Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer”
or the “Company”) today announced results for the third quarter
ended September 30, 2023.
Third Quarter 2023 Financial Highlights
(compared to the prior year period)
- Gross written premium increased 16.5% to $38.5 million
- Net investment income increased 68.6% to $1.5 million
- Expense ratio improved to 33.9%, down 600 bps from the prior
year
- Combined ratio of 120.8%; accident year combined ratio
excluding the impact of storm-related losses was 95.3% (6)
Management Comments James
Petcoff, Executive Chairman and Co-CEO, commented, “While the third
quarter results were affected by atypically severe storm losses, it
is important to emphasize that our growing core lines of business
are delivering positive results. Moreover, excluding the impact of
these storm-related losses, Conifer would have achieved
profitability in the quarter.”
2023 Third Quarter Financial Results
Overview
|
At and for the Three Months Ended September
30, |
|
At and for the Nine Months Ended September
30, |
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
|
|
|
(dollars in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
38,548 |
|
|
$ |
33,088 |
|
|
16.5 |
% |
|
$ |
119,436 |
|
|
$ |
103,470 |
|
|
15.4 |
% |
Net written premiums |
5,689 |
|
|
23,693 |
|
|
-76.0 |
% |
|
53,359 |
|
|
68,980 |
|
|
-22.6 |
% |
Net earned premiums |
23,979 |
|
|
24,958 |
|
|
-3.9 |
% |
|
69,114 |
|
|
73,489 |
|
|
-6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
1,450 |
|
|
860 |
|
|
68.6 |
% |
|
4,111 |
|
|
1,931 |
|
|
112.9 |
% |
Net realized investment gains
(losses) |
- |
|
|
- |
|
|
** |
|
|
- |
|
|
(1,505 |
) |
|
** |
|
Change in fair value of equity
investments |
(87 |
) |
|
(151 |
) |
|
42.4 |
% |
|
595 |
|
|
446 |
|
|
33.4 |
% |
Gain from sale of renewal
rights |
2,335 |
|
|
- |
|
|
|
|
|
2,335 |
|
|
- |
|
|
|
|
Other gains (losses) |
- |
|
|
66 |
|
|
** |
|
|
- |
|
|
60 |
|
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
(2,706 |
) |
|
(1,523 |
) |
|
** |
|
|
(6,444 |
) |
|
(12,792 |
) |
|
** |
|
Net income (loss) per share, diluted |
$ |
(0.22 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
$ |
(0.53 |
) |
|
$ |
(1.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income
(loss)* |
(4,954 |
) |
|
(1,438 |
) |
|
** |
|
|
(9,374 |
) |
|
(11,793 |
) |
|
** |
|
Adjusted operating income (loss) per share, diluted* |
$ |
(0.41 |
) |
|
$ |
(0.13 |
) |
|
** |
|
|
$ |
(0.77 |
) |
|
$ |
(1.16 |
) |
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share
outstanding |
$ |
0.96 |
|
|
$ |
1.32 |
|
|
|
|
|
$ |
0.96 |
|
|
$ |
1.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding, basic and diluted |
12,222,881 |
|
|
11,101,194 |
|
|
|
|
|
12,219,713 |
|
|
10,178,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio (1) |
86.9 |
% |
|
66.6 |
% |
|
|
|
|
77.8 |
% |
|
77.2 |
% |
|
|
|
Expense ratio (2) |
33.9 |
% |
|
39.9 |
% |
|
|
|
|
36.3 |
% |
|
38.8 |
% |
|
|
|
Combined ratio (3) |
120.8 |
% |
|
106.5 |
% |
|
|
|
|
114.1 |
% |
|
116.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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. |
|
2023 Third Quarter Premiums
Gross Written PremiumsGross written premiums
increased 16.5% in the third quarter of 2023 to $38.5 million,
compared to $33.1 million in the prior year period. This top line
growth derived primarily from continued expansion within select key
verticals that have demonstrated strong performance. By narrowing
the focus to these historically profitable core lines of business,
the Company not only minimizes risk exposure, but is also able to
reap maximum returns from existing underwriting expertise.
The Company’s small business program continues
to lead the way in this regard, comprising 81.9% of commercial
lines premium and 60.6% of overall GWP for the third quarter.
