Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer”
or the “Company”) today announced results for the third quarter
ended September 30, 2021.
Third Quarter 2021 Financial Highlights
(compared to the prior year period)
- Gross written premium increased
12.9% to $33.7 million
- Commercial Lines gross written
premium increased 9.3% to $29.8 million
- Personal Lines gross written
premium increased 51.5% to $3.9 million
- Net loss of $1.2 million, or $0.12
per share, based on 9.7 million average shares outstanding
- Book value per share of $4.34 as of
September 30, 2021
James Petcoff, Chairman and CEO, commented, “We
were pleased to report top line growth in the quarter with premiums
increasing roughly 13% for the period. Our gross written premiums
have improved by double-digit percentages for several quarters,
which will help drive greater economies of scale going forward.
And, while we reported additional development from prior years, our
change in business mix has gained traction, as we implement steady
rate increases across our book. For the remainder of 2021, our
focus will continue to be on generating profitable premium growth
while continuing to refine our business mix in our core specialty
markets.”
2021 Third Quarter Financial Results
Overview
|
|
At and for
theThree Months Ended September 30, |
|
|
At and for
theNine Months Ended September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|
|
|
|
(dollars in
thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
33,704 |
|
|
$ |
29,841 |
|
|
12.9% |
|
$ |
99,058 |
|
|
$ |
82,470 |
|
|
20.1% |
Net written premiums |
|
26,069 |
|
|
|
25,043 |
|
|
4.1% |
|
|
79,084 |
|
|
|
69,159 |
|
|
14.4% |
Net earned premiums |
|
24,941 |
|
|
|
22,227 |
|
|
12.2% |
|
|
72,614 |
|
|
|
66,002 |
|
|
10.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
514 |
|
|
|
776 |
|
|
-33.8% |
|
|
1,549 |
|
|
|
2,593 |
|
|
-40.3% |
Net realized investment gains |
|
(101 |
) |
|
|
3,316 |
|
|
** |
|
|
3,883 |
|
|
|
4,489 |
|
|
** |
Change in fair value of equity investments |
|
(2,169 |
) |
|
|
(356 |
) |
|
** |
|
|
(3,234 |
) |
|
|
(1,866 |
) |
|
|
Other gains |
|
2,778 |
|
|
|
- |
|
|
** |
|
|
11,688 |
|
|
|
260 |
|
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
(1,209 |
) |
|
|
541 |
|
|
** |
|
|
(293 |
) |
|
|
(2,679 |
) |
|
** |
|
Net income (loss) per share, diluted |
$ |
(0.12 |
) |
|
$ |
0.06 |
|
|
|
|
$ |
(0.03 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income (loss)* |
|
(1,717 |
) |
|
|
(2,419 |
) |
|
** |
|
|
(12,630 |
) |
|
|
(5,562 |
) |
|
** |
|
Adjusted
operating income (loss) per share, diluted* |
$ |
(0.18 |
) |
|
$ |
(0.24 |
) |
|
** |
|
$ |
(1.30 |
) |
|
$ |
(0.58 |
) |
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share outstanding |
$ |
4.34 |
|
|
$ |
4.40 |
|
|
|
|
$ |
4.34 |
|
|
$ |
4.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted |
|
9,692,150 |
|
|
|
9,630,600 |
|
|
|
|
|
9,686,874 |
|
|
|
9,606,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio
(1) |
|
64.6% |
|
|
|
65.2% |
|
|
|
|
|
73.3% |
|
|
|
61.5% |
|
|
|
|
Expense
ratio (2) |
|
42.3% |
|
|
|
45.5% |
|
|
|
|
|
42.7% |
|
|
|
46.2% |
|
|
|
|
Combined
ratio (3) |
|
106.9% |
|
|
|
110.7% |
|
|
|
|
|
116.0% |
|
|
|
107.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Third Quarter Premiums
Gross Written Premiums
Gross written premiums increased 12.9% in the
third quarter of 2021 to $33.7 million, compared to $29.8 million
in the prior year period. The increase was the result of growth in
both Commercial and Personal Lines business as general economic and
business conditions began to improve following pandemic-related
softness.
