Conifer Holdings Inc. ( (CNFR) ) has released its Q3 earnings. Here is a breakdown of the information Conifer Holdings Inc. presented to its investors.
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Conifer Holdings, Inc., based in Troy, Michigan, operates primarily in the property and casualty insurance sector, focusing on specialty commercial and personal lines, with a notable presence in Texas, Illinois, and Indiana. The company recently released its Q3 2024 earnings report, highlighting significant changes in its operational structure, including the sale of its agency business. The sale of Conifer Insurance Services and Sycamore Specialty Underwriters generated substantial gains, contributing to a net income of $53.3 million for the quarter, despite ongoing losses from continuing operations. Conifer’s financial performance was marked by a decrease in gross earned premiums and a reduction in total assets to $299.9 million from $315.6 million at the end of 2023. However, the company improved its shareholders’ equity significantly, rising from $2.9 million to $49.1 million. Looking ahead, Conifer is poised to focus on its core specialty homeowners business while navigating the challenges of loss reserve development and maintaining financial stability.
