Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer”
or the “Company”) today announced results for the third quarter
ended September 30, 2022.
Third Quarter 2022 Financial Highlights
(compared to the prior year period)
- Gross written premium down 1.8%
quarter over quarter, excluding deemphasized lines (largely QSR and
FL business), GWP increased 8.9% over the prior year period
- Commercial Lines gross written
premium for the third quarter, excluding deemphasized lines,
increased 4.0% to $27.4 million
- Personal Lines gross written
premium increased 41.5% to $5.5 million
- Net earned premium remained steady
at $25.0 million
- Expense ratio decreased to 39.9%,
down 240 basis points from Q3 2021
Subsequent to the end of the third quarter, the
Company executed an asset purchase agreement with Whitetail
Insurance Services, LLC, a wholly-owned subsidiary of Acrisure, LLC
(“Acrisure”). The sale of certain assets of MGA Venture Agency
Holdings, Inc. (“Venture”) closed on Friday, October 14, 2022, and
was made effective as of October 1, 2022.
The Company also completed a Loss Portfolio
Transfer (LPT) reinsurance agreement with Fleming Reinsurance Ltd
(“Fleming Re”) subsequent to the end of the third quarter. Through
this transaction, Conifer secured $20 million of adverse
development cover for accident years 2019 and prior.
Under the agreement, Fleming Re will cover an
aggregate limit of $66.3 million of paid losses on $40.8 million of
stated net reserves as of June 30, 2022, relating to accident years
2019 and prior. Within the aggregate limit, there is a $5.5 million
loss corridor in which the Company retains losses in excess of
$40.8 million.
James Petcoff, Executive Chairman and Co-CEO,
commented, “We are pleased to report the recent closing of two
significant and strategic transactions that will make efficient use
of our capital to support the Company’s profitable growth into the
future.”
2022 Third Quarter Financial Results
Overview
|
|
At and for
the Three Months Ended September 30, |
|
At and for
the Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
|
(dollars in
thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
33,088 |
|
|
$ |
33,704 |
|
|
-1.8 |
% |
|
$ |
103,470 |
|
|
$ |
99,058 |
|
|
4.5 |
% |
Net written premiums |
|
23,693 |
|
|
|
26,069 |
|
|
-9.1 |
% |
|
|
68,980 |
|
|
|
79,084 |
|
|
-12.8 |
% |
Net earned premiums |
|
24,958 |
|
|
|
24,941 |
|
|
0.1 |
% |
|
|
73,489 |
|
|
|
72,614 |
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
860 |
|
|
|
514 |
|
|
67.3 |
% |
|
|
1,931 |
|
|
|
1,549 |
|
|
24.7 |
% |
Net realized investment gains (losses) |
|
- |
|
|
|
(101 |
) |
|
** |
|
|
|
(1,505 |
) |
|
|
3,883 |
|
|
** |
|
Change in fair value of equity investments |
|
(151 |
) |
|
|
(2,169 |
) |
|
** |
|
|
|
446 |
|
|
|
(3,234 |
) |
|
|
|
Other gains (losses) |
|
66 |
|
|
|
2,778 |
|
|
** |
|
|
|
60 |
|
|
|
11,688 |
|
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
(1,523 |
) |
|
|
(1,209 |
) |
|
** |
|
|
|
(12,792 |
) |
|
|
(293 |
) |
|
** |
|
|
Net income (loss) per share, diluted |
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
$ |
(1.26 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income (loss)* |
|
(1,438 |
) |
|
|
(1,717 |
) |
|
** |
|
|
|
(11,793 |
) |
|
|
(12,630 |
) |
|
** |
|
|
Adjusted
operating income (loss) per share, diluted* |
$ |
(0.13 |
) |
|
$ |
(0.18 |
) |
|
** |
|
|
$ |
(1.16 |
) |
|
$ |
(1.30 |
) |
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share outstanding |
$ |
1.32 |
|
|
$ |
4.34 |
|
|
|
|
$ |
1.32 |
|
|
$ |
4.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted |
|
11,101,194 |
|
|
|
9,692,150 |
|
|
|
|
|
10,178,975 |
|
|
|
9,686,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio
(1) |
|
66.6 |
% |
|
|
64.6 |
% |
|
|
|
|
77.2 |
% |
|
|
73.3 |
% |
|
|
|
Expense
ratio (2) |
|
39.9 |
% |
|
|
42.3 |
% |
|
|
|
|
38.8 |
% |
|
|
42.7 |
% |
|
|
|
Combined
ratio (3) |
|
106.5 |
% |
|
|
106.9 |
% |
|
|
|
|
116.0 |
% |
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Third Quarter Premiums
Gross Written PremiumsGross written premiums
decreased 1.8% in the third quarter of 2022 to $33.1 million,
compared to $33.7 million in the prior year period. However,
excluding deemphasized lines of business (QSR, Commercial Auto,
Florida business), gross written premium increased 8.9% over the
prior period. Personal lines premium, specifically Conifer’s
low-value dwelling line of business, continues to bolster Conifer’s
profitable top line growth.
