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                              March 18, 2021

       Larry G. Swets, Jr.
       Chief Executive Officer
       FG Financial Group, Inc.
       970 Lake Carillon Drive, Suite 318
       St. Petersburg, FL 33716

                                                        Re: FG Financial Group,
Inc.
                                                            Registration
Statement on Form S-3
                                                            Filed February 19,
2021
                                                            File No. 333-253285

       Dear Mr. Swets:

              We have limited our review of your registration statement to
those issues we have
       addressed in our comments. In some of our comments, we may ask you to
provide us with
       information so we may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form S-3

       Cover Page

   1.                                                   Please disclose on the
outside front cover of the prospectus the calculation of the
                                                        aggregate market value
of the outstanding voting and nonvoting common equity pursuant
                                                        to Instruction 7 to
General Instruction I.B.6 to Form S-3 and the amount of all securities
                                                        offered pursuant to
General Instruction I.B.6 during the prior 12 calendar month period
                                                        ending on, and
including the date of the prospectus.
   2.                                                   Please confirm to us
your reliance on General Instruction I.B.6 to Form S-3 for limited
                                                        primary offerings with
respect to this registration statement, and your understanding of the
                                                        size limitations for
such offerings.
 Larry G. Swets, Jr.
FG Financial Group, Inc.
March 18, 2021
Page 2

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Julia Griffith at 202-551-3267 or John Dana Brown at
202-551-3859 if
you have any questions.



FirstName LastNameLarry G. Swets, Jr.                      Sincerely,
Comapany NameFG Financial Group, Inc.
                                                           Division of
Corporation Finance
March 18, 2021 Page 2                                      Office of Finance
FirstName LastName