Conifer Holdings sells insurance agency for $45M plus earn-out; CEO steps down

Presurance Holdings, Inc.

Sold Conifer Insurance Services for $45M cash plus up to $25M earn-out; also sold Sycamore Specialty stake for $6.5M.
CEO Nicholas Petcoff resigned; President Brian Roney appointed CEO effective August 30, 2024.
Used proceeds to repay senior secured debt and redeem all Series A Preferred Stock.
Pro forma 2023 net income allocable to common of $18.0M vs historical loss of $25.9M, reflecting gain on sale.
Believes it now meets Nasdaq minimum stockholders' equity requirement of $2.5M after sale.

item 1.01 item 2.01 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Nicholas Petcoff

Chief Executive Officer and director

PRHI · Presurance Holdings, Inc.

Effective: 2024-08-30
Successor: Brian Roney
Filed: September 6, 2024, 7:59 PM ET

On August 30, 2024, Nicholas Petcoff, the Company’s Chief Executive Officer and director, resigned from all his positions at the Company and its subsidiaries (including his position as a director) in connection with the transaction contemplated by the CIS Agreement, and the Board decreased the size of the Board to eight directors.

Role change

Brian Roney

Chief Executive Officer

PRHI · Presurance Holdings, Inc.

Effective: 2024-08-30
Filed: September 6, 2024, 7:59 PM ET

Effective August 30, 2024, Brian Roney, President, was appointed to the role of Chief Executive Officer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Nicholas Petcoff resigned as Chief Executive Officer and director at Presurance Holdings, Inc..

Action: resigned
Role: Chief Executive Officer and director

Exact text from the filing

On August 30, 2024, Nicholas Petcoff, the Company’s Chief Executive Officer and director, resigned from all his positions at the Company and its subsidiaries (including his position as a director) in connection with the transaction contemplated by the CIS Agreement, and the Board decreased the size of the Board to eight directors.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Brian Roney was appointed as Chief Executive Officer at Presurance Holdings, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

Effective August 30, 2024, Brian Roney, President, was appointed to the role of Chief Executive Officer.

View on SEC.gov

Presurance Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-24-040472

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