2023 Q2 Form 10-Q Financial Statement
#000149315223016644 Filed on May 12, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
Revenue | $2.186M | $6.527M | $152.0K |
YoY Change | -158.86% | 4194.08% | -92.73% |
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $2.332M | $2.547M | $1.739M |
YoY Change | 2.78% | 46.46% | -14.75% |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $200.0K | $266.0K | |
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $5.109M | $5.177M | $3.975M |
YoY Change | 7.72% | 30.24% | 80.68% |
Operating Profit | -$6.206M | -$4.129M | |
YoY Change | |||
Interest Expense | -$1.698M | $2.680M | -$2.070M |
YoY Change | -44.69% | -229.47% | |
% of Operating Profit | |||
Other Income/Expense, Net | -$92.00K | $32.00K | |
YoY Change | |||
Pretax Income | -$2.923M | $1.350M | -$3.823M |
YoY Change | -46.64% | -135.31% | 3375.45% |
Income Tax | -$14.00K | ||
% Of Pretax Income | |||
Net Earnings | -$2.923M | $1.350M | -$3.823M |
YoY Change | -46.64% | -135.31% | -11344.12% |
Net Earnings / Revenue | -133.71% | 20.68% | -2515.13% |
Basic Earnings Per Share | -$0.54 | $0.10 | -$0.66 |
Diluted Earnings Per Share | -$0.35 | $0.10 | -$590.2K |
COMMON SHARES | |||
Basic Shares Outstanding | 9.439M shares | 9.438M shares | 6.478M shares |
Diluted Shares Outstanding | 9.705M shares | 9.422K shares |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $2.962M | $4.304M | $8.501M |
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 | $48.00K | $52.00K | |
YoY Change | -99.93% | ||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $25.78M | $27.48M | $15.70M |
YoY Change | 135.97% | 75.0% | -28.96% |
Other Assets | $10.61M | $9.702M | $3.773M |
YoY Change | 44.68% | 157.14% | 654.6% |
Total Long-Term Assets | |||
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | |||
Total Long-Term Assets | |||
Total Assets | $48.57M | $50.00M | $35.64M |
YoY Change | 30.3% | 40.29% | -0.6% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $508.0K | $433.0K | $598.0K |
YoY Change | 29.59% | -27.59% | 19.6% |
Accrued Expenses | $48.00K | $52.00K | |
YoY Change | -99.93% | ||
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 | $556.0K | $485.0K | $598.0K |
YoY Change | 41.84% | -18.9% | 19.6% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $116.0K | $190.0K | $51.00K |
YoY Change | -0.85% | 272.55% | |
Total Long-Term Liabilities | $116.0K | $190.0K | $51.00K |
YoY Change | -0.85% | 272.55% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $556.0K | $485.0K | $598.0K |
Total Long-Term Liabilities | $116.0K | $190.0K | $51.00K |
Total Liabilities | $11.56M | $11.20M | $5.842M |
YoY Change | 20.91% | 91.66% | 192.1% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$37.67M | -$34.30M | |
YoY Change | -15.53% | ||
Common Stock | $10.00K | $9.000K | |
YoY Change | 11.11% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $37.01M | $38.81M | $29.80M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $48.57M | $50.00M | $35.64M |
YoY Change | 30.3% | 40.29% | -0.99% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.923M | $1.350M | -$3.823M |
YoY Change | -46.64% | -135.31% | -11344.12% |
Depreciation, Depletion And Amortization | $200.0K | $266.0K | |
YoY Change | |||
Cash From Operating Activities | -$2.147M | $750.0K | -$978.0K |
YoY Change | 5863.89% | -176.69% | -72.83% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | -$1.000K | |
YoY Change | -100.0% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $44.00K | $917.0K | -$5.615M |
YoY Change | -95.95% | -116.33% | 13937.5% |
Cash From Investing Activities | $44.00K | $917.0K | -$5.616M |
YoY Change | -95.73% | -116.33% | 13940.0% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 761.0K | -$373.0K | -447.0K |
YoY Change | -77.2% | -16.55% | -244.19% |
NET CHANGE | |||
Cash From Operating Activities | -2.147M | $750.0K | -978.0K |
Cash From Investing Activities | 44.00K | $917.0K | -5.616M |
Cash From Financing Activities | 761.0K | -$373.0K | -447.0K |
Net Change In Cash | -1.342M | $1.294M | -7.041M |
YoY Change | -130.99% | -118.38% | 111.44% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$2.147M | $750.0K | -$978.0K |
Capital Expenditures | $0.00 | -$1.000K | |
Free Cash Flow | -$2.147M | $750.0K | -$977.0K |
YoY Change | -10835.0% | -176.77% | -72.86% |
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StockholdersEquity
|
37295000 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
74000 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
641000 | usd |
CY2023Q1 | us-gaap |
Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
|
0.50 | |
CY2023Q1 | FGF |
Dividends Declared On Series A Preferred Shares
DividendsDeclaredOnSeriesAPreferredShares
|
-447000 | usd |
CY2023Q1 | us-gaap |
Profit Loss
ProfitLoss
|
1350000 | usd |
CY2023Q1 | FGF |
Cumulative Effect Of Adoption Of Accounting Guidance For Expected Credit Losses
CumulativeEffectOfAdoptionOfAccountingGuidanceForExpectedCreditLosses
|
-106000 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
38807000 | usd |
CY2023Q1 | us-gaap |
Profit Loss
ProfitLoss
|
1350000 | usd |
CY2022Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-3823000 | usd |
CY2023Q1 | us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
48000 | usd |
CY2022Q1 | us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
2774000 | usd |
CY2023Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
2680000 | usd |
CY2022Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-5273000 | usd |
CY2023Q1 | us-gaap |
Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
|
-16000 | usd |
CY2022Q1 | us-gaap |
Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
|
-2877000 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
641000 | usd |
CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
63000 | usd |
CY2023Q1 | FGF |
Increase Decrease In Funds Deposited With Reinsured Companies
IncreaseDecreaseInFundsDepositedWithReinsuredCompanies
|
2763000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
|
540000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
|
-80000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
|
-258000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
|
-87000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
|
27000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
|
1783000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
|
-365000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
|
-178000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
-294000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
-372000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-324000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-428000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
750000 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-978000 | usd |
CY2022Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1000 | usd |
CY2023Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
50000 | usd |
CY2022Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
6781000 | usd |
CY2023Q1 | us-gaap |
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
|
761000 | usd |
CY2022Q1 | us-gaap |
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
|
808000 | usd |
CY2023Q1 | us-gaap |
Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
|
700000 | usd |
CY2023Q1 | us-gaap |
Proceeds From Sale Of Equity Securities Fv Ni
ProceedsFromSaleOfEquitySecuritiesFvNi
|
873000 | usd |
CY2022Q1 | us-gaap |
Proceeds From Sale Of Equity Securities Fv Ni
ProceedsFromSaleOfEquitySecuritiesFvNi
|
251000 | usd |
CY2023Q1 | us-gaap |
Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
|
33000 | usd |
CY2022Q1 | us-gaap |
Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
|
107000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
917000 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-5616000 | usd |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
74000 | usd |
CY2023Q1 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
447000 | usd |
CY2022Q1 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
447000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-373000 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-447000 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
1294000 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-7041000 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
3010000 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
15542000 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
4304000 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
8501000 | usd |
CY2023Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_808_eus-gaap--NatureOfOperations_zA9DPO01nSle" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_82A_zubuNFKOTaB7">Nature of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 to FedNat Holding Company for a combination of cash and FedNat common stock, 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 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2023, FG Financial Holdings, LLC (“FG”), a private partnership focused on long-term strategic holdings, and its affiliated entity, collectively beneficially owned approximately <span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20230331__srt--OwnershipAxis__custom--FundamentalGlobalInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrslsGVWONBa" 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; 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 0; 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 0; 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, & C Directors and Officers Liability insurance coverage for related and unrelated entities of FG 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0"><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 0; 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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 0; 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 0"><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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 0; 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 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 0; 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 0; 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_90A_eus-gaap--PaymentsForMergerRelatedCosts_pn5n6_c20220302__20220303__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zrNV95WRVJIj" 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_908_eus-gaap--PaymentsForMergerRelatedCosts_pn6n6_c20220403__20220405__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RestructuringCostAndReserveAxis__us-gaap--FacilityClosingMember_zHjDyNW6ivt7" 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the aggregate, the Company’s exposure to FG Merger through its ownership in FG Special Situations Fund, LP and FGMP represents potential beneficial ownership of approximately <span id="xdx_901_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zdfMcpzHtwPf" title="Investment owned balance shares">820,000</span> shares of FG Merger’s common stock, approximately <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zazvLcI7vT0b" title="Warrants to issue common stock">989,000</span> warrants with an $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_za7jkc7gVFLa" title="Exercise price of warrants per share">11.50</span> exercise price and <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20230331__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIUgpwlemku2" title="Warrants term">5</span>-year expiration, and approximately <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zxdyXpS2m505" title="Warrants to issue common stock">85,000</span> warrants with a $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230331__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zNs3XNzmcLdc" title="Exercise price of warrants per share">15.00</span> exercise price and <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20230331__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zRrf3nqHY12c" title="Warrants term">10</span>-year expiration. The Company has invested approximately $<span id="xdx_909_eus-gaap--Investments_iI_pn5n6_c20230331__dei--LegalEntityAxis__custom--FGMergerCorpMember_zaqsNSxrtph3" 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_90E_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zuglFsNueGY7" title="Investment owned balance shares">819,000</span> shares of FG Acquisition’s common stock, approximately <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zFqYERgRWhBc" title="Warrants to issue common stock">1,400,000</span> warrants with an $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zV99Uums1MSg" title="Exercise price of warrants per share">11.50</span> exercise price and <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z9pFvMTyT27e" title="Warrants term">5</span>-year expiration (the “FGAC Warrants”), approximately <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zoFpeUVNQtTk" title="Warrants to issue common stock">440,000</span> warrants with a $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_z0TVheajrePi" title="Exercise price of warrants per share">15</span> exercise price and <span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zuiFUq3KkjZd" title="Warrants term">10</span>-year expiration, and either (i) up to approximately an additional <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zwA6o1ZyAIfg" title="Warrants value">1,600,000</span> FGAC Warrants, or (ii) up to approximately $<span id="xdx_902_eus-gaap--Cash_iI_pn6n6_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zyhJEVwyhnV6" 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_902_eus-gaap--InvestmentOwnedBalanceShares_iI_pn5n6_c20230331__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zq79LJFSgIqf" 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 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; 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 0; 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 0; 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the fourth quarter of 2022, the Company invested $<span id="xdx_901_eus-gaap--Investments_iI_pn5n6_c20221231__dei--LegalEntityAxis__custom--FGCommunitiesIncMember_zgqecbt35FB1">2.0 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 holds the $<span id="xdx_90A_eus-gaap--InvestmentOwnedAtCost_iI_pn6n6_c20221231_zHtNnNVNoQC4">2.0 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million investment at cost, subject to any adjustment from time to time due to impairment or observable price changes in orderly transactions. The Company also holds an indirect interest in FGC through its limited ownership in FGMP.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q4 | us-gaap |
Investment Owned At Cost
InvestmentOwnedAtCost
|
2000000.0 | usd |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84A_eus-gaap--UseOfEstimates_zVt9Lb92iBOf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zUmZuzzEubd8">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 0; 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 0; 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, current expected credit losses, 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q1 | us-gaap |
Investment Interest Rate
InvestmentInterestRate
|
0.20 | pure |
CY2023Q1 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
500000 | usd |
CY2023Q1 | us-gaap |
Unsecured Debt
UnsecuredDebt
|
200000 | usd |
CY2023Q1 | us-gaap |
Cash
Cash
|
200000 | usd |
CY2023Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zDGYeOAIm0l6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zlHb8MEQ3dK6">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; 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_904_eus-gaap--CashFDICInsuredAmount_iI_c20230331_zyBIASdv0xq9" title="Cash deposit per institution insured by FDIC">250,000</span>. As of March 31, 2023, 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q1 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2023Q1 | us-gaap |
Cumulative Earnings Deficit
CumulativeEarningsDeficit
|
100000 | usd |
CY2023Q1 | us-gaap |
Securities Purchased Under Agreements To Resell Amount Offset Against Collateral
SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral
|
6500000 | usd |
CY2022Q4 | us-gaap |
Securities Purchased Under Agreements To Resell Amount Offset Against Collateral
SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral
|
9300000 | usd |
CY2023Q1 | us-gaap |
Cumulative Earnings Deficit
CumulativeEarningsDeficit
|
100000 | 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 |
CY2023Q1 | us-gaap |
Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
|
16000 | shares |
CY2023Q1 | FGF |
Equity Method Investment Cash Distribution
