American Overseas Group Limited (PK) (AOREF)

$AOREF Results of Operations for the Three Months Ended June 30, 2021 - American Overseas Group Limited Announces Net Loss Of $3.0 Million and Operating Loss of $2.4 Million For the Three Months Ended June 30, 2021
Press Release | 09/30/2021
HAMILTON, Bermuda, Sept. 30, 2021 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX: AORE.BH) (Pink Sheets: AOREF.PK) (“AOG” or the “Company”) today reported consolidated net loss available to common shareholders of $3.0 million, or $63.75 per diluted share, for the three months ended June 30, 2021. This compares to consolidated net loss available to common shareholders of $1.4 million, or $30.97 per diluted share, for the three months ended June 30, 2020. Book value per weighted share at June 30, 2021 was $1,003.21 a decline from the book value per weighted share of $1,112.19 at June 30, 2020.

For the three months ended June 30, 2021, the Company had an operating loss of $2.4 million, or $51.26 per diluted share, compared to an operating loss of $20.7 million, or $443.09 per diluted share for the three months ended June 30, 2020. The financial guaranty segment ended in April of 2020 due to a commutation of the remaining portfolio of financial guaranty reinsurance business it had assumed from Assured Guaranty Municipal Corp (“AGMC”). The aggregate outstanding par value of the reinsurance portfolio commuted was $345.0 million.

For the three months ended June 30, net earned property and casualty premiums increased $1.5 million from $4.1 million a year ago to $5.6 million, driven by an increase in existing and new programs. Fee income increased 28.6% from $2.1 million to $2.7 million driven by an increase in gross written premiums year over year of $27.8 million, moving from $86.9 million to $114.7 million. Quarterly direct written premiums were positively impacted by continued expansion of new programs in Texas and other key states as well as overall economic recovery, causing volume increases in the personal auto market. Loss and loss adjustment expenses as a percentage of earned premium increased from 51.2% to 66.0%.

For the three months ended June 30, operating expenses increased $2.1 million from $2.8 million to $4.9 million primarily due to a one-time recognition of items previously held as a receivable against a personal guarantee contract. This contract is associated with a managing general agency program that was discontinued in the first quarter of 2020. Each quarter, the Company evaluates the collectability of the receivable, and has determined there to be a significant risk to collectability in the near term. The Company no longer holds a receivable balance for the matter in question, but continues to vigorously pursue its interests to recover expenses owed under the personal guarantee contract.

As part of its ongoing capital management efforts, the Company will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves.

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.

Explanation of Non-GAAP Financial Measures

The Company believes that the following non-GAAP financial measure included in this press release serve to supplement GAAP information and is meaningful to investors.

Operating income (loss): The Company believes operating income (loss) is a useful measure because it measures income from operations, unaffected by non-operating items such as realized investment gains or losses. Operating income (loss) is typically used by research analysts and rating agencies in their analysis of the Company.

Information About the Company

American Overseas Group Limited is an insurance holding company incorporated in Bermuda and a tax resident of the United Kingdom. Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services. More information can be found at www.aoreltd.com.

American Overseas Group Limited

info@aoreltd.com

American Overseas Group Limited
Consolidated Balance Sheets
(unaudited)
As at June 30, 2021 and December 31, 2020
(dollars in thousands)


June 30, 2021 December 31, 2020
Assets
Investments:
Fixed-maturity securities held as available for sale, at fair value $ 64,496 $ 72,642
Equity investments held as available for sale, at fair value 4,626 4,143
Cash and cash equivalents 26,940 24,254
Restricted cash 2,160 548
Accrued investment income 281 355
Premiums receivable 83,127 73,073
Deferred insurance premiums 114,583 101,843
Reinsurance balances receivable, net 199,565 194,914
Deferred policy acquisition costs 4,916 3,590
Intangible assets 4,800 4,800
Goodwill 33,050 33,050
Other assets 3,167 3,767
Total Assets $ 541,711 $ 516,979


Liabilities and Equity
Liabilities:
Loss and loss expense reserve $ 198,810 $ 192,943
Deferred commission income 3,283 2,482
Unearned premiums 119,370 105,678
Ceded premium payable 77,796 71,989
Payable to general agents 7,165 4,331
Funds withheld 60,660 64,980
Accounts payable and accrued liabilities 10,226 7,922
Notes payable 16,521 16,521
Non-owned interest in VIE 300 300
Interest payable 450 451
Total Liabilities 494,581 467,597

Shareholders' Equity:
Common shares 4,698 4,698
Additional paid-in capital 189,179 189,151
Accumulated other comprehensive income 1,700 1,962
Retained deficit (154,500 ) (152,482 )
Total Shareholders' Equity 41,077 43,329
Non-controlling interest of preferred shares of subsidiaries 6,053 6,053
Total Equity 47,130 49,382


