FG Financial Group, Inc. (FGF) has increased to 23.65% in the aftermarket. However, the last trading session closed at $6.3 with an incline of 24.02%.
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New Appointment to Board of Directors
FGF announced the appointment of Michael C. Mitchell and Larry G. Swets, Jr. to the board of directors on 6th October 2021. Mitchell has worked in finance for a long time, most recently as a Partner at Locust Wood Capital. Not only this but he has also worked as a senior analyst at Breeden Capital LP, where he focused on consumer businesses alongside and served as an advisor to the Applebee’s board of directors.
Moreover, Swets has 25 years of experience in the financial services industry, principally as a merchant banker specializing in SPAC financing. He is the current CEO and a board member of FG Financial Group, Inc. He was formerly the CEO of Itasca Financial LLC, which he founded and managed before being sold to Kingsway Financial Services. Furthermore, Mr. Swets serves on the boards of GreenFirst Forest Products Inc. and Harbor Custom Development, Inc. Mr. Swets graduated from Valparaiso University with a bachelor’s degree and got a master’s degree in Finance from DePaul University. Lastly, he is a member of the Young Presidents’ Organization and has earned the title of Chartered Financial Analyst (CFA).
Merger Agreement with Leading Specialty Insurance Provider Hagerty
On 18th August 2021, Aldel Financial has announced its entry into a definitive acquisition agreement with Hagerty. It is an automotive enthusiast brand providing a specialty automotive insurance-based platform on a membership organization for car lovers. Aldel will be renamed Hagerty, Inc. and become publicly traded following the completion of the acquisition, with its common stock likely to be listed on the New York Stock Exchange under the symbol HGTY. FG Financials consists of 533,000 Aldel shares and 321,000 warrants to buy Aldel common stock at $15.00 a share.
Second Quarter 2021 Financial Results
FGF reported second-quarter 2021 financial results on 16th August 2021. The company earned $0.4 million from continuing operations, compared to a loss of $2.6 million in the previous quarter. Moreover, FGF signed its second reinsurance agreement with a renowned automobile Insurtech firm. Not only this, but FGF also completed its merger with OppFi, Inc. In addition, the Company suffered non-cash losses of $0.69 million due to a change in the fair value of its investment in FedNat Holding Company common stock. Last but not least, the general and administrative expenses were $1.7 million and $3.7 million which includes a $0.5 million and $0.9 million shared services fee with related party Fundamental Global Management, LLC for the three and six-month periods, respectively.