Agency anticipates important income decline following insurance coverage sale
Conifer Holdings has accomplished the sale of its insurance coverage company operations to an undisclosed purchaser whereas additionally offloading its remaining stake in Sycamore Specialty Underwriters.
The value tag for the insurance coverage company operations was $45 million. In the meantime, Conifer might obtain as much as $25 million in further earn-out funds, contingent on the long run efficiency of the offered unit.
For the Sycamore shareholding, Conifer was paid $3 million at closing, with an additional $3.5 million set to be paid by the top of the yr.
With the divestment, Conifer has exited the insurance coverage company enterprise totally and anticipates a major discount in income. Following the transactions, Nick Petcoff resigned as chief government and as a board director, taking a place with the buying firm.
Petcoff grew to become sole chief government of Conifer on December 31, 2023, after James Petcoff stepped down as chairman and co-CEO.
Final October, the previous chair acknowledged: “With the current profitable completion of our September 30, 2023 debt maturity, I consider that our firm is well-positioned going ahead.”
In the meantime, in keeping with Conifer, additional particulars relating to the gross sales will probably be included in a Kind 8-Okay, anticipated to be filed with the Securities and Change Fee by September 6.
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