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