EquityMethodInvestmentCashDistribution
|
800000 | usd |
CY2023Q1 | us-gaap |
Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
|
300000 | usd |
CY2023Q1 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
35000 | usd |
CY2023Q1 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
0.10 | |
CY2023Q1 | us-gaap |
Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
|
700000 | usd |
CY2023Q1 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
2840000 | usd |
CY2022Q1 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
-2346000 | usd |
CY2023Q1 | us-gaap |
Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
|
<p id="xdx_89D_eus-gaap--ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense_zOeZ30DyjQnd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 quarters ended March 31, 2023 and 2022, is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zGuHLhV5fzJ1" style="display: none">Schedule of Changes in Outstanding Loss and Loss Adjustment Expense Reserves</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in thousands)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_491_20230101__20230331_zj0rUeAuW42j" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_490_20220101__20220331_zInzdTnMX0Kc" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_406_eus-gaap--ReinsuranceRecoverablesGross_iS_pn3n3_zjb0lBaxRgt5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance, January 1</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,409</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,133</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_403_ecustom--IncurredRelatedToAbstract_iB_zvMbViAe3tc3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incurred related to:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_400_eus-gaap--ReinsuranceLossOnUncollectibleAccountsInPeriodAmount_i01_zlwahz7RTsd8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current year</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,616</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">732</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_ecustom--ReinsuranceLossOnUncollectibleAccountsInPriorPeriodAmount_i01_zVj7HbeQeFYl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior years</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">301</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">791</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_ecustom--PaidRelatedToAbstract_iB_zIq46YvSx0X4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid related to:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eus-gaap--ReinsuranceRecoverableCreditLossExpenseReversal_i01_zP47w2zexxM8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current year</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,797</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,026</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_403_ecustom--ReinsuranceRecoverableCreditLossExpenseReversalPriorYear_i01_zi5qIL23ZZBf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior years</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(485</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(675</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_401_eus-gaap--ReinsuranceRecoverablesGross_iE_pn3n3_zgFx5t8ZI3Dk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance, March 31</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,044</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,955</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> | |
CY2022Q4 | us-gaap |
Reinsurance Recoverables Gross
ReinsuranceRecoverablesGross
|
4409000 | usd |
CY2021Q4 | us-gaap |
Reinsurance Recoverables Gross
ReinsuranceRecoverablesGross
|
2133000 | usd |
CY2023Q1 | us-gaap |
Reinsurance Loss On Uncollectible Accounts In Period Amount
ReinsuranceLossOnUncollectibleAccountsInPeriodAmount
|
1616000 | usd |
CY2022Q1 | us-gaap |
Reinsurance Loss On Uncollectible Accounts In Period Amount
ReinsuranceLossOnUncollectibleAccountsInPeriodAmount
|
732000 | usd |
CY2023Q1 | FGF |
Reinsurance Loss On Uncollectible Accounts In Prior Period Amount
ReinsuranceLossOnUncollectibleAccountsInPriorPeriodAmount
|
301000 | usd |
CY2022Q1 | FGF |
Reinsurance Loss On Uncollectible Accounts In Prior Period Amount
ReinsuranceLossOnUncollectibleAccountsInPriorPeriodAmount
|
791000 | usd |
CY2023Q1 | us-gaap |
Reinsurance Recoverable Credit Loss Expense Reversal
ReinsuranceRecoverableCreditLossExpenseReversal
|
-1797000 | usd |
CY2022Q1 | us-gaap |
Reinsurance Recoverable Credit Loss Expense Reversal
ReinsuranceRecoverableCreditLossExpenseReversal
|
-1026000 | usd |
CY2023Q1 | FGF |
Reinsurance Recoverable Credit Loss Expense Reversal Prior Year
ReinsuranceRecoverableCreditLossExpenseReversalPriorYear
|
-485000 | usd |
CY2022Q1 | FGF |
Reinsurance Recoverable Credit Loss Expense Reversal Prior Year
ReinsuranceRecoverableCreditLossExpenseReversalPriorYear
|
-675000 | usd |
CY2023Q1 | us-gaap |
Reinsurance Recoverables Gross
ReinsuranceRecoverablesGross
|
4044000 | usd |
CY2022Q1 | us-gaap |
Reinsurance Recoverables Gross
ReinsuranceRecoverablesGross
|
1955000 | usd |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2023Q1 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
284000 | usd |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2022Q1 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-803000 | usd |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2023Q1 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-284000 | usd |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.210 | pure |
