Business
FG Financial Group, Inc. Reports First Quarter Financial Results
Company Continues to Execute on SPAC strategy with Two IPOs and Grows Reinsurance Premiums ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- FG Financial Group, Inc.
About this update from Fg Nexus Inc.
[{"type":"text","content":"\nCompany Continues to Execute on SPAC strategy with Two IPOs and Grows Reinsurance Premiums\n\n ST. PETERSBURG, Fla.--(BUSINESS WIRE)--\nFG Financial Group, Inc. (Nasdaq:FGF) (the “Company”), a reinsurance and investment management holding company focused on opportunistic collateralized and loss capped reinsurance, while allocating capital in partnership with Fundamental Global® and from time to time other strategic investors, to SPAC and SPAC sponsor-related businesses, today announced results for the first quarter ended March 31, 2022.\n\nFG Financial Group CEO Larry Swets, Jr. commented, “During the quarter, we executed our strategy to grow intrinsic value with a long-term focus on our SPAC and reinsurance businesses. We completed IPOs for two of our FG Financial Group SPAC platform sponsors, marking the third and fourth IPOs supporting the advancement of our SPAC strategy. During the quarter our reinsurance business also performed well over Q1 2021, and we continue to evaluate opportunities to write opportunistic loss capped contracts that align with our underwriting standards. As we head through 2022 we continue to see asymmetric risk/reward opportunities across our markets, and remain focused on patiently allocating capital to drive long-term shareholder value.”\n\nSelect 2022 First Quarter Financial Results and Highlights\n\nNet loss attributable to common shareholders for the first quarter increased to $4.3 million, or $(0.66) per fully diluted share, compared to a loss of $0.3 million, or $(0.06) per fully diluted share for the first quarter of 2021.\n\nThe Company’s 2022 first quarter financial results included:\n\n\nNet premiums earned increased to $2.5 million from $0.2 million in the first quarter of last year.\n\n\nNet investment loss for the first quarter was $2.4 million compared to net investment income of $1.9 million in the prior year period.\n\n\nThe Company paid the 8% Series A Preferred Share dividend of $0.45 million, which represents the Company’s 16th consecutive quarter of paying the full dividend due on the Preferred shares since their issuance in February 2018.\n\n\nGeneral and administrative expense decreased by $0.3 million to $1.7 million for the quarter, compared to $2.0 million for the three months ended March 31, 2021.\n\n\nBalance Sheet Highlights\n\nAs of March 31, 2022, key balance sheet ite...