Total Liabilities and Equity $ 541,711 $ 516,979

See Notes to June 30, 2021 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com

American Overseas Group Limited
Consolidated Statements of Operations
(unaudited)
(dollars in thousands, except share and per share amounts)


Three months ended June, Six months ended June,
2021 2020 2021 2020
Revenues

Net premiums earned $ 5,552 $ 610 $ 10,537 $ 4,438
Fee income 2,736 2,084 6,022 5,251

Net investment income 65 92 162 592
Net realized gains on investments (2 ) 1,294 36 1,500
Fair value adjustment - 2,635 - 2,077
Other income 44 - 77 -

Total revenues 8,395 6,715 16,834 13,860

Expenses
Losses and loss adjustment expenses 3,667 4,107 6,391 5,811
Acquisition expenses 1,799 956 3,575 2,239
Operating expenses 4,888 2,833 7,373 6,690
Other expense - (238 ) - 284
Interest expense 451 451 902 902

Total expenses 10,805 8,109 18,241 15,926


Net (loss) available to common shareholders $ (2,410 ) $ (1,394 ) $ (1,407 ) $ (2,066 )
Income tax (expense) - (52 ) (26 ) (216 )

Net (loss) before dividends (2,410 ) (1,446 ) (1,433 ) (2,282 )
Dividends on preference shares of subsidiary (585 ) - (585 ) -


Net (loss) available to common shareholders $ (2,995 ) $ (1,446 ) $ (2,018 ) $ (2,282 )


Net (loss) per common share:
Basic $ (63.75 ) $ (31.18 ) $ (42.96 ) $ (49.29 )
Diluted (63.75 ) (30.97 ) (42.96 ) (48.96 )

Weighted-average number of common shares outstanding:
Basic 46,979 46,379 46,979 46,295
Diluted 46,979 46,689 46,979 46,605

See Notes to June 30, 2021 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com

AMERICAN OVERSEAS GROUP LTD.
NET INCOME AND OPERATING INCOME BY SEGMENT


(dollars in thousands) Three months ended June 30, 2021
Net Income Available to Common Shareholders Net Realized (Gain)/Loss on Sales of Investments Net Change in Fair Value of Credit Derivatives Fair Value Adjustments Restructuring Charges Operating Income
Property and casualty:

Net premiums earned $ 5,552 $ 5,552
Losses and loss adjustment expenses (3,667 ) (3,667 )
Acquisition expenses (1,799 ) (1,799 )
Property/Casualty Underwriting Income 86 86

Fee income 2,736 2,736
Operating expenses (4,468 ) (4,468 )
Income tax - -
Property and casualty (1,646 ) - - - - (1,646 )

Financial guaranty:

Net premiums earned - -
Net change in fair value of credit derivatives - -
Losses and loss adjustment expenses - -
Acquisition expenses - -
Operating expenses - -
Financial guaranty - - - - - -

Corporate and Investing

Net investment income 65 65
Net realized gain/(loss) (2 ) 2 -
Operating expenses (420 ) (420 )
Interest expense (451 ) (451 )
Other income, net of other expense 44 44
Corporate and investing (764 ) 2 - - - (762 )

Group total $ (2,410 ) $ 2 $ - $ - $ - $ (2,408 )


(dollars in thousands) Three months ended June 30, 2020
Net Income Available to Common Shareholders Net Realized (Gain)/Loss on Sales of Investments Net Change in Fair Value of Credit Derivatives Fair Value Adjustments Restructuring Charges Operating Income
Property and casualty:

Net premiums earned $ 4,120 $ 4,120
Losses and loss adjustment expenses (2,111 ) (2,111 )
Acquisition expenses (1,085 ) (1,085 )
Property/Casualty Underwriting Income 924 923

Fee income 2,084 2,084
Operating expenses (2,483 ) (2,483 )
Income tax (53 ) (53 )
Property and casualty 472 - - - - 472

Financial guaranty:

Net premiums earned (3,510 ) 3,510 -
Net change in fair value of credit derivatives - - -
Losses and loss adjustment expenses (1,995 ) (18,657 ) (20,652 )
Acquisition expenses 129 (129 ) -
Operating expenses 37 37
Financial guaranty (5,339 ) - - (15,276 ) - (20,615 )

Corporate and Investing

Net investment income 92 92
Net realized gain/(loss) 1,293 (20,793 ) 19,500 -
Fair value adjustment 2,635 (2,635 ) -
Operating expenses (386 ) (386 )
Interest expense (451 ) (451 )
Other income, net of other expense 238 238
Corporate and investing 3,421 (20,793 ) - 16,865 - (507 )

