2023 Q1 Form 10-K Financial Statement

#000149315223008861 Filed on March 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $6.527M $4.906M $6.777M
YoY Change 4194.08% 101.4% -10.77%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.547M $2.345M $8.354M
YoY Change 46.46% -5.63% -9.03%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $266.0K
YoY Change
% of Gross Profit
Operating Expenses $5.177M $4.773M $19.01M
YoY Change 30.24% -16.32% 27.32%
Operating Profit -$4.129M
YoY Change
Interest Expense $2.680M $1.538M $7.618M
YoY Change -229.47% -12.59%
% of Operating Profit
Other Income/Expense, Net $32.00K
YoY Change
Pretax Income $1.350M $133.0K $1.088M
YoY Change -135.31% -104.07% -114.84%
Income Tax
% Of Pretax Income
Net Earnings $1.350M -$314.0K $1.088M
YoY Change -135.31% -90.65% -112.78%
Net Earnings / Revenue 20.68% -6.4% 16.05%
Basic Earnings Per Share $0.10 -$0.09
Diluted Earnings Per Share $0.10 -$0.03 -$0.09
COMMON SHARES
Basic Shares Outstanding 9.438M shares 9.394M shares 8.030M shares
Diluted Shares Outstanding 9.422K shares 8.030M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $4.304M $3.010M $3.010M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $52.00K $56.00K $56.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $27.48M $25.68M $25.68M
YoY Change 75.0% 66.1% 66.1%
Other Assets $9.702M $9.269M $9.269M
YoY Change 157.14% 140.57% 140.57%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $50.00M $49.48M $49.48M
YoY Change 40.29% 21.18% 21.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $433.0K $723.0K $723.0K
YoY Change -27.59% 44.02% 44.02%
Accrued Expenses $52.00K $56.00K $56.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $485.0K $723.0K $779.0K
YoY Change -18.9% 44.02% 55.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $190.0K $225.0K $169.0K
YoY Change 272.55% -60.87% -70.61%
Total Long-Term Liabilities $190.0K $225.0K $169.0K
YoY Change 272.55% -60.87% -70.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $485.0K $723.0K $779.0K
Total Long-Term Liabilities $190.0K $225.0K $169.0K
Total Liabilities $11.20M $12.18M $12.18M
YoY Change 91.66% 78.59% 78.59%
SHAREHOLDERS EQUITY
Retained Earnings -$34.30M -$35.10M
YoY Change 2.04%
Common Stock $9.000K $9.000K
YoY Change 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.81M $37.30M $37.30M
YoY Change
Total Liabilities & Shareholders Equity $50.00M $49.48M $49.48M
YoY Change 40.29% 21.18% 21.18%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $1.350M -$314.0K $1.088M
YoY Change -135.31% -90.65% -112.78%
Depreciation, Depletion And Amortization $266.0K
YoY Change
Cash From Operating Activities $750.0K -$7.081M -$11.02M
YoY Change -176.69% 76.5% -23.49%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $81.00K
YoY Change -200.0% -678.57%
Acquisitions
YoY Change
Other Investing Activities $917.0K $1.053M -$3.372M
YoY Change -116.33% -81.94% -157.04%
Cash From Investing Activities $917.0K $1.049M -$3.453M
YoY Change -116.33% -81.99% -158.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.732M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$373.0K -605.0K $1.943M
YoY Change -16.55% -112.61% -83.7%
NET CHANGE
Cash From Operating Activities $750.0K -7.081M -$11.02M
Cash From Investing Activities $917.0K 1.049M -$3.453M
Cash From Financing Activities -$373.0K -605.0K $1.943M
Net Change In Cash $1.294M -6.637M -$12.53M
YoY Change -118.38% -200.36% -467.51%
FREE CASH FLOW
Cash From Operating Activities $750.0K -$7.081M -$11.02M
Capital Expenditures $4.000K $81.00K
Free Cash Flow $750.0K -$7.085M -$11.10M
YoY Change -176.77% 76.77% -22.85%

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CY2021 us-gaap Increase Decrease In Other Operating Assets
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CY2021 us-gaap Increase Decrease In Unearned Premiums
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3610000 usd
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CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2021 us-gaap Proceeds From Sale Of Equity Securities Fv Ni
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CY2021 us-gaap Proceeds From Sale Of Other Investments
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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15542000 usd
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3010000 usd
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15542000 usd
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CY2022 us-gaap Nature Of Operations
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<p id="xdx_808_eus-gaap--NatureOfOperations_zdIjBCmOJxl5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_019"/><b>Note 1. <span id="xdx_824_zZxeaOsLtDO5">Nature of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FG Financial Group, Inc. (“FGF”, the “Company”, “we”, or “us”) is a reinsurance, merchant banking and asset management holding company. We focus on opportunistic collateralized and loss capped reinsurance, while allocating capital in partnership with Fundamental Global<sup>®</sup>, and from time to time, other strategic investors, to merchant banking activities. The Company’s principal business operations are conducted through its subsidiaries and affiliates. The Company also provides asset management services. From our inception in October 2012 through December 2019, we operated as an insurance holding company, writing property and casualty insurance throughout the states of Louisiana, Florida, and Texas. On December 2, 2019, we sold our three former insurance subsidiaries, and embarked upon our current strategy focused on reinsurance, merchant banking and asset management.