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  Conifer Holdings, Inc. 2020 Q2 - Results - Earnings Call Presentation

  seekingalpha.com

  14 авг 2020 г. в 12:57

  The following slide deck was published by Conifer Holdings, Inc. in conjunction with their 2020 Q2 earnings call..

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  Conifer Holdings, Inc. (CNFR) CEO Jim Petcoff on Q2 2020 Results - Earnings Call Transcript

  seekingalpha.com

  13 авг 2020 г. в 13:38

  Conifer Holdings, Inc. (NASDAQ:CNFR) Q2 2020 Earnings Conference Call August 13, 2020 08:30 ET Company Participants Adam Prior - Investor Relations Jim Petcoff - Chairman and Chief Executive Officer Nick Petcoff - Executive Vice President and Secretary Harold Meloche - Chief Financial Officer Brian Roney - President Conference Call Participants Paul Newsome - Piper Sandler Bob Farnam - Boenning & Scattergood Greg Peters - Raymond James Presentation Operator Good day and welcome to the Conifer Holdings, Inc.

• Conifer Holdings Reports 2020 Second Quarter Financial Results

  Yahoo

  12 авг 2020 г. в 20:01

  Company to Host Conference Call at 8:30 AM ET on Thursday, August 13, 2020BIRMINGHAM, Mich., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the second quarter ended June 30, 2020. Second Quarter 2020 Financial Highlights (compared to the prior year period) * Gross written premium increased 9.4% to $27.5 million * The Company’s overall combined ratio was 100.5% (accident year combined ratio was 86.6%) * Commercial lines represented approximately 93% of gross written premium * Commercial Lines combined ratio improved 6 percentage points to 101.7% (accident year combined ratio was 86.5%) * Personal Lines combined ratio was 85.7% (accident year combined ratio was 86.9%) * Net income of $1.5 million, or $0.16 per share, based on 9.6 million average shares outstanding * Book value per share of $4.51 as of June 30, 2020, an improvement of 18.4% sequentially from $3.81 at March 31, 2020Management Comments James Petcoff, Chairman and CEO, commented, “We are pleased to report solid financial results for the period, and a return to profitability, led by growth in our core lines of business. We are continuing to take a conservative approach during an uncertain period due to the global pandemic, but we believe that our continued focus on our core specialty lines has produced anticipated positive results. We remain focused on improving our overall expense structure, and growing steadily in the lines of business where Conifer can be a profitable market leader. “2020 Second Quarter Financial Results Overview At and for the Three Months Ended June 30, At and for the Six Months Ended June 30,                    2020  2019  % Change  2020  2019  % Change                                    (dollars in thousands, except share and per share amounts)              Gross written premiums$27,545  $25,169  9.4% $52,629  $49,385  6.6% Net written premiums 23,065   21,434  7.6%  44,116   41,756  5.7% Net earned premiums 21,758   21,349  1.9%  43,775   43,036  1.7%              Net investment income 863   1,051  -17.9%  1,817   1,961  -7.3% Net realized investment gains 245   715  **  1,173   734  ** Change in fair value of equity investments 1,576   (915) **  (1,510)  350    Other gains 145   -  **  260   -  **              Net income (loss) 1,505   (2,884) **  (3,220)  (3,564) ** Net income (loss) per share, diluted$0.16  $(0.34)   $(0.34) $(0.42)                Adjusted operating income (loss)* (461)  (5,597) **  (3,143)  (9,844) ** Adjusted operating income (loss) per share, diluted*$(0.04) $(0.67) ** $(0.33) $(1.17) **              Book value per common share outstanding$4.51  $4.89    $4.51  $4.89                 Weighted average shares outstanding, basic and diluted 9,595,668   8,370,782     9,594,221   8,411,835                 Underwriting ratios:            Loss ratio (1) 54.6%  67.1%    59.6%  66.8%   Expense ratio (2) 45.9%  45.9%    46.5%  43.7%   Combined ratio (3) 100.5%  113.0%    106.1%  110.5%                * The "Definitions of Non-GAAP Measures" section of this release defines and reconciles data that are not based on generally accepted accounting principles. ** Percentage is not meaningful            (1) The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums and income from underwriting operations. (2) The expense ratio is the ratio, expressed as a percentage, of policy acquisition costs and other underwriting expenses to net earned premiums and other income from underwriting operations. (3) The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.              2020 Second Quarter Premiums Gross Written Premiums Gross written premiums increased 9.4% in the second quarter of 2020 to $27.5 million, compared to $25.2 million in the prior year period. The increase was largely due to growth in commercial specialty lines, as retention levels remain higher than historical averages in addition to improved rate activity. The overall premium increase was supplemented by continued growth in the Company’s personal lines, driven by its low-value dwelling line of business.Net Earned Premiums Net earned premiums increased 1.9% to $21.8 million for the second quarter of 2020, compared to $21.3 million for the prior year period.Commercial Lines Financial and Operational Review  Commercial Lines Financial Review                          Three Months Ended June 30, Six Months Ended June 