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FG Financial Group aims to expand through merchant banking division
September 14, 2022
The firm said in a statement that it will work with Fundamental Global, a private partnership led by Kyle Cerminara and Joe Moglia, along with other strategic investors, on the venture.
Larry Swets, Jr., CEO of FG Financial Group, said: “Evolving our strategy to encompass merchant banking is a natural progression which builds upon our initial success with our reinsurance and SPAC businesses and fortifies our strategy of leveraging the team’s proven experience running, sponsoring and creating innovative structures for growing businesses.”
He added: ”Given our deep relationships and exposure to multiple industries, we see many companies in need of merchant banking services and this new division will offer us enhanced flexibility to capitalise on asymmetric risk/reward opportunities.”
This announcement comes only a few weeks after the firm reported an increase in its reinsurance premiums despite seeing a net loss in the second quarter of 2022.
In August, FG Financial said that its net premiums earned increased from $0.9m in Q2 2021, to $3.0m in this year’s second quarter. The group’s net loss increased to $5.9m, compared to a net loss of $0.7m in Q2 2021.
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