Presurance Holdings, Inc.

What they do

Presurance markets specialty personal insurance through its Insurance Company Subsidiaries: Triassic Insurance Company, White Pine Insurance Company and Red Cedar Insurance Company. As of June 30, 2026, it offers only homeowners insurance products in Texas, Illinois and Indiana, primarily low-value dwelling coverage for owners of lower-valued homes. The company is authorized to write as an excess and surplus lines carrier in 44 states plus the District of Columbia and as an admitted carrier in 42 states plus the District of Columbia. It sold its managing general agency, Conifer Insurance Services, on August 30, 2024 and its commercial lines are in runoff.

Revenue drivers

• Specialty homeowners (personal lines) — The only active underwriting line as of June 30, 2026, offered in Texas, Illinois and Indiana; net earned premiums were $12.7 million for the six months ended June 30, 2026. All of this business is produced by a single agency, SSU, which the company no longer owns or controls.
• Net investment income — Investment income on the company's portfolio generated $2.15 million for the six months ended June 30, 2026, down 16.9% from $2.59 million a year earlier, and adds to premium revenue.
• Commercial lines (runoff) — Commercial lines stopped being written almost entirely by August 30, 2024, with minimal premiums in 2025; the company has no current plans to re-establish commercial premium volume. Total gross written premiums were $24.5 million in the first half of 2026 versus $37.3 million a year earlier.
• Discontinued agency operations — The wholesale agency/MGA segment, sold with CIS on August 30, 2024, is reported in discontinued operations and no longer contributes ongoing revenue.

Recent performance

For the six months ended June 30, 2026, net income doubled to $5.2 million, or $1.66 per share, from $2.6 million, or $1.47 per share, in the prior-year period. The combined ratio improved to 86.4% from 131.2%, and book value per common share was $7.41 as of June 30, 2026. Net earned premiums fell 35.9% to $12.7 million from $19.9 million, while net written premiums rose to $22.7 million from $12.2 million. Second-quarter net income was $2.5 million, or $0.68 per share, versus $2.1 million, or $1.17 per share, a year earlier, with the per-share decline reflecting a larger share count. Net investment income declined 16.9% to $2.15 million for the first half.

Strategy

Management states it has spent 21 months under new leadership improving underwriting and claims management, and the company reported its combined ratio at 86.4% for the first half of 2026. In February 2026 the company raised $14.0 million through a backstopped rights offering, redeemed all $7.5 million of Series B Preferred Stock and contributed $3.0 million to Triassic Insurance Company. In December 2025 it issued $8.0 million of 15.0% Series C Preferred Stock maturing April 2, 2027 to Clarkston Companies, Inc., an entity affiliated with director Jeffrey Hakala. On June 1, 2026 it effected a 1-for-7 reverse stock split, and it continues to work to regain Nasdaq minimum bid price compliance. The company intends to keep writing the Midwest and Texas homeowners business and has no plans to restart commercial lines.

Risks

• Single-agency concentration — All homeowners business is produced by one agency, SSU, and the company no longer has any ownership interest in or control over where SSU places its business.
• Capital and surplus constraints — The company began reducing premium volume in January 2024 due to a lack of adequate statutory capital and surplus in its Insurance Company Subsidiaries, and has no current plans to rebuild commercial premium volume.
• Nasdaq listing compliance — The company received a March 3, 2026 notice that its closing bid price was below $1.00 for 30 consecutive business days, with a compliance deadline of August 31, 2026.
• High-cost preferred obligations — The $8.0 million Series C Preferred Stock carries a 15.0% annual dividend and matures April 2, 2027, and is held by an entity affiliated with a board member.

Outlook

Management says the improvement in underwriting results and a profitable second quarter reinforce its view that disciplined operations, risk selection and careful capital management are essential to future performance. The company expects to continue directly writing the Midwest and Texas homeowners business, subject to concentration risk from reliance on a single producing agency. Commercial lines remain in runoff with no stated plans to re-establish premium volume. The company must also regain compliance with Nasdaq's $1.00 minimum bid price requirement by August 31, 2026.