What made Conifer Holding Inc’s (CNFR) shares spike in the premarket session?

Conifer Holding Inc (CNFR) stock surged dramatically in the premarket session today. Despite the stock’s recent rally, it should be noted that there were no recent stories regarding the company that could have precipitated such a move. As a result, it might be necessary to mention a momentous event on November 11, 2020, when the company announced results for the third quarter ended September 30, 2020.

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Third Quarter 2020 Financial Highlights (compared to the prior-year period) Company’s Gross written premium surged 10.2% to $29.8 million. Its Commercial Lines gross written premium rose 9.1% to $27.3 million. Personal lines gross written premium spiked 23.6% to $2.5 million. The company recorded Commercial Lines combined ratio of 114.2%, while its Personal Lines combined ratio was 68.1%. Meanwhile, its Book value per share of $4.40 as of September 30, 2020, in contrast to $4.51 as of June 30, 2020, and $3.81 on March 31, 2020

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