CEO exits to join acquirer, new chief named
CEO exits to join acquirer, new chief named | Insurance Business America
Insurance News
CEO exits to join acquirer, new chief named
Firm anticipates significant revenue decline following insurance sale
Insurance News
By
Terry Gangcuangco
Conifer Holdings has completed the sale of its insurance agency operations to an undisclosed buyer while also offloading its remaining stake in Sycamore Specialty Underwriters.
The price tag for the insurance agency operations was $45 million. Meanwhile, Conifer could receive up to $25 million in additional earn-out payments, contingent on the future performance of the sold unit.
For the Sycamore shareholding, Conifer was paid $3 million at closing, with a further $3.5 million set to be paid by the end of the year.
With the divestment, Conifer has exited the insurance agency business entirely and anticipates a significant reduction in revenue. Following the transactions, Nick Petcoff resigned as chief executive and as a board director, taking a position with the acquiring company.
Petcoff became sole chief executive of Conifer on December 31, 2023, after James Petcoff stepped down as chairman and co-CEO.
Last October, the former chair stated: “With the recent successful completion of our September 30, 2023 debt maturity, I believe that our company is well-positioned going forward.”
Meanwhile, according to Conifer, further details regarding the sales will be included in a Form 8-K, expected to be filed with the Securities and Exchange Commission by September 6.
What do you think about this story? Share your thoughts in the comments below.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
