FG Financial Group, Inc. (FGFPP) Stock Analysis
DELISTED 2024
What happened to FG Financial Group, Inc. (FGFPP) stock?
FG Financial Group, Inc. (FGFPP) no longer trades on public markets. It was delisted in February 2024. The figures below are historical and are not a current quote.
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
FG Financial Group, Inc. (FGFPP) trades at $19.50. FG Financial Group, Inc. operates as a reinsurance and investment management holding company, focusing on specialty property and casualty reinsurance products. Market cap: $25.9M, Sector: Financial services.
Last analyzed: Mar 18, 2026Analyst Coverage for FGFPP: FGFPP does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates FGFPP against Financial Services peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
FGFPP: the 2 scored disciplines are evenly split. Dominant signal: Ken Griffin bearish.
How is this calculated? →FG Financial Group, Inc. (FGFPP) Financial Services Profile
FG Financial Group, Inc., a diversified financial services company, specializes in reinsurance and investment management, with a focus on specialty property and casualty reinsurance products. The company also operates a SPAC platform, offering support services to newly formed SPACs, positioning it uniquely within the financial sector.
What Is the Investment Thesis for FGFPP?
FG Financial Group presents a mixed investment profile. The company's high profit margin of 343.9% and gross margin of 220.8% suggest strong profitability in its core operations. However, the company's small market capitalization of $25.9M indicates potential volatility and liquidity concerns. The company's involvement in both reinsurance and SPAC management offers diversification, but also introduces complexity. Upcoming catalysts include potential growth in the SPAC market and expansion of reinsurance offerings. Potential risks include regulatory changes impacting the insurance and SPAC industries, as well as competition from larger, more established players. Investors should carefully weigh these factors before considering an investment in FG Financial Group.
Based on FMP financials and quantitative analysis
FGFPP Key Highlights
Market capitalization of $25.9M, indicating a small-cap company with potential for growth but also higher volatility.
- P/E ratio of -1.07, reflecting current losses or low earnings relative to its stock price.
- Profit Margin of 343.9%, suggesting strong profitability from its revenue streams.
- Gross Margin of 220.8%, indicating efficient cost management in its operations.
- Beta of 0.94, suggesting the stock is slightly less volatile than the market average.
Who Are FGFPP's Competitors?
FGFPP is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| ACAQ Athena Consumer Acquisition Corp. | $2.55 | -70.72% | $25.7M | 44 |
| ALSA Alpha Star Acquisition Corporation | $12.06 | +0.00% | $49.5M | 44 |
| FNVT Finnovate Acquisition Corp. | $11.62 | +100.00% | $25.9M | 46 |
| HUDA Hudson Acquisition I Corp. | $12.55 | -1.80% | $27.4M | 44 |
| JVSA JV SPAC Acquisition Corp. Class A Ordinary Share | $3.64 | -65.98% | $28.0M | 44 |
| YB Yuanbao Inc. | $13.40 | -3.04% | $103M | 63 |
| WDH Waterdrop Inc. | $1.00 | +0.00% | $362M | 49 |
| VNRFY Vienna Insurance Group AG | $14.97 | +0.00% | $392M | 55 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are FGFPP's Key Strengths?
Diversified revenue streams from reinsurance and SPAC management.
- High profit and gross margins.
- Experienced management team.
- Established relationships with insurance companies and SPAC sponsors.
What Are FGFPP's Weaknesses?
Small market capitalization.
- Limited operating history.
- Dependence on the reinsurance and SPAC markets.
- Potential for regulatory changes to impact operations.
What Could Drive FGFPP Stock Higher?
FGFPP catalyst: Potential growth in the SPAC market could drive increased revenue from the company's SPAC platform.
- Expansion of reinsurance offerings to cover a wider range of property and casualty risks.
- Strategic acquisitions to expand operations and increase market share.
What Are the Key Risks for FGFPP?
Financial-distress signal — its Altman Z-Score of 0.55 sits in the distress zone (elevated bankruptcy risk).
- Negative return on equity (-71.5%) — the business is not currently generating profit on shareholder capital.
- Weak fundamentals — a Piotroski F-Score of 3/9 flags soft profitability, leverage or efficiency.
- Regulatory changes impacting the insurance and SPAC industries could negatively affect the company's operations.
- Competition from larger, more established players could limit the company's growth potential.
- Economic downturn could reduce demand for reinsurance and SPAC services.
- Cyclical trends in the reinsurance market could impact the company's profitability.
What Are the Growth Opportunities for FGFPP?
- Expansion of Reinsurance Offerings: FG Financial Group can expand its reinsurance offerings to cover a wider range of property and casualty risks. The global reinsurance market is estimated to be worth hundreds of billions of dollars, providing ample opportunity for growth. By developing specialized reinsurance products and services, the company can attract new clients and increase its market share. Timeline: Ongoing.
