October 12, 2017

Conifer Holdings Raises $30 Million in Subordinated Notes

NEW YORK, NY — Conifer Holdings (NASDAQ: CNFR) a Michigan-based specialty-lines focused insurance holding company announced its agreement to raise $30,000,000 in subordinated notes with long-term flexibility and less restrictive terms. Proceeds will be used to refinance the $16.4 million outstanding senior debt, to support general working capital purposes, and to finance growth strategies. Conifer Holdings was formed in 2009, and through its subsidiaries, Conifer offers customized insurance coverage solutions in both specialty commercial and specialty personal product lines marketing mainly through independent agents in all 50 states. Conifer completed its initial public offering in August 2015 and is traded on the Nasdaq Global Market.

“Conifer is pleased to partner with Elanus Capital in order to strengthen our financial position while simultaneously accelerating our ability to achieve consistently profitable results,” said Jim Petcoff, CEO of Conifer. Elanus Capital Management, is a New York based asset manager focused on investing in debt, equity, and indemnity capital to the financial industries. It manages client specific portfolios and investment funds and seeks to invest in companies in the financial services sector including banks and insurers of various market capitalizations around the globe.

Stonybrook Capital served as the exclusive financial advisor to Conifer Holdings on this subordinated debt transaction. “We pride ourselves on being able to deliver highly bespoke capital solutions and are proud to have been able to do so for Conifer,” said Ravi Arps, Director at Stonybrook Capital. Brian Roney, President of Conifer, stated, “We have completed this transaction with Stonybrook Capital. The Firm is a specialist and was instrumental in delivering what we asked.” “We are eager to approach the rest of the year as Stonybrook continues to expand its debt capital markets practice,” said Joe Scheerer, Principal and Managing Director of Stonybrook Capital. “I have personally been close to this management team for over a decade and am flattered to have had the opportunity to add value once again, and at such an important time in the Company’s lifecycle,” Scheerer added.

About Stonybrook Capital
Stonybrook Capital is a merchant and investment banking firm located in New York City that focuses exclusively on the insurance and reinsurance industry. The Company’s shareholders include its employees, a renowned individual from the reinsurance industry, and the fifth largest reinsurance intermediary in the country named HOLBORN Corporation, which was founded in 1920 and prides itself in its independence and exceptional client service.

Securities transactions are executed through Weild & Co., member FINRA | SIPC.

Corporate contact:
Joseph Scheerer
Principal & Managing Director
1 (917) 860-4519
[email protected]