Conifer Holdings Announces Closing of Loss Portfolio Transfer Agreement
November 07 2022 - 12:09PM
Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer”)
today announced the execution of a Loss Portfolio Transfer (LPT)
reinsurance agreement with Fleming Reinsurance Ltd (“Fleming Re”).
Through this transaction, Conifer secured $20 million of adverse
development cover for accident years 2019 and prior.
Under the agreement, Fleming Re will cover an
aggregate limit of $66.3 million of paid losses on $40.8 million of
stated net reserves as of June 30, 2022, relating to accident years
2019 and prior. Within the aggregate limit, there is a $5.5 million
loss corridor in which the Company retains losses in excess of
$40.8 million.
Management CommentsJim Petcoff,
Executive Chairman & co-CEO of Conifer, commented: “We are
pleased to partner with Fleming Re on this reinsurance agreement,
and we are eager to see our operating results bear out this
efficient use of capital.”
This transaction is one of several strategic
initiatives currently being implemented, to strengthen Conifer’s
overall financial position and accelerate its long-term
profitability goals.
About ConiferConifer Holdings,
Inc. is a specialty insurance holding company, offering customized
coverage solutions tailored to the needs of our insureds.
Nationwide, Conifer markets largely through independent agents, and
is traded on the NASDAQ exchange under the symbol “CNFR”.
Additional information is available on the Company’s website at
www.CNFRH.com.
Forward-Looking Statement This
press release contains forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give current
expectations or forecasts of future events or our future financial
or operating performance, and include Conifer’s expectations
regarding premiums, earnings, its capital position, expansion, and
growth strategies. The forward-looking statements contained in this
press release are based on management’s good-faith belief and
reasonable judgment based on current information. The
forward-looking statements are qualified by important factors,
risks and uncertainties, many of which are beyond our control, that
could cause our actual results to differ materially from those in
the forward-looking statements, including those described in our
form 10-K (“Item 1A Risk Factors”) filed with the SEC on March 10,
2022 and subsequent reports filed with or furnished to the SEC. Any
forward-looking statement made by us in this report speaks only as
of the date hereof or as of the date specified herein. We undertake
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by any applicable laws or
regulations.
For Further Information:Jessica
Gulis248.559.0840ir@cnfrh.com
Conifer (NASDAQ:CNFRL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Conifer (NASDAQ:CNFRL)
Historical Stock Chart
From Oct 2023 to Oct 2024