Business
FG Financial Group, Inc. Reports Second Quarter 2023 Financial Results
FG Financial Group Continues to Achieve Increase in Net Reinsurance Premiums Earned, Net Investment Income, and Sees Progress in Strategic Merchant Banking
About this update from Fg Nexus Inc.
[{"type":"text","content":"\nFG Financial Group Continues to Achieve Increase in Net Reinsurance Premiums Earned, Net Investment Income, and Sees Progress in Strategic Merchant Banking\n\n\n ITASCA, Ill.--(BUSINESS WIRE)--\nFG Financial Group, Inc. (Nasdaq: FGF) (the “Company”), today announced results for the second quarter and six months ended June 30, 2023. 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\n\nFG Financial Group CEO Larry Swets, Jr. commented, “The Company continued to achieve solid progress during the quarter executing our strategy of identifying asymmetric risk/reward opportunities and patiently allocating capital to drive long-term returns for our shareholders. Our reinsurance division continued to build its differentiated and flexible reinsurance model, generating increased net premiums earned as we deployed capital to highly structured loss-capped contracts. We are also focused on broadening our revenue base with no-downside, fee-based revenue through our FG RE Solutions unit and we see the opportunity for substantial long-term growth as the range of joint-ventures and structures expands. Our merchant banking division has established an extraordinary portfolio of businesses across attractive end markets. This quarter, FG Acquisition Corp. announced a business combination with ThinkMarkets, an online and leveraged trading multi-asset brokerage with established global partnerships and a scalable business model. Additionally, FG Merger Corp.’s merger agreement with iCoreConnect Inc., a cloud-based SaaS company bringing much needed workflow efficiencies to the dental and medical industries, continues to progress. As we look to the second half of the year, we are optimistic about the opportunities ahead of us and will continue to execute our strategy to drive long-term returns for our shareholders.”\n\n\nFG Financial Group Chairman Kyle Cerminara, added, “We are pleased with the progress made in the first half of this year. Our merchant banking division continues to build Craveworthy, a growing restaurant brand platform made up of diverse, relevant and highly scalable brands, as well a...