Group total $ (1,446 ) $ (20,793 ) $ - $ 1,589 $ - $ (20,650 )



AMERICAN OVERSEAS GROUP LTD.
NET INCOME AND OPERATING INCOME BY SEGMENT


(dollars in thousands) Six months ended June 30, 2021
Net Income Available to Common Shareholders Net Realized (Gain)/Loss on Sales of Investments Net Change in Fair Value of Credit Derivatives Fair Value Adjustments Restructuring Charges Operating Income
Property and casualty:

Net premiums earned $ 10,537 $ 10,537
Losses and loss adjustment expenses (6,391 ) (6,391 )
Acquisition expenses (3,575 ) (3,575 )
Property/Casualty Underwriting Income 571 571

Fee income 6,022 6,022
Operating expenses (6,745 ) (6,745 )
Income tax (26 ) (26 )
Property and casualty (178 ) - - - - (178 )

Financial guaranty:

Net premiums earned - -
Net change in fair value of credit derivatives - -
Losses and loss adjustment expenses - -
Acquisition expenses - -
Operating expenses - -
Financial guaranty - - - - - -

Corporate and Investing

Net investment income 162 162
Net realized gain/(loss) 36 (36 ) -
Operating expenses (628 ) (628 )
Interest expense (902 ) (902 )
Other income, net of other expense 77 77
Corporate and investing (1,255 ) (36 ) - - - (1,291 )

Group total $ (1,433 ) $ (36 ) $ - $ - $ - $ (1,469 )


(dollars in thousands) Six months ended June 30, 2020
Net Income Available to Common Shareholders Net Realized (Gain)/Loss on Sales of Investments Net Change in Fair Value of Credit Derivatives Fair Value Adjustments Restructuring Charges Operating Income
Property and casualty:

Net premiums earned $ 7,951 $ 7,951
Losses and loss adjustment expenses (4,234 ) (4,234 )
Acquisition expenses (2,370 ) (2,370 )
Property/Casualty Underwriting Income 1,347 1,347

Fee income 5,251 5,251
Operating expenses (5,625 ) 362 (5,263 )
Income tax (217 ) (76 ) (293 )
Property and casualty 756 - - - 286 1,042

Financial guaranty:

Net premiums earned (3,513 ) 3,703 190
Net change in fair value of credit derivatives 2 (2 ) -
Losses and loss adjustment expenses (1,577 ) (19,546 ) (21,123 )
Acquisition expenses 131 (153 ) (22 )
Operating expenses (67 ) (67 )
Financial guaranty (5,024 ) - (2 ) (15,996 ) - (21,022 )

Corporate and Investing

Net investment income 592 592
Net realized gain/(loss) 1,500 (21,000 ) 19,500 -
Fair value adjustment 2,077 (2,077 ) -
Operating expenses (998 ) (998 )
Interest expense (902 ) (902 )
Other income, net of other expense (283 ) (283 )
Corporate and investing 1,986 (21,000 ) - 17,423 - (1,591 )

Group total $ (2,282 ) $ (21,000 ) $ (2 ) $ 1,427 $

$AOREF Results of Operations for the Year Ended December 31, 2019 - American Overseas Group Limited Announces Net Loss Of $3.7 Million and Operating Loss of $9.1 Million For the Year Ended December 31, 2019
Press Release | 06/26/2020
HAMILTON, Bermuda, June 26, 2020 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX: AORE.BH) (Pink Sheets: AOREF.PK) (“AOG” or the “Company”) today reported consolidated net loss available to common shareholders of $3.7 million, or $80.13 per diluted share, for the year ended December 31, 2019. This compares to consolidated net loss available to common shareholders of $3.2 million, or $69.12 per diluted share, for the year ended December 31, 2018.

The results for the year were driven by losses in the Company’s financial guaranty segment related to commuted policies and Puerto Rico related credits. Book value per share at December 31, 2019 was $1,159.08, a decline from the book value per share of $1,212.83 at December 31, 2018.

For the year ended December 31, 2019, the Company had an operating loss of $9.1 million, or $196.78 per diluted share, compared to an operating loss of $0.6 million, or $11.97 per diluted share for the year ended December 31, 2018. Operating income for the property and casualty segment in 2019 was $0.9 million, compared to the $2.9 million operating income in 2018 for this segment. The financial guaranty segment had operating losses of $11.0 million for 2019, compared to financial guaranty operating losses of $4.5 million for 2018.

