American Overseas Group Ltd (United Kingdom)

American Overseas Group Limited is a company located in Hamilton, Bermuda. It was formed in 1998 and initially operated through American Overseas Reinsurance Company Limited, which was also formed in Bermuda in the same year. For about ten years, American Overseas Reinsurance Company operated as a mono-line financial guarantee reinsurance company. However, due to the financial crisis, it ceased writing financial guarantee business in 2009 and entered voluntary run-off. By the end of 2012, its insured par had declined to $9.2 billion. In 2012, American Overseas Reinsurance Company re-domesticated to Barbados and emerged from run-off as a Property & Casualty reinsurance company. In October 2014, American Overseas Group acquired Orpheus Group Ltd, a specialty writer of non-standard auto business in the U.S. Orpheus also provides specialty risk transfer, reinsurance, and management services through its operating subsidiaries in the U.S., Bermuda, and Barbados. The majority of Orpheus' income comes from management fees earned in connection with providing these services. Following the acquisition, American Overseas Group had 41 employees in Bermuda and the U.S.