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American Overseas Group Limited Announces Commutation of Portion of AGM Portfolio

/EIN News/ -- HAMILTON, Bermuda, June 24, 2019 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX:AORE.BH) (Pink Sheets: AORE.PK) (“AOG” or the “Company”) today announced that its operating subsidiary, American Overseas Reinsurance Company Limited (“AORE”), entered into a Commutation, Reassumption and Release Agreement with Assured Guaranty Municipal Corporation (“AGM”), effective June 1, 2019, to commute a portion of financial guaranty reinsurance business it had assumed from AGM (the “AGM Commutation”).  The aggregate statutory par value outstanding of the reinsurance portfolio being commuted was $1.065 billion as of May 31, 2019, bringing total statutory par value outstanding, down to $373 million as of the effective date of the Commutation, which includes all of our remaining par outstanding relating to Puerto Rico credits.  The commutation had no material impact to AOG’s net GAAP income. 

Forward-Looking Statements

This release contains statements that may be considered "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These statements include, without limitation, the Company's expectations respecting the volatility of its insured portfolio, losses, loss reserves and loss development, the adequacy and availability of its liquidity and capital resources, its current run off strategy, its strategy for writing other reinsurance businesses and its expense reduction measures.  These statements are based on current expectations and the current views of the economic and operating environment and are not guarantees of future performance.  A number of risks and uncertainties, including economic competitive conditions, could cause actual results to differ materially from those projected in forward-looking statements.  The Company's actual results could differ materially from those expressed or implied in the forward-looking statements.  Among the factors that could cause actual results to differ materially are: (i) the Company's reviewing the results of our entire portfolio of policies. Management considers credit derivative policies as a normal extension of AORE’s financial guaranty business and reinsurance in substance.

Explanation of Non-GAAP Financial Measures

The Company believes that the following non-GAAP financial measure included in this press release serve to supplement GAAP information and is meaningful to investors.

Information About the Company
American Overseas Group Limited is an insurance holding company incorporated in Bermuda and a tax resident of the United Kingdom.  Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services.  More information can be found at

American Overseas Group Limited

SOURCE: American Overseas Group Limited

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