American Overseas profit doubles in first quarter

Bermuda-based American Overseas Group has reported its net income doubled to $1.4 million for the first quarter of 2023.

AOG said earnings per share were $30.44 compared to $15.06 per diluted share at March 31, 2022 while book value per weighted share was $798.21, down from $850.78 the previous year.

Gross written premiums rose by $25.8 million, from $108.1 million to $133.9 million.

For the three months ended March 31, 2023, net earned property and casualty premiums increased by $500,000 from $5.1 million a year ago to $5.6 million.

Quarter to Date fee income increased $500,000 from $3.3 million to $3.8 million.

Quarter to Date direct written premiums were positively impacted by continued expansion of new programmes, rate increases, and overall economic recovery. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium remained constant at 64%.

For the three months ended March 31, 2023, operating expenses decreased by $200,000 from $3 million to $2.8 million.

As part of its ongoing capital management efforts, the company said it will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves.

AOG is a Bermuda based insurance holding company that is tax resident in the United Kingdom. The Company writes non-standard auto insurance through its US subsidiaries. The Company also operates as a professional reinsurer through subsidiaries in Bermuda and Barbados and provides management services in the US and Bermuda.