American Overseas Group Limited Announces Repurchase of Fifty (50) American Overseas Reinsurance Limited Class B Preference

American Overseas Group Limited Announces Repurchase of Fifty (50) American
Overseas Reinsurance Limited Class B Preference Shares

HAMILTON, Bermuda, Dec. 30, 2013 (GLOBE NEWSWIRE) -- On December 27, 2013,
American Overseas Reinsurance Company Limited ("AORE") completed a private
repurchase of fifty (50) Class B Preference Shares (the "Shares") from a
holder (the "Holder"). Under the terms of the repurchase agreement, AORE
repurchased the Shares at a price of $25,000 per share from the Holder, for an
aggregate price of $1,250,000. The Company expects that the repurchase of the
Shares will result in a reduction of Noncontrolling interest of $811,442 on
the Company's consolidated balance sheet during the fourth quarter of 2013,
leaving $6,053,357 of Noncontrolling interest subsequent to the repurchase.
The Company expects that a reduction of $438,558 of shareholders' equity also
will be recorded on the Company's consolidated balance sheet during the fourth
quarter of 2013 as a result of the repurchase of the Shares.

Forward Looking Statements

This release contains statements that may be considered "forward-looking
statements" within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements include, without
limitation, the Company's expectations respecting the volatility of its
insured portfolio, losses, loss reserves and loss development, the adequacy
and availability of its liquidity and capital resources, its current run off
strategy, its strategy for writing other reinsurance businesses and its
expense reduction measures. These statements are based on current expectations
and the current views of the economic and operating environment and are not
guarantees of future performance. A number of risks and uncertainties,
including economic competitive conditions, could cause actual results to
differ materially from those projected in forward-looking statements. The
Company's actual results could differ materially from those expressed or
implied in the forward-looking statements. Among the factors that could cause
actual results to differ materially are: (i) the Company's ability to execute
its business strategy, including with respect to new reinsurance businesses;
(ii) changes in general economic conditions, including inflation, foreign
currency exchange rates, interest rates and other factors; (iii) the loss of
significant customers with which AORE has a concentration of its reinsurance
in force; (iv) legislative and regulatory developments; (v) changes in
regulations or tax laws applicable to the Company or AORE or its customers;
(vi) more severe or more frequent losses associated with AORE's reinsured
portfolio; (vii) losses on credit derivatives; (viii) changes in the Company's
accounting policies and procedures that impact the Company's reported
financial results; (ix) the effects of ongoing and future litigation and (x)
other risks and uncertainties that have not been identified at this time. The
Company undertakes no obligation to revise or update any forward-looking
statement to reflect changes in conditions, events, or expectations, except as
required by law.

Information About the Company

American Overseas Group Limited is a Bermuda-based holding company. Its
operating subsidiary, American Overseas Reinsurance Company Ltd., is a
property/casualty reinsurance company that currently writes short tail
non-catastrophe property/casualty reinsurance and historically wrote financial
guaranty reinsurance for U.S. and international public finance and structured
finance transactions. The Company's financial guaranty reinsurance business is
in run-off.More information can be found at www.aoreltd.com.

CONTACT: American Overseas Group Limited
         info@aoreltd.com