Bermuda-based insurance holding company American Overseas Group has suffered another loss making half year, driven by losses on credit derivatives.
With a $1.1 million net loss for the six months ended June 30, 2014, the company saw an improvement, compared with a net loss of $2.1 million for the same period of the prior year.
The insurer’s property/casualty premiums earned for the first half of 2014 were $8.6 million compared with $7.7 million for the first six months of 2013.
It said that the results for the first six months of 2014 were impacted by net unrealised losses on credit derivatives of $2.4 million.
During the first six months of 2014, its operating income was $1.6 million, a considerable deterioration compared with operating income of $6.2 million in the same period a year earlier.
Its net premiums earned also fell to $12.4 million in the first half of 2014, compared with $13.5 million in the first half of 2013.
American Overseas Group, Bermuda, First Half 2014 Results