Conifer’s low-value home/dwelling lines of business have shown
strong historical performance, and were major contributors to the
overall growth in personal lines premium.
Net Earned PremiumNet earned premium decreased
3.9% to $24.0 million in the third quarter of 2023, compared to
$25.0 million for the prior year period.
Commercial Lines Financial and Operational
Review
Commercial Lines Financial Review |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
28,492 |
|
|
$ |
27,635 |
|
|
3.1 |
% |
|
$ |
92,228 |
|
|
$ |
88,297 |
|
|
4.5 |
% |
Net written premiums |
(3,155 |
) |
|
18,730 |
|
|
-116.8 |
% |
|
29,571 |
|
|
55,456 |
|
|
-46.7 |
% |
Net earned premiums |
17,315 |
|
|
20,789 |
|
|
-16.7 |
% |
|
51,925 |
|
|
62,097 |
|
|
-16.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio |
88.8 |
% |
|
64.0 |
% |
|
|
|
|
76.0 |
% |
|
80.0 |
% |
|
|
|
Expense ratio |
31.7 |
% |
|
39.6 |
% |
|
|
|
|
35.1 |
% |
|
38.0 |
% |
|
|
|
Combined ratio |
120.5 |
% |
|
103.6 |
% |
|
|
|
|
111.1 |
% |
|
118.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio
from net (favorable) adverse prior year development |
23.3 |
% |
|
13.2 |
% |
|
|
|
|
7.9 |
% |
|
28.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio
(non-GAAP) (4) |
97.2 |
% |
|
90.4 |
% |
|
|
|
|
103.2 |
% |
|
89.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact from storms |
- |
|
|
- |
|
|
|
|
|
1.9 |
% |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio
before impact of storms (non-GAAP) (4) |
97.2 |
% |
|
90.4 |
% |
|
|
|
|
101.3 |
% |
|
89.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) 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. The
accident year combined ratio is a non-GAAP measure.We presented the
accident year combined ratio for the three and nine months ended
September 30, 2023, before the $0 and $967,000 of severe storm
losses, due to the significant variance relative to our historical
and expected future losses. The accident year combined ratio before
impact of storms is a non-GAAP measure. |
|
The Company’s commercial lines of business
represented 73.9% of total gross written premium in the third
quarter of 2023. Conifer redoubled its commitment to strategically
maintaining and broadening its reach within select key verticals
where the Company has deep underwriting knowledge and experience.
This expertise-driven approach provides the foundation for current
and future profitable growth.
Commercial lines gross written premium increased
3.1% in the third quarter of 2023 to $28.5 million, as Conifer
continues to execute on its strategy of maintaining organic growth
in historically profitable lines of business.
The Commercial lines accident year combined ratio was 97.2% for
the three months ended September 30, 2023. As the residual impact
of deemphasized lines continues to decrease, the Company expects to
report profitable performance from currently growing key select
verticals.
The expense ratio was 31.7% for the third
quarter of 2023, marking significant improvement of 790 basis
points from the prior year period, and beating the Company’s 35%
target.
Personal Lines Financial and Operational
Review
Personal Lines Financial Review |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
10,056 |
|
|
$ |
5,453 |
|
|
84.4 |
% |
|
$ |
27,208 |
|
|
$ |
15,173 |
|
|
79.3 |
% |
Net written premiums |
8,844 |
|
|
4,963 |
|
|
78.2 |
% |
|
23,788 |
|
|
13,524 |
|
|
75.9 |
% |
Net earned premiums |
6,664 |
|
|
4,169 |
|
|
59.8 |
% |
|
17,189 |
|
|
11,392 |
|
|
50.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio |
82.0 |
% |
|
79.2 |
% |
|
|
|
|
83.3 |
% |
|
61.8 |
% |
|
|
|
Expense ratio |
39.7 |
% |
|
41.3 |
% |
|
|
|
|
39.9 |
% |
|
43.1 |
% |
|
|
|
Combined ratio |
121.7 |
% |
|
120.5 |
% |
|
|
|
|
123.2 |
% |
|
104.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio
from net (favorable) adverse prior year development |
-6.3 |
% |
|
9.1 |
% |
|
|
|
|
-6.8 |
% |
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio
(non-GAAP) (5) |
128.0 |
% |
|
111.4 |
% |
|
|
|
|
130.0 |
% |
|
101.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact from storms |
37.5 |
% |
|
- |
|
|
|
|
|
40.3 |
% |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio
before impact of storms (non-GAAP) (5) |
90.5 |
% |
|
111.4 |
% |
|
|
|
|
89.7 |
% |
|
101.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) 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. The
accident year combined ratio is a non-GAAP measure.We presented the
accident year combined ratio for the three and nine months ended
September 30, 2023, before the $2.5 million and $7.0 million of
severe storm losses, due to the significant variance relative to
our historical and expected future losses. The accident year
combined ratio before impact of storms is a non-GAAP measure. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal lines, representing 26.1% of total gross
written premium for the third quarter of 2023, consists mainly of
low-value home/dwelling insurance products. Gross written premium
in personal lines was $10.1 million for the third quarter of
2023.
