American Overseas Group Limited Announces Repurchase of American Overseas Reinsurance Company Limited Class B Preference Shares

Rhea-AI Summary

American Overseas Group Limited announced a private repurchase of $3.7 million in liquidation value of its Class B Preference Shares from an undisclosed holder. The transaction was completed by its subsidiary, American Overseas Reinsurance Company Limited. This strategic buyback is expected to enhance shareholder value and potentially improve EPS moving forward. The company is primarily focused on monoline personal auto insurance through its subsidiary, Old American Capital Corp.

Positive

• Completed a $3.7 million private repurchase of Class B Preference Shares, enhancing shareholder value.
• Potential positive impact on EPS due to the share buyback.

Negative

• None.

HAMILTON, Bermuda, June 24, 2022 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX: AORE.BH) (Pink Sheets: AOREF.PK) (the “Company”) today announced that its subsidiary, American Overseas Reinsurance Company Limited (“AORE”), completed a private repurchase of $3.7M liquidation value of its Class B Preference Shares (the “Shares”) from an undisclosed holder.

Information About the Company

American Overseas Group Limited is an insurance holding company incorporated in Bermuda and a tax resident of the United Kingdom. One of its operating subsidiaries, American Overseas Reinsurance Company Ltd., historically wrote financial guaranty reinsurance for U.S. and international public finance and structured finance transactions. The Company’s financial guaranty reinsurance obligations were retired in April of 2020 with a final commutation transaction between it and its last remaining cedant. The Company’s primary subsidiary is Old American Capital Corp, whose operating subsidiaries are licensed in 16 states and focused on serving monoline personal auto customers. More information can be found at www.aoreltd.com.

SOURCE: American Overseas Group Limited

Contact:
American Overseas Group Limited
info@aoreltd.com

FAQ

What was the amount of the share buyback by American Overseas Group Limited?

The company completed a private repurchase of $3.7 million in liquidation value of its Class B Preference Shares.

Why did American Overseas Group Limited repurchase its Class B Preference Shares?

The repurchase aims to enhance shareholder value and may positively influence earnings per share (EPS).

What is the stock symbol for American Overseas Group Limited?

The stock symbol for American Overseas Group Limited is AOREF.

When did American Overseas Group Limited announce the share buyback?

The announcement of the share buyback was made on June 24, 2022.