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, Fundamental Global GP, LLC (“FG”), a private partnership focused on long-term strategic holdings, and its affiliated entity, collectively beneficially owned approximately <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20221231__srt--OwnershipAxis__custom--FundamentalGlobalInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z2uTeQTbw0nj" title="Ownership percentage">60.0</span>% of our common stock. D. Kyle Cerminara, Chairman of our Board of Directors, serves as Chief Executive Officer, Co-Founder and Partner of FG.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sale of the Insurance Business</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 2, 2019, we completed the sale (“Asset Sale”) of our insurance subsidiaries to FedNat Holding Company for a combination of cash and FedNat common stock. The Company sold its remaining FedNat common stock shares held in October 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reincorporation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective at 5:01 p.m. ET on December 9, 2022, the Company completed its reincorporation from a Delaware corporation to a Nevada corporation (the “Reincorporation”). The Reincorporation was accomplished by means of a merger by and between the Company and its former wholly owned subsidiary FG Financial Group, Inc., a Nevada corporation. As of December 9, 2022, the rights of the Company’s stockholders began to be governed by the Nevada corporation laws, our Amended and Restated Nevada Articles of Incorporation and our Nevada Bylaws. The Reincorporation was approved by the Company’s stockholders at a special meeting held on December 6, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than the change in the state of incorporation, the Reincorporation did not result in any change in the business, physical location, management, assets, liabilities or net worth of the Company, nor did it result in any change in location of the Company’s employees, including the Company’s management.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Reincorporation did not alter any stockholder’s percentage ownership interest or number of shares owned in the Company and the Company’s common stock continues to be quoted on the Nasdaq Global Market under the same symbol “FGF” and the 8.00% Cumulative Preferred Stock, Series A of the Company continues to be quoted on the Nasdaq Global Market under the same symbol, “FGFPP.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current Business</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our strategy has evolved to focus on opportunistic collateralized and loss capped reinsurance, with capital allocation to merchant banking activities with asymmetrical risk/reward opportunities. As part of our refined focus, we have adopted the following capital allocation philosophy:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>“<b>Grow intrinsic value</b></i> per share with a <b><i>long-term focus</i></b> using <b><i>fundamental research</i></b>, allocating capital to <b><i>asymmetric risk/reward</i></b> opportunities.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently, the business operates as a diversified holding company of insurance, reinsurance, asset management, our Special purpose acquisition corporation “SPAC” Platform businesses, and our merchant banking division.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Insurance</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor Protection Coverage and Risk, Inc. is being formed as a special purpose captive in South Carolina to provide reinsurance coverage for Sides A, B, &amp; C Directors and Officers Liability insurance coverage for related and unrelated entities of Fundamental Global Reinsurance Ltd (“FGRe”). These will include SPAC entities engaged in the services or business of taking companies public, as well as small cap businesses performing an initial public offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reinsurance</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s wholly owned reinsurance subsidiary, FGRe, a Cayman Islands limited liability company, provides specialty property and casualty reinsurance. FGRe has been granted a Class B (iii) insurer license in accordance with the terms of The Insurance Act (as revised) of the Cayman Islands and underlying regulations thereto and is subject to regulation by the Cayman Islands Monetary Authority (the “Authority”). The terms of the license require advance approval from the Authority should FGRe wish to enter into any reinsurance agreements which are not fully collateralized. FGRe participates in a Funds at Lloyds (“FAL”) syndicate covering risks written by the syndicate during the 2021 and 2022 calendar years, and on December 10, 2022 agreed to cover risks written by the syndicate during the calendar year 2023. On April 1, 2021, FGRe entered its second reinsurance contract with a leading insurtech company that provides automotive insurance utilizing driver monitoring to predictively segment and price drivers. The Company added a second agreement with the automotive insurance provider as of April 1, 2022. Beginning January 1, 2022, FGRe participates in a quota share reinsurance contract with a startup homeowners’ insurance company. On April 1, 2022, FGRe entered a homeowners’ property catastrophe excess of loss reinsurance contract with a specialty insurance company covering loss occurrences from named tropical storms arising out of the Atlantic. On July 1, 2022, FGRe