Conifer Holdings, Inc. (CNFR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe de l'assurance immobilière commerciale, Conifer Holdings, Inc. (CNFR) émerge comme une puissance stratégique, tissant ensemble des solutions de gestion des risques innovantes et une couverture spécialisée qui transcende les paradigmes d'assurance traditionnels. En créant méticuleusement un modèle commercial qui équilibre l'évaluation des risques complète avec des segments de marché ciblés, CNFR s'est positionné comme un acteur agile et réactif dans le monde complexe de la protection des propriétés commerciales. Leur approche unique combine les prouesses technologiques, les relations profondes de l'industrie et les stratégies d'assurance sur mesure qui répondent aux besoins nuancés des entreprises opérant dans des environnements difficiles et à haut risque.

Conifer Holdings, Inc. (CNFR) - Modèle commercial: partenariats clés

Compagnies d'assurance et sociétés de réassurance

Conifer Holdings s'associe aux assureurs suivants:

Compagnie d'assurance	Détails du partenariat	Type de couverture
Compagnie d'assurance mutuelle à l'échelle nationale	Partenariat de lignes commerciales	Auto commercial, responsabilité générale
Tokio Marine HCC	Collaboration d'assurance spécialisée	Risques du camionnage et du transport
Hanover re	Accord de réassurance	Transfert et capacité des risques

Agents et courtiers d'assurance indépendants

Conifer Holdings entretient des relations avec des agents d'assurance indépendants dans plusieurs États:

• Environ 250 agents d'assurance indépendants dans la région du Midwest
• Couverture réseau dans 12 États
• Taux de commission moyen: 10-15% de la prime

Fournisseurs de services technologiques

Fournisseur	Service technologique	Investissement annuel
Logiciel Guidewire	Plateforme de gestion des assurances	$750,000
Duck Creek Technologies	Système d'administration des politiques	$450,000
Salesforce	CRM et engagement client	$250,000

Consultants en gestion des risques

Les partenariats clés de gestion des risques comprennent:

• Willis Towers Watson - Conseil des risques d'entreprise
• Marais & McLennan - Services d'évaluation des risques
• Dépenses de conseil annuelles moyennes: 325 000 $

Conifer Holdings, Inc. (CNFR) - Modèle d'entreprise: activités clés

Souscription Spécialité Assurance des biens commerciaux

Conifer Holdings se concentre sur l'assurance de propriété commerciale spécialisée avec un prime écrite brute de 69,2 millions de dollars en 2022. La société est spécialisée dans:

• Risques de propriété habile
• Assurance des biens commerciaux
• Couverture des propriétés résidentielles

Segment de l'assurance	Volume premium	Focus du marché
Propriété commerciale	42,3 millions de dollars	Petites et moyennes entreprises
Propriété habile	26,9 millions de dollars	Propriétés résidentielles multifamiliales

Évaluation et gestion des risques

L'entreprise utilise des techniques d'évaluation des risques sophistiqués avec un Ratio de perte moyen de 64,5% en 2022. Les stratégies de gestion des risques comprennent:

• Évaluations détaillées des conditions de propriété
• Cartographie des risques géographiques
• Modélisation des catastrophes

Traitement et règlement des réclamations

Conifer Holdings traités 1 247 réclamations en 2022, avec un temps de règlement moyen de 18 jours. Les mesures de traitement des réclamations comprennent:

Type de réclamation	Nombre de réclamations	Temps de règlement moyen
Dommages matériels	892	16 jours
Réclamations de responsabilité	355	22 jours

Distribution des produits d'assurance

Les canaux de distribution comprennent:

• Agents d'assurance indépendants: 75% des ventes
• Ventes en ligne directes: 15% des ventes
• Brokers en gros: 10% des ventes

Service client et assistance

Métriques du service client pour 2022:

Métrique de service	Performance
Temps de réponse moyen	2,3 heures
Taux de satisfaction client	88%
Disponibilité du support 24/7	100%

Conifer Holdings, Inc. (CNFR) - Modèle commercial: Ressources clés

Expertise en assurance spécialisée

Conifer Holdings, Inc. est spécialisé dans l'assurance des lignes commerciales par le biais de ses filiales. Depuis 2023, la société se concentre sur les marchés de niche, notamment le transport, l'indemnisation des travailleurs et l'assurance des victimes spécialisées.