Net earned property and casualty premiums increased $6.4 million from $2.4 million in 2018 to $8.8 million in 2019, driven by the addition of new agency relationships. Loss and loss adjustment expenses as a percentage of earned premiums improved slightly, 44.9% to 41.9% driven by both current and prior accident year results. Operating income in the property and casualty segment decreased $2.0 million primarily due to increase in acquisition costs resulting from significant increases in written premium.

The legacy financial guaranty portfolio of American Overseas Reinsurance Company Limited (“AORE”) continued to run-off satisfactorily. The financial guaranty operating loss of $11.0 million in 2019 is driven by net losses associated with the commutation of $1.065 billion of outstanding par during the second quarter of 2019, as well as unfavorable development on outstanding losses. As of December 31, 2019, outstanding par within the financial guaranty segment is $362 million compared to $1.474 billion at December 31, 2018.

AORE entered into a Commutation Agreement, effective April 1, 2020, to commute the remaining portfolio of financial guaranty reinsurance business it had assumed from Assured Guaranty Municipal Corp (“AGMC”). The aggregate outstanding par value of the reinsurance portfolio being commuted was $345.0 million as of April 1, 2020, therefore eliminating the financial guaranty reinsurance business at AORE.

Operating expenses of $13.6 million in 2019 were comparable to 2018 of $13.4 million.

As part of its ongoing capital management efforts, the Company will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves.

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 regarding its ability to continue to write insurance or reinsurance for its operations. 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 the current COVID-19 pandemic and its impact on the global economy and general economic competitive conditions, could cause actual results to differ materially from those expected 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 include the Company's review of the results of its entire portfolio of policies, changes in general economic conditions, including from COVID-19, unemployment rates, inflation, foreign currency exchange rates, interest rates and other factors and other risks and uncertainties that have not yet 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.

Explanation of Non-GAAP Financial Measures

The Company believes that the following non-GAAP financial measure included in this press release serve to supplement GAAP information and is meaningful to investors.

Operating income (loss): The Company believes operating income (loss) is a useful measure because it measures income from operations, unaffected by non-operating items such as realized investment gains or losses. Operating income (loss) is typically used by research analysts and rating agencies in their analysis of the Company.

Information About the Company

American Overseas Group Limited is an insurance holding company incorporated in Bermuda and a tax resident of the United Kingdom. Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services. More information can be found at www.aoreltd.com.

American Overseas Group Limited

info@aoreltd.com




American Overseas Group Limited
Consolidated Balance Sheets
(unaudited)
As at December 31, 2019 and December 31, 2018
(dollars in thousands)

December 31, 2019 December 31, 2018
Assets

Investments:
Fixed-maturity securities held as available for sale, at fair value $ 129,748 $ 135,896
Equity investments held as available for sale, at fair value 1,181 5,730
Cash and cash equivalents 22,602 34,708
Restricted cash 10,557 6,554
Accrued investment income 675 662
Premiums receivable 81,000 78,610
Deferred insurance premiums 125,728 -
Reinsurance balances receivable, net 210,405 322,338
Salvage and subrogation recoverable 386 333
Deferred policy acquisition costs 515 161
Intangible assets 4,800 4,800
Goodwill 33,050 33,050
Other assets 3,184 1,712
Total Assets $ 623,831 $ 624,554


Liabilities and Equity
Liabilities:
Loss and loss expense reserve $ 263,686 $ 266,727
Unearned premiums 128,793 110,812
Ceded premium payable 89,078 94,330
Payable to general agents 3,087 1,428
Funds withheld 52,794 54,440
Accounts payable and accrued liabilities 5,071 2,524
Redeemable preference shares: ($0.10 par value and $1,000 redemption value; authorized shares - 75,000; issued and outstanding shares - 38,600 at December 31, 2019 and December 31, 2018, respectively) 7,292 7,038
Derivative liabilities 10 266
Notes payable 16,521 16,521
Non-owned interest in VIE 300 300
Interest payable 451 451
Fair value adjustment 2,901 13,741
Deferred tax liability 322 35
Total Liabilities 570,306 568,613

Shareholders' Equity:
Common shares 4,618 4,613
Additional paid-in capital 189,002 188,729
Accumulated other comprehensive income 1,323 237
Retained deficit (147,471 ) (143,691 )
Total Shareholders' Equity 47,472 49,888
Non-controlling interest of preferred shares of subsidiaries 6,053 6,053
Total Equity 53,525 55,941


Total Liabilities and Equity $ 623,831 $ 624,554


See Notes to 2019 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com




American Overseas Group Limited
Consolidated Statements of Operations
(unaudited)
For twelve months ended December 31, 2019 and 2018
(dollars in thousands, except share and per share amounts)


