the Company’s expectations regarding premiums, earnings, its capital position, expansion, and growth strategies. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. The forward-looking statements are qualified by important factors, risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including those described in our form 10-K (“Item 1A Risk Factors”) filed with the SEC on March 27, 2026, and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this report speaks only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws or regulations.

Reconciliations of adjusted operating income (loss) and adjusted operating income (loss) per share:

	Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
	(dollar in thousands, except share and per share amounts)
Net income (loss)	$	(17,041	)		$	(25,382	)		$	(18,438	)		$	24,347
Less:
Net realized investment gains (losses)		(695	)			-				(716	)			(125	)
Change in fair value of equity securities		478				(21	)			234				(203	)
Other gains		-				500				-				500
Change in fair value of contingent considerations		(2,145	)			146				6,220				146
Change in contingent consideration bonus expense *		537				-				1,458				-
Net income from discontinued operations		-				(186	)			-				58,587
Impact of income tax expense (benefit) from adjustments **		-				-				-				-
Adjusted operating income (loss)	$	(15,216	)		$	(25,821	)		$	(25,634	)		$	(34,558	)
Weighted average common shares, diluted		12,222,881				12,222,881				12,222,881				12,222,881
Diluted income (loss) per common share:
Net income (loss)	$	(1.39	)		$	(2.08	)		$	(1.51	)		$	1.99
Less:
Net realized investment gains (losses)		(0.06	)			-				(0.06	)			(0.01	)
Change in fair value of equity securities		0.04				(0.01	)			0.02				(0.02	)
Other gains		-				0.04				-				0.04
Change in fair value of contingent considerations		(0.18	)			0.02				0.51				0.02
Change in contingent consideration bonus expense *		0.05				-				0.12				-
Net income from discontinued operations		-				(0.02	)			-				4.79
Impact of income tax expense (benefit) from adjustments **		-				-				-				-
Adjusted operating income (loss), per share	$	(1.24	)		$	(2.11	)		$	(2.10	)		$	(2.83	)

* Amount is included in Operating Expenses on the Consolidated Statement of Operations.

** The Company has recorded a full valuation allowance against its deferred tax assets as of December 31, 2025 and 2024. As a result, there were no taxable impacts to adjusted operating income from the adjustments to net income (loss) in the table above after taking into account the use of net operating losses and the change in the valuation allowance.

Conifer Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands)
		December 31				December 31,
			2025				2024
Assets
Investment securities:
Debt securities, at fair value (amortized cost of $96,669 and		$	88,305			$	105,665
$117,827, respectively)
Equity securities, at fair value (cost of $1,276 and $1,836, respectively)			1,277				1,603
Short-term investments, at fair value			24,725				21,151
Total investments			114,307				128,419
Cash and cash equivalents			27,362				27,654
Premiums and agents' balances receivable, net			5,521				9,901
Reinsurance recoverables on unpaid losses			63,909				84,490
Reinsurance recoverables on paid losses			5,929				6,919
Prepaid reinsurance premiums			12,024				6,088
Deferred policy acquisition costs			2,696				6,380
Receivable from contingent considerations at fair value			4,290				8,070
Other assets			3,245				3,735
Total assets		$	239,283			$	281,656
Liabilities and Shareholders' Equity
Liabilities:
Unpaid losses and loss adjustment expenses		$	146,262			$	189,285
Unearned premiums			25,703				30,590
Reinsurance premiums payable			2,501				1
Debt			12,187				11,932
Mandatorily redeemable preferred stock			14,380				-
Funds held under reinsurance agreements			24,233				25,829
Accounts payable and other liabilities			5,051				2,494
Total liabilities			230,317				260,131
Commitments and contingencies			-				-
Shareholders' equity:
Common stock, no par value (100,000,000 shares authorized; 12,222,881
issued and outstanding, respectively)			100,158				98,178
Accumulated deficit			(81,591	)			(63,153	)
Accumulated other comprehensive income (loss)			(9,601	)			(13,500	)
Total shareholders' equity			8,966				21,525
Total liabilities and shareholders' equity		$	239,283			$	281,656

