American Overseas nets quarterly loss
American Overseas Group Limited, the Bermudian-based holding company, has reported a consolidated net loss available to common shareholders of $0.4 million for the three months ended September 30.
This compares to a consolidated net loss available to common shareholders of $1.8 million for the three months ended September 30, 2021.
Book value per weighted share at September 30 was $780.66, a decline from the book value per weighted share of $959.06 at September 30, 2021.
For the period, the company had an operating loss of $0.4 million compared to an operating loss of $1.8 million for the three months ended September 30, 2021.
Net earned property and casualty premiums decreased $0.5 million from $5.4 million a year ago to $4.9 million.
Fee income increased $0.1 million from $2.6 million to $2.7 million with gross written premiums increasing $9.8 million, moving from $100.4 million to $110.2 million.
Quarterly direct written premiums were positively impacted by rate increases in current business.
Loss and loss adjustment expenses as a percentage of earned premium decreased slightly from 71.2 per cent to 70.4 per cent.
Operating expenses decreased $0.9 million from $3.7 million to $2.8 million due largely to $0.6 million of expenses incurred in 2021 associated with taxes, licenses and fees related to business written in the prior year.
As part of its ongoing 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.