American Overseas Group Ltd, the Bermudian-based holding company, has reported consolidated net income available to common shareholders of $3.4 million for the three months ended September 30.

That compares with consolidated net income available to common shareholders of $4.3 million for the three months ended September 30, 2023.

Book value per weighted share at September 30 was $969.27, an increase from the book value per weighted share of $776.61 at September 30, 2023.

Net earned property and casualty premiums increased $5.7 million from $8 million a year ago to $13.7 million.

Quarter-to-date fee income increased $800,000 from $4.2 million to $5 million and gross written premiums increased $59.7 million, moving from $172.9 million to $232.6 million.

The company said 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 increased from 57.3 per cent to 57.4 per cent.

For the three months ended September 30, operating expenses decreased $300,000 from $2.8 million to $2.5 million.

As part of its continuing 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.

AOG Ltd is an insurance holding company incorporated in Bermuda and a tax resident of Britain. Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services.