Business
FG Financial Group, Inc. Reports Second Quarter 2021 Financial Results
Execution of SPAC Investment Services Strategy and Ramping of Reinsurance Business Delivers Year-Over-Year Revenue Increase of $3.7 Million ST. PETERSBURG,
About this update from Fg Nexus Inc.
[{"type":"text","content":"\nExecution of SPAC Investment Services Strategy and Ramping of Reinsurance Business Delivers Year-Over-Year Revenue Increase of $3.7 Million\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 to SPAC and SPAC sponsor-related businesses, today announced results for the second quarter and six months ended June 30, 2021.\n\nFGF CEO Larry Swets, Jr. commented, “During the second quarter we made considerable progress advancing our complementary SPAC and reinsurance growth strategy which resulted in revenue growth and the Company’s first quarterly profit from continuing operations since the sale of our primary insurance business. On the SPAC side of our business, in May we launched our second SPAC investment, Aldel Financial, with the co-founder of Fortress Investment Group. Furthermore, subsequent to the close of the quarter, FG New America consummated its business combination with OppFi, a fast growing and profitable financial technology platform.\n\n“On the reinsurance side of the business, we wrote our second contract with a leading Insurtech company and remain enthusiastic about the opportunities we are seeing with the hardening insurance market. We look forward to continuing to put capital to work and to growing intrinsic value per share with our long-term focus using fundamental research for the effective allocation of capital to asymmetric risk/reward opportunities.”\n\nSelect 2021 Second Quarter and Six Months Financial Results and Highlights\n\nNet loss attributable to common shareholders for the second quarter decreased to $0.7 million, or ($0.13) per fully diluted share, compared to a loss of $2.92 million, or $(0.48) per fully diluted share for the second quarter of 2020. Net loss attributable to common shareholders for the six-month period was $1.0 million, or $(0.20) per fully diluted share compared to a net loss of $11.57 million or $(1.91) per fully diluted share for the first six months of 2020.\n\nThe Company’s 2021 second quarter and six-month financial results included:\n\n\nThe Company reported its first quarterly income from continuing operations in the second quarter of $0.4 million compared to a loss from continui...