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August 14, 2024 Reinsurance No comments

CNFR 2Q24 Webcast Presentation

U.S. Markets via PUBT

Q2 2024 INVESTOR CONFERENCE CALL

August 14, 2024

Nasdaq: CNFR

Fulfilling the Unique

Specialty Insurance Markets

a Long-Term Partner

Q2 2024HIGHLIGHTS

STRATEGIC SHIFT

Agency Commission Income

for Q2 2024: $8.8M +8.6M over Q2 2023

Focus is on a production-based

revenue model

Maintaining profitable premium

in Texas and Midwest homeowners business

FUTURE PROFITABILITY	ADJUSTED BOOK VALUE OF
EXPECTED	$2.26 PER SHARE
Q2 2024 Expense Ratio: 32.1%,	Includes $28.8M of DTAs
well below 35%near-term target	($2.36 per share)
Optimizing Commercial Lines	Total adjusted book value of
business through utilization of	$2.26 as of quarter ended
capacity providers with A.M.	June 30, 2024
Best ratings of A- or better
Broader reach for existing
profitable programs

STRATEGIC SHIFT: SCALABLE & SUSTAINABLE PROFITABILITY

THROUGH PRODUCTION-BASEDREVENUE MODEL

CONIFER'SINFRASTRUCTURE

Conifer Holdings, Inc. provides niche market insurance programs through Conifer Insurance Services, Conifer Insurance Company and White Pine Insurance Company on both an admitted and E&S basis.

Conifer Insurance Services

Wholly owned general agency
Acts as a conduit for retail agents to access and write E&S and admitted policies for Conifer and White Pine Insurance Companies
Facilitates specialty programs and markets on a select basis

Conifer Insurance Company

Founded in 2009
Licensed & Admitted in 4 States (MI, IL, IN, SD)
E&S in 49 States (Exc. NY)

White Pine Insurance Company

Founded in 2010
Licensed & Admitted in 44 States & DC

PROGRAM PORTFOLIO

Cannabis

Craft Beverage

CBD & Hemp

Food & Beverage

Liquor Liability

Marijuana Liability

Workers' Compensation

Specialty Homeowners

Our Lines Of Business

COMMERCIAL

PERSONAL

GROSS WRITTEN PREMIUM FOR Q2 2024:

$19.0 MILLION, DOWN 57.5% YOY

Commercial Lines

35.7%

Small Business

14.3%

Hospitality	Low-Value
21.4%	Dwelling
	64.3%

Personal Lines

64.3%

COMMERCIAL LINES

Gross written premium decrease reflects the Company's strategic decision to reduce premium leverage on operating subsidiaries and focus on commission-based revenue through its wholly owned MGA, Conifer Insurance Services
Utilization of capacity providers with A.M. Best ratings of A- or better offers opportunity to expand reach in key markets for existing profitable programs, while governing risk through a scalable and sustainable production-based revenue model
Commercial Lines represented roughly 36% of the premium written in Q2 2024

YTD June 30, 2024	Gross Written Premium
Top Five States	$ in thousands

Michigan	$ 12,688	64.9%
Ohio	1,338	6.8%
West Virginia	690	3.5%
Kentucky	671	3.4%
Pennsylvania	634	3.3%
All Other	3,523	18.1%

Total	$ 19,544	100.0%

MILLIONS

$36

$27

$18

GROSS WRITTEN PREMIUM

$34.8

$28.0

	$6.8
	$2.7
$6.8	$4.1


Q2 2023	Q2 2024
Hospitality	Small Business

PERSONAL LINES

Personal Lines gross written premium represented approximately 64% of total premium in Q2 2024
Growth in Personal Lines premium for the quarter was generated primarily through low-value dwelling segment in Texas and the Midwest

YTD June 30, 2024	Gross Written Premium
Top Five States	$ in thousands

Texas	$ 16,258	68.5%
Oklahoma	6,138	25.9%
Indiana	889	3.7%
Illinois	355	1.5%
Nevada	78	0.3%
All Other	22	0.1%

Total	$ 23,740	100.0%

MILLIONS	$16

	$12

GROSS WRITTEN PREMIUM

$12.2M

$9.9M

$6.9$12.2

$3.0

Q2 2023	Q2 2024
Wind Exposed	Low Value Dwelling

Q2 2024INVESTMENT PORTFOLIO

• Net Investment Income for Q2 2024: $1.5M

• Highly liquid portfolio of investment grade

debt securities

• Total investment portfolio of $154.1M

at June 30, 2024:

• Average duration: 2.6 years

• Average tax-equivalent yield: ~3.4%

• Average credit quality: AA+

DEBT SECURITY PORTFOLIO ALLOCATION

U.S.

CMBS Government

2.6% Obligations

4.8%

ABS

State & Local

Governments

16.9%

DEBT SECURITY PORTFOLIO

CREDIT RATING

$ in thousands	June 30, 2024
	Fair Value		% of Total
AAA	$ 56,979	48%
AA	36,882	31%
A	16,622	14%
BBB	8,888	7%
TOTAL DEBT
$ 119,371	100%
SECURITIES

CMO/RMBS

2.2%

31.0%

Corporate

25.2%

MBS 17.3%

ALIGNED AND EXPERIENCED MANAGEMENT TEAM

Insiders own 70% of outstanding stock

	As Chief Executive Officer of Conifer Holdings, Inc., Nick Petcoff oversees the Company's Underwriting, Reinsurance, Claims
	and Information Technology operations.
NICHOLAS PETCOFF	Mr. Petcoff is also Director and President of Conifer Insurance Company and President of White Pine Insurance Company,
both wholly owned subsidiaries of Conifer Holdings, Inc. He has been with the Company since 2009 and has more than
CEO & Director	19 years of experience in the insurance industry.
Mr. Petcoff's distinctive skillset in the areas of Underwriting, Claims and Treaty Reinsurance equips him to direct the

	Company's overall strategy, growing the business while enabling the Company to conceptualize and deftly respond to
	market needs.

	As President of Conifer Holdings, Inc., Brian Roney oversees the Company's finance and investor relations functions, as
	well as general operations. He has been with the Company since 2010 and has more than 25 years of experience in the
BRIAN RONEY	insurance industry.
Mr. Roney has a B.A. from the University of Notre Dame and a M.B.A. from the University of Detroit. Mr. Roney has more
President	than 35 years of financial services experience and spent 10 years in the securities industry as a principal with a broker-
dealer, where he specialized in public and private offerings and held FINRA (NASD) Series 7, 24 and 63 licenses.

	Mr. Roney's prior experience with multiple publicly traded insurance companies brings vital public company expertise to
	the executive leadership team.

HAROLD MELOCHE

Chief Financial Officer &

Treasurer

As Chief Financial Officer and Treasurer of Conifer Holdings, Inc., Harold Meloche has primary responsibility over accounting and financial reporting.

Mr. Meloche has been with the Company since 2013 and has over 30 years of experience in the insurance industry.

Mr. Meloche is a registered Certified Public Accountant, and his analytical expertise bears considerable value to the Company's financial leadership team.

APPENDIX

Income Statement
Balance Sheet
Summary Financial Information
Adjusted Operating EPS

Contact: Jessica Gulis (248) 559-0840 [email protected]

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Conifer Holdings Inc. published this content on 14 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2024 09:04:57 UTC.