Presurance Holdings Inc's Business Segments

Presurance Holdings, Inc., a Michigan-based insurance holding company established in 2009, operates through its wholly owned subsidiaries: Triassic Insurance Company, White Pine Insurance Company, Red Cedar Insurance Company, VSRM, Inc., and Conifer Insurance Services. The company’s primary business is insurance underwriting and related services. Presurance Holdings is headquartered in Troy, Michigan. In February 2026, the company completed a $14.0 million common stock rights offering, partially using the proceeds to redeem $7.5 million of Series B Preferred Stock. Clarkston Companies, Inc. purchased unsubscribed shares under a Backstop Agreement. Presurance Holdings is listed on Nasdaq under the ticker PRHI and received a notice in March 2026 for non-compliance with the minimum bid price requirement, with a compliance deadline of August 31, 2026. The company is considering a reverse stock split to regain compliance. In January 2024, Presurance Holdings began reducing premium revenues from underwriting operations due to insufficient statutory capital and surplus. Additionally, VSRM sold its 50% non-controlling interest in Sycamore Specialty Underwriters, LLC in August 2024.

The Company sold its CIS segment, which is reported as discontinued operations in 2024. The sale aimed to generate liquidity for debt reduction and to provide capital to the Insurance Company Subsidiaries. Following the sale of the wholesale agency segment, the Company now relies solely on underwriting revenues, which have decreased significantly. Gross written premiums declined from $72.1 million in 2024 to $59.8 million in 2025. The transaction involved transferring 68 of 77 employees, including then-CEO Nicholas Petcoff, who resigned; Brian Roney was appointed as the new CEO. The Company entered into transition services, producer administration, and claims administration agreements with the buyer to support the run-off book of business. The initial purchase price was $45.0 million, with contingent payments up to $25.0 million based on CIS's gross revenue performance over three years. The Company received $46.6 million in cash at closing, including adjustments, and earned and received the first contingent payment of $5.0 million in 2024.