Conifer Holdings announced that it completed the sale of its insurance agency operations for consideration equal to $45 million (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.
Conifer did not name the purchaser.
Conifer also sold its remaining interest in Sycamore Specialty Underwriters for a purchase price of $6.5 million, of which $3 million was paid at closing and the remaining $3.5 million is scheduled to be paid by the end of 2024.
As a result of the sale, Conifer no longer has any insurance agency operations, and the company expects a significant decline in revenue.
In connection with the transactions, Mr. Nick Petcoff resigned as the Chief Executive Officer and as a director of Conifer and accepted a position with the purchaser. The Board of Directors of Conifer has appointed Brian Roney, Conifer’s President, to the position of Chief Executive Officer.
Topics Mergers & Acquisitions Michigan
Was this article valuable?
Here are more articles you may enjoy.
Orlando Apartment Complex Evacuated After Cracks Found on All Five Floors 
Lawsuit Alleges Microbetting Product by DraftKings, FanDuel, NFL Leads to Addiction 
NY Lawmakers Urged to Have Faith in Auto Insurance Reform Numbers. But Do They? 
Viewpoint: Insurance Broker Valuations – The Elephant in the Room 
