American Overseas Group Ltd, the insurance holding company incorporated in Bermuda, has reported consolidated net income available to common shareholders of $4.3 million for the three months ended September 30, 2023.

This compares with consolidated net loss available to common shareholders of $0.4 million for the three months ended September 30, 2022.

Book value per weighted share at September 30 was $776.61, a slight decrease from the book value per weighted share of $780.66 at September 30, 2022.

Net earned property and casualty premiums increased $3.2 million year-over-year from $4.8 million to $8 million.

Quarter to date fee income increased $1.5 million, moving from $2.7 million to $4.2 million, and gross written premiums increased $62.7 million, moving from $110.2 million to $172.9 million.

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

Quarter to date loss and loss adjustment expenses as a percentage of earned premium decreased from 70.4 per cent to 57.3 per cent.

Operating expenses remained constant at $2.8 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.

AOGL 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.