Conifer posts Q3 net income of $53.3M on $61M agency sale gain; core loss deepens

Presurance Holdings, Inc.

2024-Q3 EPS reported $4.00 revenue$52,545,000

Net income allocable to common shareholders of $52.8M ($4.32/diluted share) vs. $(2.7M) a year ago; adjusted operating loss of $7.4M ($0.60/share).
Gross written premiums fell 60.9% to $15.1M; net earned premiums down 39.1% to $14.6M. Combined ratio worsened to 143.1% from 120.8%.
Commercial lines GWP plunged 85.9% to $4.0M; personal lines GWP rose 10.1% to $11.1M, now 73% of total premium.
Sale of insurance agency operations to Bishop Street Underwriters closed in August 2024, eliminating agency revenue going forward.
Book value per share rose to $4.01 from $0.24 a year ago, boosted by the sale gain.

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