Year ended December 31,
2019 2018
Revenues

Net premiums earned $ (5,423 ) $ (215 )
Fee income 11,591 11,470

Change in fair value of credit derivatives
Realized gains and other settlements 74 14
Unrealized gains 191 61

Net change in fair value of credit derivatives 265 75

Net investment income 2,447 2,809
Net realized gains on investments 1,824 8
Fair value adjustment 10,586 332
Other income 383 532

Total revenues 21,673 15,011

Expenses
Losses and loss adjustment expenses 7,474 2,593
Acquisition expenses 1,627 (577 )
Operating expenses 13,605 13,392
Interest expense 1,803 2,191

Total expenses 24,509 17,599


Net (loss) available to common shareholders $ (2,836 ) $ (2,588 )
Income tax (expense) (287 ) (4 )

Net (loss) before dividends (3,123 ) (2,592 )
Dividends on preference shares of subsidiary (585 ) (585 )


Net (loss) available to common shareholders $ (3,708 ) $ (3,177 )


Net (loss) per common share:
Basic $ (80.34 ) $ (69.12 )
Diluted (80.13 ) (69.12 )

Weighted-average number of common shares outstanding:
Basic 46,161 45,965
Diluted 46,281 45,965

See Notes to 2019 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com




AMERICAN OVERSEAS GROUP LTD.

NET INCOME AND OPERATING INCOME BY SEGMENT


(dollars in thousands) December 31, 2019
Net income available
to common
shareholders Net realized loss
on sales of
investments Net change in
fair value of
credit derivatives Fair value
adjustments Operating
income
Property and casualty:

Net premiums earned $ 8,824 $ 8,824
Losses and loss adjustment expenses (3,701 ) (3,701 )
Acquisition expenses (4,752 ) (4,752 )
Fee income 11,591 11,591
Operating expenses (10,741 ) (10,741 )
Income tax (287 ) (287 )
Property and casualty 934 - - - 934

Financial guaranty:

Net premiums earned (14,247 ) 13,129 (1,118 )
Net change in fair value of credit derivatives 265 (191 ) 74
Losses and loss adjustment expenses (3,773 ) (3,644 ) (7,417 )
Acquisition expenses 3,125 (2,868 ) 257
Operating expenses (2,753 ) (2,753 )
Financial guaranty (17,383 ) - (191 ) 6,617 (10,957 )

Corporate and Investing

Net investment income 2,447 2,447
Net realized loss on sales of investments 1,824 (1,824 ) -
Fair value adjustment 10,586 (10,586 ) -
Operating expenses (111 ) (111 )
Interest expense (1,803 ) (1,803 )
Other income, net of other expense 383 383
Corporate and investing 13,326 (1,824 ) - (10,586 ) 916

Group total $ (3,123 ) $ (1,824 ) $ (191 ) $ (3,969 ) $ (9,107 )



AMERICAN OVERSEAS GROUP LTD.

NET INCOME AND OPERATING INCOME BY SEGMENT


(dollars in thousands) December 31, 2018
Net income available
to common
shareholders Net realized loss
on sales of
investments Net change in
fair value of
credit derivatives Fair value
adjustments Operating
income
Property and casualty:

Net premiums earned $ 2,361 $ 2,361
Losses and loss adjustment expenses (1,060 ) (1,060 )
Acquisition expenses (556 ) (556 )
Fee income 11,470 11,470
Operating expenses (9,278 ) (9,278 )
Income tax (4 ) (4 )
Property and casualty 2,933 - - - 2,933

Financial guaranty:

Net premiums earned (2,576 ) 8,649 6,073
Net change in fair value of credit derivatives 75 (61 ) 14
Losses and loss adjustment expenses (1,533 ) (3,848 ) (5,381 )
Acquisition expenses 1,133 (2,359 ) (1,226 )
Operating expenses (3,975 ) (3,975 )
Financial guaranty (6,877 ) - (61 ) 2,442 (4,495 )

Corporate and Investing

Net investment income 2,809 2,809
Net realized loss on sales of investments 8 (15,608 ) 15,600 -
Fair value adjustment 332 (332 ) -
Operating expenses (139 ) (139 )
Interest expense (2,191 ) (2,191 )
Other income, net of other expense 532 532
Corporate and investing 1,351 (15,608 ) - 15,268 1,011

Group total $ (2,592 ) $ (15,608 ) $ (61 ) $ 17,710 $ (551 )

$RAMR$UPDATE
http://www.babelation.com/feed/ram-holdings-ltd-ramr-otc-link-ram-holdings-ltd-announces-steve-gralla8217s-inability-join-boar

Sure.

I'll give you some oversight and suggest you read some of the older Yahoo Board postings.

