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FG Financial Group, Inc. Reports Third Quarter 2021 Financial Results
Company Advances SPAC Investment Strategy and Grows 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 Advances SPAC Investment Strategy and Grows 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 to SPAC and SPAC sponsor-related businesses, today announced results for the third quarter and nine months ended September 30, 2021.\n\nFGF CEO Larry Swets, Jr. commented, “During the third quarter we continued to execute our strategy to grow intrinsic value with a long-term focus on our complementary SPAC and reinsurance businesses. Our insurance business realized an increase in net premiums earned and the division remains well positioned to benefit from the tightening insurance market. On the SPAC side of our business, our first SPAC investment, FG New America, consummated its business combination with OppFi, a fast growing and profitable financial technology platform. Aldel Financial, our second SPAC investment, announced in August a merger with Hagerty, a premium brand in the high-end automobile insurance market. Both OppFi and Hagerty are extraordinary businesses, and we look forward continuing to leverage our platform to invest in and support additional high-quality SPACs going forward. Furthermore, subsequent to the end of our third quarter, we completed the underwritten offering of our common stock and also announced the commencement of our rights offering. We intend to use the proceeds from these transactions to continue to build long-term value for our shareholders.”\n\nSelect 2021 Third Quarter and Nine Months Financial Results and Highlights\n\nNet loss attributable to common shareholders for the third quarter decreased to $5.4 million, or ($1.08) per fully diluted share, compared to a loss of $9.9 million, or $(1.69) per fully diluted share for the third quarter of 2020. Net loss attributable to common shareholders for the nine-month period was $6.4 million, or $(1.28) per fully diluted share compared to a net loss of $21.5 million or $(3.58) per fully diluted share for the first nine months of 2020. These losses include non-cash charges of $2.4 million and $4.98 million for the quarter and nine-month period, respectively, associated with the change in fair value of the Company’s investment in the ...