Michigan-domiciled property and casualty holding company Conifer Holdings has announced that as of August 30th, 2024, it completed the sale of its insurance agency operations for $45 million, subject to transaction expenses and customary purchase price adjustments.
The sale has some possible additional earn-out payments of up to $25 million based on the future performance of the sold operations.
Conifer also sold its remaining interest in Sycamore Specialty Underwriters for a purchase price of $6.5 million, of which $3 million was paid at closing with the remaining $3.5 million scheduled to be paid by the end of 2024.
As a result of the sale, Conifer no longer has any insurance agency operations and expects a significant decline in revenue.
Following these transactions, Nick Petcoff resigned as the Chief Executive Officer and as a Director of Conifer and accepting a position with the purchaser.
The Board of Directors of Conifer has appointed Brian Roney, the company’s President, as the new Chief Executive Officer.