Net Earned PremiumsNet earned premiums increased
12.2% to $24.9 million for the third quarter of 2021, compared to
$22.2 million for the prior year period. The Company expects net
earned premiums to increase throughout 2021 as gross written
premium growth over the past several quarters continues to be
earned ratably through the year.
Commercial Lines Financial and Operational
Review
Commercial
Lines Financial Review |
|
|
Three Months
Ended September 30, |
|
|
Nine Months
Ended September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
29,849 |
|
|
$ |
27,297 |
|
|
9.3% |
|
$ |
88,017 |
|
|
$ |
76,341 |
|
|
15.3% |
Net written premiums |
|
22,456 |
|
|
|
22,763 |
|
|
-1.3% |
|
|
68,685 |
|
|
|
63,827 |
|
|
7.6% |
Net earned premiums |
|
21,975 |
|
|
|
20,586 |
|
|
6.7% |
|
|
64,869 |
|
|
|
61,122 |
|
|
6.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss
ratio |
|
66.7% |
|
|
|
68.8% |
|
|
|
|
|
74.7% |
|
|
|
63.5% |
|
|
|
|
Expense
ratio |
|
42.7% |
|
|
|
45.4% |
|
|
|
|
|
42.9% |
|
|
|
46.1% |
|
|
|
|
Combined
ratio |
|
109.4% |
|
|
|
114.2% |
|
|
|
|
|
117.6% |
|
|
|
109.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio from net |
|
|
|
|
|
|
|
|
|
|
|
|
(favorable)
adverse prior year development |
|
15.2% |
|
|
|
22.4% |
|
|
|
|
|
22.6% |
|
|
|
18.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio (1) |
|
94.2% |
|
|
|
91.8% |
|
|
|
|
|
95.0% |
|
|
|
91.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company’s commercial lines of business,
representing 88.6% of total gross written premium in the third
quarter of 2021, primarily consists of property and liability
coverage offered to owner-operated small- to mid-sized
businesses.
Commercial lines gross written premium increased
9.3% in the third quarter of 2021 to $29.8 million, as the Company
continues to emphasize growth of its specialty lines business.
The Commercial lines combined ratio was 109.4%
for the three months ended September 30, 2021, compared to 114.2%
in the prior year period. The loss ratio was 66.7% for
the three months ended September 30, 2021, compared with 68.8% in
the prior year period while the expense ratio was 42.7% in the
current year period, compared with 45.4% during the prior year
period.
Commercial lines accident year combined ratio
was 94.2% for the quarter.
Personal Lines Financial and Operational
Review
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Lines Financial Review |
|
|
Three Months
Ended September 30, |
|
Nine Months
Ended September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
3,855 |
|
|
$ |
2,544 |
|
|
51.5% |
|
$ |
11,041 |
|
|
$ |
6,129 |
|
|
80.1% |
Net written premiums |
|
3,613 |
|
|
|
2,280 |
|
|
58.5% |
|
|
10,399 |
|
|
|
5,332 |
|
|
95.0% |
Net earned premiums |
|
2,966 |
|
|
|
1,641 |
|
|
80.7% |
|
|
7,745 |
|
|
|
4,880 |
|
|
58.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss
ratio |
|
48.8% |
|
|
|
21.3% |
|
|
|
|
|
61.8% |
|
|
|
36.7% |
|
|
|
|
Expense
ratio |
|
39.2% |
|
|
|
46.8% |
|
|
|
|
|
41.4% |
|
|
|
46.7% |
|
|
|
|
Combined
ratio |
|
88.0% |
|
|
|
68.1% |
|
|
|
|
|
103.2% |
|
|
|
83.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio from net |
|
|
|
|
|
|
|
|
|
|
|
|
(favorable)
adverse prior year development |
|
9.7% |
|
|
|
3.8% |
|
|
|
|
|
11.8% |
|
|
|
2.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio |
|
78.3% |
|
|
|
64.3% |
|
|
|
|
|
91.4% |
|
|
|
81.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal lines, representing 11.4% of total
gross written premium for the third quarter of 2021, consists
largely of low-value dwelling homeowner’s insurance.
