Conifer Holdings Announces Estimated Storm Losses for Second Quarter 2023
2023年7月29日 - 5:01AM
Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer”
or the “Company”) today announced preliminary unaudited pre-tax net
catastrophe loss estimates for the second quarter ended June 30,
2023.
The Company expects pre-tax catastrophe losses
of approximately $5.4 million during the second quarter ending June
30, 2023. These losses stemmed predominantly from the multiple
convection storms that largely impacted Oklahoma and Texas in the
second quarter. As a result, the Company expects to post a net loss
of approximately $4.7 million in the period. These amounts
represent management’s best estimates as of the date of this press
release and are subject to change.
Excluding the impact of these storm-related
losses, in the second quarter of 2023, the Company estimates it
would have posted net income of approximately $700,000.
While the Company currently expects its results
for the six months ended June 30, 2023 to be near the approximate
amounts set forth above, the review of the Company’s financial
statements for the six months ended June 30, 2023 has not been
completed. During the course of the Company’s preparation of its
financial statements and related notes and the completion of the
review for the six months ended June 30, 2023, additional
adjustments to the preliminary estimated financial information
presented below may be identified. Any such adjustments may be
material. The Company’s independent registered public accounting
firm, Plante & Moran, PLLC, has not audited, reviewed, compiled
or performed any procedures with respect to this preliminary
financial data, and, accordingly, Plante & Moran, PLLC does not
express an opinion or any other form of assurance with respect
thereto.
The Company will host a conference call/webcast
on Thursday, August 10, 2023 at 8:30am Eastern Time to discuss full
financial results for the second quarter ended June 30, 2023. The
Company plans to release its second quarter financial results after
the market closes on Wednesday, August 9, 2023.
Investors, analysts, employees and the public
are invited to listen to the conference call via:
Webcast: |
CNFR Q2 2023
Financial Results Webcast |
|
or on the Event Calendar at IR.CNFRH.com |
|
|
Conference Call: |
844-868-8843 (domestic) or 412-317-6589 (international) |
|
|
The webcast will be archived and available for
replay on the Conifer Holdings website at IR.CNFRH.com.
Individuals who listen to the call should refer
to Conifer Holdings’ audited consolidated financial statements and
related notes included in its annual form 10-K, filed on March 27,
2023 with the Securities and Exchange Commission (the “SEC”).
About the Company
Conifer Holdings, Inc. is a specialty insurance holding company,
offering customized coverage solutions tailored to the needs of our
insureds nationwide. Conifer 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 27, 2023 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 Gulis, 248.559.0840
ir@cnfrh.com
Conifer (NASDAQ:CNFRL)
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