Business
Results of Operations for the Three Months Ended March 31, 2021 - American Overseas Group Limited Announces Net Income Of $1.0 Million and Operating Income of $0.9 Million For the Three Months Ended March 31, 2021
Results of Operations for the Three Months Ended March 31, 2021 - American Overseas Group Limited Announces Net Income Of $1.0 Million and Operating Income of $0.9 Million For the Three Months Ended March 31, 2021.
About this update from American Overseas Group Limited
[{"type":"text","content":"\n HAMILTON, Bermuda, June 30, 2021 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX: AORE.BH) (Pink Sheets: AOREF.PK) (“AOG” or the “Company”) today reported consolidated net income available to common shareholders of $1.0 million, or $20.81 per diluted share, for the three months ended March 31, 2021. This compares to consolidated net loss available to common shareholders of $0.8 million, or $17.97 per diluted share, for the three months ended March 31, 2020. The result for the three months was driven by property and casualty growth in both existing and new programs. Book value per weighted share at March 31, 2021 was $1,055.01 a decline from the book value per weighted share of $1,062.22 at December 31, 2020.   For the three months ended March 31, 2021, the Company had operating income of $0.9 million, or $19.99 per diluted share, compared to an operating loss of $1.2 million, or $25.95 per diluted share for the three months ended March 31, 2020. The financial guaranty segment ended in April of 2020 due to a commutation of the remaining portfolio of financial guaranty reinsurance business it had assumed from Assured Guaranty Municipal Corp (“AGMC”). The aggregate outstanding par value of the reinsurance portfolio commuted was $345.0 million. Net earned property and casualty premiums increased $1.2 million from $3.8 million in 2020 to $5.0 million in 2020, driven by an increase in existing and new programs.   Loss and loss adjustment expenses as a percentage of earned premium declined slightly from 55.4% to 54.6%. Fee income increased slightly from $3.1 million to $3.3 million due to increase in gross written premiums year over year of $5.5 million, moving from $98.4 million to $103.9 million. Operating expenses decreased $1.4 million or 35.9% from $3.9 million in 2020 to $2.5 million in 2021 mainly due to savings in the financial guaranty segment and improved operational efficiencies.     As part of its ongoing capital management efforts, the Company will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves. Forward-Looking Statements This release contains statements that may be considered \"forward-looking statements\" within the meaning of the safe harbor provisions o...