American Overseas Group Limited has reported a net loss of $0.4 million for the third quarter of 2022, compared to a $1.8 million net loss from the same period last year.
At the same time, the company’s operating loss for the Q3 was $0.4 million, compared to last years loss of $1.8 million.
Net earned property and casualty premiums decreased $0.5 million from $5.4 million last year, to $4.9 million.
However, the firm reported an improved fee income performance, as it increased $0.1 million from $2.6 million to $2.7 million.
Gross written premiums also increased $9.8 million, moving from $100.4 million to $110.2 million.
The firm noted that quarterly direct written premiums were positively impacted by rate increases in current business.
Additionally, loss and loss adjustment expenses as a percentage of earned premium decreased slightly from 71.2% to 70.4% within the quarter.
Operating expenses also decreased $0.9 million from $3.7 million to $2.8 million. American Overseas stated that this was largely due to $0.6 million of expenses incurred in 2021 associated with taxes, licenses and fees related to business written in the prior year.