entered a contract with a specialty insurance company that provides hired and non-owned automotive insurance. These agreements limit exposure by loss-caps stipulated within the reinsurance contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Asset Management</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FG Strategic Consulting, LLC, (“FGSC”) a wholly-owned subsidiary of the Company, looks to provide investment advisory services, including identifying, analyzing and recommending potential investments, advising as to existing investments and investment optimization, recommending investment dispositions, and providing advice regarding macro-economic conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SPAC Platform</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 21, 2020, we formed FG Management Solutions LLC (“FGMS”), formerly known as FG SPAC Solutions, LLC, a Delaware company, to facilitate the launch of our “SPAC Platform”. Under the SPAC Platform, we provide various strategic, administrative, and regulatory support services to newly formed SPACs for a monthly fee. Additionally, the Company co-founded a partnership, FG Merchant Partners, LP (“FGMP”), formerly known as FG SPAC Partners, LP, to participate as a co-sponsor for newly formed SPACs. The Company also participates in the risk capital investments associated with the launch of such SPACs through its Asset Management business, specifically FG Special Situations Fund, LP (“Fund”). As discussed in Note 4, the Company had consolidated the results of the Fund through November 30, 2021; however, effective December 1, 2021, the Company began accounting for its investment in the Fund under the equity method. The first transaction entered under the SPAC Platform occurred on January 11, 2021, by and among FGMS and Aldel Investors, LLC, the sponsor of Aldel Financial, Inc. (“Aldel”), a special purpose acquisition company which completed its business combination with Hagerty (NYSE: HGTY) on December 2, 2021. Under the services agreement between FGMS and Aldel Investors, LLC (the “Agreement”), FGMS provided accounting, regulatory, strategic advisory, and other administrative services to Aldel, which included assistance with negotiations with potential merger targets for the SPAC as well as assistance with the de-SPAC process.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March and April 2022, the Company continued to build upon its SPAC Platform strategy. On March 3, 2022, FG Merger Corp. (“FG Merger”) (Nasdaq: FGMCU) announced the closing of an $<span id="xdx_903_eus-gaap--PaymentsForMergerRelatedCosts_pn5n6_c20220302__20220303__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_ztiTieCT3asc" title="Payments for merger related costs">80.5</span> million IPO in the United States, including the exercise of the over-allotment option granted to the underwriters in the offering. Similarly, on April 5, 2022, FG Acquisition Corp. (“FG Acquisition”) (TSX:FGAA.V), announced the closing of a $<span id="xdx_90A_eus-gaap--PaymentsForMergerRelatedCosts_pn6n6_c20220403__20220405__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RestructuringCostAndReserveAxis__us-gaap--FacilityClosingMember_zqEj96m1gpei" title="Payments for merger related costs">115</span> million IPO in Canada, including the exercise of the over-allotment option granted to the underwriters in the offering. The Company participated in the risk capital associated with the launch of the SPACs through its asset management business, specifically FG Special Situations Fund, LP. Mr. Cerminara, our Chairman, Larry G. Swets, Jr., our Director and Chief Executive Officer, and Hassan R. Baqar, our Executive Vice President and Chief Financial Officer, also hold financial interests in the SPACs and/or their sponsor companies. Additionally, Messrs. Cerminara, Swets, and Baqar are managers of the sponsor companies of FG Merger and FG Acquisition. Mr. Swets serves as Chairman of FG Merger, while Messrs. Baqar and Cerminara serve as Director and Senior Advisor of FG Merger, respectively. Mr. Swets serves as Chief Executive Officer and Director of FG Acquisition. Mr. Baqar serves as Chief Financial Officer, Secretary and Director of FG Acquisition. Mr. Cerminara serves as Chairman of FG Acquisition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the aggregate, the Company’s indirect exposure to FG Merger through its subsidiaries represents potential beneficial ownership of approximately <span id="xdx_901_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZGOwljg4SZ7" title="Investment owned balance shares">820,000</span> shares of FG Merger’s common stock, approximately <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zinbrEHvJLdk" title="Warrants to issue common stock">989,000</span> warrants with an $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMPomUqucGll" title="Exercise price of warrants per share">11.50</span> exercise price and <span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zOF76HQdmUai" title="Warrants term">5</span>-year expiration, and approximately <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_z3vdDqPEABre" title="Warrants to issue common stock">85,000</span> warrants with a $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_z1jmCRhqr3Yf" title="Exercise price of warrants per share">15.00</span> exercise price and <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zLVOOgn0Dpo" title="Warrants term">10</span>-year expiration. The Company has invested approximately $<span