Net Earned PremiumsNet earned premiums increased
0.1% to $25.0 million for the third quarter of 2022, compared to
$24.9 million for the prior year period. The Company expects net
earned premium to continue its increase through the remainder of
2022 as increases in profitable gross written premium over the past
several quarters continue to earn ratably through the year.
Commercial Lines Financial and Operational
Review
|
|
Three Months
Ended September 30, |
|
Nine Months
Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
27,635 |
|
|
$ |
29,849 |
|
|
-7.4 |
% |
|
$ |
88,297 |
|
|
$ |
88,017 |
|
|
0.3 |
% |
Net written premiums |
|
18,730 |
|
|
|
22,456 |
|
|
-16.6 |
% |
|
|
55,456 |
|
|
|
68,685 |
|
|
-19.3 |
% |
Net earned premiums |
|
20,789 |
|
|
|
21,975 |
|
|
-5.4 |
% |
|
|
62,097 |
|
|
|
64,869 |
|
|
-4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss
ratio |
|
64.0 |
% |
|
|
66.7 |
% |
|
|
|
|
80.0 |
% |
|
|
74.7 |
% |
|
|
|
Expense
ratio |
|
39.6 |
% |
|
|
42.7 |
% |
|
|
|
|
38.0 |
% |
|
|
42.9 |
% |
|
|
|
Combined
ratio |
|
103.6 |
% |
|
|
109.4 |
% |
|
|
|
|
118.0 |
% |
|
|
117.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio from net |
|
|
|
|
|
|
|
|
|
|
|
|
(favorable)
adverse prior year development |
|
13.2 |
% |
|
|
15.2 |
% |
|
|
|
|
28.4 |
% |
|
|
22.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio (1) |
|
90.4 |
% |
|
|
94.2 |
% |
|
|
|
|
89.6 |
% |
|
|
95.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 83.5% of total gross written premium in the third
quarter of 2022, primarily consists of property and liability
coverage offered to owner-operated small- to mid-sized
businesses.
Commercial lines gross written premium fell
slightly in the third quarter of 2022 to $27.6 million. Excluding
the Company’s deemphasized lines of business, commercial lines
gross written premium rose 4.0% in the quarter. This reflects the
Company’s continued emphasis on expansion in its most profitable
specialty lines.
The commercial lines combined ratio was 103.6%
for the three months ended September 30, 2022, compared to 109.4%
in the prior year period. The loss ratio was 64.0% for
the third quarter of 2022, compared with 66.7% in the prior year
period. The Company anticipates continued improvement in the near
term as deemphasized lines of business roll off the Company’s
books. Moreover, the completion of the Loss Portfolio Transfer
reinsurance agreement in mid-October 2022 is expected to
significantly benefit the Company’s bottom line in the months to
come.
The commercial lines expense ratio for the third
quarter was 39.6%, down from 42.7% during the prior year period,
reflecting the Company’s commitment to sustained expense management
and profitable top line growth.
The commercial lines accident year combined
ratio was 90.4% for the third quarter of 2022.
