Conifer estimates Q1 losses related to Winter Storm Uri

Conifer Holdings has estimated its pre-tax losses for the first quarter of 2021 related to Winter Storm Uri.

Conifer estimated it made a loss of approximately $2.3 million, net of expected reinsurance recoveries, due to the storm, based on the information that is currently available.

Conifer also expects to report prior year reserve development, predominantly for 2019 and prior years, largely stemming from its quick service restaurant line. The carrier has reduced its exposure in this book of business in Florida by over 90 percent since 2019, and said it is focused on closing out claims from prior years.

Conifer said it intends to strengthen its reserves for unpaid loss and loss adjustment expenses on prior accident years on a pre-tax basis by approximately $5.7 million for Q1 2021.

James Petcoff, chairman and chief executive officer at Conifer, said: “We have continued to experience a higher degree of severity from certain geographies in our quick service restaurant business and other commercial lines. This is particularly the case in Florida, where social inflation and litigation issues have created a challenging environment for the industry as a whole.”

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