RAMR is a reinsurance company who elected not to be listed to save money. They also cut back on the number of Directors for same reason. They announced in their 2009 Annual that they are in "run off." This has been repeated in a release.

Their employees, with the exception of one, have been hired by a company that is managing RAMR at no cost. The management company is controlled by the major shareholder Steven Tynan who effectively controls with other insiders and past insiders 67% of the shares. Insiders had been buying heavily up until the time RAMR no longer had to report such activities.

In May of 2010 they signed a 3 year lease on their offices in Bermuda.

Their BV is about $3.80 currently. They have been benefiting by the actions of FGIC. Also buying in their notes and pfd at discounts. If the trend continues, it is estimated they could have a BV near $5.00.

The steady increase in share price is due to a tightening of the float (about 8M), the increase in BV and the prospects of either a liquidation or merger more than likely sometime within 2 years.

They reported a nice profit in the 1st Qtr of 2010 and the 2nd Qtr report, due last week, has been delayed until early November. They recently changed auditors but that does not necessarily signal either positive or negative.

On a personal level, this is the single largest investment I own.

Again, more detail can be garnered going to their website or reviewing the Yahoo Board.

can you give me insight into this stock. i like the look of the chart as slow and steady upwards.

2nd Qtr report due Oct 4th.

Be interesting to see if they have made any progress with the tendering by FGIC and also internally.

VI ... are you still in this fantastic stock?

Ralph

This Board has been inactive yet this is one of the most exciting investment opportunities I have experienced.

Small float, about $8MM shares as insiders own 69% and largest insider could thru one of its affiliates buy out the company.

Also last company reports indicate "winding down." Latest BV was $2.85 and there are several scenarios that could impact that such as buying pfd at a discount to par and commuting outstanding insurance obligations at a reduced level to exposure.

The two principal officers, both very large shareholders, have tendered their resignations effective May 14th. There have been significant changes in the number of directors and composition of the Board. Counsel resigned Fall of last year. Company issued a statement a while back that they would make a statement on May 6th. So lots happening.

My personal belief is distirbution of BV to common and sale of "shell" with its licenses to sell re-insurance intact to one of the larger insiders.

Shares have been creeping up to new support levels since $.11.

Anybody out there interested can also look at the Yahoo Board which is more current and active.

Up 113 % very nice

they're not writing any new insurance now and the value here will depend on the failure rate of the loans they currently insure.
they have some capital and this may turn out well if their portfolio of assets is stable.

i believe they are moving to Bahamas exchange and the money flow/regulatory oversight there is much less than the USA, so saving fees otherwise paid to NASDAQ comes at the price of lower liquidity, lesser ability to raise capital and much less disclosure to common shareholders.

company is not going BK or any type of chapter, only going to a new exchange to save money. They seem to think NASDAQ is too much money..... company PPS wayyyy oversold and undervalued. This price is for BK companies and RAM is not going BK, only relocation .

RAMR will be de-registered on 05/14/2009. Could that mean the share
cancellation? Why no one cares about such big event? That will hurt
the stock price significantly! Tried to call the CEO and no answer.

ANYONE SEE THIS

-National Securities Exchange Report the Removal from listing and reg. of matured,redeemed or retired securities (25)
Date : 05/04/2009 @ 2:50PM
Source : Edgar (US Regulatory)
Stock : (RAMR)
Quote : 0.1097 0.0084 (8.29%) @ 7:56PM


-National Securities Exchange Report the Removal from listing and reg. of matured,redeemed or retired securities (25)





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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 25



NOTIFICATION OF REMOVAL FROM LISTING AND/OR
REGISTRATION UNDER SECTION 12(b) OF THE
SECURITIES EXCHANGE ACT OF 1934.


Commission File Number: 001-32864

RAM Holdings Ltd., NASDAQ Stock Market LLC
(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

RAM Re House
46 Reid Street
Hamilton HM 12 Bermuda
(441) 296-6501
(Address, including zip code, and telephone number, including area code, of Issuer’s principal executive offices)

Common Shares, $0.10 par value
(Description of class of securities)


Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

o 17 CFR 240.12d2-2(a)(1)

o 17 CFR 240.12d2-2(a)(2)

o 17 CFR 240.12d2-2(a)(3)

o 17 CFR 240.12d2-2(a)(4)



o Pursuant to 17 CFR 240.12d2 -2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange.

1

x Pursuant to 17 CFR 240.12d2 -2(c), the Issuer has complied with the rules of the Exchange and the requirements of 17 CFR 240.12d2 -2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.


Pursuant to the requirements of the Securities Exchange Act of 1934, RAM Holdings Ltd. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.


