American Overseas Group Limited, the Bermudian-based insurance holding company, has reported a consolidated net loss available to common shareholders of $5.5 million for 2021.

That compares with a consolidated net loss available to common shareholders of $5 million for the prior year.

Book value per weighted share at December 31 was $916.83, a decline from $1,062.22 at December 31, 2020.

For 2021, the company had an operating loss of $5 million, compared with an operating loss of $22.1 million for the prior year.

The financial guaranty segment ended in April 2020 owing to a commutation of the remaining portfolio of financial guaranty reinsurance business it had assumed from Assured Guaranty Municipal Corp.

The aggregate outstanding par value of the reinsurance portfolio commuted was $345 million.

Net earned property and casualty premiums increased $5 million to $20.8 million in 2021, driven by an increase in existing and new programmes.

Fee income increased $1.3 million year on year to $11.2 million while gross written premiums increased $55.6 million, moving to $420.5 million.

In the fourth quarter of last year, the company had an operating loss of $1.7 million, compared with an operating loss of $1.1 million for the three months ended December 31, 2020.

Net earned property and casualty premiums increased $1.4 million from $3.5 million to $4.9 million, driven by an increase in existing and new programmes.

Fee income increased $500,000 to $2.6 million while gross written premiums increased $18.1 million, moving to $101.5 million.

Operating expenses decreased $300,000 from $3.5 million to $3.2 million primarily driven by reduced personnel costs.

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