Bermuda incorporated American Overseas Group Limited has 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 with 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 year-on-year.

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 programmes, rate increases and organic growth in existing programmes.

Quarter to date loss and loss adjustment expenses as a percentage of earned premium decreased from 65.4 per cent to 61.8 per cent.

For the three months ended June 30, 2024, operating expenses increased $0.3 million from $2.8 million to $3.1 million.

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

A tax resident of the United Kingdom, American Overseas Group Limited has operating subsidiaries providing specialty property/casualty insurance, reinsurance and insurance management services.