Personal lines combined ratio was 121.7% for the
three months ended September 30, 2023. Severe convective storms in
Oklahoma that led to industry-wide losses were also predominantly
responsible for Conifer’s elevated combined ratio in the third
quarter.
Before the impact of these storm-related losses,
the personal lines accident year combined ratio was 90.5% for the
third quarter, and 89.7% for the nine months ended September 30,
2023.
Combined Ratio Analysis
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
Loss ratio |
86.9 |
% |
|
66.6 |
% |
|
77.8 |
% |
|
77.2 |
% |
Expense ratio |
33.9 |
% |
|
39.9 |
% |
|
36.3 |
% |
|
38.8 |
% |
Combined ratio |
120.8 |
% |
|
106.5 |
% |
|
114.1 |
% |
|
116.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio
from net (favorable) adverse prior year development |
15.0 |
% |
|
12.6 |
% |
|
4.2 |
% |
|
24.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio
(non-GAAP) (6) |
105.8 |
% |
|
93.9 |
% |
|
109.9 |
% |
|
91.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Impact from storms |
10.5 |
% |
|
- |
|
|
11.5 |
% |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio before impact of storms (non-GAAP)
(6) |
95.3 |
% |
|
93.9 |
% |
|
98.4 |
% |
|
91.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(6) 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. The
accident year combined ratio is a non-GAAP measure.We presented the
accident year combined ratio for the three and nine months ended
September 30, 2023, before the $2.5 million and $7.9 million of
severe storm losses, due to the significant variance relative to
our historical and expected future losses. The accident year
combined ratio before impact of storms is a non-GAAP measure. |
|
Combined Ratio:The Company's combined ratio was 120.8% for the
three months ended September 30, 2023. Before the impact of storm
losses as described above, the Company’s accident year combined
ratio was 95.3% for the quarter.
Loss Ratio: The Company’s losses and loss
adjustment expenses were $20.9 million for the third quarter and
$53.9 million for the nine months ended September 30, 2023, down
from $56.9 million in the prior year period.
Expense Ratio: The expense ratio exhibited
significant improvement in the third quarter, due in large part to
the Company’s sustained emphasis on expense management: the expense
ratio for the third quarter of 2023 was 33.9%, down from 39.9% in
the prior year period and below the Company’s near-term target of
35%.
Net Investment Income
Net investment income was $1.5 million during
the quarter ended September 30, 2023, up 68.6% compared to $860,000
in the prior year period.
Net Realized Investment Gains (Losses)
The Company did not have any realized investment
gains or losses during the third quarter or nine months ended
September 30, 2023. Net realized investment losses were $1.5
million for the first nine months of 2022.
Change in Fair Value of Equity
SecuritiesDuring the quarter, the Company reported a loss
of $87,000 from the change in fair value of equity investments,
compared to a loss of $151,000 in the prior year period.
Net Income (Loss) The Company
reported net loss of $2.7 million, or $0.22 per share, for the
third quarter of 2023; compared to a net loss of $1.5 million, or
$0.14 per share, in the prior year period.
Adjusted Operating Income (Loss)
In the third quarter of 2023, the Company
reported an adjusted operating loss of $5.0 million, or $0.41 per
share, compared to an adjusted operating loss of $1.4 million, or
$0.13 per share, for the same period in 2022. See Definitions of
Non-GAAP Measures.
Earnings Conference Call with
Accompanying Slide PresentationThe Company will hold a
conference call/webcast on Friday, November 10, 2023 at 8:30 a.m.