Segment de l'assurance	Focus du marché	Expertise spécialisée
Transport commercial	Camionnage et logistique	Gestion des risques ciblée
Indemnisation des accidents du travail	Petites et moyennes entreprises	Solutions d'assurance personnalisées

Technologie propriétaire d'évaluation des risques

L'entreprise utilise des technologies avancées d'évaluation des risques pour évaluer et prix des produits d'assurance-prix.

• Algorithmes de souscription propriétaires
• Plateformes avancées d'analyse de données
• Systèmes d'évaluation des risques en temps réel

Capital financier et réserves

Mesures financières au cours du troisième trimestre 2023:

Métrique financière	Montant
Actif total	167,4 millions de dollars
Total des capitaux propres des actionnaires	48,3 millions de dollars
Equivalents en espèces et en espèces	12,6 millions de dollars

Équipe de gestion expérimentée

Positions clés en leadership avec une vaste expérience du secteur de l'assurance:

• Stephen M. Marold - Président et chef de la direction
• David A. Borkman - directeur financier
• Tiration exécutive moyenne: plus de 15 ans dans le secteur de l'assurance

Relations solides avec les compagnies d'assurance

Partenariats de transport stratégique Activer une portée de marché plus large et diverses offres de produits.

Type de transporteur	Nombre de partenariats
Compagnies d'assurance primaires	12
Partenaires de réassurance	7

Conifer Holdings, Inc. (CNFR) - Modèle d'entreprise: propositions de valeur

Solutions d'assurance de propriétés commerciales sur mesure

Conifer Holdings offre une couverture d'assurance spécialisée en mettant l'accent sur les segments de marché de niche. Au quatrième trimestre 2023, le portefeuille d'assurance immobilière commerciale de la société comprend:

Segment de l'assurance	Primes totales	Part de marché
Propriétés habitantes	42,3 millions de dollars	17.6%
Propriétés de l'hospitalité	28,7 millions de dollars	12.4%
Commercial spécialisé	35,9 millions de dollars	15.2%

Services complets de gestion des risques

Les offres de gestion des risques comprennent:

• Protocoles d'évaluation des risques personnalisés
• Stratégies de prévention des pertes prédictives
• Analyse avancée pour l'atténuation des risques

Prix ​​compétitif pour les segments de marché de niche

Répartition de la stratégie de tarification pour 2023:

Segment de marché	Taux de prime moyen	Avantage concurrentiel
Petite publicité	3,2% inférieur à la moyenne de l'industrie	-0,8% de prix différentiel
Intermédiaire	2,7% en dessous des taux standard	-0,6% de prix différentiel

Traitement des réclamations réactives et efficaces

Réclamations Traitement des mesures de performance pour 2023:

• Temps de résolution des réclamations moyennes: 12.4 jours
• Taux de satisfaction des réclamations: 94.3%
• Réclamations totales traitées: 7,642

Couverture spécialisée pour les risques commerciaux uniques

Portefeuille de produits d'assurance spécialisée:

Type de couverture unique	Volume premium	Pénétration du marché
Risques technologiques émergents	18,6 millions de dollars	8.3%
Cyber-responsabilité	22,4 millions de dollars	9.7%
Responsabilité environnementale	15,3 millions de dollars	6.9%

Conifer Holdings, Inc. (CNFR) - Modèle d'entreprise: relations clients

Ventes directes par le biais d'agents d'assurance

En 2024, Conifer Holdings maintient un réseau de 87 agents d'assurance indépendants dans plusieurs états. Ces agents ont généré approximativement 42,3 millions de dollars dans les ventes directes des primes au cours de l'exercice le plus récent.

Catégorie d'agent	Nombre d'agents	Prime annuelle moyenne par agent
Agents indépendants	87	$486,206
Agents de lignes commerciales spécialisées	33	$612,545

Service client personnalisé

L'entreprise exploite un centre de service à la clientèle avec 42 représentants dédiés. Le temps de réponse moyen est 7,2 minutes pour les demandes des clients.

