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Results of Operations for the Three Months Ended March 31, 2024 - American Overseas Group Limited Announces Net Income Of $2.5 Million For the Three Months Ended March 31, 2024

HAMILTON, Bermuda, June 28, 2024 (GLOBE NEWSWIRE) -- American Overseas Group Limited BSX: AORE.BH) (Pink Sheets: AOREF.PK) ("AOG" or the "Company") today reported consolidated net income available to common shareholders of $2.5 million, or $53.13 per diluted share, for the three months ended March 31, 2024. This compares to consolidated net income available to common shareholders of $1.4 million, or $30.44 per diluted share, for the three months ended March 31, 2023. Book value per weighted share at March 31, 2024 was $824.41, an increase from the book value per weighted share of $798.21 at March 31, 2023. For the three months ended March 31, 2024, net earned property and casualty premiums increased $5.3 million from $5.6 million a year ago to $10.9 million. Quarter to Date fee income increased $2.1 million from $3.8 million to $5.9 million and gross written premiums increased $86.5 million, moving from $133.9 million to $220.4 million. Direct written premiums were positively impacted by continued expansion of new programs, rate increases, and organic growth in existing programs. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium decreased from 64.0% to 59.8%. For the three months ended March 31, 2024, operating expenses increased $0.4 million from $2.8 million to $3.2 million. As part of its ongoing capital management efforts, the Company will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves. Forward-Looking Statements This release contains statements that may be considered "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, the Company's expectations respecting the volatility of its insured portfolio, losses, loss reserves and loss development, the adequacy and availability of its liquidity and capital resources, its current run off strategy, its strategy for writing other reinsurance businesses and its expense reduction measures. These statements are based on current expectations and the current views of the economic and operating environment and are not guarantees of future performance. A number of risks and uncertainties, including economic competitive conditions, could cause actual results to differ materially from those projected in forward-looking statements. The Company's actual results could differ materially from those expressed or implied in the forward-looking statements. Information About the Company American Overseas Group Limited is an insurance holding company incorporated in Bermuda and a tax resident of the United Kingdom. Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services. More information can be found at American Overseas Group Limited   American Overseas Group Limited Consolidated Balance Sheets (unaudited) As at March 31, 2024 and December 31, 2023 (dollars in thousands)                       March 31, 2024   December 31, 2023 Assets                         Investments:             Fixed-maturity securities held as available for sale, at fair value $ 132,050     $ 132,600       Cash and cash equivalents   57,438       56,854       Restricted cash   3,560       964       Accrued investment income   1,153       972       Premiums receivable   205,520       174,350       Deferred insurance premiums   246,268       219,828       Reinsurance balances receivable, net   359,466       348,930       Deferred policy acquisition costs   10,782       9,152       Intangible assets   4,800       4,800       Goodwill   33,050       33,050       Other assets   4,948       3,720         Total Assets $ 1,059,035     $ 985,220                               Liabilities and Equity                       Liabilities:           Loss and loss expense reserve $ 342,913     $ 332,573       Deferred commission income