Business
FG Financial Group, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
FG Financial Group Sees Strong Growth in Net Premiums Earned and Net Investment Income in 2022 Company Drives Expansion of Recently Formed Merchant Banking
About this update from Fg Nexus Inc.
[{"type":"text","content":"\nFG Financial Group Sees Strong Growth in Net Premiums Earned and Net Investment Income in 2022\n\nCompany Drives Expansion of Recently Formed Merchant Banking Division; Multiple Businesses in Attractive End Markets Now on Platform\n\n ITASCA, Ill.--(BUSINESS WIRE)--\nFG Financial Group, Inc. (Nasdaq: FGF) (the “Company”), today announced results for the fourth quarter and full year ended December 31, 2022. FG Financial is a reinsurance and asset management holding company focused on collateralized and loss capped reinsurance and merchant banking that allocates capital in partnership with Fundamental Global®, a private partnership led by Kyle Cerminara and Joe Moglia, as well as other strategic investors.\n\nFG Financial Group CEO Larry Swets, Jr. commented, “During the quarter we saw significant growth across both our reinsurance and merchant banking business, capping off a pivotal year for the business. The reinsurance business has established itself as a niche underwriter and we continue to carefully evaluate opportunities to deploy capital. Our new merchant banking division, launched in the third quarter of 2022, already has multiple attractive businesses on the platform. In November we formed FG Communities which has a growing portfolio of manufactured housing communities, and subsequent to the quarter we announced the formation of Craveworthy, a growing restaurant brand platform made up of diverse, relevant and highly scalable brands. Finally, the SPAC FG Merger Corp. announced a business combination with iCoreConnect, a cloud-based software and technology company in the healthcare space.”\n\nFG Financial Group Chairman Kyle Cerminara added, “FG Financial made great progress in 2022. Our reinsurance business significantly grew premiums, and since launching our new merchant banking platform in the third quarter of 2022 we have added multiple companies to the platform in diverse end markets including real estate, healthcare and restaurants. We continue to see asymmetric risk/reward opportunities and remain focused on patiently allocating capital to drive long-term shareholder returns.”\n\nSelect 2022 Fourth Quarter and Full Year Results and Highlights\n\nFG Financial Group’s 2022 fourth quarter and full year financial results included:\n\n\nNet reinsurance premiums earned increased to $3.2 million for the three months ended...