PRHIHIGH SIGNALMANAGEMENT10-K

PRHI underwent a complete corporate rebranding from Conifer Holdings with a ticker change from CNFR to PRHI, while simultaneously experiencing substantial financial deterioration across key metrics.

The comprehensive rebranding effort, including subsidiary name changes like Conifer Insurance Company becoming Triassic Insurance Company, represents a significant strategic pivot that typically signals management's attempt to distance from past performance or reposition the company. The timing coincides with meaningful financial stress, suggesting this may be part of a broader turnaround effort that investors should monitor closely for execution success.

Comparing 2026-03-27 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

The company's financial position deteriorated meaningfully across most metrics, with revenue declining 36% to $43.3M and stockholders' equity falling substantially from $21.5M to $9.0M. Operating losses persisted but improved modestly, while operating cash flow deficits narrowed considerably from -$40.5M to -$13.4M, providing some positive momentum. The overall picture reveals a company in financial distress that has undertaken significant cost reduction efforts while simultaneously rebranding, suggesting management is executing a comprehensive restructuring strategy.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+66.9%
-$40.5M→-$13.4M

Operating cash flow surged 66.9% — exceptional cash generation, highest quality earnings signal.

Share Buybacks
Cash Flow
-66.7%
$36K→$12K

Buyback activity reduced 66.7% — capital being redeployed elsewhere or cash conservation underway.

Stockholders Equity
Balance Sheet
-58.3%
$21.5M→$9.0M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Revenue
P&L
-35.6%
$67.3M→$43.3M

Revenue declined 35.6% — significant demand weakness or market share loss warrants investigation.

Interest Expense
P&L
-34.8%
$4.9M→$3.2M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Income
P&L
+30.6%
-$37.3M→-$25.9M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
+27.9%
$61K→$78K

Capex increased 27.9% — ongoing investment in capacity or infrastructure for future growth.

Total Assets
Balance Sheet
-15%
$281.7M→$239.3M

Total assets contracted 15% — asset sales, write-downs, or balance sheet optimization underway.

Total Liabilities
Balance Sheet
-11.5%
$260.1M→$230.3M

Liabilities reduced 11.5% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-03-28
ADDED
The number of outstanding shares of the registrant s common stock, no par value, as of March 27, 2026, was 26,222,881 .
Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.
Form 10-K Summary 114 Signatures 115 PRESURANCE HOLDINGS, INC.
B USINESS Legal Organization On September 30, 2025, Conifer Holdings, Inc.
On August 21, 2025, Conifer Insurance Company changed its name to Triassic Insurance Company.
(Nasdaq: PRHI) is a Michigan domiciled insurance holding company formed in 2009.
Our principal executive offices are located at 3001 West Big Beaver Road, Suite 319, Troy, MI 48084: telephone number: (248) 509-9202.
As used in this Form 10-K, references to Presurance, Presurance Holdings, the Company, our Company, we, us, and our refer to Presurance Holdings, Inc., a Michigan corporation, and its wholly owned subsidiaries Triassic Insurance Company ( TIC ), White Pine Insurance Company ("WPIC"), Red Cedar Insurance Company ( RCIC ), VSRM, Inc.
("VSRM") and Conifer Insurance Services ("CIS"), until August 30, 2024.
TIC, WPIC and RCIC are collectively referred to as the "Insurance Company Subsidiaries." On a stand-alone basis Presurance Holdings, Inc.
REMOVED
The number of outstanding shares of the registrant s common stock, no par value, as of March 20, 2025, was 12,222,881 .
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.
(Nasdaq: CNFR) is a Michigan domiciled insurance holding company formed in 2009.
Our principal executive offices are located at 3001 West Big Beaver Road, Suite 200, Troy, MI 48084 (telephone number: (248) 559-0840).
As used in this Form 10-K, references to Conifer, Conifer Holdings, the Company, our Company, we, us, and our refer to Conifer Holdings, Inc., a Michigan corporation, and its wholly owned subsidiaries Conifer Insurance Company ( CIC ), White Pine Insurance Company ("WPIC"), Red Cedar Insurance Company ( RCIC ), Conifer Insurance Services ("CIS"), until August 30, 2024, and as of October 13, 2022, VSRM, Inc.
CIC, WPIC and RCIC are collectively referred to as the "Insurance Company Subsidiaries." On a stand-alone basis Conifer Holdings, Inc.
Recent Developments Premium Revenue Reductions In January 2024, the Company's premium revenues from underwriting operations began to be reduced due to a lack of adequate statutory capital and surplus in its Insurance Company Subsidiaries.
We expect minimal premiums from commercial lines in the near term with no current plans to re-establish commercial lines premium volumes in the future.
The Company expects to continue to directly write the Midwest and Texas homeowners business going forward, however, the Company is subject to significant concentration of risk because all of the homeowners business is produced by one agency, SSU, and as we no longer have any ownership interest or control over SSU, we cannot control where SSU places its business and cannot assure that SSU will place its business with the Company.
To provide ongoing capital support for the Insurance Company Subsidiaries, the Company sold its agency operations.
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