Specialty Insurer Conifer Holdings Announces Senior Notes (Baby Bonds)

Conifer Holdings (NASDAQ:CNFR) has announced the sale of a $25 senior note offering.  The baby bonds carry a coupon of 6.75% and will mature in 2023.

The company is selling 800,000 shares with an additional 120,000 being available for overallotment.

The new issue will have an anticipated ticker of CNFRL.  The baby bonds should trade on NASDAQ in the next 10 days or so.

Conifer is a small property/casualty insurer headquartered in Michigan and they target niche and under served segments.  The company was formed in 2012 and focuses on insurance for bars, restaurants and convenience stores etc.

The registration statement for this new issue can be found here.

This FWP (free writing prospectus) contains a company presentation with pricing as well as other details about the company.  Potential investors would do well to review this FWP prior to purchasing any shares.  This is a small company and we are not familiar at all with them, but as always we certainly like the short maturity.

 

6 thoughts on “Specialty Insurer Conifer Holdings Announces Senior Notes (Baby Bonds)”

  1. It looks like roughly 25% of their business is in Florida. Very small property/casualty insurer in a state that has the potential for large hurricane losses. Fairly large risk factor in my view. I see this as a pass

  2. SteveA–likely is a pass for most–at least at 6.75%. I am always intrigued by these smaller insurance companies.

    1. I appreciate hearing about them though. They claim to be shifting away from FL, but ther’s little sign of that at this point.

      1. Absoletuly agree. I so appreciate all the early notifications that Tim and the other readers provide. This site is my most important preferred investing site.

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