Conifer Holdings has reported its gross written premiums for the third quarter of 2023 increased 16.5% to $38.5 million, compared to $33.1 million in the prior year period.
The company said that this top line growth derived primarily from continued expansion within select key verticals that have demonstrated strong performance.
Conifer Holdings’ commercial lines of business represented 73.9% of total GWP in the quarter.
Moreover, commercial lines GWP increased 3.1% in the quarter to $28.5 million, as Conifer continues to execute on its strategy of maintaining organic growth in historically profitable lines of business.
The Commercial lines accident year combined ratio was 97.2% for the quarter.
At the same time, the company’s expense ratio was 31.7% for the third quarter of 2023, which marked major improvement of 790 basis points from the prior year period, as well as beating the company’s 35% target.
Net earned premium decreased 3.9% to $24.0 million in the quarter, compared to $25.0 million from the prior year quarter.
Conifer Holdings also posted a net loss of $2.7 million for Q323, compared to a net loss of $1.5 million in Q322.
Combined ratio came in at 120.8%, a significant difference compared to 106.5% from last year.
James Petcoff, Executive Chairman and Co-CEO, commented: “While the third quarter results were affected by atypically severe storm losses, it is important to emphasize that our growing core lines of business are delivering positive results. Moreover, excluding the impact of these storm-related losses, Conifer would have achieved profitability in the quarter.”