id="xdx_90E_eus-gaap--Investments_iI_pn5n6_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember_zX7qpKI9DYQa" title="Investment">2.6</span> million in FG Merger through its subsidiaries. The Company’s indirect exposure in FG Acquisition through its subsidiaries represents potential beneficial ownership of approximately <span id="xdx_906_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zTfdOWtvAkZ4" title="Investment owned balance shares">819,000</span> shares of FG Acquisition’s common stock, approximately <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z6GhxJQV6S82" title="Warrants to issue common stock">1,400,000</span> warrants with an $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zvQW4Suiafd5" title="Exercise price of warrants per share">11.50</span> exercise price and <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjvmmCp1GUx" title="Warrants term">5</span>-year expiration (the “FGAC Warrants”), approximately <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zp9pTBLyIhn1" title="Warrants to issue common stock">440,000</span> warrants with a $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zaDuWeS2OS6f" title="Exercise price of warrants per share">15</span> exercise price and <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zi4RrlVaSGRk" title="Warrants term">10</span>-year expiration, and either (i) up to approximately an additional <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zigahQvesTld" title="Warrants value">1,600,000</span> FGAC Warrants, or (ii) up to approximately $<span id="xdx_907_eus-gaap--Cash_iI_pn6n6_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zU1BeH66kcd7" title="Cash">2</span> million in cash, or (iii) a pro-rata combination of such FGAC Warrants and cash, based on certain adjustment provisions and the level of redemptions of FG Acquisition’s publicly traded warrants at the time of a business combination. The Company has invested approximately $<span id="xdx_909_eus-gaap--InvestmentOwnedBalanceShares_iI_pn5n6_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z4ycXdNi3zF5" title="Investment owned balance shares">3.4</span> million in FG Acquisition through its subsidiaries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Merchant Banking</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In Q3 2022, the Company announced the expansion of its growth strategy through the formation of a merchant banking division. The Company invested $<span id="xdx_904_eus-gaap--Investments_iI_pn5n6_c20221231__dei--LegalEntityAxis__custom--FGCommunitiesIncMember_z13MXVB9ikS9" title="Investments">2.0</span> million into its first project launched under the platform, FG Communities, Inc (“FGC”). FGC is a self-managed real estate company focused on a growing portfolio of manufactured housing communities which are owned and operated by FGC. As discussed further in Note 4, the Company will hold this investment at cost, subject to any adjustment from time to time due to impairment or observable price changes in orderly transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
145000 usd
CY2021 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
145000 usd
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
145000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_zmmDggcYYqR" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zRem8sowaZ8f">The Use of Estimates in the Preparation of Consolidated Financial Statements</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying consolidated financial statements include the valuation of our investments, the valuation of net deferred income taxes and deferred policy acquisition costs, premium revenue recognition, reserves for loss and loss adjustment expenses, and stock-based compensation expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Investment Interest Rate
InvestmentInterestRate
0.20 pure
CY2022Q4 us-gaap Cash
Cash
200000 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zvY2dpcyKeSj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_z2CDE9Onsbg8">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments which potentially expose the Company to concentrations of credit risk include investments, cash, and deposits with reinsured companies. The Company maintains its cash with a major U.S. domestic banking institution which is insured by the Federal Deposit Insurance Corporation (“FDIC”) for up to $<span id="xdx_909_eus-gaap--CashFDICInsuredAmount_iI_c20221231_zhjJRp36Jnw4" title="Cash deposit per institution insured by FDIC">250,000</span>. As of December 31, 2022, the Company held funds in excess of these FDIC insured amounts. The terms of these deposits are on demand to mitigate some of the associated risk. The Company has not incurred losses related to these deposits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022 us-gaap Reinsurance Recoverable Credit Loss Expense Reversal
ReinsuranceRecoverableCreditLossExpenseReversal
-3822000 usd
