FG Nexus Inc. Completes Sale of Reinsurance Business

FG Nexus Inc. (the "Company") has completed the sale of its reinsurance business, which was carried out by its operating subsidiaries, FG RE Corporate Member Limited, FG Reinsurance Ltd., and FG Re Solutions Ltd. The sale was approved by the Company's board of directors on December 31, 2024. The total consideration received was $5.6 million, including $0.3 million for the purchase of FG RE Corporate Member Limited and $5.3 million from the commutation of reinsurance treaties. The Company reported an impairment of assets held for sale of approximately $2.1 million. On October 22, 2025, the Company executed a transaction agreement for the sale of 100% of the equity of FG Re and FG Solutions to Devondale Holdings, LLC. The transaction includes the release of $3.3 million of collateral, a $1 million cash payment, and a 40% equity interest in Devondale. The closing of the transaction is expected in the fourth quarter of 2025, subject to regulatory approvals.