About Us - American Overseas Group Limited

About Us

Bermuda Harbor

American Overseas Group Limited was formed in Bermuda in 1998. Initially, the Company conducted all of its operations through American Overseas Reinsurance Company Limited which was also formed in Bermuda in 1998. AORE operated as a mono-line financial guarantee reinsurance company for approximately ten years. AORE’s insured par peaked at $48.7 billion in early 2008. In connection with the financial crisis, AORE ceased writing financial guarantee business and entered voluntary run-off in early 2009. By the end of 2012 insured par had declined to $9.2 billion, at which time AORE re-domesticated to Barbados and emerged from run-off as a Property & Casualty reinsurance company.

In October 2014 AOG acquired Orpheus Group Ltd. Orpheus is a specialty writer of non-standard auto business in the U.S. In addition, Orpheus provides specialty risk transfer, reinsurance and management services through its operating subsidiaries in the U.S., Bermuda and Barbados. Orpheus derives the vast majority of its income from management fees earned in connection with providing these services. The acquisition completed the Company’s transition to a Property & Casualty insurance holding company. Following the acquisition, the Company had 41 employees in Bermuda and the U.S.

2014
2014 Q4
  • AOG acquires Orpheus Group Ltd.
2014 Q3
  • AOG completes tax migration to the U.K.
  • AORE forms trust for the benefit of its Class B Preference Shareholders.
2014 Q1
  • AOG forms trust for the benefit of its Series A Preference Shareholders.
2012
2012 Q4
  • AORE exits voluntary run-off and enters property/casualty reinsurance business.
  • AORE completes a re-domestication from Bermuda to Barbados.
  • AORE commutes all of its financial guarantee business ($4.4 billion of insured par) with FGIC.
2009
2009 Q4
  • Orpheus Group Ltd. purchases its initial 33.8% stake in the Common Shares of AOG.
2009 Q2
  • AOG deregistered with the SEC.
  • AOG voluntarily delisted its Common Shares from the NASDAQ Global Market.
  • AOG obtains primary listing on the Bermuda Stock Exchange.
  • AORE commutes all of its financial guarantee business ($7.4 billion of insured par) with AMBAC.
  • AORE enters voluntarily run-off.
  • AORE voluntarily withdraws its financial strength ratings with S&P and Moody’s.
2008
2008 Q4
  • AORE commutes all of its financial guarantee business ($10.6 billion of insured par) with MBIA.
2008 Q3
  • AORE commutes all of its financial guarantee business ($3.5 billion of insured par) with Syncora.
2008 Q1
  • AORE’s insured par peaks at $48.7 billion.
2006
2006 Q2
  • AOG completes an initial public offering of its Common Shares.
1998
1998 Q1
  • AORE enters the financial guarantee reinsurance business.
  • AORE’s ratings of AAA/Aa3 were confirmed by S&P and Moody’s.
  • AOG and AORE were formed in Bermuda.