Personal lines gross written premium increased
51.5% to $3.9 million in the third quarter of 2021 compared to the
prior year period, led by growth in the Company’s low-value
dwelling line of business in Texas.
Personal lines combined ratio was 88.0% for the
three months ended September 30, 2021, compared to 68.1% in the
prior year period. Personal lines loss ratio was 48.8%, compared to
21.3% in the prior year period.
The personal lines accident year combined ratio
was 78.3% for the quarter.
Combined Ratio Analysis
|
|
Three Months
EndedSeptember 30, |
|
Nine Months
EndedSeptember 30, |
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
Loss
ratio |
64.6% |
|
65.2% |
|
|
73.3% |
|
61.5% |
|
Expense
ratio |
42.3% |
|
45.5% |
|
|
42.7% |
|
46.2% |
|
Combined
ratio |
106.9% |
|
110.7% |
|
|
116.0% |
|
107.7% |
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio from net (favorable) |
|
|
|
|
|
|
|
|
|
adverse
prior year development |
14.6% |
|
21.0% |
|
|
21.4% |
|
17.3% |
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio |
92.3% |
|
89.7% |
|
|
94.6% |
|
90.4% |
|
|
|
|
|
|
|
|
|
|
Combined RatioThe Company's combined ratio was
106.9% for the quarter ended September 30, 2021, compared to 110.7%
for the same period in 2020. The Company’s accident year combined
ratio for the quarter ended September 30, 2021 was 92.3%, compared
to 89.7% in the prior year period.
Loss Ratio: The Company’s losses and loss
adjustment expenses were $16.2 million for the three months ended
September 30, 2021, compared to $14.6 million in the prior year
period. This resulted in a loss ratio of 64.6%, compared to 65.2%
in the prior year period.
Expense Ratio: The expense ratio was 42.3% for
the third quarter of 2021, compared to 45.5% in the prior year
period.
Net Investment IncomeNet
investment income was $514,000 during the quarter ended September
30, 2021, compared to $776,000 in the prior year period.
Net Realized Investment (Losses)
GainsNet realized investment losses during the third
quarter were $101,000, compared to net realized investment gains of
$3.3 million in the prior year period.
Change in Fair Value of Equity
SecuritiesDuring the quarter, the Company reported a loss
from the change in fair value of equity investments of $2.2
million, compared to a loss of $356,000 in the prior year
period.
Net Income (Loss) In the third
quarter of 2021, the Company reported a net loss of $1.2 million,
or $0.12 per share, compared to net income of $0.5 million, or
$0.06 per share, in the prior year period.
Adjusted Operating Income
(Loss)In the third quarter of 2021, the Company reported
an adjusted operating loss of $1.7 million, or $0.18 per share,
compared to an adjusted operating loss of $2.4 million, or $0.24
per share, for the same period in 2020. The Company excluded $2.8
million in other gains from the adjusted operating loss in the
third quarter of 2021, related to the forgiveness of the Paycheck
Protection Program (PPP) loan. The Company also excluded a $2.2
million loss from the change in fair value of equity investments
from the adjusted operating loss in the third quarter of 2021. See
Definitions of Non-GAAP Measures.
Earnings Conference Call with
Accompanying Slide PresentationThe Company will hold a
conference call/webcast on Thursday, November 11, 2021 at 8:30 a.m.
ET to discuss results for the third quarter ended September 30,
2021.
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 the CompanyConifer
Holdings, Inc. is an insurance holding company, offering customized
coverage solutions tailored to the needs of our specialty insureds.
