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FG Financial Group, Inc. Reports Fourth Quarter and Full-Year 2021 Financial Results
Company Continues to Advance SPAC Strategy and Grow Re-Insurance Premiums ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- FG Financial Group, Inc. (Nasdaq:FGF) (the
About this update from Fg Nexus Inc.
[{"type":"text","content":"\nCompany Continues to Advance SPAC Strategy and Grow Re-Insurance 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® to SPAC and SPAC sponsor-related businesses, today announced results for the fourth quarter and full-year ended December 31, 2021.\n\nFG Financial Group CEO Larry Swets, Jr. commented, “The fourth quarter caps a successful year for FG Financial in which we made significant progress executing against our strategy to grow intrinsic value with a long-term focus on our complementary SPAC and reinsurance businesses. In the fourth quarter, our reinsurance business continued to perform well. We are maintaining a patient and disciplined approach, and continue to look for new opportunities which align with our underwriting standards in order to grow our reinsurance business. Our SPAC business also continues to perform well. During the fourth quarter, Aldel Financial completed its business acquisition with Hagerty. Hagerty was our second SPAC deal after the OppFi merger earlier in the year.”\n\nSelect 2021 Fourth Quarter and Full-Year Financial Results and Highlights\n\nNet loss attributable to common shareholders for the fourth quarter increased to $3.8 million, or $(0.66) per fully diluted share, compared to a loss of $2.4 million, or $(0.47) per fully diluted share for the fourth quarter of 2020. Net loss attributable to common shareholders for the full-year period was $10.2 million, or $(1.96) per fully diluted share compared to a net loss of $23.9 million or $(4.15) per fully diluted share for 2020.\n\nThe Company’s 2021 fourth quarter and full year financial results included:\n\n\nNet premiums earned increased to $2.6 million from $0 in the fourth quarter of last year and grew sequentially as compared to $1.1 million in the third quarter of 2021. Net premiums earned in 2021 was $4.9 million.\n\n\nNet investment income for the year was $2.5 million compared to a net investment loss of $17.3 million in the prior year. During the third quarter, FG New America Acquisition Corp. consummated its business combination with OppFi, Inc., a leading financial technology platform that p...