Conifer : CNFR 1Q24 Webcast Presentation

Q1 2024 INVESTOR CONFERENCE CALL

May 15, 2024

Nasdaq: CNFR

Fulfilling the Unique

Specialty Insurance Markets

a Long-Term Partner

SAFE HARBOR STATEMENT

This presentation contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management's beliefs and assumptions and on information currently available to management. These forward- looking statements include, without limitation, statements regarding our industry, business strategy, plans, goals and expectations concerning our market position, product expansion, future operations, margins, profitability, future efficiencies, and other financial and operating information. When used in this discussion, the words "may," "believes," "intends," "seeks," "anticipates," "plans," "estimates," "expects," "should," "assumes," "continues," "potential," "could," "will," "future" and the negative of these or similar terms and phrases are intended to identify forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties, inherent risks and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this presentation. Our actual future results may be materially different from what we expect due to factors largely outside our control, including the occurrence of severe weather conditions and other catastrophes, the cyclical nature of the insurance industry, future actions by regulators, our ability to obtain reinsurance coverage at reasonable rates and the effects of competition. These and other risks and uncertainties associated with our business are described under the heading "Risk Factors" in our most recently filed Annual Report on Form 10-K and our earnings press release for the quarter ended March 31, 2024, which should be read in conjunction with this presentation. The company and subsidiaries operate in a dynamic business environment, and therefore the risks identified are not meant to be exhaustive. Risk factors change and new risks emerge frequently. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

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Q1 2024 HIGHLIGHTS

STRATEGIC SHIFT	CONSISTENT FUTURE	ADJUSTED BOOK VALUE OF
Non-Risk Bearing Revenue	PROFITABILITY EXPECTED	$2.50 PER SHARE
for Q1 2024: $4.3M	Q1 2024 Combined Ratio: 96.7%	Includes $28.0M of DTAs
+3.9M over Q1 2023	Net Income allocable to common	($2.29 per share)
Focus is on a production-based	Total adjusted book value of
shareholders of $74,000 or
revenue model	$0.01 per share	$2.50 as of quarter ended
Maintaining profitable premium	Q1 2024 Expense Ratio: 34.7%	March 31, 2024
in Texas and Midwest
homeowners business	Beat our near-term target
	expense ratio of 35%

STRATEGIC SHIFT: PRIORITIZING SUSTAINABLE PROFITABILITY

THROUGH PRODUCTION-BASEDREVENUE MODEL

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CONIFER'S INFRASTRUCTURE

Conifer Holdings, Inc. provides niche market insurance programs through Conifer Insurance Services, Conifer Insurance Company and White Pine Insurance Company on both an admitted and E&S basis.

Conifer Insurance Services

• Wholly owned general agency
• Acts as a conduit for retail agents to access and write E&S and admitted policies for Conifer and White Pine Insurance Companies
• Facilitates specialty programs and markets on a select basis

Conifer Insurance Company

• Founded in 2009
• Licensed & Admitted in 4 States (MI, IL, IN, SD)
• E&S in 49 States (Exc. NY)

White Pine Insurance Company

• Founded in 2010
• Licensed & Admitted in 44 States & DC

PROGRAM PORTFOLIO

Cannabis

Craft Beverage

CBD & Hemp

Food & Beverage

Liquor Liability

Marijuana Liability

Workers' Compensation

Specialty Homeowners

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Our Lines Of Business

GROSS WRITTEN PREMIUM FOR Q1 2024:

$24.3 MILLION, DOWN 32.9% YOY

COMMERCIAL

Small Business

34.8%

Low-Value

Dwelling

47.5%

Hospitality

17.7%

PERSONAL	Commercial Lines
52.5%

Personal Lines

47.5%

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COMMERCIAL LINES

Focus: Disciplined, Quality Underwriting

• Focus on classes where we have deep underwriting knowledge and experience
• Partner with retail and select wholesale agencies and retain underwriting authority in-house:
• • Underwriting teams have established strong relationships with retail and wholesale specialists in these lines of business.
  • With agents who specialize in our unique classes, we remain closer to our insureds and underwrite a stronger account / risk profile.
• A hallmark of our success has always been tight agent relationships that generate high account retention:
• • Commercial retention in the quarter was over 90%.
  • High account retention allows us to selectively grow market share where we see the best pricing and profitability.
• Leverage ability to write on E&S and admitted paper for rate and form flexibility:
• • Our markets continue firming, and we are seeing rate increases in our specialty markets.
  • Increasing rate, especially Excess & Surplus lines.
• Maintain low limits as much as possible: vast majority of property TIV is under $1M
• Also, we are seeing opportunities for additional market share movement in our space
• Continuing to emphasize specialty business, our premium mix remains firmly dedicated to Commercial Lines with 52.5% Specialty Commercial and 47.5% Personal Lines for Q1 2024.

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COMMERCIAL LINES

• Gross written premium decrease reflects the Company's strategic decision to reduce premium leverage on our operating subsidiaries and focus on non-risk bearing revenue
• Commercial Lines represented roughly 52% of the premium written in Q1 2024

YTD March 31, 2024	Gross Written Premium
Top Five States	$ in thousands
Michigan	$ 7,922	62.1%
Ohio	1,040	8.1%
West Virginia	527	4.1%
Pennsylvania	476	3.7%
Kentucky	465	3.7%
All Other	2,332	18.3%
Total	$ 12,762	100.0%

MILLIONS

$36

$27

$18

$9

$0

GROSS WRITTEN PREMIUM

$29.0

$23.6
	$12.8
	$8.5
$5.4	$4.3
Q1 2023	Q1 2024
Hospitality	Small Business

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PERSONAL LINES

Focus: Niche Specialty Homeowners Products

• Underwriting teams have established strong relationships with retail and wholesale specialists in low value dwelling markets
• Leverage ability to write on E&S and admitted paper, where possible, for rate and form flexibility
• Utilize technology to appropriately price our property risks
• Maintain competitive advantage in ease of use for agency portal and submission/bind process
• Cloud-basedagency portal system with strong data mining and predictive outcome capabilities
• Maintain rate and underwriting discipline regardless of market cycles

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PERSONAL LINES

• Personal Lines production was approximately 48% of total premium in Q1 2024
• Growth in low-value dwelling segment with Texas as largest state

MILLIONS	$16
	$12

			$8
YTD March 31, 2024	Gross Written Premium
Top Five States	$ in thousands
Texas	$ 6,426	55.6%	$4
Oklahoma	4,510	39.1%
Indiana	396	3.4%
Illinois	158	1.4%	$0
Nevada	40	0.3%
All Other	21	0.2%
Total	$ 11,551	100.0%

GROSS WRITTEN PREMIUM

$11.5M

$7.2M

$11.5

$5.4

$1.8

Q1 2023	Q1 2024
Wind Exposed	Low Value Dwelling

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Q1 2024 COMBINED RATIO

• Combined Ratio:
• • 96.7% for Q1 2024
  • Improvement of 2.8 percentage points compared to Q1 2023
  • Personal Lines Combined Ratio: 83.0% for the quarter
• Loss Ratio:
• • Losses & LAE: $10.5 million for the quarter
  • Loss Ratio: 62.0%, steady from Q1 2023
  • Personal Lines Loss Ratio: 46.2% for the quarter
• Expense Ratio:
• • Sustained improvement in the first quarter, despite lower net earned premium
  • Q1 2024 Expense Ratio: 34.7%
  • Beat near-term target of 35%

COMBINED RATIO

99.5% 96.7%

37.3%

34.7%

62.2%

62.0%

Q1 2023	Q1 2024
Loss Ratio	Expense Ratio

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