Nationwide, Conifer markets largely through independent agents, and
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
MeasuresConifer 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
after-tax net realized investment gains and losses, excluding the
tax effect of changes in unrealized gains and losses, excluding the
after-tax change in fair value of equity securities. 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, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
(dollar in
thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(1,209 |
) |
|
$ |
541 |
|
|
$ |
(293 |
) |
|
$ |
(2,679 |
) |
Less: |
|
|
|
|
|
|
|
Net realized investment gains and other gains, net of tax |
|
2,677 |
|
|
|
3,316 |
|
|
|
15,571 |
|
|
|
4,749 |
|
Change in fair value of equity securities, net of tax |
|
(2,169 |
) |
|
|
(356 |
) |
|
|
(3,234 |
) |
|
|
(1,866 |
) |
Adjusted operating income (loss) |
$ |
(1,717 |
) |
|
$ |
(2,419 |
) |
|
$ |
(12,630 |
) |
|
$ |
(5,562 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares, diluted |
|
9,692,150 |
|
|
|
9,630,600 |
|
|
|
9,686,874 |
|
|
|
9,606,436 |
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per common share: |
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
(0.12 |
) |
|
$ |
0.06 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.28 |
) |
|
Less: |
|
|
|
|
|
|
|
|
Net realized investment gains and other gains, net of tax |
|
0.28 |
|
|
|
0.34 |
|
|
|
1.61 |
|
|
|
0.49 |
|
|
Change in fair value of equity securities, net of tax |
|
(0.22 |
) |
|
|
(0.04 |
) |
|
|
(0.33 |
) |
|
|
(0.19 |
) |
|
Adjusted
operating income (loss), per share |
$ |
(0.18 |
) |
|
$ |
(0.24 |
) |
|
$ |
(1.30 |
) |
|
$ |
(0.58 |
) |
|
|
|
|
|
|
|
|
|
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 11, 2021 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, |
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
Assets |
|
(Unaudited) |
|
|
Investment securities: |
|
|
|
|
|
Debt securities, at fair value (amortized cost of $146,831
and $149,954, respectively) |
|
$ |
146,710 |
|
|
$ |
151,999 |
|
|
Equity securities, at fair value (cost of $21,942 and $16,912,
respectively) |
|
19,687 |
|
|
|
17,891 |
|
|
Short-term investments, at fair value |
|
|
10,142 |
|
|
|
13,317 |
|
|
|
Total investments |
|
|
176,539 |
|
|
|
183,207 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
7,507 |
|
|
|
8,193 |
|
Premiums and agents' balances receivable, net |
|
|
22,252 |
|
|
|
20,162 |
|
Receivable from Affiliate |
|
|
8,940 |
|
|
|
8 |
|
Reinsurance recoverables on unpaid losses |
|
|
23,056 |
|
|
|
24,218 |
|
Reinsurance recoverables on paid losses |
|
|
4,340 |
|
|
|
2,138 |
|
Prepaid reinsurance premiums |
|
|
4,225 |
|
|
|
1,316 |
|
Deferred policy acquisition costs |
|
|
13,611 |
|
|
|
12,243 |
|
Other assets |
|
|
8,465 |
|
|
|
10,112 |
|
|
|
|
Total assets |
|
$ |
268,935 |
|
|
$ |
261,597 |
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' Equity |
|
|
|
|
Liabilities: |
|
|
|
|
|
Unpaid losses and loss adjustment expenses |
