Presurance Holdings (formerly Conifer Holdings) is a small specialty insurance holding company that writes homeowners coverage for lower-valued homes, sold primarily in Texas, which accounts for roughly 80% of gross written premiums. Presurance sells exclusively through Sycamore Specialty Underwriters (SSU), an independent managing general agency that handles underwriting, systems support, and billing — Presurance has no internal underwriting, claims, or IT staff of its own. The company writes roughly 95% of its business on an excess and surplus (E&S) basis, giving it pricing flexibility that standard admitted carriers lack. Presurance previously operated a diversified book of commercial and personal lines insurance distributed through thousands of independent agents and ran its own MGA. After years of underwriting losses in commercial lines — driven by systematic under-reserving — Presurance sold its MGA in August 2024 for up to $70M including earnouts, exited commercial lines entirely, and now operates with just 12 employees. The company makes money from underwriting premiums against claims costs, with investment income on float as a secondary source. Presurance's financial condition is severely stressed: every accident year from 2015 onward developed adversely, eroding capital at its insurance subsidiary, Triassic Insurance Company (TIC), and forcing tens of millions in capital injections funded by asset sales, preferred stock issuances, and a 2026 rights offering. TIC's Risk-Based Capital ratio remains within the regulatory "Company Action Level," requiring a remediation plan. The company's viability hinges on stabilizing reserves, retaining SSU as its sole distribution partner, and managing capital carefully.