HAMILTON, Bermuda, June 29, 2026 (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 $3.3 million, or $69.82 per diluted share, for the three months ended March 31, 2026. This compares to consolidated net income available to common shareholders of $4.3 million, or $90.53 per diluted share, for the three months ended March 31, 2025. Book value per weighted share at March 31, 2026 was $1,309.33, an increase from the book value per weighted share of $1,084.80 at March 31, 2025.

For the three months ended March 31, 2026, net earned property and casualty premiums decreased $1.7 million from $13.4 million a year ago to $11.7 million.   

Quarter to Date fee income increased $0.2 million from $6.4 million to $6.6 million and gross written premiums increased $10.3 million, moving from $249.7 million to $260.0 million. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium increased from 52.8% to 55.2%.  

For the three months ended March 31, 2026, operating expenses increased $0.7 million from $3.1 million to $3.8 million as certain contractual relationships were fully recognized and earned during the current quarter that in the previous year were earned and expensed throughout the year.

As part of its ongoing capital management efforts, the Company will continue to redirect excess capital within the group to debt reduction. The Company reduced the outstanding principal balance of its 12% Senior Secured Notes by $3.4 million in the 1^st quarter of 2026, reducing total outstanding debt to a balance of $12.4 million. Additionally, the Company reduced the outstanding principal balance of its 12% Senior Secured Notes by $3.1 million in the 2nd quarter of 2026, reducing total outstanding debt to a balance of $9.4 million. The Company expects to take additional steps towards leverage reduction unless other compelling opportunities arise.

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 www.aoreltd.com.

American Overseas Group Limited

info@aoreltd.com