CY2022 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<p id="xdx_896_eus-gaap--ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense_z8mN44LzD30j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of changes in outstanding loss and loss adjustment expense reserves for the year ended December 31, 2022 and 2021 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zvaaoKPNI8F9" style="display: none">Schedule of Changes in Outstanding Loss Adjustment Expense Reserves</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: left">(in thousands)</td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20220101__20221231_zbSs24U1Hefb" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">Year ended</p> <p style="margin-top: 0; margin-bottom: 0">December 31, 2022</p></td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_492_20210101__20211231_zxHM2QjZhkJi" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">Year ended</p> <p style="margin-top: 0; margin-bottom: 0">December 31, 2021</p></td><td style="text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--ReinsuranceRecoverables_iS_pn3n3_zO5LTprL226b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, January 1</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,133</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0898">–</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Incurred related to:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ReinsuranceLossOnUncollectibleAccountsInPeriodAmount_i_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,628</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,338</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--ReinsuranceLossOnUncollectibleAccountsInPriorPeriodAmount_i_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prior years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">856</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0904">–</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Paid related to:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ReinsuranceRecoverableCreditLossExpenseReversal_i_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,822</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,205</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--ReinsuranceRecoverableCreditLossExpenseReversalPriorYear_i_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prior years</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,386</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0910">–</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ReinsuranceRecoverables_iE_pn3n3" style="vertical-align: bottom; background-color: White"> <td>Balance, December 31</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,133</td><td style="text-align: left"> </td></tr> </table>
CY2022 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
1000000.0 usd
CY2022Q3 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
200000 usd
CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell Amount Offset Against Collateral
SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral
9300000 usd
CY2021Q4 us-gaap Securities Purchased Under Agreements To Resell Amount Offset Against Collateral
SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral
4400000 usd
CY2022 us-gaap Gain Loss On Investments
GainLossOnInvestments
6700000 usd
CY2022 FGF Equity Method Investment Cash Distribution
EquityMethodInvestmentCashDistribution
3200000 usd
CY2022Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
889000 usd
CY2022 us-gaap Debt Securities Trading Unrealized Loss
DebtSecuritiesTradingUnrealizedLoss
48000 usd
CY2022Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
841000 usd
CY2021Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
14495000 usd
CY2021 us-gaap Debt Securities Trading Unrealized Loss
DebtSecuritiesTradingUnrealizedLoss
13074000 usd
CY2021Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
1421000 usd
CY2022 us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
3600000 usd
CY2021Q4 FGF Proceeds Receive From Liquidation
ProceedsReceiveFromLiquidation
5000000.0 usd
CY2021Q4 us-gaap Equity Method Investments
EquityMethodInvestments
4000000.0 usd
CY2021 us-gaap Undistributed Earnings
UndistributedEarnings
1000000.0 usd
CY2022 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
230000 usd
CY2021 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
101000 usd
CY2022 us-gaap Net Investment Income
NetInvestmentIncome
6777000 usd
CY2021 us-gaap Net Investment Income
NetInvestmentIncome
2545000 usd
CY2021Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
4338000 usd
CY2022Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
7484000 usd
CY2022Q4 us-gaap Reinsurance Receivables Incurred But Not Reported Claims
ReinsuranceReceivablesIncurredButNotReportedClaims
3541000 usd
CY2021Q4 us-gaap Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
2205000 usd
CY2022Q4 us-gaap Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
5208000 usd
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
4409000 usd
CY2021Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
2133000 usd
CY2022Q4 us-gaap Reinsurance Recoverables On Paid And Unpaid Losses
ReinsuranceRecoverablesOnPaidAndUnpaidLosses
4409000 usd
CY2021Q4 us-gaap Reinsurance Recoverables On Paid And Unpaid Losses
ReinsuranceRecoverablesOnPaidAndUnpaidLosses
2133000 usd
CY2021Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
2133000 usd
CY2022 us-gaap Reinsurance Loss On Uncollectible Accounts In Period Amount
ReinsuranceLossOnUncollectibleAccountsInPeriodAmount
6628000 usd
CY2021 us-gaap Reinsurance Loss On Uncollectible Accounts In Period Amount
ReinsuranceLossOnUncollectibleAccountsInPeriodAmount
4338000 usd
CY2022 FGF Reinsurance Loss On Uncollectible Accounts In Prior Period Amount
ReinsuranceLossOnUncollectibleAccountsInPriorPeriodAmount
856000 usd
CY2021 us-gaap Reinsurance Recoverable Credit Loss Expense Reversal
ReinsuranceRecoverableCreditLossExpenseReversal
-2205000 usd
CY2022 FGF Reinsurance Recoverable Credit Loss Expense Reversal Prior Year
ReinsuranceRecoverableCreditLossExpenseReversalPriorYear
-1386000 usd
CY2022Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
4409000 usd
CY2021Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
2133000 usd
CY2021 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-145000 usd
