American Overseas Group (AOG) Ltd, formerly known as RAM Holdings Ltd, plans to move its operating company from Bermuda to Barbados.The company has been in run-off since RAM Re’s financial guaranty portfolio suffered huge losses during the global financial crisis.The planned move to Barbados - although the holding company AOG will continue to be domiciled in Bermuda - appears to be effort by the company to start afresh by building a new property and casualty reinsurance business alongside its run-off activities.Run-off is the term used for an insurance company or portfolio which ceases to write new business, but is managed to meet continuing obligations.It was not clear last night whether the move would impact any Bermuda-based employees.Barbados is a significant captive insurance domicile, particularly popular with Canadian corporations, owing to the Caribbean island’s long-standing double-taxation agreement with Canada.AOG said it planned to make the redomestication of the subsidiary, American Overseas Reinsurance Company Ltd (AORE), effective on or about December 7.An application is pending with regulator the Barbados Financial Services Commission for licensing of AORE as an Exempt Insurance Company in accordance with the provisions of the Barbados Exempt Insurance Act 1983.AORE has received confirmation of no objection from the Bermuda Monetary Authority’s Insurance Division of its discontinuance from Bermuda in accordance with the Insurance Act 1978 and intends to file notice of discontinuance under the Companies Act 1981.AOG chief executive officer David Steel said: “Our strategy is to enhance shareholder value by writing short-tail, P&C reinsurance business complimenting our long-tail financial guaranty portfolio run-off. AORE’s redomestication is integral to our business plan.”AOG will remain a Bermuda-domiciled holding company with 100 percent ownership of the common equity in AORE.In addition, AOG’s affiliated management company, Reid Street Services Ltd, will continue to be domiciled in Bermuda and will continue to provide services to AORE.The company added that the redomestication of AORE was subject to the approval of Barbados FSC, while the discontinuance from Bermuda was subject to the approval of Finance Minister Paula Cox.