Conifer Holdings Reports 2016 Third Quarter Financial Results

BIRMINGHAM, Mich., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (Nasdaq:CNFR) ("Conifer" or the "Company") today announced results for the third quarter ended September 30, 2016.

Third Quarter 2016 Highlights (all comparisons to prior year period)
  • Gross written premiums increased 17.6% to $28.5 million, largely due to continued growth in commercial markets of hospitality, small business, and specialty homeowners personal lines
  • Net earned premiums increased 30.7% to $23.4 million due to the Company retaining more earned premiums as a result of the termination of its quota share reinsurance treaty in the prior year period
  • Strengthened reserves in its commercial auto and Florida homeowners lines
  • As a result of this strengthening, combined ratio was 107.9%, compared to 96.4% in the prior year period and 109.7% in the second quarter of 2016
  • Net loss of $1.5 million, or $0.19 per diluted share
  • Book value per share was $9.76 at September 30, 2016, compared to $10.11 at December 31, 2015

Management CommentsJames Petcoff, Chairman and CEO, commented, "During the third quarter Conifer continued to produce consistent topline growth (up 18%) coupled with strong underwriting results in our core commercial lines.  We are steadily expanding geographically within the specialty niche markets that our underwriters have focused on for decades, particularly in our hospitality business.  Further, we are seeing considerable growth as part of our 2015 investments in specialty markets, such as security guard liability and quick service restaurants in commercial lines, as well as low-value dwellings in personal lines."

Mr. Petcoff continued, "We see positive trends in our combined ratio as our expense ratio also improves as we grow to efficient operating scale.  While the loss ratio was impacted by the Florida homeowners business in particular, Conifer's core commercial property and liability lines have continued to perform as expected." 

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