CNFR Overview

Webtoon Entertainment Partnership: Webtoon Entertainment Inc's shares surged 47.8% in pre-market trading after announcing a partnership with The Walt Disney Co to create a digital comics platform featuring Marvel, Star Wars, Pixar, and Disney titles.

Pre-Market Stock Movements: Several stocks experienced significant pre-market trading changes, with FGI Industries Ltd gaining 185.2% and Conifer Holdings Inc rising 136.8%, while Apartment Investment and Management Company saw a decline of 9.4%.

Q3 Earnings Report: Conifer Holdings Inc. reported a net income of $53.3 million for Q3 2024, driven by the sale of its agency business, despite ongoing losses from continuing operations and a decrease in gross earned premiums.

Operational Focus: The company is shifting its focus to its core specialty homeowners business while addressing challenges related to loss reserve development and financial stability, with shareholders' equity significantly increasing from $2.9 million to $49.1 million.

Bishop Street Underwriters Acquires Conifer Insurance Services: Bishop Street has acquired Conifer Insurance Services, marking its entry into commercial lines and expanding its multi-boutique insurance platform. This acquisition is expected to enhance growth opportunities through geographic expansion and new product development.

Strategic Growth Plans: The acquisition aligns with Bishop Street's strategic goals of partnering with managing general agents and specialty underwriting teams, leveraging shared services and technology to capitalize on industry growth trends.

Acquisition Announcement: Bishop Street Underwriters has acquired Conifer Insurance, marking its entry into the commercial lines sector and expanding its managing general agency platform.

Leadership Change: Following the acquisition, Conifer Holdings has appointed Brian Roney as CEO to oversee the insurance agency operations.

GitLab Financial Performance: GitLab Inc. shares surged 16.8% in pre-market trading after reporting second-quarter earnings of 15 cents per share, exceeding analyst expectations by 50%, and revenue of $182.6 million, surpassing estimates.

Stock Movements: Several stocks saw significant movements in pre-market trading, with WiSA Technologies gaining 63.2% and Athira Pharma dropping 72.7% following disappointing clinical trial results.

Company Sale and Leadership Change: Conifer Holdings Inc. shares surged 71.7% after announcing the completion of a $45 million sale of its insurance agency operations, alongside appointing Brian Roney as the new CEO following Nick Petcoff's resignation.

Financial Outlook: The company anticipates a significant revenue decline due to exiting the insurance agency business and has also sold its remaining stake in Sycamore Specialty Underwriters for $6.5 million, with further details expected in an SEC filing.