In their results for the full-year 2023, Conifer Holdings has reported a 4.2% increase in gross written premium (GWP), as it reached $143.8 million, compared to the previous year’s $138 million.
Net written premiums however, saw a 24.7% decline, coming in at $68.6 million for the period, compared to last year’s $91.2 million.
Net investment income saw a substantial 81.6% increase, reaching $5.5 million for FY23, compared to $3.0 million from FY22.
The company also posted a $25.9 million net loss for the full-year 2023, compared to a $10.6 million net loss from the prior year.
Moreover, combined ratio for FY23 came in at 134.9%, which consisted of a 97.8% loss ratio, and a 37.1% expense ratio.
Moving towards the fourth quarter of 2023, Conifer reported $24.3 million in GWP, as well as $15.3 million in net written premiums, representing a decrease of 29.4% and 31.1% from Q422, respectively.
Net investment income was $1.4 million for Q4, compared to $1.1 million in the prior year period.
The company also reported net loss of $19.5 million for the fourth quarter of 2023.
Combined ratio for the fourth quarter sat at 231.7%, compared to the previous year’s 142.4%. This consisted of a 191.1% loss ratio, and a 40.6% expense ratio.
Nick Petcoff, CEO of Conifer, commented: “Much of our recorded loss for the 2023 year was realized in the fourth quarter alone, as we further strengthened our reserve position in efforts to put adverse development behind us. The remainder of the loss was largely driven by earlier in the year convective storm losses from the Oklahoma homeowners business, which is in run-off.
“In addition, throughout 2023 we further navigated an ever-evolving insurance landscape, as we transitioned away from the limitations of a carrier-based revenue model, towards wholesale agency, production-based revenue. This shift empowers us to foster greater agility in meeting the market demands of our customers, by providing A-rated capacity, while reducing exposure to market fluctuations, and enhancing stability in our bottom line.”