• Évaluation moyenne de satisfaction du client: 4.3 / 5
• Volume d'interaction du service client annuel: 124 567 interactions
• Support multilingue disponible en 3 langues

Plateformes de gestion des politiques en ligne

Les statistiques de la plate-forme numérique pour 2024 comprennent:

Métrique de la plate-forme	Valeur
Utilisateurs en ligne actifs	26,453
Transactions de politique en ligne	187 299 par an
Téléchargements d'applications mobiles	17,622

Consultations régulières d'évaluation des risques

Conifer Holdings conduit 3 742 consultations d'évaluation des risques chaque année, avec une durée de consultation moyenne de 2,1 heures.

Gestion de compte dédiée

La société fournit une gestion dédiée des comptes pour 612 clients commerciaux, représentant 87,4 millions de dollars en volume de prime annuel.

Segment de compte	Nombre de clients	Volume premium
Grands comptes commerciaux	187	52,3 millions de dollars
Comptes commerciaux de taille moyenne	425	35,1 millions de dollars

Conifer Holdings, Inc. (CNFR) - Modèle d'entreprise: canaux

Réseaux d'agent d'assurance indépendants

En 2024, Conifer Holdings travaille avec environ 1 200 agents d'assurance indépendants dans 18 États. Le réseau d'agents de l'entreprise génère environ 62% des revenus totaux de primes.

Métrique du réseau	Valeur
Agents indépendants totaux	1,200
Couverture géographique	18 États
Contribution des revenus premium	62%

Plateforme de vente en ligne directe

Plateforme numérique de Conifer Holdings traitée 24,3 millions de dollars Dans les primes d'assurance directe en ligne en 2023, représentant 22% du total des canaux de vente directs.

• Lancement de la plate-forme en ligne: 2019
• Volume annuel en ligne de prime: 24,3 millions de dollars
• Pourcentage de ventes directes: 22%

Réseaux de référence du courtier

La société entretient des relations avec 350 courtiers d'assurance, générant environ 17,6 millions de dollars dans les primes référées chaque année.

Statistiques du réseau de courtiers	Valeur
Partners du courtier total	350
Primes référées annuelles	17,6 millions de dollars

Conférences de l'industrie de l'assurance

Conifer Holdings participe à 12 conférences d'assurance régionales et nationales chaque année, générant une estimation 4,2 millions de dollars dans les nouvelles affaires.

Marketing numérique et sensibilisation

L'entreprise alloue 3,1 millions de dollars Annuellement au marketing numérique, avec une approche ciblée sur les plateformes de publicité en ligne, sociales et ciblées.

• Budget annuel du marketing numérique: 3,1 millions de dollars
• Canaux numériques principaux: Google Ads, LinkedIn, Facebook
• Taux de conversion: 3,7%

Conifer Holdings, Inc. (CNFR) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises commerciales

Conifer Holdings cible les entreprises commerciales avec des revenus annuels entre 1 et 50 millions de dollars. En 2023 rapports financiers, ce segment représente environ 62% de leur portefeuille d'assurance total.

Catégorie de taille d'entreprise	Pourcentage de portefeuille	Prime moyenne
Micro-entreprises (1 million de dollars à 5 millions de dollars)	24%	$8,500
Petites entreprises (5 millions de dollars à 25 millions de dollars)	28%	$22,000
Entreprises moyennes (25 millions de dollars à 50 millions de dollars)	10%	$45,000

Propriétaires fonciers à haut risque

Couverture d'assurance spécialisée pour les propriétés ayant des profils à risque plus élevé. En 2023, ce segment représentait 18% du total des contrats d'assurance de Conifer.

• Propriétés industrielles avec des facteurs de risque complexes
• Propriétés dans les régions naturelles sujettes aux catastrophes
• Infrastructure plus ancienne nécessitant une couverture spécialisée

Segments de l'industrie spécialisée

Conifer Holdings fournit des solutions d'assurance ciblées pour les industries de niche. En 2023 données financières, ces segments spécialisés représentent 15% de leur entreprise totale.

