The following is a summary of the Conifer Holdings, Inc. (CNFR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Conifer Holdings reported a drop in gross written premium by 33% to $24 million.

• The combined ratio improved by 280 basis points from Q1 2023, arriving at 97% in Q1 2024.

• It held a steady loss ratio at 62%.

• Furthermore, the net investment income saw a 19% increase to $1.6 million from $1.3 million in the previous year.

• The company's net income attributing to its common shareholders was reported at $74,000 or $0.01 per share, and an adjusted operating income of $188,000 or $0.02 per share for Q1 2024.

• The total assets stood at $301 million at the quarter-end, with cash and total investments of $164 million. The book value at the quarter-end was $0.21 per share.

Business Progress:

• The company's shift towards a wholesale agency production-based revenue model for commercial lines of business began bearing preliminary signs of success as it amplified its partnership with agencies, expanded in key markets, and mitigated market risks.

• Commercial lines formed approximately 53% of total production for the quarter, while personal lines constituted the remaining share.

• It commenced the transfer of cannabis premium to its capacity partners, marking its positioning as a frontrunner provider of cannabis-related coverage.

• Moreover, it continued to underwrite the low-value homeowners business, especially in Texas and Midwest, which demonstrated strong performance in Q1 2024 resulting in a combined ratio of 83%.

• Due to the positive impact of the new production model, the company foresees building upon this success in the forthcoming quarters.

More details: Conifer Holdings IR

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