Conifer Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(dollars in thousands, except share and per share data)
		Three Months Ended								Year Ended
		December 31,								December 31,
			2025				2024				2025				2024
Revenue and Other Income
Premiums
Gross earned premiums		$	15,111			$	19,721			$	64,728			$	106,612
Ceded earned premiums			(9,424	)			(7,013	)			(32,341	)			(45,750	)
Net earned premiums			5,687				12,708				32,387				60,862
Net investment income			1,149				1,352				5,037				5,763
Net realized investment gains (losses)			(695	)			-				(716	)			(125	)
Change in fair value of equity securities			478				(21	)			234				(203	)
Other gains			-				500				-				500
Other income			142				41				142				328
Change in fair value of contingent considerations			(2,145	)			146				6,220				146
Total revenue and other income			4,616				14,726				43,304				67,271
Expenses
Losses and loss adjustment expenses, net			16,314				32,349				38,541				73,302
Policy acquisition costs			1,546				3,535				8,405				13,335
Operating expenses			2,750				3,165				11,470				11,831
Interest expense			906				862				3,185				4,883
Total expenses			21,516				39,911				61,601				103,351
Income (loss) from continuing operations before income taxes			(16,900	)			(25,185	)			(18,297	)			(36,080	)
Income tax expense (benefit)			141				11				141				(1,840	)
Net income (loss) from continuing operations		$	(17,041	)		$	(25,196	)		$	(18,438	)		$	(34,240	)
Net income (loss) from discontinued operations			-				(186	)			-				58,587
Net income (loss)			(17,041	)			(25,382	)			(18,438	)			24,347
Series A Preferred Stock Dividends and Redemption premium			-				-				-				817
Net income (loss) allocable to common shareholders			(17,041	)			(25,382	)			(18,438	)			23,530
Earnings (loss) per common share, basic and diluted
Net income (loss) from continuing operations		$	(1.39	)		$	(2.06	)		$	(1.51	)		$	(2.87	)
Net income (loss) from discontinued operations		$	-			$	(0.02	)		$	-			$	4.79
Net income (loss) allocable to common shareholders		$	(1.39	)		$	(2.08	)		$	(1.51	)		$	1.93
Weighted average common shares outstanding,
basic and diluted			12,222,881				12,222,881				12,222,881				12,222,881

For Further Information:
Jessica Gulis, 248.509.9202
ir@prehld.com

FAQ

What was Presurance (PRHI) net loss and EPS for Q4 2025?

The company reported a $17.0 million net loss in Q4 2025, or $1.39 per diluted share. According to the company, adverse development from legacy commercial lines largely drove the quarterly loss and diluted earnings.

How did Presurance (PRHI) gross written premiums change in Q4 2025?

Gross written premiums fell to $7.9 million in Q4 2025, a 41.9% decline YoY. According to the company, the drop reflects a strategic shift away from commercial lines toward personal homeowners business.

What percentage of Presurance (PRHI) Q4 2025 premiums were personal lines?

Personal lines accounted for 100% of gross written premiums in Q4 2025. According to the company, commercial lines produced zero premium in the quarter as runoff continued and the book was reprioritized.

What was Presurance (PRHI) adjusted operating loss in Q4 2025 and its per-share impact?

Adjusted operating loss for Q4 2025 was $15.2 million, or $1.24 per diluted share. According to the company, this metric excludes certain non-GAAP adjustments detailed in the definitions of non-GAAP measures.

How did Presurance (PRHI) perform on underwriting metrics in Q4 2025?

The Q4 2025 combined ratio was 333.5%, with a loss ratio of 286.9% and expense ratio 46.6%. According to the company, adverse prior-year development from commercial lines substantially inflated these ratios.

What drove Presurance's (PRHI) strategy shift and where will it focus going forward?

The company is exiting legacy commercial lines and focusing on select personal homeowners business. According to the company, this shift is intended to simplify risk and emphasize personal lines with better risk-adjusted returns.