Personal Lines Financial and Operational
Review
|
|
Three Months
Ended September 30, |
|
Nine Months
Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
5,453 |
|
|
$ |
3,855 |
|
|
41.5 |
% |
|
$ |
15,173 |
|
|
$ |
11,041 |
|
|
37.4 |
% |
Net written premiums |
|
4,963 |
|
|
|
3,613 |
|
|
37.4 |
% |
|
|
13,524 |
|
|
|
10,399 |
|
|
30.1 |
% |
Net earned premiums |
|
4,169 |
|
|
|
2,966 |
|
|
40.6 |
% |
|
|
11,392 |
|
|
|
7,745 |
|
|
47.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss
ratio |
|
79.2 |
% |
|
|
48.8 |
% |
|
|
|
|
61.8 |
% |
|
|
61.8 |
% |
|
|
|
Expense
ratio |
|
41.3 |
% |
|
|
39.2 |
% |
|
|
|
|
43.1 |
% |
|
|
41.4 |
% |
|
|
|
Combined
ratio |
|
120.5 |
% |
|
|
88.0 |
% |
|
|
|
|
104.9 |
% |
|
|
103.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio from net |
|
|
|
|
|
|
|
|
|
|
|
|
(favorable)
adverse prior year development |
|
9.1 |
% |
|
|
9.7 |
% |
|
|
|
|
3.8 |
% |
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio |
|
111.4 |
% |
|
|
78.3 |
% |
|
|
|
|
101.1 |
% |
|
|
91.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal lines, representing 16.5% of total
gross written premium for the third quarter of 2022, consists
largely of low-value dwelling homeowner’s insurance.
Personal lines gross written premium increased
41.5% to $5.5 million in the third quarter of 2022 compared to $3.9
million in the prior year period. This increase was led by growth
in the Company’s low-value dwelling line of business in Oklahoma
and Texas.
The personal lines combined ratio was 120.5% for
the three months ended September 30, 2022, compared to 88.0% in the
prior year period. Personal lines loss ratio was 79.2%, compared to
48.8% in the prior year period.
The personal lines accident year combined ratio
was 111.4% for the third quarter of 2022.
Combined Ratio Analysis
|
|
Three Months
Ended September 30, |
|
Nine Months
Ended September 30, |
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
Loss ratio |
66.6 |
% |
|
64.6 |
% |
|
|
77.2 |
% |
|
73.3 |
% |
|
Expense
ratio |
39.9 |
% |
|
42.3 |
% |
|
|
38.8 |
% |
|
42.7 |
% |
|
Combined
ratio |
106.5 |
% |
|
106.9 |
% |
|
|
116.0 |
% |
|
116.0 |
% |
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio from net (favorable) |
|
|
|
|
|
|
|
|
|
adverse
prior year development |
12.6 |
% |
|
14.6 |
% |
|
|
24.6 |
% |
|
21.4 |
% |
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio |
93.9 |
% |
|
92.3 |
% |
|
|
91.4 |
% |
|
94.6 |
% |
|
|
|
|
|
|
|
|
|
|
Combined RatioThe Company's combined ratio was
106.5% for the quarter ended September 30, 2022, compared to 106.9%
for the same period in 2021. The Company’s accident year combined
ratio for the quarter ended September 30, 2022 was 93.9%, compared
to 92.3% in the prior year period.
Loss Ratio: The Company’s losses and loss
adjustment expenses were $16.7 million for the three months ended
September 30, 2022, compared to $16.2 million in the prior year
period. This resulted in a loss ratio of 66.6%, compared to 64.6%
in the prior year period.
The accident year loss ratio for the third
quarter of 2022 was 54.0%, which aligns with the Company’s target
loss ratio in its select specialty lines of business. As
deemphasized business continues to roll off the books, and as
statutes expire in difficult jurisdictions, the Company fully
anticipates that the loss ratio will improve correspondingly.
Moreover, the Company has taken important steps
to restrict the bottom-line effects of adverse prior year
development from these deemphasized lines of business, and expects
to see the beneficial results of these initiatives in the near
term.
Expense Ratio: The expense ratio was 39.9% for
the third quarter of 2022, compared to 42.3% in the prior year
period.
Net Investment IncomeNet
investment income was $860,000 during the quarter ended September
30, 2022, compared to $514,000 in the prior year period.
Net Realized Investment
IncomeNet realized investment income was flat during the
third quarter of 2022, compared to net realized investment losses
of $101,000 in the prior year period.
Change in Fair Value of Equity
SecuritiesDuring the third quarter, the Company reported a
loss of $151,000 from the change in fair value of equity
investments, compared to a loss of $2.2 million in the prior year
period.
Net Income In the third quarter
of 2022, the Company reported a net loss of $1.5 million, or $0.14
per share, compared to net loss of $1.2 million, or $0.12 per
share, in the prior year period.
