HAMILTON, Bermuda, April 28, 2023 (GLOBE NEWSWIRE) -- American Overseas Group Limited BSX: AORE.BH) (Pink Sheets: AOREF.PK) ("AOG" or the "Company") today reported consolidated net loss available to common shareholders of $1.5 million, or $31.42 per diluted share, for the year ended December 31, 2022. This compares to consolidated net loss available to common shareholders of $5.5 million, or $117.07 per diluted share, for the year ended December 31, 2021. Book value per weighted share at December 31, 2022 was $758.44, a decline from the book value per weighted share of $916.83 at December 31, 2021.

For the three months ended December 31, 2022, net earned property and casualty premiums increased $0.2 million from $4.9 million a year ago to $5.1 million. For the year ended December 31, 2022, net earned property and casualty premiums decreased $0.7 million from $20.8 million to $20.1 million.

Quarter to Date fee income increased $0.4 million from $2.6 million to $3.0 million and gross written premiums increased $16.6 million, moving from $101.5 million to $118.1 million. Quarter to Date direct written premiums were positively impacted by continued expansion of new programs, rate increases, and overall economic recovery. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium decreased from 84.8% to 82.2%.

For the year ended December 31, 2022, fee income increased $0.5 million from $11.2 million a year ago to $11.7 million and gross written premiums increased $32.6 million, moving from $420.5 million to $453.1 million. Year to date direct written premiums were positively impacted by continued expansion of new programs, rate increases, and overall economic recovery. Year to Date Loss and loss adjustment expenses as a percentage of earned premium increased from 69.1% to 72.1%.

For the three months ended December 31, 2022, operating expenses decreased $0.2 million from $3.2 million to $3.0 million. For the year ended December 31, 2022, operating expenses decreased $2.7 million from $14.2 million to $11.5 million largely due to a one-time recognition in the amount of $1.2 million in 2021 of items previously held as a receivable against a personal guarantee contract and a $1.5 million decrease in taxes, licenses and fees largely related to increased Louisiana taxes in 2021.

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 www.aoreltd.com.

American Overseas Group Limited

info@aoreltd.com