May 4, 2009 By /s/ Victoria W. Guest General Counsel
Date Victoria W. Guest Title


1 Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d -1 as applicable. See General Instructions.


Persons who respond to the collection of information contained
SEC 1654(03-06) in this form are not required to respond unless the form
displays a currently valid OMB control number.






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Why threr are endless supply between $0.095 and $0.11? Dilution?

RAMR is already bottomed out $0.095 and it will rally to as high as
$0.2 today. Buy at the ask price only & as many shares as you can!

The after-hour session is very interesting: $0.0971 x $0.1001 then
$0.1001 x $0.12. I bet tomorrow we will see $0.19 ~ $0.2 before the
delisting (from NASDAQ) news which will be released on 05/04/2009.

out 2day even...em

Someone sold about 25,000 shares at $0.11 in yesterday's after-hour session which is a half penny lower than yesterday's closing price. Why? They should be easily selling them at $0.115 or higher before
the market closing. Did MMs do this on purpose or manipulation?

This is also listed on the Bermuda Stock Exchange BSX.
http://www.bsx.com/DTR.asp

Power hour is here,I think we close @ .13

Although the Company currently expects that the Board of Directors will approve such deregistration and suspension, there can be no assurance that the Board of Directors will do so.

I think most of the information is current,and up to date.see new holdings below.
http://www.fatpitch.biz/cgi-bin/f.cgi/psp/extn/lmt_entry/cik.1352713.813.html
2009-02-17 Amended 8.6% WELLINGTON MANAGEMENT CO LLP RAM HOLDINGS LTD. RAMR [C]
2009-02-12 Amended 6.9% BANK OF AMERICA CORP /DE/ RAM HOLDINGS LTD. RAMR [C]
2009-02-12 Amended 0.0% CAPITAL INTERNATIONAL INC /CA/ RAM HOLDINGS LTD. RAMR [C]
2009-01-29 Insider (A) 1.3% TYNAN STEVEN J (Dr) RAM HOLDINGS LTD. RAMR 350000
2009-01-29 Amended 23.7% PMI GROUP INC RAM HOLDINGS LTD. RAMR [C]
2009-01-28 Amended 10.6% HIGH RIDGE CAPITAL LLC RAM HOLDINGS LTD. RAMR [C]
2009-01-09 New 5% 23.7% PMI MORTGAGE INSURANCE CO. RAM HOLDINGS LTD. RAMR [C]
2008-12-22 Insider (A) 2.4% VOLDSTAD CONRAD P (Dr) RAM HOLDINGS LTD. RAMR 640488
2008-12-15 Insider (A) 0.4% ENDO VERNON M (CEO) RAM HOLDINGS LTD. RAMR 119516
2008-12-10 Insider (A) 1.7% VOLDSTAD CONRAD P (Dr) RAM HOLDINGS LTD. RAMR 468289
2008-12-08 Insider (A) 1.6% VOLDSTAD CONRAD P (Dr) RAM HOLDINGS LTD. RAMR 434218
2008-09-19 Insider (A) 0.3% ENDO VERNON M (CEO) RAM HOLDINGS LTD. RAMR 69516
2008-08-28 Insider (A) 1.1% VOLDSTAD CONRAD P (Dr) RAM HOLDINGS LTD. RAMR 290600
2008-08-27 Insider (A) 10.5% TYNAN STEVEN J (Dr) RAM HOLDINGS LTD. RAMR 2871048
2008-08-26 Insider (A) 0.2% ENDO VERNON M (CEO) RAM HOLDINGS LTD. RAMR 68016
2008-08-22 Insider (A) 10.6% TYNAN STEVEN J (Dr) RAM HOLDINGS LTD. RAMR 2893048
2008-08-21 Insider (A) 0.2% ENDO VERNON M (CEO) RAM HOLDINGS LTD. RAMR 57715
2008-06-24 Insider (A) 10.4% TYNAN STEVEN J (Dr) RAM HOLDINGS LTD. RAMR 2845048
2008-06-09 Insider (A) 0.9% VOLDSTAD CONRAD P (Dr) RAM HOLDINGS LTD. RAMR 251400
