Business
Results of Operations for the Three Months Ended September 30, 2022 - American Overseas Group Limited Announces Net Loss Of $0.4 Million and Operating Loss of $0.4 Million For the Three Months Ended September 30, 2022
Results of Operations for the Three Months Ended September 30, 2022 - American Overseas Group Limited Announces Net Loss Of $0.4 Million and Operating Loss of $0.4 Million For the Three Months Ended September 30, 2022.
About this update from American Overseas Group Limited
[{"type":"text","content":"\n HAMILTON, Bermuda, Dec. 29, 2022 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX: AORE.BH) (Pink Sheets: AOREF.PK) (“AOG” or the “Company”) today reported consolidated net loss available to common shareholders of $0.4 million, or $9.40 per diluted share, for the three months ended September 30, 2022. This compares to consolidated net loss available to common shareholders of $1.8 million, or $37.38 per diluted share, for the three months ended September 30, 2021. Book value per weighted share at September 30, 2022 was $780.66, a decline from the book value per weighted share of $959.06 at September 30, 2021. For the three months ended September 30, 2022, the Company had an operating loss of $0.4 million, or $9.40 per diluted share, compared to operating loss of $1.8 million, or $37.68 per diluted share for the three months ended September 30, 2021. For the three months ended September 30, 2022, 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% to 70.4%. For the three months ended September 30, 2022, 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 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 of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, the Company's expectations respecting the volatility of its insured portfolio, losses, loss reserves and loss development, the adequacy and availability of its liquidity and capital resources, its current run off...