Conifer Holdings Baby Bonds Trading

Our sleuth Eugene has noted that the Conifer Holdings (NASDAQ:CNFR) 6.75% baby bonds are now trading (or will be shortly).

We have checked eTrade and the symbol (NASDAQ:CNFRL) is active, but it is not showing trading–Fidelity it not showing it active yet.

CNFR is a small specialty insurance company which we could compare in size to Atlas Holdings, which also sold a baby bond this year.  Both have just around $100 million in revenue.  Atlas sells insurance into the specialty auto sector, while Conifer sells to ‘mom and pop’ in the ‘main street’ businesses.

At this time Conifer is incurring small losses in their businesses, but experience shows that they will be able to get to break even or better in the next year or so.  We have not done a deep dive on the companies financials at this time–just a quick skim.

Our interest is the 2023 maturity–but we would only be interested if it trade down a buck from $25 bringing our yield to 7%ish or more.

Further details and prospectus link are here.