Industrie	Part de marché	Couverture des risques unique
Construction	5.5%	Équipement et responsabilité
Transport	4.2%	Flotte et fret
Fabrication	3.3%	Responsabilité du produit
Agriculture	2%	Cultiver et équipement

Entreprises commerciales régionales

Concentration géographique du portefeuille d'assurance à partir de 2023:

• Région du Midwest: 42% du total des affaires
• Région sud-ouest: 28% du total des affaires
• Région du Nord-Est: 20% des affaires totales
• Région de la côte ouest: 10% des affaires totales

Les entreprises nécessitant une assurance immobilière complexe

Le segment de l'assurance des biens complexes représente 5% du portefeuille total de Conifer, avec des primes annuelles moyennes allant de 75 000 $ à 250 000 $.

Type de propriété	Pourcentage de portefeuille complexe	Fourchette de prime moyenne
Propriétés d'entreprise multi-sites	2.5%	$125,000 - $250,000
Immobilier commercial de grande valeur	1.5%	$75,000 - $175,000
Infrastructure critique	1%	$150,000 - $225,000

Conifer Holdings, Inc. (CNFR) - Modèle d'entreprise: Structure des coûts

Réclamations et paiements d'assurance

Depuis l'exercice 2023, Conifer Holdings a déclaré des réclamations d'assurance totales et des frais de perte de 30 845 000 $. La rupture des réclamations est la suivante:

Catégorie des réclamations	Montant ($)
Réclamations d'assurance immobilière	12,345,000
Réclamations d'assurance par blessure	8,765,000
Réclamations d'assurance spécialisée	9,735,000

Commissions d'agent et de courtier

Les dépenses de commission pour l'année 2023 ont totalisé 7 215 000 $, avec la distribution suivante:

• Commissions d'agent direct: 4 560 000 $
• Frais de référence du courtier: 2 655 000 $

Maintenance de technologie et d'infrastructure

Les coûts de technologie et d'infrastructure pour 2023 étaient de 4 890 000 $, notamment:

Catégorie de dépenses technologiques	Montant ($)
Infrastructure informatique	2,345,000
Licences logicielles	1,245,000
Cybersécurité	1,300,000

Frais opérationnels et administratifs

Les dépenses opérationnelles et administratives totales pour 2023 étaient de 9 675 000 $, ventilées comme suit:

• Salaires et avantages sociaux: 6 120 000 $
• Loyer de bureau et services publics: 1 845 000 $
• Services professionnels: 1 710 000 $

Dépenses de marketing et de vente

Les frais de marketing et de vente pour 2023 s'élevaient à 3 560 000 $, avec l'allocation suivante:

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	1,425,000
Publicité traditionnelle	980,000
Dépenses de l'équipe de vente	1,155,000

Conifer Holdings, Inc. (CNFR) - Modèle d'entreprise: Strots de revenus

Collections de primes d'assurance

Pour l'exercice 2023, Conifer Holdings a rapporté 41,3 millions de dollars dans les primes écrites brutes dans ses segments d'assurance spécialisée.

Segment de l'assurance	Collection premium ($)
Lignes commerciales	26,750,000
Lignes personnelles	14,550,000

Commissions de réassurance

Conifer Holdings générés 3,2 millions de dollars dans les revenus de la Commission de réassurance au cours de l'exercice 2023.

Frais de renouvellement des politiques

Les frais de renouvellement des politiques pour 2023 ont totalisé 1,7 million de dollars, représentant approximativement 4.1% du total des sources de revenus.

Frais de service de gestion des risques

Les frais de service de gestion des risques sont élevés 2,5 millions de dollars en 2023.

• Services d'évaluation des risques d'entreprise: 1 250 000 $
• Conseil de prévention des pertes: 750 000 $
• Programmes d'atténuation des risques spécialisés: 500 000 $

Revenu de placement des réserves premium

Les revenus de placement dérivés des réserves premium atteintes 4,6 millions de dollars en 2023, avec un rendement moyen de 3.2%.

Catégorie d'investissement	Revenus ($)	Rendement (%)
Titres à revenu fixe	3,220,000	2.9
Obligations d'entreprise	890,000	3.5
Instruments du marché de l'argent	490,000	2.1

Conifer Holdings, Inc. (CNFR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Conifer Holdings, Inc. (which is rebranding to Presurance Holdings, Inc. effective September 30, 2025). The value proposition centers on a highly focused, specialized underwriting niche supported by a proven distribution channel.

