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Results of Operations for the Six Months Ended June 30, 2017 - American Overseas Group Limited Announces Net Loss Of $8.2 Million and Operating Loss of $13.4 Million For The Six Months Ended June 30, 2017
Results of Operations for the Six Months Ended June 30, 2017 - American Overseas Group Limited Announces Net Loss Of $8.2 Million and Operating Loss of $13.4 Million For The Six Months Ended June 30, 2017.
About this update from American Overseas Group Limited
[{"type":"text","content":"\n\n HAMILTON, Bermuda, Sept. 25, 2017 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX:AOREF.BH) (Pink Sheets:AOREF.PK) (“AOG” or the “Company”) today reported consolidated net loss available to common shareholders of $8.2 million, or $182.08 per diluted share, for the six months ended June 30, 2017.  This compares to consolidated net loss available to common shareholders of $12.1 million, or $273.96 per diluted share, for the six months ended June 30, 2016.\n The results for the six months ended June 30, 2017 were largely the result of losses from the Company’s reinsurance of Puerto Rico-related credits in its financial guaranty segment.  Book value per share at June 30, 2017 was $1,355.07, a decline from the book value per share of $1,530.98 at December 31, 2016.  For the six months ended June 30, 2017, the Company had an operating loss of $13.4 million, or $297.14 per diluted share, compared to an operating loss of $5.5 million, or $124.84 per diluted share for the six months ended June 30, 2016.  Operating income for the property and casualty segment in 2017 was $4.3 million, compared to the $5.7 million operating income in 2016 for this segment.  The financial guaranty segment had operating losses of $14.9 million for the first six months of 2017, largely driven by losses from the Company’s reinsurance of Puerto Rico-related credits.  This compares to financial guaranty operating losses of $6.5 million in the first six months of 2016.  Interest expense on debt of $1.2 million was $0.6 million lower for the first six months of 2017 as compared to the first six months of 2016, due to debt reduction. Net earned property and casualty premiums were $1.8 million for the first six months of 2017, which is comparable to $1.9 million for the same period in 2016.  Loss and loss adjustment expenses were $2.5 million for the first six months of 2017, which was $0.9 million higher than the same period in 2016. This was caused by higher loss costs and includes both prior year development and current year losses. This contributed to the overall decline for the property and casualty segment, from operating income of $5.7 million in 2016 to operating income of $4.3 million in 2017.  The legacy financial guaranty portfolio of American Overseas Reinsuran...