HAMILTON, Bermuda, June 29, 2026 (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 $3.3 million, or $69.82 per diluted share, for the three months ended March 31, 2026. This compares to consolidated net income available to common shareholders of $4.3 million, or $90.53 per diluted share, for the three months ended March 31, 2025. Book value per weighted share at March 31, 2026 was $1,309.33, an increase from the book value per weighted share of $1,084.80 at March 31, 2025.
For the three months ended March 31, 2026, net earned property and casualty premiums decreased $1.7 million from $13.4 million a year ago to $11.7 million.
Quarter to Date fee income increased $0.2 million from $6.4 million to $6.6 million and gross written premiums increased $10.3 million, moving from $249.7 million to $260.0 million. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium increased from 52.8% to 55.2%.
For the three months ended March 31, 2026, operating expenses increased $0.7 million from $3.1 million to $3.8 million as certain contractual relationships were fully recognized and earned during the current quarter that in the previous year were earned and expensed throughout the year.
As part of its ongoing capital management efforts, the Company will continue to redirect excess capital within the group to debt reduction. The Company reduced the outstanding principal balance of its 12% Senior Secured Notes by $3.4 million in the 1st quarter of 2026, reducing total outstanding debt to a balance of $12.4 million. Additionally, the Company reduced the outstanding principal balance of its 12% Senior Secured Notes by $3.1 million in the 2nd quarter of 2026, reducing total outstanding debt to a balance of $9.4 million. The Company expects to take additional steps towards leverage reduction unless other compelling opportunities arise.
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 strategy, its strategy for writing other reinsurance businesses and its expense reduction measures. These statements are based on current expectations and the current views of the economic and operating environment and are not guarantees of future performance. A number of risks and uncertainties, including economic competitive conditions, could cause actual results to differ materially from those projected in forward-looking statements. The Company's actual results could differ materially from those expressed or implied in the forward-looking statements.
Information About the Company
American Overseas Group Limited is an insurance holding company incorporated in Bermuda and a tax resident of the United Kingdom. Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services. More information can be found at .
American Overseas Group Limited
info@aoreltd.com
| American Overseas Group Limited | Consolidated Balance Sheets | (unaudited) | As at March 31, 2026 and December 31, 2025 | (dollars in thousands) | March 31, 2026 December 31, 2025 | Assets | Investments: | Fixed-maturity securities held as available for sale, at fair value $154,948 $161,312 | Equity investments held as available for sale, at fair value 1,031 1,041 | Cash and cash equivalents 52,800 45,140 | Restricted cash 932 843 | Accrued investment income 1,261 1,135 | Premiums receivable 224,656 211,993 | Deferred insurance premiums 319,508 299,720 | Reinsurance balances receivable, net 488,019 481,444 | Deferred policy acquisition costs 10,121 9,420 | Intangible assets 4,800 4,800 | Goodwill 33,050 33,050 | Other assets 6,325 5,373 | Total Assets $1,297,451 $1,255,271 | Liabilities and Equity | Liabilities: | Loss and loss expense reserve $463,810 $465,401 | Deferred commission income 6,985 6,481 | Unearned premiums 332,020 311,073 | Ceded premium payable 252,125 233,727 | Payable to general agents 498 459 | Funds withheld 136,262 133,343 | Accounts payable and accrued liabilities 27,588 26,472 | Notes payable 12,411 15,833 | Non-owned interest in VIE 300 300 | Interest payable 119 435 | Deferred tax liability 3,821 3,413 | Total Liabilities 1,235,939 1,196,937 | Shareholders' Equity: | Common shares 4,698 4,698 | Additional paid-in capital 189,179 189,179 | Accumulated other comprehensive income (loss) (2,035) (1,932) | Retained deficit (130,330) (133,611) | Total Shareholders' Equity 61,512 58,334 | Total Liabilities and Equity $1,297,451 $1,255,271 | See Notes to March 31, 2026 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com |
| American Overseas Group Limited | Consolidated Statements of Operations | (unaudited) | (dollars in thousands, except share and per share amounts) | Three months ended March 31, | 2026 2025 | Revenues | Net premiums earned $11,730 $13,353 | Fee income 6,611 6,416 | Net investment income 470 490 | Net realized gains on investments (75) - | Other income 4 15 | Total revenues 18,740 20,274 | Expenses | Losses and loss adjustment expenses 6,480 7,052 | Acquisition expenses 3,858 4,073 | Operating expenses 3,765 3,121 | Interest expense 435 578 | Total expenses 14,538 14,824 | Pre-tax net profit (loss) $4,202 $5,450 | Income tax (expense) (922) (1,197) | Net profit (loss) available to common shareholders 3,280 4,253 | Net profit (loss) per common share: | Basic $69.82 $90.53 | Diluted 69.82 90.53 | Weighted-average number of common shares outstanding: | Basic 46,979 46,979 | Diluted 46,979 46,979 | See Notes to March 31, 2026 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com |