Conifer Holdings Reports $2.1 Million Net Income in Q2 2025, Significant Turnaround from Loss

Conifer Holdings, Inc. reported a net income of $2.1 million, or $0.17 per share, for the second quarter of 2025, a significant turnaround from a net loss of $3.7 million, or $0.31 per share, in the same period last year. For the first half of 2025, the company achieved a net income of $2.6 million, or $0.21 per share, compared to a net loss of $3.6 million for the first half of 2024. The company’s gross written premiums increased by 11.1% to $21.1 million in the second quarter, driven primarily by a 46.8% increase in personal lines premiums, which reached $17.9 million. However, commercial lines premiums saw a sharp decline of 53.0%, falling to $3.2 million as the company continues to wind down its commercial business.

In terms of operational changes, Conifer Holdings completed the sale of its agency business, Conifer Insurance Services (CIS), on August 30, 2024, which has since been reported as discontinued operations. This strategic move was aimed at generating liquidity to pay down debt and bolster the capital of its insurance subsidiaries. The sale resulted in a significant reduction in revenues, as the company now relies solely on underwriting revenues, which have been declining. The company also appointed Brian Roney as the new CEO following the departure of Nicholas Petcoff, who was part of the transferred workforce during the sale.

The company’s total assets increased slightly to $283.3 million as of June 30, 2025, compared to $281.7 million at the end of 2024. Total liabilities decreased to $255.1 million from $260.1 million, primarily due to a reduction in unpaid losses and loss adjustment expenses. The company’s shareholders' equity rose to $28.2 million, up from $21.5 million at the end of 2024, reflecting the positive net income for the period. The company’s cash and cash equivalents stood at $21.9 million, down from $27.7 million at the end of the previous year.

Conifer Holdings has also entered into a new quota share reinsurance agreement effective June 1, 2025, ceding 50% of its homeowners business premiums, which is expected to impact future premium revenues. The company’s risk-based capital (RBC) ratio improved to approximately 247% as of June 30, 2025, following additional capital contributions to its insurance subsidiaries. However, the company remains under regulatory scrutiny due to its previous RBC deficiencies, and it is required to submit a remediation plan to its regulators. Looking ahead, management believes that the company can meet its obligations over the next twelve months, supported by anticipated cash inflows from contingent considerations and potential asset sales.