ET to discuss results for the third quarter ended September 30,
2023.
Investors, analysts, employees and the general
public are invited to listen to the conference call via:
|
Webcast: |
On the Event Calendar at IR.CNFRH.com |
|
Conference Call: |
844-868-8843 (domestic) or 412-317-6589 (international) |
|
|
|
The webcast will be archived on the Conifer
Holdings website and available for replay for at least one
year.
About Conifer HoldingsConifer
Holdings, Inc. is a specialty insurance holding company, offering
customized coverage solutions tailored to the needs of our insureds
nationwide. Conifer is traded on the NASDAQ exchange under the
symbol “CNFR”. Additional information is available on the Company’s
website at www.CNFRH.com.
Definitions of Non-GAAP
Measures
Conifer 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
Conifer’s performance is enhanced by our disclosure of adjusted
operating income. Our method for 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 the
after-tax amounts of: 1) Net realized investment gains and losses,
2) Change in fair value of equity securities, 3) Gain on sale of
renewal rights and 4) Other gains (losses). 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 our results of operations and our underlying business
performance.
Reconciliations of adjusted operating income and adjusted
operating income per share:
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
(dollar in thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(2,706 |
) |
|
$ |
(1,523 |
) |
|
$ |
(6,444 |
) |
|
$ |
(12,792 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
Net realized investment gains (losses), net of tax |
- |
|
|
- |
|
|
- |
|
|
(1,505 |
) |
Change in fair value of equity securities, net of tax |
(87 |
) |
|
(151 |
) |
|
595 |
|
|
446 |
|
Gain from sale of renewal rights |
2,335 |
|
|
- |
|
|
2,335 |
|
|
- |
|
Other gains (losses), net of tax |
- |
|
|
66 |
|
|
- |
|
|
60 |
|
Adjusted operating income (loss) |
$ |
(4,954 |
) |
|
$ |
(1,438 |
) |
|
$ |
(9,374 |
) |
|
$ |
(11,793 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares, diluted |
12,222,881 |
|
|
11,101,194 |
|
|
12,219,713 |
|
|
10,178,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per
common share: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(0.22 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.53 |
) |
|
$ |
(1.26 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
Net realized investment gains (losses), net of tax |
- |
|
|
- |
|
|
- |
|
|
(0.15 |
) |
Change in fair value of equity securities, net of tax |
- |
|
|
(0.01 |
) |
|
0.05 |
|
|
0.04 |
|
Gain from sale of renewal rights |
0.19 |
|
|
- |
|
|
0.19 |
|
|
- |
|
Other gains (losses), net of tax |
- |
|
|
- |
|
|
- |
|
|
0.01 |
|
Adjusted operating income
(loss), per share |
$ |
(0.41 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.77 |
) |
|
$ |
(1.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
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
Conifer’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, 2023 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.
Conifer Holdings, Inc. and Subsidiaries |
Consolidated Balance Sheets |
(dollars in thousands) |
|
|
September 30, |
|
December 31, |
|
2023 |
|
2022 |
Assets |
(Unaudited) |
|
|
|
Investment securities: |
|
|
|
|
|
Debt securities, at fair value (amortized cost of $119,499
and $127,119, respectively) |
$ |
101,745 |
|
|
$ |
110,201 |
|
Equity securities, at fair value (cost of $2,387 and $1,905,
respectively) |
2,345 |
|
|
1,267 |
|
Short-term investments, at fair value |
40,523 |
|
|
25,929 |
|
Total investments |
144,613 |
|
|
137,397 |
|
|
|
|
|
|
|
Cash and cash equivalents |
14,361 |
|
|
28,035 |
|
Premiums and agents' balances
receivable, net |
24,512 |
|
|
21,802 |
