FG Financial Group, Inc. Renamed to Fundamental Global Inc.New Leadership and Governance Structure in Place Mooresville, NC, Feb. 29, 2024 (GLOBE NEWSWIRE) -- FG Financial Group, Inc. (NASDAQ:FGF, FGFPP))) ("FG Financial") and FG Group Holdings Inc. ("FG Group Holdings") today announced that they have completed the previously announced merger pursuant to which FG Group Holdings merged with and into FG Group LLC, with FG Group LLC surviving as a wholly-owned subsidiary of FG Financial. In connection with the ...

ST. PETERSBURG, Fla.--(BUSINESS WIRE)--FG Financial Group, Inc. (Nasdaq: FGF) (the “Company”), today announced that it has declared a quarterly cash dividend on its 8.00% Cumulative Preferred Stock, Series A (the “Preferred Stock”), for the period commencing on December 15, 2023 and ending on March 14, 2024. 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 Globa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36366 FG Financial Group, Inc. (Exact name of registrant as specified in its charter) Nevada 46-1119100 (State or other jurisdiction of incorporation or orga ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36366 FG Financial Group, Inc. (Exact name of registrant as specified in its charter) | Title of each class | Trading Symbol(s) | Name of each exchange on which r ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FG Financial Group, Inc. (Exact name of registrant as specified in its charter) Nevada 46-1119100 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 104 S. Walnut Street, Unit 1A, Itasca, IL 60143 (Address of principal executive offices and zip code) (847)773-1665 For the Quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________ to _______________________ Commission file number 001-36366 FG Financial Group, Inc. (Exact name of registrant as specified in its charter) 104 S. Walnu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value per share FGF The Nasdaq Stock Market LLC 8.00% Cumulative Preferred Stock, Series A, $25.00 par value per share FGFPP The Nasdaq Stock Market LLC FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 Or ☐ TRANSITION REPOR ...

Financial Performance - Net premiums earned for the six months ended June 30, 2022, were approximately $5.4 million, up from $1.1 million in the same period of 2021, driven by three new reinsurance agreements[197]. - Net investment loss for the three months ended June 30, 2022, was $(3.7) million, compared to a gain of $2.2 million in the same period of 2021[200]. - Net losses and loss adjustment expenses for the six months ended June 30, 2022, totaled $3.4 million, compared to $0.8 million for the same period in 2021[202]. - The company reported a net loss of $(9.3) million for the six months ended June 30, 2022, compared to a net income of $0.3 million in the same period of 2021[210]. - Other income decreased to $50,000 for the six months ended June 30, 2022, down from $79,000 in the same period of 2021[201]. Capital Structure - The company completed a public offering of 2,750,000 shares of common stock in June 2022 at a price of $1.58 per share, generating net proceeds of approximately $3.8 million[193]. - The company has 894,580 shares of 8.00% Cumulative Preferred Stock, Series A, outstanding as of June 30, 2022, with a total net proceeds of approximately $4.2 million from a public offering completed on May 21, 2021[188]. - The company holds 355,371 shares of FedNat common stock received from the sale of its insurance subsidiaries, with certain voting and transfer restrictions until December 2024[167]. - The company has a significant ownership stake of approximately 58.8% held by Fundamental Global GP, LLC and its affiliates as of June 30, 2022[166]. Cash Flow - Cash and cash equivalents at the end of the period were $12.8 million for the six months ended June 30, 2022, compared to $10.4 million for the same period in 2021[215]. - Net cash used by operating activities for the six months ended June 30, 2022, was approximately $(1.0) million, primarily due to the net loss and unrealized holding gains[216]. - For the six months ended June 30, 2021, net cash used by operating activities was approximately $5.9 million, primarily driven by a net income of approximately $473,000 adjusted downward by $4.0 million for unrealized gains on equity investments[217]. - A cash outflow of approximately $2.3 million was recorded for consolidated Fund investments in private placement securities, categorized as operating activities due to the investment company subsidiary's involvement[218]. - Net cash provided by investing activities was $76,000, mainly from the partial return of principal on investments for the six months ended June 30, 2021[219]. - Net cash provided by financing activities was $4.1 million, primarily resulting from the issuance of 194,580 shares of Series A Preferred Stock on May 21, 2021[219]. Corporate Strategy and Challenges - The company transitioned from an insurance holding company to focus on reinsurance and asset management after selling its insurance subsidiaries in December 2019[165]. - The company’s strategy includes opportunistic collateralized and loss-capped reinsurance, along with investments in SPACs and related businesses[165]. - The company has faced challenges in estimating critical accounting estimates due to the economic uncertainty from the COVID-19 pandemic[170]. Dividends - The company’s Board of Directors declared the second quarter 2022 dividend on the Series A Preferred Stock on August 11, 2022, at a rate of $2.00 per share per year[189]. General and Administrative Expenses - General and administrative expenses increased by $0.3 million to $4.0 million for the six months ended June 30, 2022, primarily due to staff expansion and professional fees[203].

