The Company changed its name from RAM Holdings Ltd. to American Overseas Group Limited, and its operating subsidiary changed its name from RAM Reinsurance Company Ltd. to American Overseas Reinsurance Company Limited (“AORE”). All references below to the business of AOG, the Company and AORE refer to the activities historically conducted under the “RAM” and “RAM Re” names.
AOG effected a reverse stock split of its issued common shares. AOGs issued common shares of par value US$0.10 each were consolidated into common shares of par value US$1.00 each on a 1 for 10 basis.
AORE entered into a Settlement Agreement with one of its ceding companies, which provided, among other things, for the termination of reinsurance with respect to certain policies previously assumed, with par in-force of $26.2 million. The Settlement Agreement includes agreements with respect to certain retained risk that will continue to be covered under the existing treaty.
AORE entered into a Termination and Release Agreement with one of its ceding companies, which provided, among other things, for the termination of reinsurance with respect to several policies assumed from the ceding company with par in-force of $300.4 million.
AORE entered into a Settlement Agreement with one of its ceding companies, which provided, among other things, for AORE to commute the reinsurance with respect to certain policies written in credit derivative form, with par in-force as of December 31, 2010 of $129.8 million.
AORE entered into a Settlement, Reassumption and Release Agreement with Assured Guaranty Corp., which provided, among other things, for AORE to commute seven policies previously assumed from Assured, with par in-force of $123.0 million, primarily relating to RMBS securities.
AOG purchased all of its unsecured senior notes. The Notes that were repurchased were cancelled immediately after such repurchases.
AOG completed a tender offer for its Series A Preference Shares, pursuant to which 15,300 shares of the 75,000 shares previously outstanding were validly tendered. Following the settlement of the tender offer 59,700 shares of the Company's Series A Preference Shares remain outstanding. AORE completed a tender offer for its Class B Preference Shares, pursuant to which 68.00 shares were tendered out of the 500.01 shares outstanding. Following the settlement of the tender offer, 432.01 shares of Class B Preference Shares remain outstanding.
AOG's common shares were voluntarily delisted from the NASDAQ Global Market and thereafter trade on the Pink Sheets. AOG obtained a primary listing on the Bermuda Stock Exchange.
AORE commuted all its business with Ambac Assurance Corporation back to Ambac.
AORE issued 500.01 Class B Preference Shares in exchange for $50,001,000 of proceeds.
AORE ceased writing new business and had its financial strength ratings withdrawn by Standard & Poor's and Moody's at the Company's request.
AORE commuted all its business with MBIA Insurance Corporation back to MBIA.
AORE commuted all its business with Syncora Guaranty Re (formerly XL Financial Assurance Ltd.) back to Syncora Guaranty Re.
AOG raised $75 million with Series A Preference Shares offering.
AOG closed initial public offering of common stock.
AOG issued $40.0 million of unsecured senior notes.
AORE entered into a $50.0 million soft capital facility whereby it was granted the right to exercise perpetual put options in respect of its Class B Preference Shares.
$91.6 million is invested in AOG by MBIA, PMI, Transatlantic Re and CIVC.
AORE signed a quota share treaty with Ambac.
AOG raised $57 million in capital with an investment from Transatlantic Re.
AORE signed a facultative treaty with Ambac.
AORE signed facultative and quota share treaties with FGIC, FSA and MBIA.
AORE underwrote its first deal.
The ratings of AAA/Aa3 were confirmed on AORE by Standard and Poor's and Moody's.
An investor group, led by the PMI Group, capitalized AOG with $90 million.
AOG was formed in Hamilton, Bermuda.