American Overseas Group has announced it will re-domesticate its operating subsidiary, American Overseas Reinsurance Company (AORE), from Bermuda to Barbados.
An application is pending with the Barbados Financial Services Commission for licensing of AORE as an Exempt Insurance Company in accordance with the provisions of the Barbados Exempt Insurance Act 1983.
“AORE has received confirmation of no objection from the Bermuda Monetary Authority's Insurance Division of its discontinuance from Bermuda in accordance with the Insurance Act 1978, and intends to file notice of discontinuance under the Companies Act 1981,” said a release from the firm.
AORE submitted a business plan to begin writing short-tail, non-catastrophe, property/casualty reinsurance business upon its licensing and continuance in Barbados, while continuing to run-off its existing financial guaranty reinsurance portfolio.
AOG's CEO David Steel said: "Our strategy is to enhance shareholder value by writing short-tail, P&C reinsurance business complimenting our long-tail financial guaranty portfolio run-off. AORE's re-domestication is integral to our business plan."
AOG will remain a Bermuda-domiciled holding company with 100 percent ownership of the common equity in AORE. In addition, AOG's affiliated management company, Reid Street Services, will continue to be domiciled in Bermuda and will continue to provide services to AORE.