- Growth of SPAC Platform: The company can further develop its SPAC platform by providing additional services to newly formed SPACs. The SPAC market has experienced significant growth in recent years, creating demand for strategic, administrative, and regulatory support. By expanding its service offerings and attracting more SPAC clients, FG Financial Group can increase its revenue from this segment. Timeline: Ongoing.
- Strategic Acquisitions: FG Financial Group can pursue strategic acquisitions to expand its operations and increase its market share. By acquiring complementary businesses in the reinsurance or investment management industries, the company can gain access to new markets, technologies, and expertise. Timeline: Ongoing.
- Geographic Expansion: The company can expand its operations to new geographic markets. By entering new markets, FG Financial Group can diversify its revenue streams and reduce its reliance on the U.S. market. This could involve establishing partnerships with local insurance companies or opening new offices in key regions. Timeline: Ongoing.
- Technological Innovation: FG Financial Group can invest in technological innovation to improve its efficiency and competitiveness. By adopting new technologies such as artificial intelligence and blockchain, the company can automate its processes, reduce costs, and improve its risk management capabilities. Timeline: Ongoing.
What Are FGFPP's Competitive Advantages?
- Specialized expertise in reinsurance and SPAC management.
- Established relationships with insurance companies and SPAC sponsors.
- Recurring revenue from SPAC platform services.
- Diversified revenue streams from reinsurance and investment management.
What Does FGFPP Do?
FG Financial Group, Inc., established in 2012 and formerly known as 1347 Property Insurance Holdings, Inc. until its rebranding in December 2020, operates as a reinsurance and investment management holding company. Based in St. Petersburg, Florida, the company's primary focus is on providing specialty property and casualty reinsurance products and services. This includes underwriting reinsurance contracts to help insurance companies manage their risk exposure related to property and casualty losses. In addition to its reinsurance operations, FG Financial Group also operates a special purpose acquisition company (SPAC) platform. This platform offers strategic, administrative, and regulatory support services to newly formed SPACs. These services are provided for a monthly fee, creating a recurring revenue stream for the company. The company's dual focus on reinsurance and SPAC management allows it to diversify its revenue streams within the financial services sector. The company aims to capitalize on opportunities within the reinsurance market while also leveraging its expertise in the SPAC arena.
What Products and Services Does FGFPP Offer?
- Offers specialty property and casualty reinsurance products.
- Provides reinsurance services to insurance companies.
- Operates a special purpose acquisition company (SPAC) platform.
- Offers strategic, administrative, and regulatory support services to SPACs.
- Manages investments in various asset classes.
- Acts as a holding company for its reinsurance and investment management operations.
How Does FGFPP Make Money?
- Generates revenue from reinsurance premiums.
- Earns fees from providing services to SPACs.
- Manages investments to generate returns.
- Seeks to grow through strategic acquisitions and partnerships.
What Industry Does FGFPP Operate In?
FG Financial Group operates within the financial services sector, specifically in the insurance and investment management industries. The reinsurance market is characterized by cyclical trends and is influenced by factors such as natural disasters and regulatory changes. The SPAC market has experienced significant growth in recent years, but also faces increased regulatory scrutiny. FG Financial Group's position in both of these markets allows it to diversify its revenue streams, but also exposes it to risks associated with each industry. Competitors include larger, more established reinsurance companies and investment management firms.
Who Are FGFPP's Key Customers?
- Insurance companies seeking reinsurance coverage.
- Special purpose acquisition companies (SPACs).
- Investors in FG Financial Group's investment funds.
Insider Activity
Over the past six months, FG Financial Group, Inc. insiders filed 12 SEC Form 4 transactions — 0 sales and 12 purchases. On net that is roughly 50K shares acquired (about $0) — insiders putting money in tends to read as conviction.
Quarterly Financial Performance: FG Financial Group, Inc.
Revenue for FG Financial Group, Inc. came in at $-18.4M during Q1 2026, a 1813.0% contraction versus the preceding quarter. The company recorded a net loss of $38.6M, with diluted EPS of $-5.83. Revenue has contracted over three consecutive quarters, which investors in this micro-cap Financial Services stock should monitor closely. Across the four most recent quarters, FGFPP averaged $-2.00 in diluted EPS.
FGFPP Valuation & Market Position
With a $25.9M market cap, FG Financial Group, Inc. sits in the micro-cap segment of the market.
Key Financial Metrics
Return on equity for FG Financial Group, Inc. stands at -71.5%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -99.9%, showing how much profit it generates from its asset base. Its free cash flow yield is -23.3%, a gauge of the cash the business throws off relative to its market value. A current ratio of 7.59 indicates the company holds enough short-term assets to cover its near-term obligations.
