Conifer Holdings expecting Q2 loss due to recent storms

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Conifer Holdings, a specialty insurance holding company, has said that it expects pre-tax catastrophe losses of about $5.4 million in the second quarter of 2023.

The firm stated that the losses stemmed predominantly from multiple convection storms that largely impacted Oklahoma and Texas in the quarter ended June 30.

As a result, Conifer expects to post a net loss of approximately $4.7 million in the period.

However, excluding the impact of these storm-related losses, in Q223, Conifer estimates it would have posted net income of approximately $700,000.

While Conifer currently expects its results for the six months ended June 30, 2023 to be near the approximate amounts set forth above, the review of the specialty insurance holding company’s financial statements for the six months ended June 30, 2023 has not yet been completed.

Going back to the recent storms, catastrophe modeller Karen Clark & Company (KCC) recently estimated that the June hailstorm in Texas has caused insured losses of over $1 billion.

KCC has also suggested that these storms were stronger than average due to intense instability, producing larger updrafts that penetrated the atmosphere, allowing large hail to grow.

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