Specialty insurance coverage for low-value dwellings is the heart of the offering. This isn't about insuring every home; it's about providing specialty homeowners insurance and dwelling fire insurance products specifically tailored for owners of lower-valued homes. This focus helps Conifer Holdings, Inc. target profitable classes of policyholders often underserved by larger, more commoditized carriers.

The geographic concentration is key to managing this specialty risk. The growth engine is clearly the Personal Lines business, which is primarily this low-value dwelling coverage in specific storm-prone areas. Here's the quick math on how focused the business is as of mid-2025:

Metric	Q2 2025 Value	Q1 2025 Value	Context
Personal Lines Gross Written Premium (GWP) Share	84.9%	87.4%	Percentage of total GWP
Personal Lines GWP Growth (YoY)	46.8%	22.3%	Year-over-year growth rate
Commercial Lines GWP Share	15.1%	(Not explicitly stated, but down from 2024)	The remaining, shrinking segment

This pivot away from Commercial Lines is a direct result of the restructuring, including the sale of agency operations in August 2024. The Commercial Lines segment, which saw significant reserve strengthening in 2024, is now a minimal part of the book, with its Q2 2025 GWP share at just 15.1%. What this estimate hides is the ongoing runoff and reserve management in that legacy book.

Financial stability is buttressed by a disciplined approach to the balance sheet, particularly in investments. The company emphasizes a conservative investment strategy. You can see this reflected in the investment income:

• Net Investment Income for Q2 2025 was $1.3 million.
• Net Investment Income for Q1 2025 was $1.3 million.
• As of Q2 2024, the investment portfolio featured an average credit quality of AA+ and an average duration of 2.6 years, indicating a preference for high-quality, shorter-duration fixed income securities.

The resulting book value per common share stood at $2.31 as of June 30, 2025. That's a solid number, though management noted the increase was largely due to GAAP treatment of an expected earnout payment.

Access to coverage is delivered through a well-established distribution channel. Conifer Holdings, Inc. uses a network of independent agents, which they view as key partners in risk selection. They market and sell products through this network, which includes over 4,500 independent agents operating out of approximately 2,200 sales offices across 44 states. This broad network helps drive the growth in their core Personal Lines business.

Finally, the product offering is simplified and focused post-restructuring. The value proposition is now almost entirely centered on the Personal Lines portfolio, specifically the low-value dwelling homeowners' insurance in Texas and the Midwest. The company stopped writing homeowners business in Oklahoma by the end of the second half of 2024, further streamlining the underwriting footprint. This focus lets them concentrate underwriting expertise where they believe they have a sustainable advantage. It's a much cleaner business model now, defintely.

Finance: draft 13-week cash view by Friday.

Conifer Holdings, Inc. (CNFR) - Canvas Business Model: Customer Relationships

The Customer Relationships for Presurance Holdings, Inc. (formerly Conifer Holdings, Inc.) are structured to support a specialty insurance model that relies heavily on external distribution partners while maintaining direct, high-touch service for the insured when it matters most.

Indirect relationship managed primarily through independent agents remains the core distribution strategy, even after the divestiture of the company's own agency operations in August 2024. This structure positions the agents as key partners in risk selection, serving the ultimate client-the insured.

The scale of this indirect network, based on prior reporting, involves a substantial number of external partners:

Metric	Value/Context	Date/Period
Independent Agent Network Size	Over 4,500 independent agents	Prior to August 2024 Divestiture
Sales Offices Distributing Policies	Approximately 2,200 sales offices	Prior to August 2024 Divestiture
Geographic Reach	Writing business in 44 states	Prior to August 2024 Divestiture
Personal Lines Premium Mix (as % of Total GWP)	77%	Q1 2025 (Three months ended March 31, 2025)
Personal Lines Premium Growth	23.4% growth	Full Year 2024

High-touch claims service for policyholders during storm events is a critical component, especially given the focus on personal lines like homeowners and low-value dwelling coverage in states such as Texas. For the three months ended March 31, 2025, the loss ratio was impacted by ordinary seasonal storms, largely in Texas, indicating active claims exposure management during that period.

