American Overseas to repay debt – The Royal Gazette
Updated: Jul 04, 2022 1:56 PM
American Overseas Group Limited, the Bermuda-based holding company, reported consolidated net income available to common shareholders of $700,000, or $15.06 per diluted share, for the three months ended March 31.
That compares to consolidated net income available to common shareholders of $1 million, or $20.81 per diluted share, for the same period a year ago.
As part of its ongoing capital management efforts, the company said it would continue to redirect excess capital within the group to debt reduction unless other attractive opportunities arise.
Book value per weighted share as of March 31 was $850.78, down from book value per weighted share of $1,055.01 as of March 31, 2021.
For the three months ended March 31, the company reported operating income of $700,000, or $15.30 per diluted share, compared to operating income of $900,000, or $19.99 per share diluted for the year ended March 31, 2021.
Net earned property and casualty insurance premiums increased by $100,000 to $5.1 million from $5 million a year ago.
Professional fees remained constant at $3.3 million, while gross written premiums increased by $4.2 million, from $103.9 million to $108.1 million.
Quarterly direct written premiums were positively impacted by rate increases in current business.
Claims and claims expenses as a percentage of earned premiums increased from 54.6% to 64.2% as claims costs continued to increase in 2022 due to both frequency and severity .
Operating and acquisition expenses increased by $400,000 from $4.3 million to $4.7 million, primarily due to a one-time favorable accrual adjustment of $200,000 for contracts consulting in the first quarter of 2021, and a year-over-year increase in acquisitions, taxes, licenses and fees associated with the Louisiana underwritten enterprise program of $100,000.
Overseas American Group