American Overseas Group Limited is a Bermuda based insurance holding company that is tax resident in the United Kingdom. It was formed on 28 January 1998 with registration number EC24451. The Issuer was formed in Bermuda in 1998. Initially, it conducted all of its operations through American Overseas Reinsurance Company Limited (“AORE”) 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.

The AORE business continues to run off satisfactorily. As of the fourth quarter of 2018, insured par has declined to $1.5 billion. In October 2014 American Overseas Group acquired Orpheus Group Ltd (“OGL”).

OGL is a specialty writer of non-standard auto business in the U.S. In addition, OGL provides specialty risk transfer, reinsurance and management services through its operating subsidiaries in the U.S., Bermuda and Barbados. OGL derives the vast majority of its income from management fees earned in connection with providing these services. The acquisition completed the Issuer’s transition to a property & casualty insurance holding company. The Issuer currently has 8 subsidiaries.