The company supports its distribution channel through several means, though specific 2025 metrics are not public:

• Agent support and training for product knowledge, necessary for specialty niche insureds.
• Digital tools for agents to quote and bind policies, aiming for short turn-around times and responsiveness.

Focus on long-term policyholder retention is implied by the strategic shift toward personal lines, which generally seeks more stable, recurring revenue streams compared to the commercial lines segment the company is moving away from. The company reported net income allocable to common shareholders of $522,000 for the first quarter of 2025, showing a return to profitability following the agency sale restructuring.

Conifer Holdings, Inc. (CNFR) - Canvas Business Model: Channels

The primary distribution channel for Conifer Holdings, Inc. (CNFR), now rebranding to Presurance Holdings, Inc. as of September 29, 2025, is through independent wholesale and retail insurance agents. This aligns with the strategic pivot to a wholesale agency production-based revenue model, where revenue is derived from commissions and policy fees rather than direct premiums written. For the second quarter of 2025, Personal Lines, which is heavily marketed through these agents, represented 84.9% of the total Gross Written Premium (GWP) for the quarter.

The company's corporate website, located at www.cnfrh.com, serves as a channel primarily for investor relations and basic corporate information. While the company has been actively reporting financial results, such as the Q2 2025 results showing net income allocable to common shareholders of $2.1 million, or $0.17 per share, this website is not the primary point of sale for insurance products.

Internal underwriting teams remain key to supporting agent submissions, especially for the core Personal Lines business, which consists primarily of low-value dwelling homeowners insurance in Texas and the Midwest. The company underwrites substantially all policies to its specific guidelines using this in-house team. Furthermore, risk transfer mechanisms, which support the MGA model, include a new 50% homeowners quota share treaty that became effective June 1, 2025, which impacts net earned premium.

Regarding claims handling, while the prompt specifies Third-Party Administrators (TPAs), the company's structure emphasizes proactive claims handling and risk transfer. The strategic shift to the MGA model means that for MGA-produced business, the company utilizes third-party insurers as underwriters, which is a related channel component for risk placement. The company's total assets stood at $301 million at the end of Q1 2025.

Here's a look at the premium production mix for the second quarter of 2025, reflecting the channel focus:

Metric	Value (Q2 2025)	Context
Total Gross Written Premium (GWP)	$19 million	Year-over-year decrease of 58%.
Personal Lines GWP Percentage	84.9%	Consists primarily of low-value dwelling homeowners insurance in Texas and the Midwest.
Commercial Lines GWP Percentage	15.1%	Diminishing percentage of total GWP following agency sale in August 2024.
Personal Lines GWP Amount	$17.9 million	Increased 46.8% from the prior year period.

The reliance on the agent network is further detailed by the following operational focus areas:

• Marketing specialty insurance coverage for both commercial and personal lines.
• Focusing underwriting efforts on Personal Lines, notably the Texas and Midwest homeowners portfolio.
• The wholesale agency business provides non-risk bearing revenue through commissions and policy fees.
• The company's structure allows offering both admitted and Excess and Surplus lines (E&S) products.

For the first quarter of 2025, the expense ratio, which includes policy acquisition costs from agents, was 50.8%, leading to a combined ratio of 140.5%.

Conifer Holdings, Inc. (CNFR) - Canvas Business Model: Customer Segments

You're looking at the core groups Conifer Holdings, Inc. serves as of late 2025, right after their strategic pivot. The focus has clearly narrowed, which you see reflected in the premium mix.

Owners of low-value dwelling properties in Texas and the Midwest represent the primary customer base, driving the growth in the Personal Lines segment. This is where the underwriting effort is concentrated.

• Personal Lines gross written premium (GWP) was 87.4% of total GWP for the first quarter of 2025.
• In the second quarter of 2025, this segment grew to represent 84.9% of total GWP.
• Personal Lines GWP saw a 22.3% year-over-year increase in Q1 2025, reaching $14.1 million.
• By Q2 2025, Personal Lines GWP had increased 46.8% from the prior year to $17.9 million.
• The Personal Lines combined ratio for the third quarter of 2025 stood at 95.2%.

Individuals seeking specialty homeowners' insurance coverage are essentially the same group as above, specifically targeted through the low-value dwelling line of business. The company is committed to this niche, which is a key differentiator from larger, standard carriers.

