Results of Operations for the Three Months Ended June 30, 2024 - American Overseas Group Limited Announces Net Income Of $2.3 Million For the Three Months Ended June 30, 2024.

HAMILTON, Bermuda, Sept. 30, 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 $2.3 million, or $49.81 per diluted share, for the three months ended June 30, 2024. This compares to consolidated net income available to common shareholders of $0.9 million, or $19.65 per diluted share, for the three months ended June 30, 2023. Book value per weighted share at June 30, 2024 was $873.62, an increase from the book value per weighted share of $817.82 at June 30, 2023. For the three months ended June 30, 2024, net earned property and casualty premiums increased $6.2 million from $6.5 million a year ago to $12.7 million. Quarter to Date fee income increased $1.3 million from $3.8 million to $5.1 million and gross written premiums increased $70.9 million, moving from $164.3 million to $235.2 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 65.4% to 61.8%. For the three months ended June 30, 2024, operating expenses increased $0.3 million from $2.8 million to $3.1 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 www.aoreltd.com. American Overseas Group Limited American Overseas Group Limited Consolidated Balance Sheets (unaudited) As at June 30, 2024 and December 31, 2023 (dollars in thousands)                   June 30, 2024   December 31, 2023 Assets               Investments:       Fixed-maturity securities held as available for sale, at fair value $ 131,989     $ 132,600   Cash and cash equivalents   47,302       56,854   Restricted cash   6,410       964   Accrued investment income   1,014       972   Premiums receivable   223,823       174,350   Deferred insurance premiums   264,207       219,828   Reinsurance balances receivable, net   375,672       348,930   Deferred policy acquisition costs   10,726       9,152   Intangible assets   4,800       4,800   Goodwill   33,050       33,050   Other assets   5,034       3,720   Total Assets $ 1,104,027     $ 985,220                   Liabilities and Equity               Liabilities:       Loss and loss expense reserve $ 360,322     $ 332,573   Deferred commission income   7,741       6,878   Unearned premiums   277,996       230,123   Ceded premium payable   229,749       183,969   Payable to general agents   11,198       10,885   Funds withheld   129,570       136,471   Accounts payable and accrued liabilities   23,123       25,725   Notes payable   20,771