Investment Banking - Conifer Holdings, Inc.

Transactions | Insurance

Client: Conifer Holdings, Inc.
Industry: Insurance
Transaction Type: Senior Unsecured Notes
Role: Lead Book-Running Manager

  • Conifer Holdings, Inc. (“CNFR”) is an insurance holding company located in Birmingham, Michigan. The Company provides specialized property and casualty insurance through its two wholly-owned subsidiaries Conifer Insurance Company and White Pine Insurance Company. Both entities provide insurance programs on both an admitted and E&S basis. The company also owns Sycamore Insurance Agency (MGA) that reviews specific opportunities to write select business on a direct basis. The Company’s insurance offerings currently include Restaurants Bars and Taverns, Quick Service Restaurants, Security Guards, Repo Towing and Low Value Dwellings among others.
  • CNFR had a total equity of $50.2 million and generated $95.6 million in revenue for the last twelve months ended June 30, 2018.
  • CNFR issued 1,012,000 shares of 6.75% Senior Unsecured Notes, at a price of $25.00 per share for gross proceeds of $25.3 million.
  • Conifer Holdings intends to use the net proceeds of the offering to fund the redemption of currently outstanding subordinated notes.
  • Boenning served as Lead Book-Running Manager in connection with the offering.