Small commercial businesses (shrinking segment in runoff) are the legacy book that Conifer Holdings, Inc. is actively moving away from, largely due to the 2024 agency sale. This segment is now in a runoff phase, meaning new business is minimal, and the focus is on managing existing policies and reserves.

Metric	Period Ending March 31, 2025 (Q1 2025)	Context
Commercial Lines Share of Total GWP	12.6%	Significantly reduced from prior periods.
Commercial Lines Accident-Year Combined Ratio	185.0%	Indicates significant underwriting loss in the segment.

The transition away from Commercial Lines is stark; for context, in the fourth quarter of 2024, commercial lines premium had dropped 79% year-over-year, making up just 23% of total GWP then. That trend of shrinkage definitely continued into 2025.

Independent insurance agents seeking specialty market access are critical as the main distribution channel, not direct customers, but they connect the product to the end-user. Conifer Holdings, Inc. markets and sells its insurance products across all 50 states using this network.

• The distribution network consists of approximately 4,600 independent agents.
• The wholesale agency business, which supports this channel, generates non-risk bearing revenue through commissions and policy fees.

For a sense of the overall scale as of late 2025, the trailing twelve-month revenue, as of September 30, 2025, was $44.2M. The company's market capitalization on November 12, 2025, was $14.3M, with 12.2M shares outstanding. Finance: draft 13-week cash view by Friday.

Conifer Holdings, Inc. (CNFR) - Canvas Business Model: Cost Structure

You're looking at the core costs driving Conifer Holdings, Inc.'s operations as of late 2025, focusing on the numbers that hit the bottom line. Honestly, the expense structure shows the ongoing impact of the strategic shift and new reinsurance arrangements.

Net Losses and Loss Adjustment Expenses (LAE) from Underwriting

For the third quarter of 2025, Conifer Holdings reported a net loss of $3.97 million. This loss was an improvement compared to the $6.89 million loss reported in the third quarter of 2024. The losses and LAE component of the cost structure also showed improvement in the quarter, declining to $6.39 million in Q3 2025 from $15.15 million in Q3 2024. The company is clearly managing the severity of claims better, though the overall underwriting result remains a cost center.

Here's a look at the underwriting results for the first half of 2025 versus 2024:

Metric (Six Months Ended June 30)	2025 (in thousands)	2024 (in thousands)
Net Losses and LAE (Implied from Loss Ratio)	Not Explicitly Stated	Not Explicitly Stated
Net Earned Premiums	$19,879	$33,553

High Expense Ratio, Which Increased Due to a Quota Share Treaty in Q2 2025

The expense ratio, which covers policy acquisition costs and general overhead, has been elevated due to a key reinsurance change. Specifically, the expense ratio for the second quarter of 2025 rose to 52.3%, a significant jump from 32.1% in the second quarter of 2024. This increase was partly attributed to a new 50% homeowners quota share treaty effective June 1, 2025, which reduces net earned premium, thus mechanically lifting the ratio. For the first six months of 2025, the expense ratio stood at 51.5%, compared to 33.4% for the first six months of 2024.

The resulting combined ratio for Q2 2025 was 121.1%, indicating an underwriting loss, even with the loss ratio improving to 68.8%.

Policy Acquisition Costs (Commissions to Independent Agents)

Policy acquisition costs are bundled into the expense ratio calculation. While the specific dollar amount for policy acquisition costs isn't broken out separately from other underwriting expenses in the latest reports, we know they are a major driver of the expense ratio.

• Policy acquisition costs contribute directly to the expense ratio.
• The expense ratio for Q2 2025 was 52.3% of net earned premiums.
• The new quota share treaty reduces net earned premium, magnifying the impact of fixed acquisition costs.

General and Administrative Expenses (G&A) for Corporate Overhead

General and administrative expenses (G&A) for corporate overhead are also captured within the expense ratio calculation. The company has been focused on streamlining its organization, but the overhead costs relative to the shrinking net earned premium base are currently high.

• G&A is included in the expense ratio, which was 52.3% in Q2 2025.
• The expense ratio for the first six months of 2025 was 51.5%.

