Conifer Holdings sees Q2 pre-tax catastrophe losses about $5.4M

Conifer Holdings announced preliminary unaudited pre-tax net catastrophe loss estimates for the second quarter ended June 30. The company expects pre-tax catastrophe losses of approximately $5.4M during the second quarter ending June 30. 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 $4.7M 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, 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, 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.