American Overseas Group Q2 net income falls as premiums, net earned property declines
American Overseas Group’s Q2 net income available to common shareholders was $1.6 million and EPS was $33.60. Net earned property and casualty premiums fell $1.3 million year over year to $11.5 million.
1. Quarterly results
The specialty insurer reported year-over-year declines in Q2 net income and EPS. Its loss and loss adjustment expense ratio rose to 63.3%, while operating expenses increased $0.2 million to $3.5 million.
2. Debt reduction
The company reduced total outstanding debt to $5.3 million after retiring its 12% Senior Secured Notes. It expects to take further steps to reduce leverage in coming quarters.
