American Overseas reports $6.2m increase in P&C premiums for Q2’24

American Overseas Group, a Bermuda-based property & casualty (P&C) holding company, reported a significant rise in net earned P&C premiums for Q2 2024, increasing by $6.2 million from $6.5 million last year to $12.7 million.

Gross written premiums also saw a notable increase, growing by $70.9 million from $164.3 million to $235.2 million.

The company attributed the growth in direct written premiums to the continued expansion of new programmes, rate increases, and organic growth in existing programmes.

Quarter-to-date fee income increased by $1.3 million, rising from $3.8 million to $5.1 million. For Q2 2024, American Overseas reported a pre-tax profit of $3 million, a significant increase from $923,000 in the same period last year.

Loss and loss adjustment expenses as a percentage of earned premiums improved, decreasing from 65.4% to 61.8%. Operating expenses for the quarter increased slightly by $0.3 million, from $2.8 million to $3.1 million.

The company also reported consolidated net income available to common shareholders of $2.3 million, or $49.81 per diluted share, for the three months ending June 30th, 2024.This represents a strong improvement over last year’s net income of $0.9 million, or $19.65 per diluted share, for the same period.

As part of its ongoing capital management strategy, American Overseas confirmed it will continue directing excess capital towards debt reduction, unless more compelling opportunities arise.

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