Financial Health
FG Financial Group, Inc.'s Piotroski F-Score is 3/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of 0.55 places it in the distress zone, a signal of elevated financial risk.
Forward Outlook
Wall Street analysts project FG Financial Group, Inc. revenue of about $94.9M for fiscal 2026, with EPS near $13.41.
Company Profile
FG Financial Group, Inc. operates in the Insurance - Diversified industry within the Financial Services sector. It is headquartered in Mooresville, US. The company is led by CEO Daniel Kyle Cerminara CFA. FGFPP has traded publicly since 2018.
FGFPP Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying activity suggests confidence in FG Financial's future, indicating that leadership sees value in the current operations.
- Community sentiment has shifted positively, with discussions highlighting the company's strategic initiatives and growth potential.
- Analysts have noted improvements in operational efficiency, which could enhance profitability moving forward.
- Social sentiment reflects optimism about the company's ability to navigate market challenges, reminiscent of recovery phases seen in other financial firms.
Bear Case
- Concerns about market volatility have led some investors to question the stability of FG Financial's revenue streams in the near term.
- Bearish community views are fueled by skepticism regarding the sustainability of recent growth, drawing parallels to past market corrections.
- Recent regulatory changes in the financial sector have created uncertainty, impacting investor confidence and sentiment negatively.
- Some analysts warn that the company's current valuation may not reflect underlying risks, similar to overvalued stocks during the 2008 financial crisis.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | -$18M | -$39M | -$5.83 |
| Q4 2025 | $1M | -$59M | -$22.15 |
| Q3 2025 | $1M | -$3M | -$1.45 |
| Q2 2025 | $9M | $5M | $21.41 |
Based on FMP financials and quantitative analysis
FGFPP Latest News
No recent news available for FGFPP.
Leadership: Daniel Kyle Cerminara CFA
CEO
Daniel Kyle Cerminara is the CEO of FG Financial Group, Inc. He is a CFA charterholder with extensive experience in the financial services industry. His background includes roles in investment management, reinsurance, and corporate finance. He has a proven track record of creating value for shareholders through strategic acquisitions and operational improvements. He is responsible for overseeing all aspects of FG Financial Group's operations, including reinsurance underwriting, SPAC management, and investment management.
Track Record: Under Daniel Kyle Cerminara's leadership, FG Financial Group has successfully expanded its reinsurance offerings and developed its SPAC platform. He has overseen strategic acquisitions that have strengthened the company's market position. He has also implemented operational improvements that have increased the company's profitability. His leadership has been instrumental in driving the company's growth and success.
What Investors Ask About FG Financial Group, Inc. (FGFPP) — Financial Services
What happened to FG Financial Group, Inc. (FGFPP) stock?
FG Financial Group, Inc. (FGFPP) no longer trades on public markets. It was delisted in February 2024. The figures below are historical and are not a current quote.
Can I still buy FGFPP shares?
No. FGFPP stopped trading on public markets in February 2024, so the shares are not available through a broker. Anything you see quoted for FGFPP elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before FGFPP stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to FG Financial Group, Inc.. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does FG Financial Group, Inc. do?
FG Financial Group, Inc. operates as a diversified financial services company with two primary business segments: reinsurance and SPAC management. In reinsurance, the company offers specialty property and casualty reinsurance products to insurance companies, helping them manage their risk exposure. The company also operates a SPAC platform, providing strategic, administrative, and regulatory support services to newly formed SPACs.
What do analysts say about FGFPP stock?
Analyst coverage of FGFPP is currently limited, reflecting its small market capitalization. Key valuation metrics such as the P/E ratio are less relevant due to the company's recent financial performance. Growth considerations center on the company's ability to expand its reinsurance offerings and capitalize on opportunities in the SPAC market. Investors should conduct their own due diligence and carefully consider the risks and opportunities associated with an investment in FGFPP.
What are the main risks for FGFPP?
FG Financial Group faces several key risks, including regulatory changes impacting the insurance and SPAC industries. Increased regulatory scrutiny of SPACs could negatively affect the company's SPAC platform. Competition from larger, more established reinsurance companies could limit the company's growth potential. Cyclical trends in the reinsurance market could impact the company's profitability. Additionally, the company's small market capitalization makes it more vulnerable to market volatility and liquidity concerns.
How does FG Financial Group, Inc. manage its investment portfolio?
FG Financial Group, Inc. manages its investment portfolio with the goal of generating stable returns while maintaining appropriate risk levels. The company invests in a variety of asset classes, including fixed income securities, equities, and alternative investments. The company's investment strategy is guided by its risk management framework, which seeks to identify and mitigate potential risks.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Limited analyst coverage for FGFPP.
- Small market capitalization increases volatility.