Conifer sells insurance agency operations

Conifer Holdings, a company specializing in niche commercial and personal insurance products, announced that it sold its insurance agency operations on August 30, 2024, for $45 million (subject to transaction costs and standard price adjustments), with the possibility of additional payments of up to $25 million based on future performance.

Conifer also sold its remaining stake in Sycamore Specialty Underwriters for $6.5 million, with $3 million paid at closing and the rest due by the end of 2024. Following these sales, Conifer no longer has any insurance agency operations and expects a significant drop in revenue.

Alongside these changes, Nick Petcoff resigned as CEO and director of Conifer to join the buyer. The company’s Board of Directors has appointed Brian Roney, the current President of Conifer, as the new CEO.