26 June 2019News

American Overseas Reinsurance commutes part of its reinsurance portfolio

American Overseas Reinsurance Company (AORC), the operating subsidiary of American Overseas Group (AOG), has entered a commutation, reassumption and release agreement with Assured Guaranty Municipal Corporation (AGM).

The arrangement commuted a portion of financial guaranty reinsurance business AORC had assumed from AGM, with an aggregate statutory par value outstanding of $1.065 billion as of May 31. This brought the total statutory par value outstanding down to $373 million, as of June 1 2019, the date of the commutation.

The commutation included all of AORC's remaining par outstanding relating to Puerto Rico credits, and had no material impact to AOG’s net GAAP income.




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More on this story

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2 October 2023   The re/insurer recorded a 41% increase in gross written premiums in the second quarter.
News
3 July 2023   Gross written premiums increase by 24%.
News
15 June 2021   American Overseas Reinsurance Company (AORC) will pay a dividend on its class B preference shares.