|
$ |
119,854 |
|
|
$ |
111,270 |
|
|
Unearned premiums |
|
|
65,036 |
|
|
|
56,224 |
|
|
Reinsurance premiums payable |
|
|
750 |
|
|
|
- |
|
|
Debt |
|
|
|
34,486 |
|
|
|
40,997 |
|
|
Accounts payable and accrued expenses |
|
|
6,701 |
|
|
|
8,693 |
|
|
|
|
Total liabilities |
|
|
226,827 |
|
|
|
217,184 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Common stock, no par value (100,000,000 shares authorized;
9,706,156 and 9,681,728 issued and outstanding,
respectively) |
|
|
92,659 |
|
|
|
92,486 |
|
|
Accumulated deficit |
|
|
(49,278 |
) |
|
|
(48,985 |
) |
|
Accumulated other comprehensive income (loss) |
|
|
(1,273 |
) |
|
|
912 |
|
|
|
Total shareholders' equity |
|
|
42,108 |
|
|
|
44,413 |
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
268,935 |
|
|
$ |
261,597 |
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue and Other Income |
|
|
|
|
|
|
|
|
|
Premiums |
|
|
|
|
|
|
|
|
|
|
Gross earned premiums |
|
$ |
31,770 |
|
|
$ |
26,872 |
|
|
$ |
90,245 |
|
|
$ |
78,884 |
|
|
|
Ceded earned premiums |
|
|
(6,829 |
) |
|
|
(4,645 |
) |
|
|
(17,631 |
) |
|
|
(12,882 |
) |
|
|
|
Net earned
premiums |
|
|
24,941 |
|
|
|
22,227 |
|
|
|
72,614 |
|
|
|
66,002 |
|
|
Net investment income |
|
|
514 |
|
|
|
776 |
|
|
|
1,549 |
|
|
|
2,593 |
|
|
Net realized investment gains (losses) |
|
|
(101 |
) |
|
|
3,316 |
|
|
|
3,883 |
|
|
|
4,489 |
|
|
Change in fair value of equity securities |
|
|
(2,169 |
) |
|
|
(356 |
) |
|
|
(3,234 |
) |
|
|
(1,866 |
) |
|
Other gains |
|
|
2,778 |
|
|
|
- |
|
|
|
11,688 |
|
|
|
260 |
|
|
Other income |
|
|
752 |
|
|
|
642 |
|
|
|
1,974 |
|
|
|
2,013 |
|
|
|
|
Total
revenue and other income |
|
|
26,715 |
|
|
|
26,605 |
|
|
|
88,474 |
|
|
|
73,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses, net |
|
|
16,159 |
|
|
|
14,553 |
|
|
|
53,447 |
|
|
|
40,767 |
|
|
Policy acquisition costs |
|
|
7,173 |
|
|
|
6,483 |
|
|
|
20,819 |
|
|
|
19,181 |
|
|
Operating expenses |
|
|
4,077 |
|
|
|
4,537 |
|
|
|
12,768 |
|
|
|
14,441 |
|
|
Interest expense |
|
|
701 |
|
|
|
723 |
|
|
|
2,154 |
|
|
|
2,185 |
|
|
|
|
Total
expenses |
|
|
28,110 |
|
|
|
26,296 |
|
|
|
89,188 |
|
|
|
76,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before equity earnings in Affiliate and income
taxes |
|
|
(1,395 |
) |
|
|
309 |
|
|
|
(714 |
) |
|
|
(3,083 |
) |
|
Equity earnings in Affiliate, net of tax |
|
|
184 |
|
|
|
188 |
|
|
|
612 |
|
|
|
417 |
|
|
Income tax expense (benefit) |
|
|
(2 |
) |
|
|
(44 |
) |
|
|
191 |
|
|
|
13 |
|
Net income (loss) |
|
|
(1,209 |
) |
|
|
541 |
|
|
|
(293 |
) |
|
|
(2,679 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share, |
|
|
|
|
|
|
|
|
|
basic and diluted |
|
$ |
(0.12 |
) |
|
$ |
0.06 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, |
|
|
|
|
|
|
|
|
|
basic and diluted |
|
|
9,692,150 |
|
|
|
9,630,600 |
|
|
|
9,686,874 |
|
|
|
9,606,436 |
|
For Further Information:Jessica Gulis,
248.559.0840ir@cnfrh.com
Conifer (NASDAQ:CNFRL)
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