Michigan-based Conifer Holdings is selling insurance agency operations

Conifer Holdings announced that it has completed the sale of its insurance agency operations for an amount equal to $45 million (subject to transaction expenses and customary purchase price adjustments), plus possible additional payments of up to $25 million based on future performance of the company. operations that have been sold.

Conifer did not name the buyer.

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 insurance agency operations, and the company expects a significant decrease in revenue.

In connection with the transactions, Mr. Nick Petcoff resigned as an executive officer and director of Conifer and accepted a position with the acquirer. Conifer’s Board of Directors has appointed Brian Roney, Conifer’s President, as Chief Executive Officer.

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M&A Michigan