According to FG Financial Group’s full-year figures, net reinsurance premiums earned increased to $13 million from $4.9 million in 2021, a significant rise.
Net reinsurance premiums earned increased to $3.2 million in Q4 alone from $2.6 million in the corresponding quarter of 2021.
According to FG, its reinsurance operations benefited from these ongoing increases in net earned premiums while avoiding any significant losses from significant catastrophe events.
Net investment income for the entire year 2022 was $6.8 million, which increased from $2.5 million in 2021.
In Q4 of 2021, net investment income was $0.25 million as opposed to $1.7 million in Q4 of this year.
The net loss attributable to common shareholders for the entire year decreased to $0.70 million from a loss of $10.2 million in 2021, and the net loss attributable to common shareholders for the entire fourth quarter decreased to $0.30 million from a loss of $3.8 million in 2021.
The company also paid the $0.45 million dividend on the 8% Series A Preferred Shares, marking the 19th consecutive quarter since the shares were issued in February 2018 FG has paid the full dividend payable on the 8% Series A Preferred Shares.
CEO of FG Financial Group Larry Swets, Jr. said, “We saw tremendous growth during the quarter across both our reinsurance and merchant banking business, rounding off a critical year for the business.
‘’The reinsurance industry has established itself as a specialized underwriter, and we continue to carefully consider chances to invest capital.’’
‘’There are already a number of appealing businesses on the platform for our new merchant banking division, which was introduced in the third quarter of 2022.’’
“In November we launched FG Communities, which has a growing portfolio of manufactured housing communities, and after the quarter we announced the formation of Craveworthy, a growing platform for restaurant brand development made up of diverse, pertinent, and highly scalable brands,” Swets stated.
“Finally, the SPAC FG Merger Corp. announced a business combination with iCoreConnect, a healthcare-focused cloud software and technology company.”
Kyle Cerminara, the chairman of FG Financial Group, continued, “FG Financial achieved significant progress in 2022. Since establishing our new merchant banking platform in the third quarter of 2022, we have added numerous enterprises from a variety of end areas, such as real estate, healthcare, and restaurants. As a result, our reinsurance company’ premiums increased dramatically.
We continue to see opportunities with asymmetries in risk and reward, and we are still committed to slowly allocating capital to increase long-term shareholder returns.
