Q2 2024 Conifer Holdings Inc Earnings Call Transcript
Key Points
- Strategic shift towards a commission-based revenue model through Conifer Insurance Services.
- Significant reduction in expense ratio to 32%, down 580 basis points from the same period last year.
- Increased net investment income by 11% to $1.5 million.
- Successful transfer of cannabis premiums to capacity partner Palomar, expanding market reach.
- Improved operational profitability expected from the new revenue model and expense reduction efforts.
- Overall gross written premium decreased by 58% to $19 million.
- Combined ratio was high at 124%, impacted by spring storms in Oklahoma.
- Net loss allocable to common shareholders was $4 million or $0.32 per share.
- Adjusted operating loss of $3.6 million or $0.30 per share for the second quarter.
- Continued challenges in personal lines due to adverse weather conditions.
Good morning and welcome to Conifer Holdings' second quarter 2024 Investor conference call. All participants will be in listen-only mode. (Operator Instructions). After todayâs presentation there will be an opportunity to ask questions. Please note this event is being recorded.
I would now like to turn the conference over to Brian Roney. Please go ahead.
Thank you and good morning, everyone. Conifer issued its 2024 second quarter financial results after the close of market yesterday. You can find copies of the earnings release on the company's website at ir.cnfrh.com. The slide presentation accompanying management's remarks this morning is available to view or download via webcast or from the Investor Relations section of Conifer's website.
Before we get started, please note that except with regard to historical information, statements made in this conference call may constitute forward-looking statements within the meaning of the Federal Securities Laws, including statements relating to trends,
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