Financial Performance - The company reported a net loss of $3.8 million for the three months ended March 31, 2022[195]. - The net loss from continuing operations for Q1 2022 was $3.8 million, compared to a loss of $0.1 million in Q1 2021[208]. - Net premiums earned for Q1 2022 were approximately $2.5 million, compared to $0.2 million in Q1 2021, reflecting a significant increase[196]. - Net investment loss for Q1 2022 was approximately $2.3 million, a decline from a net income of $1.85 million in Q1 2021[199]. - Net losses and loss adjustment expenses for Q1 2022 were $1.5 million, up from $0.1 million in Q1 2021, indicating increased claims[201]. - General and administrative expenses decreased to $1.7 million in Q1 2022 from $2.0 million in Q1 2021, primarily due to one-time fees in the prior year[202]. Shareholder Equity and Stock Transactions - The total shareholders' equity attributable to FG Financial Group, Inc. decreased to $29.8 million as of March 31, 2022, down from $34.0 million as of January 1, 2022[195]. - The company completed a public offering of 194,580 shares of 8.00% Cumulative Preferred Stock, Series A, for net proceeds of approximately $4.2 million, bringing total Series A shares outstanding to 894,580 as of March 31, 2022[188]. - In Q4 2021, the company sold 750,000 shares of common stock at $4.00 per share, generating net proceeds of approximately $2.5 million, and completed a rights offering for 691,735 shares, raising approximately $2.7 million[192]. - As of March 31, 2022, the company had 6,528,001 common shares outstanding, an increase from 6,497,205 shares as of January 1, 2022[195]. Cash Flow and Investments - Cash and cash equivalents at the end of Q1 2022 were $8.5 million, down from $8.8 million at the end of Q1 2021[212]. - Net cash used by operating activities in Q1 2022 was approximately $1.0 million, driven by a net loss and adjustments related to unrealized gains[212]. - Net cash used by investing activities in Q1 2022 was $5.6 million, primarily for increased investment in the Fund for mergers and acquisitions[213]. - The company recorded a cash dividend of approximately $447,000 on Series A Preferred Shares in Q1 2022[213]. Reinsurance and Investment Strategy - The company focuses on opportunistic collateralized and loss-capped reinsurance, while also investing in SPAC and SPAC sponsor-related businesses[165]. - As of March 31, 2022, reinsurance balances receivable were $3.8 million, a slight decrease from $3.9 million as of December 31, 2021[182]. - The company has a significant investment in FedNat Holding Company, holding 790,371 shares as of March 31, 2022, with restrictions on voting and transfer until December 2024[167]. Risks and Uncertainties - The company has been impacted by the COVID-19 pandemic, which has created uncertainty in financial estimates and assumptions[170]. - The company is subject to various risks, including those related to the reinsurance industry and investment strategies, which may affect future performance[164]. Deferred Tax Assets - As of March 31, 2022, the company has gross deferred tax assets of approximately $6.6 million, with a valuation allowance resulting in a net deferred income tax asset of $0[207].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, par value $0.001 per share FGF The Nasdaq Stock Market LLC 8.00% Cumulative Preferred Stock, Series A, par value $25.00 per share FGFPP The Nasdaq Stock Market LLC FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTIO ...