HAMILTON, Bermuda, Dec. 30, 2024 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX: AORE.BH) (Pink Sheets: AOREF.PK) (“AOG” or the “Company”) today reported consolidated net income available to common shareholders of $3.4 million, or $73.42 per diluted share, for the three months ended September 30, 2024. This compares to consolidated net income available to common shareholders of $4.3 million, or $91.11 per diluted share, for the three months ended September 30, 2023. Book value per weighted share at September 30, 2024 was $969.27, an increase from the book value per weighted share of $776.61 at September 30, 2023.

For the three months ended September 30, 2024, net earned property and casualty premiums increased $5.7 million from $8.0 million a year ago to $13.7 million.

Quarter to Date fee income increased $0.8 million from $4.2 million to $5.0 million and gross written premiums increased $59.7 million, moving from $172.9 million to $232.6 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 increased slightly from 57.3% to 57.4%.

For the three months ended September 30, 2024, operating expenses decreased $0.3 million from $2.8 million to $2.5 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 www.aoreltd.com.

American Overseas Group Limited

info@aoreltd.com

American Overseas Group Limited
Consolidated Balance Sheets
(unaudited)
As at September 30, 2024 and December 31, 2023
(dollars in thousands)
	September 30, 2024				December 31, 2023
Assets
Investments:
Fixed-maturity securities held as available for sale, at fair value	$	146,468			$	132,600
Cash and cash equivalents		44,302				56,854
Restricted cash		1,710				964
Accrued investment income		1,069				972
Premiums receivable		212,160				174,350
Deferred insurance premiums		269,190				219,828
Reinsurance balances receivable, net		378,075				348,930
Deferred policy acquisition costs		10,505				9,152
Intangible assets		4,800				4,800
Goodwill		33,050				33,050
Other assets		4,562				3,720
Total Assets	$	1,105,891			$	985,220
Liabilities and Equity
Liabilities:
Loss and loss expense reserve	$	370,086			$	332,573
Deferred commission income		7,567				6,878
Unearned premiums		283,249				230,123
Ceded premium payable		222,247				183,969
Payable to general agents		268				10,885
Funds withheld		128,210				136,471
Accounts payable and accrued liabilities		25,139				25,725
Notes payable		20,771				20,771
Non-owned interest in VIE		300				300
Interest payable		578				578
Deferred tax liability		1,941				648
Total Liabilities		1,060,356				948,921
Shareholders' Equity:
Common shares		4,698				4,698
Additional paid-in capital		189,179				189,179
Accumulated other comprehensive (loss)		(2,505	)			(3,454	)
Retained deficit		(145,837	)			(154,124	)
Total Shareholders' Equity		45,535				36,299
Total Liabilities and Equity	$	1,105,891			$	985,220
See Notes to September 30, 2024 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com

American Overseas Group Limited
Consolidated Statements of Operations
(unaudited)
(dollars in thousands, except share and per share amounts)
	Three months ended September 30,								Nine months ended September 30,
	2024				2023				2024				2023
Revenues
Net premiums earned	$	13,716			$	7,987			$	37,266			$	20,104
Fee income		5,023				4,191				16,093				11,847
Net investment income		421				215				918				555
Net realized gains on investments		42				2,425				47				2,862
Other income		22				25				59				64
Total revenues		19,224				14,843				54,383				35,432
Expenses
Losses and loss adjustment expenses		7,877				4,574				22,207				12,416
Acquisition expenses		4,030				2,628				11,182				6,379
Operating expenses		2,462				2,775				8,680				8,351
Interest expense		578				586				1,734				1,653
Total expenses		14,947				10,563				43,803				28,799
Pre-tax net profit	$	4,277			$	4,280			$	10,580			$	6,633
Income tax (expense)		(828	)			-				(2,293	)			-
Net profit available to common shareholders		3,449				4,280				8,287				6,633
Net profit per common share:
Basic	$	73.42			$	91.11			$	176.39			$	141.19
Diluted		73.42				91.11				176.39				141.19
Weighted-average number of common shares outstanding:
Basic		46,979				46,979				46,979				46,979
Diluted		46,979				46,979				46,979				46,979
See Notes to September 30, 2024 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com

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