American Overseas Group, a Bermudian-based insurance holding company, reported net income of $3.3 million for the first quarter of 2026 and made further progress with deleveraging.

The earnings, which break down to $69.82 per share, were down from $4.3 million in the January to March period in 2025.

Book value per weighted share at March 31, 2026 was up more than 20 per cent year over year, at $1,309.33, up from $1,084.80.

The company made significant progress in reducing its debt. During the first quarter, it reduced the outstanding principal balance of its 12 per cent senior secured notes by $3.4 million, reducing total outstanding debt to a balance of $12.4 million.

Since then, during the second quarter, the company further reduced the outstanding principal balance of its 12 per cent senior secured notes by $3.1 million, reducing its total debt balance to $9.4 million.

“The company expects to take additional steps towards leverage reduction unless other compelling opportunities arise,” the company said in its earnings statement.

Net earned property and casualty premiums decreased $1.7 million from $13.4 million a year ago to $11.7 million.

Fee income increased $0.2 million from $6.4 million to $6.6 million and gross written premiums increased $10.3 million, moving from $249.7 million to $260 million.

Loss and loss adjustment expenses as a percentage of earned premium increased from 52.8 per cent to 55.2 per cent.

American Overseas said operating expenses increased $0.7 million from $3.1 million to $3.8 million as certain contractual relationships were fully recognised and earned during the current quarter.