Business
RESULTS OF OPERATIONS THROUGH JUNE 30, 2015 - American Overseas Group Limited Announces Net Income of $7.0 Million and Operating Loss of $9.4 Million Through June 30, 2015
RESULTS OF OPERATIONS THROUGH JUNE 30, 2015 - American Overseas Group Limited Announces Net Income of $7.0 Million and Operating Loss of $9.4 Million Through June 30, 2015.
About this update from American Overseas Group Limited
[{"type":"text","content":"\n\n HAMILTON, Bermuda, Sept. 28, 2015 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX:AOREF.BH) (Pink Sheets: AOREF.PK) (“AOG” or the “Company”) today reported consolidated net income of $7.0 million, or $165.63 per diluted share, for the six months ended June 30, 2015.  This compares to consolidated net income of $7.0 million, or $254.83 per diluted share, for the six months ended June 30, 2014.  On October 28, 2014, the Company acquired Orpheus Group Ltd. (“OGL”) for a combination of common stock and senior notes.  As a result, the previously reported 2014 consolidated balance sheet, consolidated statement of operations, consolidated statement of comprehensive income, and the consolidated statement of cash flows of the Company have been adjusted to consolidate the operations of the Company with OGL. The results for the first six months of 2015 were impacted by fair value adjustments of $3.4 million and unrealized gains in credit derivatives of $15.3 million.  The results for the first six months of 2014 were impacted by fair value adjustments of $11.4 million and unrealized losses in credit derivatives of $2.4 million. Book value per share at June 30, 2015 was $1,532.61.\n For the six months ended June 30, 2015, the Company had an operating loss of $9.4 million, or $220.97 per diluted share, compared to an operating loss of $0.4 million, or $15.09 per diluted share for the six months ended June 30, 2014 as restated. Gross property and casualty premiums written, which are the primary driver of the Company’s fee income, were $195.3 million for the first six months of 2015 compared to $227.7 million for the first six months of 2014.  Fees earned by the Company’s management companies were $6.8 million for the first six months of 2015 compared to $7.2 million for the first six months of 2014 before intercompany consolidation eliminations with their regulated affiliates.  EBITDA margins earned on these fees were 35.8% and 41.4% for the first six months of 2015 and 2014, respectively.  Net earned property and casualty premiums were $4.1 million for the first six months of 2015 compared to $27.5 million for the first six months of 2014.  The drop in net premiums earned is the direct result of the termination of a large assumed reinsurance...