By Michael Loney

June 6 - (The Insurer) - The shareholders of Conifer Holdings have approved a name change to Presurance Holdings following the sale of its insurance agency operations.

At the June 3 virtual annual meeting the shareholders also approved a reverse stock split of the Troy, Michigan-based company’s outstanding common stock and Series B preferred stock at a ratio in the range of 1-for-2 to 1-for-12 to be determined by the board.

A May filing highlighted that the company in August 2024 completed the sale of managing general agency platform Conifer Insurance Services, which represented all of its wholesale agency segment, to Bishop Street Underwriters.

Last year it also sold its remaining interest in Sycamore Specialty Underwriters.

“The Company sold CIS in order to generate liquidity to pay down debt and provide capital to the insurance company subsidiaries,” the filing said. “As a result of the sale, Conifer no longer has any insurance agency operations.”

The filing said the name change would better reflect the change in the business due to the sale.

Conifer on May 30, 2025, said that it received a payment of $10.0 million, representing the second contingent consideration payment under the sale of the membership interests in Conifer Insurance Services.

The Insurer reported last year the sale of CIS in a deal could be worth $70mn.

The Stonybrook-advised CIS sale closed on August 30 for consideration equal to $45mn, subject to transaction expenses and customary purchase price adjustments plus possible additional earn-out payments of up to $25 million based on the future performance of the operations that were sold.

As part of the deal, Conifer CEO Nick Petcoff joined Bishop Street, and was succeeded at Conifer by president Brian Roney.

Conifer Holdings reported $16.2 million of gross written premiums for the first quarter of this year, down 33.5% from the same period last year as a result of the strategic shift away from commercial lines premium following the sale of the agency group.

Its combined ratio was 140.5%, up from 96.7% in Q1 2024.