Results Of Operations For The Three Months Ended March 31, 2024 - American Overseas Group Limited Announces Net Income Of $2.5 Million For The Three Months Ended March 31, 2024

(MENAFN- GlobeNewsWire - Nasdaq) HAMILTON, Bermuda, June 28, 2024 (GLOBE NEWSWIRE) -- American Overseas Group Limited BSX: AORE.BH) (Pink Sheets: (“AOG” or the“Company”) today reported consolidated net income available to common shareholders of $2.5 million, or $53.13 per diluted share, for the three months ended March 31, 2024. This compares to consolidated net income available to common shareholders of $1.4 million, or $30.44 per diluted share, for the three months ended March 31, 2023. book value per weighted share at March 31, 2024 was $824.41, an increase from the book value per weighted share of $798.21 at March 31, 2023.

For the three months ended March 31, 2024, net earned property and casualty premiums increased $5.3 million from $5.6 million a year ago to $10.9 million.

Quarter to Date fee income increased $2.1 million from $3.8 million to $5.9 million and gross written premiums increased $86.5 million, moving from $133.9 million to $220.4 million. Direct written premiums were positively impacted by continued expansion of new programs, rate increases, and organic growth in existing programs. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium decreased from 64.0% to 59.8%.

For the three months ended March 31, 2024, operating expenses increased $0.4 million from $2.8 million to $3.2 million.

As part of its ongoing capital management efforts, the Company will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves.

Forward-Looking Statements

This release contains statements that may be considered "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, the Company's expectations respecting the volatility of its insured portfolio, losses, loss reserves and loss development, the adequacy and availability of its liquidity and capital resources, its current run off strategy, its strategy for writing other reinsurance businesses and its expense reduction measures. These statements are based on current expectations and the current views of the economic and operating environment and are not guarantees of future performance. A number of risks and uncertainties, including economic competitive conditions, could cause actual results to differ materially from those projected in forward-looking statements. The Company's actual results could differ materially from those expressed or implied in the forward-looking statements.

Information About the Company

American Overseas Group Limited is an insurance holding company incorporated in Bermuda and a tax resident of the United Kingdom. Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services. More information can be found at .

American Overseas Group Limited

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American Overseas Group Limited
Consolidated Balance Sheets
(unaudited)
As at March 31, 2024 and December 31, 2023
(dollars in thousands)
				March 31, 2024		December 31, 2023
Assets
		Investments:
			Fixed-maturity securities held as available for sale, at fair value	$	132,050			$	132,600
		Cash and cash equivalents		57,438				56,854
		Restricted cash		3,560				964
		Accrued investment income		1,153				972
		Premiums receivable		205,520				174,350
		Deferred insurance premiums		246,268				219,828
		Reinsurance balances receivable, net		359,466				348,930
		Deferred policy acquisition costs		10,782				9,152
		Intangible assets		4,800				4,800
		Goodwill		33,050				33,050
		Other assets		4,948				3,720
			Total Assets	$	1,059,035			$	985,220
Liabilities and Equity
	Liabilities:
		Loss and loss expense reserve	$	342,913			$	332,573
		Deferred commission income		8,153				6,878
		Unearned premiums		259,233				230,123
		Ceded premium payable		210,453				183,969
		Payable to general agents		12,941				10,885
		Funds withheld		142,657				136,471
		Accounts payable and accrued liabilities		21,072				25,725
		Notes payable		20,771				20,771
		Non-owned interest in VIE		300				300
		Interest payable		578				578
		Deferred tax liability		1,234				648
			Total Liabilities		1,020,305				948,921
	Shareholders' Equity:
		Common shares		4,698				4,698
		Additional paid-in capital		189,179				189,179
		Accumulated other comprehensive (loss)		(3,519	)			(3,454	)
		Retained deficit		(151,628	)			(154,124	)
			Total Shareholders' Equity		38,730				36,299
			Total Liabilities and Equity	$	1,059,035			$	985,220
		See Notes to March 31, 2024 Consolidated Financial Statements available on American Overseas Group Ltd. Website at

American Overseas Group Limited
Consolidated Statements of Operations
(unaudited)
(dollars in thousands, except share and per share amounts)
					Three Months ended March 31,
					2024		2023
		Revenues
			Net premiums earned	$	10,870			$	5,588
			Fee income		5,944				3,825
			Net investment income		227				162
			Net realized gains on investments		-				412
			Other income		17				28
				Total revenues		17,058				10,015
		Expenses
			Losses and loss adjustment expenses		6,496				3,574
			Acquisition expenses		3,585				1,759
			Operating expenses		3,167				2,756
			Interest expense		577				496
				Total expenses		13,825				8,585
	Pre-tax net profit	$	3,233			$	1,430
			Income tax (expense)		(737	)			-
	Net profit available to common shareholders		2,496				1,430
		Net profit per common share:
		Basic	$	53.13			$	30.44
		Diluted		53.13				30.44
		Weighted-average number of common shares outstanding:
		Basic		46,979				46,979
		Diluted		46,979				46,979
See Notes to March 31, 2024 Consolidated Financial Statements available on American Overseas Group Ltd. Website at

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