Conifer Holdings, Inc (CNFR) saw its loss narrow to $1.80 million, or $0.24 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.03 million, or $0.27 a share. Revenue during the quarter grew 20.02 percent to $25.06 million from $20.88 million in the previous year period. Net premium earned for the quarter increased 20.05 percent or $4.03 million to $24.14 million.
Total expenses move upBenefits, losses and expenses for the quarter were at $26.96 million, or 111.68 percent of premium earned from $23 million or 114.37 percent of premium earned in the last year period. Operating loss for the quarter was $1.90 million, compared with an operating loss of $2.12 million in the previous year period. Net investment income was at $0.58 million for the quarter, up 7.45 percent or $0.04 million from year-ago period. The company has booked a loss on investments of $0.01 million in the quarter, which was stable when compared with the previous year period.
James Petcoff, Chairman and Chief executive officer, commented, “For the first quarter of 2017, our efforts remain focused on growth in our core underwriting markets where we reported a 13.1% increase in gross written premiums for our commercial lines of business. This growth originated primarily from Conifer’s specialty niche insurance products such as liquor liability, security guards, and quick service restaurants. We are now expanding these businesses even more across our existing base of long-term independent agents, and each line has performed at or above their historical underwriting results.”
Total assets stood at $207.97million as on Mar. 31, 2017. On the other hand, total liabilities were at $141.39 million as on Mar. 31, 2017.
Return on assets was negative at 0.76 percent in the quarter. Return on equity was negative at 2.70 percent in the quarter.
Investments stood at $133.83 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 0.43 percent in the quarter.
Meanwhile, reinsurance recoverables stood at $10.19 million on Mar. 31, 2017.
Total debt was at $17.12 million as on Mar. 31, 2017. Shareholders equity was at $66.57 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 0.26 percent in the quarter.
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