American Overseas Group Limited, the insurance holding company incorporated in Bermuda, has reported consolidated net income available to common shareholders of $900,000 for the three months ended June 30.

This compares with a consolidated net loss available to common shareholders of $300,000 for the prior year quarter.

Book value per weighted share at June 30 was $817.82, up from the book value per weighted share of $775.49 at June 30 last year.

Net earned property and casualty premiums increased from $5.1 million a year ago to $6.5 million.

Quarter to date fee income increased $1.1 million moving from $2.7 million to $3.8 million and gross written premiums increased $47.7 million, moving from $116.6 million to $164.3 million.

Quarter to date direct written premiums were positively impacted by continued expansion of new programmes and rate increases, the company said.

Quarter to date loss and loss adjustment expenses as a percentage of earned premium decreased from 71.4 per cent to 65.4 per cent.

For the three months ended June 30, operating expenses remained constant at $2.8 million.

As part of its ongoing capital management efforts, the company said, it will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves.