Business
FG Financial Group, Inc. Reports Third Quarter Financial Results
FG Financial Group Continues to Grow Its Reinsurance Business Company Expands Growth Strategy Through Formation of Merchant Banking Division ST. PETERSBURG,
About this update from Fg Nexus Inc.
[{"type":"text","content":"\nFG Financial Group Continues to Grow Its Reinsurance Business\n\nCompany Expands Growth Strategy Through Formation of Merchant Banking Division\n\n ST. PETERSBURG, Fla.--(BUSINESS WIRE)--\nFG Financial Group, Inc. (Nasdaq: FGF) (the “Company”), today announced results for the third quarter and nine months ended September 30, 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 continued to execute our strategy to grow long-term intrinsic value through a strategic focus on reinsurance and asset management. The reinsurance market continues to be strong, and we have written seven contracts to date. Our SPAC business has now completed two de-SPACs with OppFi and Hagerty, and currently has two funded SPACs evaluating acquisition opportunities. Finally, during the quarter we launched our merchant banking platform. Expanding our strategy to include merchant banking builds upon our initial success with our reinsurance and SPAC businesses and leverages our team’s proven experience.”\n\nFG Financial Group Chairman Kyle Cerminara added, “We continue to see asymmetric risk/reward opportunities across our markets. The evolution of our platform during the quarter to include merchant banking is a natural progression for our business and significantly expands our addressable market across a broader universe of opportunities. We are assessing multiple opportunities and will remain focused on patiently allocating capital to drive long-term shareholder value.”\n\nSelect 2022 Third Quarter and Nine Months Financial Results and Highlights\n\nFG Financial Group’s 2022 third quarter and nine-month financial results included:\n\n\nNet reinsurance premiums earned increased to $4.4 million for the three months ended September 30, 2022 from $1.1 million in the third quarter of prior year. Net reinsurance premiums for the nine months ended September 30, 2022 increased to $9.8 million from $2.2 million for the nine months ended September 30, 2021. The net results in the third quarter from Company’s reinsurance operations benefi...