Conifer reports Q4 2023 net loss of $19.5M; announces strategic shift to MGA model

Presurance Holdings, Inc.

2024-Q1 EPS reported $0.01 vs consensus -$0.02 ▲ beat (+149.0%)

Full year 2023 net loss of $25.9M ($2.12 diluted EPS) vs loss of $10.7M in 2022; Q4 net loss $19.5M ($1.59).
Gross written premium up 4.2% to $143.8M; net investment income up 81.6% to $5.5M; expense ratio improved 130bps to 37.1%.
Combined ratio worsened to 134.9% (FY) and 231.7% (Q4) driven by 100% adverse prior year development in Q4.
Book value per share dropped from $1.55 to $0.24; commercial lines GWP down 48% in Q4; personal lines GWP up 59.7%.
Strategic shift: 100% of future commercial GWP via MGA with third-party A-rated insurers starting Q2 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Presurance Holdings, Inc. reported financial results for the fourth quarter and year ended December 31, 2023.

Period: the fourth quarter and year ended December 31, 2023
Result: reported results

Exact text from the filing

On April 4, 2024, Conifer Holdings, Inc. (the "Company") publicly announced results for the fourth quarter of 2023. A copy of the Company's news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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Source: SEC EDGAR

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