Conifer (CNFR) Insider Purchase — 100K Shares Reported on Form 4

Rhea-AI Filing Summary

Clarkston Ventures, LLC reported a non-derivative purchase of 100,000 shares of Conifer Holdings, Inc. (CNFR) on 12/12/2024 at $2.00 per share. After the transaction the reporting person states ownership of 3,735,769 shares, with a disclaimer that the reporting person disclaims beneficial ownership of shares held in client accounts. The Form 4 was signed by Jeffrey A. Hakala as a member on 08/22/2025. The filing identifies the reporting person as a director and indicates the form was filed by one reporting person.

Positive

• Insider purchase disclosed: 100,000 shares acquired at $2.00 per share on 12/12/2024
• Clear ownership figure reported: 3,735,769 shares reported following the transaction
• Compliance with reporting rules: Form 4 signed and filed, identifying reporting person as a director

Negative

• Beneficial ownership disclaimer: Reporting person disclaims beneficial ownership of shares held in client accounts, limiting clarity on true economic interest
• Delay between transaction and signature: Trade date is 12/12/2024 while signature date is 08/22/2025, which may limit timeliness of disclosure

Insights

Securities Analyst

TL;DR: Director-affiliated entity purchased 100,000 CNFR shares at $2.00; holdings reported as 3,735,769 shares with a client-account disclaimer.

The transaction is a straightforward open-market purchase recorded on Form 4. The purchase price and size are explicitly reported and the filing discloses that some shares are held in client accounts for which the reporting person disclaims beneficial ownership. Timing shows the trade date as 12/12/2024 and a later signature date. This disclosure provides clarity on the reporting person’s position size but does not by itself reveal intent or strategy.

Corporate Governance Expert

TL;DR: Filing documents insider purchase and clarifies ownership structure; material governance implications are limited.

The Form 4 identifies the reporting entity as a director and provides a signed attestation. The explicit disclaimer about client accounts affects interpretation of beneficial ownership and underscores the need to treat reported holdings with that caveat. The disclosure meets Section 16 reporting requirements and gives investors a verifiable record of the reported purchase.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Clarkston Ventures, LLC

(Last) (First) (Middle)

91 WEST LONG LAKE RD

(Street)

BLOOMFIELD HILLS MI 48304

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Conifer Holdings, Inc. [ CNFR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/12/2024		P		100,000	A	$2	3,735,769(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The Reporting Person disclaims beneficial ownership of all shares held in client accounts.

	/s/ Jeffrey A. Hakala, Member	08/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Clarkston Ventures, LLC report for CNFR on Form 4?

The filing reports a purchase of 100,000 shares of Conifer Holdings (CNFR) on 12/12/2024 at $2.00 per share and total reported ownership of 3,735,769 shares.

Who signed the Form 4 for the CNFR filing?

The Form 4 was signed by Jeffrey A. Hakala, Member on 08/22/2025.

Does the filing disclose whether the shares are held for clients or personally?

Yes. The reporting person includes a statement that they disclaim beneficial ownership of all shares held in client accounts.

What role does the reporting person have at Conifer Holdings (CNFR)?

The filing indicates the reporting person is a Director of Conifer Holdings, Inc.

Was this Form 4 filed by multiple reporting persons?

No. The form indicates it was filed by one reporting person.