CY2022Q1 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
798000 | usd |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.209 | pure |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
|
5000 | usd |
CY2022Q1 | FGF |
Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Percent
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationPercent
|
-0.001 | pure |
CY2023Q1 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
9100000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Liabilities
DeferredTaxLiabilities
|
4000000.0 | usd |
CY2023Q1 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
5200000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
4339000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
4171000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
|
36000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
|
39000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Unearned Premiums Reserve
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve
|
274000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Unearned Premiums Reserve
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve
|
287000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
|
4157000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
|
4313000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
|
294000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
|
242000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
|
5000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
|
5000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
36000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
9000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
9141000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
9066000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
5179000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
5463000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
3962000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
3603000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
|
267000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
|
3282000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Liabilities Deferred Expense Deferred Policy Acquisition Cost
DeferredTaxLiabilitiesDeferredExpenseDeferredPolicyAcquisitionCost
|
3695000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Liabilities Deferred Expense Deferred Policy Acquisition Cost
DeferredTaxLiabilitiesDeferredExpenseDeferredPolicyAcquisitionCost
|
321000 | usd |
CY2023Q1 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
3962000 | usd |
CY2022Q4 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
3603000 | usd |
CY2023Q1 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
20700000 | usd |
CY2023Q1 | FGF |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Not Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedNotIssuedInPeriod
|
131080 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.4560 | pure |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P10Y | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0115 | pure |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure |
CY2023Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
641000 | usd |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
62000 | usd |
CY2023Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
2200000 | usd |
CY2023Q1 | us-gaap |
Unsecured Debt
UnsecuredDebt
|
200000 | usd |
CY2023Q1 | us-gaap |
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
|
1350000 | usd |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
|
-3823000 | usd |
CY2023Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
447000 | usd |
CY2022Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
447000 | usd |
CY2023Q1 | us-gaap |
Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
|
903000 | usd |
CY2022Q1 | us-gaap |
Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
|
-4270000 | usd |
CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
9421993 | shares |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
6477568 | shares |
CY2023Q1 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
0.10 | |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.66 | |
CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.10 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.66 | |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1031970 | shares |
CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
263859 | shares |
CY2023Q1 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.08 | pure |
CY2023Q1 | FGF |
Operating Asset And Lease Liability
OperatingAssetAndLeaseLiability
|
52000 | usd |
CY2023Q1 | us-gaap |
Payments For Rent
PaymentsForRent
|
5000 | usd |
CY2022Q1 | us-gaap |
Payments For Rent
PaymentsForRent
|
0 | usd |
CY2023Q1 | us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
3657000 | usd |
CY2023Q1 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
2840000 | usd |
CY2023Q1 | us-gaap |
Other Income
OtherIncome
|
30000 | usd |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
6527000 | usd |
CY2023Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
1350000 | usd |
CY2023Q1 | us-gaap |
Assets
Assets
|
50004000 | usd |
CY2022Q1 | us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
2473000 | usd |
CY2022Q1 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
-2346000 | usd |
CY2022Q1 | us-gaap |
Other Income
OtherIncome
|
25000 | usd |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
152000 | usd |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-3823000 | usd |
CY2022Q1 | us-gaap |
Assets
Assets
|
35644000 | usd |