The following is a summary of the Conifer Holdings, Inc. (CNFR) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Gross written premium decreased 58% to $19 million due to a strategic shift to a commission-based model.

• Conifer's combined ratio was adversely impacted by Oklahoma storms, standing at 124% for the second quarter.

• Agency commissions increased significantly to nearly $9 million, comparing to $211,000 in Q2 2023.

• Net investment income was up 11% year-over-year to $1.5 million.

• Net loss allocable to common shareholders amounted to $4 million, or $0.32 per share.

Business Progress:

• Conifer restructured its business model to focus on a commission-based revenue system by transitioning gross written premiums through Conifer Insurance Services, its managing general agency.

• The company extended the transfer of cannabis premiums to its capacity partner, Palomar, aiming to enhance market presence.

• Personal lines were maintained under traditional carrier-based models, aiming for completion of run-off in its Oklahoma business by year-end.

Opportunities:

• The shift to a managing general agency model positions Conifer to leverage third-party A-rated capacity providers for expanding business and distributing risk.

Risks:

• Personal lines suffered from significant impact due to spring storms. With Oklahoma's business in runoff, there is uncertainty about the stability and profitability of new markets.

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