Why is FG Financial Group, Inc. (FGF) stock soaring? – Catch news


FG Financial Group, Inc. (FGF) rose to 23.65% in the secondary market. However, the last trading session closed at $ 6.3 with a slope of 24.02%.

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New appointment to the board of directors

FGF announced the appointment of Michael C. Mitchell and Larry G. Swets, Jr. to the Board of Directors on 6e October 2021. Mitchell has worked in finance for a long time, most recently as a partner at Locust Wood Capital. Not only that, but he also worked as a senior analyst at Breeden Capital LP, where he focused on consumer companies alongside and served as an advisor to Applebee’s board of directors.

In addition, Swets has 25 years of experience in the financial services industry, primarily as an investment banker specializing in PSPC financing. He is the current CEO and board member of FG Financial Group, Inc. He was previously CEO of Itasca Financial LLC, which he founded and managed before being sold to Kingsway Financial Services. In addition, Mr. Swets sits on the boards of directors of GreenFirst Forest Products Inc. and Harbor Custom Development, Inc. Mr. Swets holds a bachelor’s degree from the University of Valparaiso and a master’s degree in finance from the University of Valparaiso. ‘DePaul University. Finally, he is a member of the Young Presidents’ Organization and obtained the title of Chartered Financial Analyst (CFA).

Merger agreement with the main specialist insurer Hagerty

The 18e August 2021, Aldel Financial announced the signing of a definitive acquisition agreement with Hagerty. It is a brand of car enthusiasts providing a specialized auto insurance based platform on a membership organization for car enthusiasts. Aldel will be renamed Hagerty, Inc. and will become publicly traded upon completion of the acquisition, with its common shares 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 purchase Aldel common shares at $ 15.00 per share.

Second Quarter 2021 Financial Results

The FGF published its financial results for the second quarter of 2021 on the 16the August 2021. The company earned $ 0.4 million from continuing operations, compared to a loss of $ 2.6 million in the prior quarter. In addition, FGF signed its second reinsurance agreement with a renowned automobile insurer. Not only that, but FGF also finalized its merger with OppFi, Inc. In addition, the company suffered non-monetary losses of $ 0.69 million due to a change in the fair value of its investment in the shares. of FedNat Holding Company. Finally, general and administrative costs amounted to $ 1.7 million and $ 3.7 million, which includes shared services costs of $ 0.5 million and $ 0.9 million with the related party Fundamental Global Management, LLC for the three and six month periods, respectively.


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