|
Receivable from Affiliate |
889 |
|
|
1,261 |
|
Reinsurance recoverables on
unpaid losses |
46,766 |
|
|
82,651 |
|
Reinsurance recoverables on
paid losses |
6,959 |
|
|
6,653 |
|
Prepaid reinsurance
premiums |
43,132 |
|
|
16,399 |
|
Deferred policy acquisition
costs |
5,737 |
|
|
10,290 |
|
Other assets |
6,474 |
|
|
7,862 |
|
Total assets |
$ |
293,443 |
|
|
$ |
312,350 |
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Unpaid losses and loss adjustment expenses |
$ |
139,214 |
|
|
$ |
165,539 |
|
Unearned premiums |
78,865 |
|
|
67,887 |
|
Reinsurance premiums payable |
4,727 |
|
|
6,144 |
|
Debt |
25,264 |
|
|
33,876 |
|
Funds held under reinsurance agreements |
26,541 |
|
|
11,084 |
|
Accounts payable and accrued expenses |
7,041 |
|
|
8,870 |
|
Total liabilities |
281,652 |
|
|
293,400 |
|
|
|
|
|
|
|
Commitments and
contingencies |
- |
|
|
- |
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
|
|
|
|
|
|
Common stock, no par value (100,000,000 shares authorized;
12,222,881 and 12,215,849 issued and outstanding,
respectively) |
98,057 |
|
|
97,913 |
|
Accumulated deficit |
(67,204 |
) |
|
(60,760 |
) |
Accumulated other comprehensive income (loss) |
(19,062 |
) |
|
(18,203 |
) |
Total shareholders' equity |
11,791 |
|
|
18,950 |
|
Total liabilities and shareholders' equity |
$ |
293,443 |
|
|
$ |
312,350 |
|
Conifer Holdings, Inc. and Subsidiaries |
Consolidated Statements of Operations
(Unaudited) |
(dollars in thousands, except share and per share
data) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
and Other Income |
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
|
|
|
|
|
|
|
|
|
|
Gross earned premiums |
$ |
38,150 |
|
|
$ |
34,401 |
|
|
$ |
108,457 |
|
|
$ |
100,947 |
|
Ceded earned premiums |
(14,171 |
) |
|
(9,443 |
) |
|
(39,343 |
) |
|
(27,458 |
) |
Net earned premiums |
23,979 |
|
|
24,958 |
|
|
69,114 |
|
|
73,489 |
|
Net investment income |
1,450 |
|
|
860 |
|
|
4,111 |
|
|
1,931 |
|
Net realized investment gains (losses) |
- |
|
|
- |
|
|
- |
|
|
(1,505 |
) |
Change in fair value of equity securities |
(87 |
) |
|
(151 |
) |
|
595 |
|
|
446 |
|
Gain from sale of renewal rights |
2,335 |
|
|
- |
|
|
2,335 |
|
|
- |
|
Other gains (losses) |
- |
|
|
66 |
|
|
- |
|
|
60 |
|
Other income |
439 |
|
|
603 |
|
|
1,463 |
|
|
1,964 |
|
Total revenue and other income |
28,116 |
|
|
26,336 |
|
|
77,618 |
|
|
76,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses, net |
20,911 |
|
|
16,671 |
|
|
53,943 |
|
|
56,940 |
|
Policy acquisition costs |
4,725 |
|
|
6,230 |
|
|
13,859 |
|
|
17,419 |
|
Operating expenses |
4,403 |
|
|
4,380 |
|
|
13,796 |
|
|
13,010 |
|
Interest expense |
855 |
|
|
778 |
|
|
2,361 |
|
|
2,216 |
|
Total expenses |
30,894 |
|
|
28,059 |
|
|
83,959 |
|
|
89,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before equity earnings in Affiliate and income
taxes |
(2,778 |
) |
|
(1,723 |
) |
|
(6,341 |
) |
|
(13,200 |
) |
Equity earnings (loss) in Affiliate, net of tax |
72 |
|
|
199 |
|
|
(103 |
) |
|
368 |
|
Income tax expense (benefit) |
- |
|
|
(1 |
) |
|
- |
|
|
(40 |
) |
Net income
(loss) |
(2,706 |
) |
|
(1,523 |
) |
|
(6,444 |
) |
|
(12,792 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per common share, basic and diluted |
$ |
(0.22 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.53 |
) |
|
$ |
(1.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding, basic and diluted |
12,222,881 |
|
|
11,101,194 |
|
|
12,219,713 |
|
|
10,178,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For Further Information:
Jessica Gulis, 248.559.0840ir@cnfrh.com
Conifer (NASDAQ:CNFRL)
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부터 4월(4) 2024 으로 5월(5) 2024
Conifer (NASDAQ:CNFRL)
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부터 5월(5) 2023 으로 5월(5) 2024