Adjusted Operating Income
In the third quarter of 2022, the Company
reported an adjusted operating loss of $1.4 million, or $0.13 per
share, compared to an adjusted operating loss of $1.7 million, or
$0.18 per share, for the same period in 2021. See Definitions of
Non-GAAP Measures.
Earnings Conference Call and Webcast
with Accompanying Slide PresentationThe Company will hold
a conference call/webcast on Thursday, November 10, 2022 at 8:30
a.m. ET to discuss results for the third quarter ended September
30, 2022.
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 Company
Conifer Holdings, Inc. is a specialty insurance
holding company, offering customized coverage solutions tailored to
the needs of our 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
after-tax other 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 Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(dollar in
thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(1,523 |
) |
|
$ |
(1,209 |
) |
|
$ |
(12,792 |
) |
|
$ |
(293 |
) |
Less: |
|
|
|
|
|
|
|
Net realized investment gains (losses), net of tax |
|
- |
|
|
|
(101 |
) |
|
|
(1,505 |
) |
|
|
3,883 |
|
Other gains (losses), net of tax |
|
66 |
|
|
|
2,778 |
|
|
|
60 |
|
|
|
11,688 |
|
Change in fair value of equity securities, net of tax |
|
(151 |
) |
|
|
(2,169 |
) |
|
|
446 |
|
|
|
(3,234 |
) |
Adjusted operating income (loss) |
$ |
(1,438 |
) |
|
$ |
(1,717 |
) |
|
$ |
(11,793 |
) |
|
$ |
(12,630 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares, diluted |
|
11,101,194 |
|
|
|
9,692,150 |
|
|
|
10,178,975 |
|
|
|
9,686,874 |
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per common share: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
|
$ |
(1.26 |
) |
|
$ |
(0.03 |
) |
Less: |
|
|
|
|
|
|
|
Net realized investment gains (losses), net of tax |
|
- |
|
|
|
(0.01 |
) |
|
|
(0.15 |
) |
|
|
0.40 |
|
Other gains (losses), net of tax |
|
- |
|
|
|
0.29 |
|
|
|
0.01 |
|
|
|
1.20 |
|
Change in fair value of equity securities, net of tax |
|
(0.01 |
) |
|
|
(0.22 |
) |
|
|
0.04 |
|
|
|
(0.33 |
) |
Adjusted operating income (loss), per share |
$ |
(0.13 |
) |
|
$ |
(0.18 |
) |
|
$ |
(1.16 |
) |
|
|
(1.30 |
) |
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 10, 2022 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.
For Further Information:Jessica
Gulis, 248.559.0840ir@cnfrh.com
|
|
|
|
|
|
|
|
Conifer
Holdings, Inc. and Subsidiaries |
Consolidated
Balance Sheets |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, |
December
31, |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
(Unaudited) |
|
|
Investment securities: |
|
|
|
|
|
Debt securities, at fair value (amortized cost of $129,372 and |
|
$ |
111,847 |
|
|
$ |
149,783 |
|
|
|
$150,732, respectively) |
|
|
|
|
|
Equity securities, at fair value (cost of $1,906 and $10,972,
respectively) |
|
1,312 |
|
|
|
9,931 |
|
|
Short-term investments, at fair value |
|
|
30,562 |
|
|
|
23,013 |
|
|
|
Total investments |
|
|
143,721 |
|
|
|
182,727 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
35,413 |
|
|
|
9,913 |
|
Premiums and agents' balances receivable, net |
|
|
21,856 |
|
|
|
21,197 |
|
Receivable from Affiliate |
|
|
5,862 |
|
|
|
5,784 |
|
Reinsurance recoverables on unpaid losses |
|
|
41,749 |
|
|
|
40,344 |
|
Reinsurance recoverables on paid losses |
|
|
2,489 |
|
|
|
1,347 |
|
Prepaid reinsurance premiums |
|
|
15,333 |
|
|
|
8,301 |
|
Deferred policy acquisition costs |
