American Overseas produces $1.2 million turnaround
American Overseas Group bounced back from a $300,000 loss in the second quarter of 2022 to produce a $900,000 profit in the same period this year.
Bermuda-based AOG said net earned property and casualty premiums increased $1.4 million from $5.1 million a year ago to $6.5 million.
The strong second quarter followed a doubling of net income in the first quarter.
Quarter to date fee income increased $1.1 million moving from $2.7 million to $3.8 million and gross written premiums increased $47.7 million, moving from $116.6 million to $164.3 million.
Quarter to Date direct written premiums were positively impacted by continued expansion of new programmes and rate increases. Quarter to Date loss and loss adjustment expenses as a percentage of earned premium decreased from 71.4% to 65.4%.
For the three months ended June 30, 2023, operating expenses remained constant at $2.8 million, the company said.
OAG said the Company will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves.
Book value per weighted share at June 30, 2023 was $817.82, an increase from the book value per weighted share of $775.49 at June 30, 2022.
AOG is tax-resident in the UK and writes non-standard auto insurance through its US subsidiaries. The company also operates as a professional reinsurer through Bermuda and Barbados subsidiaries.