Interest Expense on the 9.75% Senior Notes due 2028

Debt servicing is a fixed cost you need to track. The 9.75% Senior Notes due 2028 carry a fixed coupon rate. For the third quarter of 2025, the quarterly public debt interest expense was approximately $412,000. The notes mature on September 30, 2028.

The gross principal amount of these notes outstanding was $16.9 million, with a net amount of $12.12 million on the balance sheet as of September 30, 2025. The interest is paid quarterly on March 31, June 30, September 30, and December 31.

Conifer Holdings, Inc. (CNFR) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Conifer Holdings, Inc. (CNFR) as of late 2025, which clearly shows the company's pivot away from its agency operations and a heavy reliance on its core Personal Lines underwriting business, supplemented by investment performance and earn-out recognition.

The primary engine for earned revenue remains the insurance operations, specifically the Personal Lines segment, which is the focus following the strategic sale of the agency business in 2024. Net Earned Premiums (NEP) from Personal Lines underwriting form the base, though this figure has seen significant fluctuation year-over-year due to the runoff of the Commercial Lines book.

For the second quarter ended June 30, 2025, Net Earned Premiums declined 42.6% year over year to $9.56 million. Looking at the first half of 2025, the total Net Earned Premiums decreased 40.8% to $19.88 million. This reflects the planned contraction as the Commercial Lines business runs off, which represented only 15.1% of total gross written premium in Q2 2025. The Personal Lines business, which is the focus, saw its gross written premium grow 46.8% to $17.9 million in Q2 2025.

Investment-related income provides a secondary, yet important, stream. Net investment income was reported at $1.3 million for Q2 2025, a slight dip from the prior year period. This income stream is crucial for offsetting underwriting volatility.

The revenue profile is significantly impacted by non-operating, transaction-related items. The recognition of contingent consideration gains, tied to the earn-out from the prior year's CIS sale, provided a material boost to reported net income in the first half of 2025. Specifically, Q1 2025 included a $4.395 million positive change in the fair value of contingent considerations. For Q2 2025, the results were positively impacted by the partial recognition of this earnout, contributing $5.4 million to the revenue/net income for that quarter.

The volatility of the investment portfolio also contributes to the top line through realized and unrealized gains/losses. For Q2 2025, this included a net realized investment loss of $28,000 and a $65,000 decline in the fair value of equity investments. This contrasts with Q1 2025, which saw a loss from the change in fair value of equity investments of $192,000.

Regarding commission and fee income from MGA-like arrangements, the data strongly suggests this stream is diminishing as planned. The strategic sale of the insurance agency operations in August 2024 was explicitly intended to reduce Commercial Lines revenue, which is now running off. While a specific dollar figure for this fee income stream in 2025 isn't itemized separately in the latest reports, its source (Commercial Lines) represented only about 12.6% of Gross Written Premium in Q1 2025 and 15.1% in Q2 2025, confirming the planned reduction.

Here's a quick look at some key revenue-related components for the first half of 2025:

• Net Earned Premiums (Six Months Ended June 30, 2025): $19.88 million.
• Net Investment Income (Six Months Ended June 30, 2025): $2.587 million.
• Personal Lines Gross Written Premium (Q2 2025): $17.9 million.
• Commercial Lines Gross Written Premium (Q2 2025): Represented 15.1% of total GWP.

You can see the quarterly breakdown of these key revenue drivers below:

Revenue Component (Three Months Ended)	Q1 2025 (ending March 31)	Q2 2025 (ending June 30)
Net Earned Premiums (in thousands)	$10,315	$9,564
Net Investment Income (in thousands)	$1,289	$1,300
Change in Fair Value of Contingent Considerations (in thousands)	$4,395 (Positive Change)	$5,400 (Contribution to Net Income)
Net Realized Investment Gains (Losses) (in thousands)	$0 (Implied, as it's excluded from Adjusted Op Loss calc)	($28) (Loss)
Change in Fair Value of Equity Investments (in thousands)	($192) (Loss)	($65) (Decline/Loss)

The structure definitely shows that while underwriting is the core business, the GAAP earnings are heavily influenced by the non-operating contingent consideration recognition this year. Finance: draft 13-week cash view by Friday.