United Kingdom

Conifer Holdings announces reinsurance agreement with Swiss Re

Monday, 2 Oct 2017 

Oct 2 (Reuters) - Conifer Holdings Inc :Conifer Holdings announces reinsurance agreement with Swiss Re; debt re-financing and management equity infusion.Conifer Holdings Inc - ‍company expects book value per share to be approximately $6.22 at September 30, 2017​.Conifer Holdings - ‍strengthened reserve position through agreement to cover loss development of upto $17.5 million in excess of stated reserves as of June 30.Conifer Holdings Inc - ‍agreement, which will be reflected in conifer's Q3 2017 financial statements as a retroactive reinsurance agreement​.Conifer Holdings Inc - ‍agreement will result in a one-time charge to ceded premiums of $7.2 million, or approximately $0.84 per common share​.Conifer Holdings Inc - ‍it has $5 million in commitments through issuance of common equity through a private placement at a price of $6.25 per share​.Conifer Holdings Inc - estimated catastrophe pre-tax losses incurred during Q3 of approximately $4.5 million, net of expected reinsurance recoveries​. 

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