On this page of StockholderLetter.com we present the latest annual shareholder letter from Conifer Holdings, Inc. — ticker symbol CNFR. Reading current and past CNFR letters to shareholders can bring important insights into the investment thesis.

 •  5/9/2025 Letter Continued (Full PDF)
 •  4/26/2024 CNFR Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  CNFR Benford's Law Stock Score = 88

CNFR Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT


TO OUR FELLOW SHAREHOLDERS:
2024 marked a transformational year for Conifer     a period of strategic refocus, operational
streamlining, and renewed discipline that sets the stage for long-term performance.
We reported net income allocable to common shareholders of $24.3 million for the full year, a result
that reflects the progress we   ve made in reshaping the Company, through both the strength of our
continuing operations and the financial impact of key strategic actions taken during the year.
Foremost among these was the successful sale of our insurance agency operations in August, which
resulted in a substantial gain. This transaction was a turning point, as the proceeds from this sale
enabled us to meaningfully reduce outstanding debt, further strengthen our reserves, and improve
capital flexibility. These steps were instrumental in streamlining our operating model, as we
reallocated resources more efficiently toward the business lines best positioned to deliver consistent
underwriting results going forward.
Our Personal Lines business, which now represents the strategic center of our underwriting
operations, delivered positive results for the year. We are encouraged by this performance and view it
as early confirmation that our renewed focus is yielding results.
As of December 31, 2024, book value per share was $1.76. While this remains below our long-term
target, we believe it reflects a stabilizing foundation and marks the beginning of a new trajectory.
Our goal is to continue building book value through disciplined underwriting, efficient capital
allocation and consistent operational execution.
As I reflect on the past year, I am proud of the resilience and adaptability our team has shown. The
steps we   ve taken    improving our overall reserve position, tightening our strategic underwriting
lens, and overall streamlining our operations, have resulted in our company being leaner, more
focused, and better positioned to generate value for our shareholders.
Steadily and deliberately, we now move into 2025, where our focus remains on disciplined
underwriting, an improved balance sheet, and wise allocation of capital. Overall, we believe this
strategy best positions the Company to thrive in an ever changing industry landscape.
On behalf of our entire team, thank you for your continued support and confidence.
Sincerely,
Brian J. R
Roney
oney
Chief Executive Officer

[This page intentionally left blank]



 5/9/2025 Letter Continued (Full PDF)