American Overseas celebrates strong turnaround
Bermuda-registered American Overseas Group rebounded from a third quarter 2022 loss of $443,449 to post a $4.28 million profit in the three months ending September 30, 2023.
The strong performance drove the Bermuda Stock Exchange-listed company to a $6.63 million profit for the first nine months of 2023 compared to a $30,646 loss in the same period In 2022.
The improvement was largely driven by an improved underwriting performance by the company, which is a major writer of non-standard auto insurance through its US subsidiaries and is led by chief executive officer Debra Roberts .
Net written premiums rose to $7.99 million in the third quarter of 2023 compared to $4.84 million in the same period in 2022. Fee income rose to $4.19 million from $2.68 million.
Investment income almost doubled to $215,000 compared to $109,000 while net investment gains jumped to $2.4 million from $69,000.
On the expenses side, net losses rose to $4.57 million from $3.4 million and acquisition costs increased to $2.6 million from $1.4 million.