|
|
10,483 |
|
|
|
12,267 |
|
Other assets |
|
|
9,096 |
|
|
|
8,524 |
|
|
|
|
Total assets |
|
$ |
286,002 |
|
|
$ |
290,404 |
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' Equity |
|
|
|
|
Liabilities: |
|
|
|
|
|
Unpaid losses and loss adjustment expenses |
|
$ |
144,557 |
|
|
$ |
139,085 |
|
|
Unearned premiums |
|
|
67,792 |
|
|
|
65,269 |
|
|
Reinsurance premiums payable |
|
|
3,352 |
|
|
|
5,318 |
|
|
Debt |
|
|
|
48,298 |
|
|
|
33,564 |
|
|
Accounts payable and accrued expenses |
|
|
5,838 |
|
|
|
6,665 |
|
|
|
|
Total liabilities |
|
|
269,837 |
|
|
|
249,901 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Common stock, no par value (100,000,000 shares authorized;
12,215,324 and |
|
|
|
|
9,707,817 issued and outstanding, respectively) |
|
|
97,857 |
|
|
|
92,692 |
|
|
Accumulated deficit |
|
|
(62,871 |
) |
|
|
(50,079 |
) |
|
Accumulated other comprehensive income (loss) |
|
|
(18,821 |
) |
|
|
(2,110 |
) |
|
|
Total shareholders' equity |
|
|
16,165 |
|
|
|
40,503 |
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
286,002 |
|
|
$ |
290,404 |
|
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, |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue and Other Income |
|
|
|
|
|
|
|
|
|
Premiums |
|
|
|
|
|
|
|
|
|
|
Gross earned premiums |
|
$ |
34,401 |
|
|
$ |
31,770 |
|
|
$ |
100,947 |
|
|
$ |
90,245 |
|
|
|
Ceded earned premiums |
|
|
(9,443 |
) |
|
|
(6,829 |
) |
|
|
(27,458 |
) |
|
|
(17,631 |
) |
|
|
|
Net earned
premiums |
|
|
24,958 |
|
|
|
24,941 |
|
|
|
73,489 |
|
|
|
72,614 |
|
|
Net investment income |
|
|
860 |
|
|
|
514 |
|
|
|
1,931 |
|
|
|
1,549 |
|
|
Net realized investment gains (losses) |
|
|
- |
|
|
|
(101 |
) |
|
|
(1,505 |
) |
|
|
3,883 |
|
|
Change in fair value of equity securities |
|
|
(151 |
) |
|
|
(2,169 |
) |
|
|
446 |
|
|
|
(3,234 |
) |
|
Other gains (losses) |
|
|
66 |
|
|
|
2,778 |
|
|
|
60 |
|
|
|
11,688 |
|
|
Other income |
|
|
603 |
|
|
|
752 |
|
|
|
1,964 |
|
|
|
1,974 |
|
|
|
|
Total
revenue and other income |
|
|
26,336 |
|
|
|
26,715 |
|
|
|
76,385 |
|
|
|
88,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses, net |
|
|
16,671 |
|
|
|
16,159 |
|
|
|
56,940 |
|
|
|
53,447 |
|
|
Policy acquisition costs |
|
|
6,230 |
|
|
|
7,173 |
|
|
|
17,419 |
|
|
|
20,819 |
|
|
Operating expenses |
|
|
4,380 |
|
|
|
4,077 |
|
|
|
13,010 |
|
|
|
12,768 |
|
|
Interest expense |
|
|
778 |
|
|
|
701 |
|
|
|
2,216 |
|
|
|
2,154 |
|
|
|
|
Total
expenses |
|
|
28,059 |
|
|
|
28,110 |
|
|
|
89,585 |
|
|
|
89,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before equity earnings in Affiliate and income
taxes |
|
|
(1,723 |
) |
|
|
(1,395 |
) |
|
|
(13,200 |
) |
|
|
(714 |
) |
|
Equity earnings in Affiliate, net of tax |
|
|
199 |
|
|
|
184 |
|
|
|
368 |
|
|
|
612 |
|
|
Income tax expense (benefit) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(40 |
) |
|
|
191 |
|
Net income (loss) |
|
|
(1,523 |
) |
|
|
(1,209 |
) |
|
|
(12,792 |
) |
|
|
(293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share, |
|
|
|
|
|
|
|
|
|
basic and diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
|
$ |
(1.26 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, |
|
|
|
|
|
|
|
|
|
basic and diluted |
|
|
11,101,194 |
|
|
|
9,692,150 |
|
|
|
10,178,975 |
|
|
|
9,686,874 |
|
Conifer (NASDAQ:CNFRL)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Conifer (NASDAQ:CNFRL)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024