Conifer Holdings sees 57.5% decline in GWP in Q2’24

In their results for the second quarter of 2024, Conifer Holdings has reported a 57.5% decrease in gross written premiums (GWP), falling to $19.0 million, compared to the $44.7 million figure from the second quarter of 2023.

According to the firm, this decrease reflects the company’s continued progress toward its goal to reduce premium leverage on operating subsidiaries and focus on non-risk bearing revenue.

Conifer Holdings’ commercial lines of business represented 35.7% of total GWP in the second quarter of 2024, while the company’s personal lines represented 64.3% of total GWP for the quarter.

At the same time, personal lines GWP grew 23.0% from the previous year to reach $12.2 million for Q2’24, primarily led by growth in the company’s low-value dwelling line of business in Texas and the Midwest.

Net written premiums for the second quarter of 2024 were $13.2 million, representing a 54.8% decrease from the previous year’s $29.3 million.

In terms of investment, Conifer Holdings posted a $1.5 million net investment income for the quarter, compared to $1.4 million in the prior year quarter.

Additionally, Conifer Holdings posted a $4.0 million net loss for Q2’24, compared to a $4.7 million loss from the prior year.

And lastly, Conifer Holdings posted a combined ratio of 123.6% for the second quarter of 2024, compared to 120.9% from the prior year quarter.

Nick Petcoff, CEO of Conifer, commented: “We are pleased to report significant advances in our strategic transformation. Our main focus is shifting premium away from the traditional risk-bearing carrier revenue model to a more sustainable and scalable production-based revenue approach.

“This change reflects our commitment to aligning our business model with market demands by creating long-term value.”

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