CY2021 FGF Income Tax Expense Benefit From Continuing And Discontinued Operations
IncomeTaxExpenseBenefitFromContinuingAndDiscontinuedOperations
-145000 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
229000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1540000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-252000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.231 pure
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1782000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.243 pure
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-114000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.016 pure
CY2021 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
-279000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.038 pure
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
23000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.021 pure
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
6000 usd
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5500000 usd
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4171000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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3010000 usd
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39000 usd
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25000 usd
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287000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Unearned Premiums Reserve
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253000 usd
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5000 usd
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3603000 usd
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534000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Investments
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321000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Deferred Expense Deferred Policy Acquisition Cost
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165000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
534000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
19900000 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4560 pure
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0115 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
255000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
559000 usd
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
644000 usd
CY2021Q4 FGF Service Agreement Description
ServiceAgreementDescription
In the third quarter of 2022, the Shared Services Agreement was amended to eliminate termination fees and to increase the termination notice from 120 days to 365 days.
CY2022 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
1088000 usd
CY2021 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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-7333000 usd
CY2021 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1326000 usd
CY2022 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1789000 usd
CY2021 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1692000 usd
CY2022 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
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CY2021 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2022 FGF Weighted Average Common Shares Outstanding Continuing Operations
WeightedAverageCommonSharesOutstandingContinuingOperations
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WeightedAverageCommonSharesOutstandingContinuingOperations
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CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.03
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EarningsPerShareBasic
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1794655 shares
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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1 pure
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03 pure
CY2022 FGF Percentage Of Additional Contribution Matched By Employer
PercentageOfAdditionalContributionMatchedByEmployer
0.50 pure
CY2022 FGF Additional Limited Contributions By Employees Employer Match
AdditionalLimitedContributionsByEmployeesEmployerMatch
0.02 pure
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
44000 usd
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
42000 usd
CY2022Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.08 pure
CY2022Q4 FGF Operating Asset And Lease Liability
OperatingAssetAndLeaseLiability
56000 usd
CY2022 us-gaap Payments For Rent
PaymentsForRent
17000 usd
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
21000000 usd
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
21000000 usd
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
21000000 usd
CY2022Q4 FGF Receivable With Imputed Interest Net Amounts
ReceivableWithImputedInterestNetAmounts
7000000 usd
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
56000000 usd
CY2022 us-gaap Premiums Earned Net
PremiumsEarnedNet
12998000 usd
CY2022 us-gaap Net Investment Income
NetInvestmentIncome
6777000 usd
CY2022 us-gaap Other Income
OtherIncome
320000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1088000 usd
CY2022Q4 us-gaap Assets
Assets
49475000 usd
CY2021 us-gaap Premiums Earned Net
PremiumsEarnedNet
4864000 usd
CY2021 us-gaap Net Investment Income
NetInvestmentIncome
2545000 usd
CY2021 us-gaap Other Income
OtherIncome
186000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7595000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-7333000 usd
CY2021Q4 us-gaap Assets
Assets
40829000 usd

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