CEO leaves to join buyer, new boss appointed

Conifer Holdings has completed the sale of its insurance agency business to an unnamed buyer and also divested its remaining interest in Sycamore Specialty Underwriters.

The price for the insurance agency business was $45 million. Meanwhile, Conifer could receive up to $25 million in additional earn-out payments, depending on the future performance of the divested unit.

For its stake in Sycamore, Conifer received $3 million at closing, with another $3.5 million to be paid by the end of the year.

With the sale, Conifer has completely exited the insurance agency business and is anticipating a significant reduction in revenue. Following the transactions, Nick Petcoff resigned as CEO and board member, taking a position in the acquiring company.

Petcoff became the sole chief executive officer of Conifer on December 31, 2023, after James Petcoff resigned as chairman of the board and co-CEO.

Last October, the former CEO stated, “Given the recent successful completion of our debt repayment on September 30, 2023, I believe our company is well positioned for the future.”

Meanwhile, Conifer said further details about the sale will be included in a Form 8-K that is due to be filed with the Securities and Exchange Commission by September 6.

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