30,  2020 2019 % Change  2020 2019 % Change                                                                   (dollars in thousands)                 Gross written premiums$25,600  $23,459  9.1% $49,044  $46,043  6.5% Net written premiums 21,377   20,178  5.9%  41,064   39,484  4.0% Net earned premiums 20,105   20,154  -0.2%  40,536   40,852  -0.8%              Underwriting ratios:            Loss ratio 55.9%  62.1%    60.8%  61.3%   Expense ratio 45.8%  45.6%    46.5%  43.0%   Combined ratio 101.7%  107.7%    107.3%  104.3%                Contribution to combined ratio from net            (favorable) adverse prior year development 15.2%  7.2%    16.6%  5.8%                Accident year combined ratio (1) 86.5%  100.5%    90.7%  98.5%                (1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year's profitability and assists management in their evaluation of product pricing levels and quality of business written.              The Company’s commercial lines of business, representing 93% of total gross written premium in the second quarter of 2020, primarily consists of property and liability coverage offered to owner-operated small- to mid-sized businesses. Commercial lines gross written premium increased 9.1% in the second quarter of 2020, as the Company continues to shift its mix towards more profitable specialty lines.Commercial lines combined ratio was 101.7% for the three months ended June 30, 2020, compared to 107.7% in the prior year period, largely due to a 6.2 percentage point improvement in the loss ratio.  Commercial lines accident year combined ratio was 86.5% for the quarter.Personal Lines Financial and Operational Review              Personal Lines Financial Review                          Three Months Ended June 30,  Six Months Ended June 30,  2020  2019  % Change  2020  2019  % Change               (dollars in thousands)              Gross written premiums$1,945  $1,710  13.7% $3,585  $3,342  7.3% Net written premiums 1,688   1,256  34.4%  3,052   2,272  34.3% Net earned premiums 1,653   1,195  38.3%  3,239   2,184  48.3%              Underwriting ratios:            Loss ratio 39.6%  147.8%    44.6%  165.7%   Expense ratio 46.1%  50.1%    46.6%  57.4%   Combined ratio 85.7%  197.9%    91.2%  223.1%                Contribution to combined ratio from net            (favorable) adverse prior year development (1.2)%  74.8%    1.4%  88.5%                Accident year combined ratio 86.9%  123.1%    89.8%  134.6%                Personal lines, representing 7% of total gross written premium for the second quarter of 2020, consists largely of low-value dwelling homeowner’s insurance. Personal lines gross written premium increased 13.7% to $2.0 million in the second quarter of 2020 compared to the prior year period, largely due to renewed growth in the Company’s low-value dwelling line of business.Personal lines combined ratio was 85.7% for the three months ended June 30, 2020, compared to 197.9% in the prior year period. Personal lines loss ratio for the three months ended June 30, 2020 improved considerably to 39.6%, compared to 147.8% in the prior year period, largely driven by significantly lower losses from wind-exposed homeowner’s lines (specifically Florida homeowners).The personal lines accident year combined ratio was 86.9% for the quarter.Combined Ratio Analysis  Three Months Ended June 30, Six Months Ended June 30,  2020  2019  2020  2019            (dollars in thousands)          Underwriting ratios:        Loss ratio54.6% 67.1% 59.6% 66.8% Expense ratio45.9% 45.9% 46.5% 43.7% Combined ratio100.5% 113.0% 106.1% 110.5%          Contribution to combined ratio from net (favorable)        adverse prior year development13.9% 11.2% 15.4% 10.1%          Accident year combined ratio86.6% 101.8% 90.7% 100.4%          Combined Ratio The Company's combined ratio was 100.5% for the quarter ended June 30, 2020, compared to 113.0% for the same period in 2019. The Company’s accident year combined ratio for the quarter ended June 30, 2020 was 86.6%, compared to 101.8% in the prior year period.Loss Ratio: The Company’s losses and loss adjustment expenses were $11.9 million for the three months ended June 30, 2020, compared to $14.4 million in the prior year period. This resulted in a lower loss ratio of 54.6%, compared to 67.1% in the prior year period.Expense Ratio: The expense ratio was 45.9% for the second quarter of 2020, remaining flat compared to the prior year period.Net Investment Income Net investment income was $863,000 during the quarter ended June 30, 2020, compared to $1.1 million in the prior year period. Net realized gains during the second quarter were $245,000, compared to net realized gain of $715,000 in the prior year period.Change in Fair Value of Equity Securities During the quarter, the Company reported a gain from change in fair value of equity investments of $1.

• Conifer Holdings Reports 2020 First Quarter Financial Results

  Yahoo

  13 мая 2020 г. в 20:01

  BIRMINGHAM, Mich., May 13, 2020 -- Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the first quarter ended March 31, 2020. First.

• Conifer Holdings Schedules First Quarter 2020 Financial Results Conference Call/Webcast for Thursday, May 14, 2020

  Yahoo

  30 апр 2020 г. в 14:00

  BIRMINGHAM, Mich., April 30, 2020 -- Conifer Holdings, Inc. (Nasdaq:CNFR) will hold a conference call/webcast on Thursday, May 14, 2020 at 8:30 a.m. ET to discuss results for.