Conifer Holdings has reported its gross written premiums for the second quarter of 2021 increased to $34.9 million compared to $27.5 million for the same prior year period.
This increase was the result of growth in both Commercial and Personal Lines business as general economic and business conditions began to improve following pandemic-related softness.
It posted its net income at $5.6 million, compared to $1.5 million for the second quarter of 2020.
The company expects its net earned premiums to increase throughout 2021 as the gross written premium growth achieved in the second half of 2020 continues to be earned at a rate through the year.
It also reported its combined ratio decreased to an unprofitable 113.2%, compared to 100.5% for the same prior year period.
James Petcoff, Chairman and CEO, commented: “We were pleased to report strong premium growth in the quarter and in the first half of 2021, produced through both expansion in our niche commercial markets as well as an improving rate environment.
“We continued to see challenges in development from prior years, but feel that our improved business mix over the last several years should help alleviate development as we continue to push rate and transition our business away from certain geographic regions.
“In addition to our growth in the quarter, our on-going expense reduction efforts generated our lowest recorded expense ratio in six years. Our goal remains to drive profitable top line growth which, coupled with efficiencies throughout our organisation, we feel will lead to a consistently improving bottom line over time.”
