27th March 2023 - Author: Kane Wells
In its afloat twelvemonth results, FG Financial Group has reported that nett reinsurance premiums earned roseate to $13 million, a important summation from $4.9 cardinal successful 2021.
In Q4 alone, nett reinsurance premiums earned jumped to $3.2 million, compared to $2.6 cardinal successful nan aforesaid 4th of 2021.
FG notes that its reinsurance operations benefited from these continued increases successful nett earned premiums, without incurring immoderate awesome losses from ample catastrophe events.
Full twelvemonth 2022 nett finance income stood astatine $6.8 million, expanding from $2.5 cardinal successful 2021.
Q4 nett finance income was $1.7 million, which compares to a nett finance nonaccomplishment of $0.25 cardinal successful 2021.
Net nonaccomplishment attributable to communal shareholders for nan afloat twelvemonth improved to $0.70 cardinal arsenic compared to a nonaccomplishment of $10.2 cardinal for 2021, while nett nonaccomplishment attributable to communal shareholders for Q4 unsocial improved to $0.30 cardinal from a nonaccomplishment of $3.8 cardinal successful 2021.
Meanwhile, nan patient paid nan 8% Series A Preferred Share dividend of $0.45 million, which represents FG’s 19th consecutive 4th of paying nan afloat dividend owed connected nan 8% Series A Preferred Shares since their issuance successful February 2018.
FG Financial Group CEO Larry Swets, Jr. commented, “During nan 4th we saw important maturation crossed some our reinsurance and merchant banking business, capping disconnected a pivotal twelvemonth for nan business.
“The reinsurance business has established itself arsenic a niche underwriter and we proceed to cautiously measure opportunities to deploy capital.
“Our caller merchant banking division, launched successful nan 3rd 4th of 2022, already has aggregate charismatic businesses connected nan platform.”
Swets continued, “In November we formed FG Communities which has a increasing portfolio of manufactured lodging communities, and consequent to nan 4th we announced nan statement of Craveworthy, a increasing edifice marque level made up of diverse, applicable and highly scalable brands.
“Finally, nan SPAC FG Merger Corp. announced a business operation pinch iCoreConnect, a cloud-based package and exertion institution successful nan healthcare space.”
FG Financial Group Chairman Kyle Cerminara added, “FG Financial made awesome advancement successful 2022. Our reinsurance business importantly grew premiums, and since launching our caller merchant banking level successful nan 3rd 4th of 2022 we person added aggregate companies to nan level successful divers extremity markets including existent estate, healthcare and restaurants.
“We proceed to spot asymmetric risk/reward opportunities and stay focused connected patiently allocating superior to thrust semipermanent shareholder returns.”