2008-05-23 Insider (A) 0.0% GUEST VICTORIA W RAM HOLDINGS LTD. RAMR 10000
2008-03-25 Insider (A) 0.3% STUUROP DIRK A (Dr) RAM HOLDINGS LTD. RAMR 90000
2008-03-25 Insider (A) 9.8% TYNAN STEVEN J (Dr) RAM HOLDINGS LTD. RAMR 2675048
2008-03-24 Insider (A) 0.6% VOLDSTAD CONRAD P (Dr) RAM HOLDINGS LTD. RAMR 151400
2008-03-07 Insider (A) opt STEEL DAVID K RAM HOLDINGS LTD. RAMR 198500
2008-03-07 Insider (A) opt GUEST VICTORIA W RAM HOLDINGS LTD. RAMR 96000
2008-03-07 Insider (A) opt GERRY JAMES P RAM HOLDINGS LTD. RAMR 158000
2008-03-07 Insider (A) opt ENDO VERNON M (CEO) RAM HOLDINGS LTD. RAMR 300000
2008-03-07 Insider (A) 0.1% YUEL LARYSSA RAM HOLDINGS LTD. RAMR 30381
2008-03-07 Insider (A) 0.2% GILPIN EDWARD U (CFO) RAM HOLDINGS LTD. RAMR 53621
2008-03-07 Insider (A) opt WOLLMANN PAUL RAM HOLDINGS LTD. RAMR 158000
2008-02-14 New 5% 9.6% WELLINGTON MANAGEMENT CO LLP RAM HOLDINGS LTD. RAMR [C]
2008-02-13 Amended 3.9% AMERICAN INTERNATIONAL GROUP I RAM HOLDINGS LTD. RAMR [C]
2008-02-12 New 5% 7.9% CAPITAL GROUP INTERNATIONAL IN RAM HOLDINGS LTD. RAMR
2008-02-08 Amended 5.3% BANK OF AMERICA CORP /DE/ RAM HOLDINGS LTD. RAMR [C]
2008-02-07 Amended 9.5% HIGH RIDGE CAPITAL LLC RAM HOLDINGS LTD. RAMR [C]
2008-02-07 Amended 13.1% BANK OF AMERICA CORP /DE/ RAM HOLDINGS LTD. RAMR [C]
2008-01-04 Insider (A) opt PMI GROUP INC (10%) RAM HOLDINGS LTD. RAMR 1000
2007-12-13 Amended 0.0% BANK OF AMERICA CORP /DE/ RAM HOLDINGS LTD. RAMR [C]
2007-12-06 Insider (A) 0.4% VOLDSTAD CONRAD P (Dr) RAM HOLDINGS LTD. RAMR 105400
2007-12-05 Insider (A) 0.1% STEEL DAVID K RAM HOLDINGS LTD. RAMR 18870
2007-12-05 Insider (A) 9.6% TYNAN STEVEN J (Dr) RAM HOLDINGS LTD. RAMR 2613048
2007-11-15 Insider (A) 0.1% STUUROP DIRK A (Dr) RAM HOLDINGS LTD. RAMR 40000
2007-11-15 Insider (A) 0.0% GUEST VICTORIA W RAM HOLDINGS LTD. RAMR 2500
2007-11-09 Insider (A) 0.1% DONOVAN JOSEPH M (Dr) RAM HOLDINGS LTD. RAMR 15000
2007-09-25 Insider (A) 0.0% GUEST VICTORIA W RAM HOLDINGS LTD. RAMR 2311
2007-09-14 Insider (A) 0.0% BOYLE DAVID L (Dr) RAM HOLDINGS LTD. RAMR 11500
2007-09-11 Insider (A) 0.1% STUUROP DIRK A (Dr) RAM HOLDINGS LTD. RAMR 35000
2007-09-05 Insider (A) 0.2% ENDO VERNON M (CEO) RAM HOLDINGS LTD. RAMR 49809
2007-08-31 Insider (A) 0.3% VOLDSTAD CONRAD P (Dr) RAM HOLDINGS LTD. RAMR 79400
2007-08-30 Insider (A) 9.3% TYNAN STEVEN J (Dr) RAM HOLDINGS LTD. RAMR 2543048

Ram Holdings Ltd. $ 0.12
RAMR 0.01
Short Interest (Shares Short) 449,100
Days To Cover (Short Interest Ratio) 0.5
Short Percent of Float 2.24 %
Short Interest - Prior 454,100
Short % Increase / Decrease -1.10 %
Short Squeeze Ranking™ -1
% From 52-Wk High ($ 3.22 ) -2628.81 %
% From 52-Wk Low ($ 0.15 ) -27.97 %
% From 200-Day MA ($ 0.55 ) -366.10 %
% From 50-Day MA ($ 0.23 ) -94.92 %
Price % Change (52-Week) -87.80 %
Shares Float 20,070,000
Total Shares Outstanding 27,282,579
% Owned by Insiders 41.46 %
% Owned by Institutions 32.00 %
Market Cap. $ 3,216,616
Trading Volume - Today 319,998
Trading Volume - Average 866,600
Trading Volume - Today vs. Average 36.93 %
Earnings Per Share -5.85
PE Ratio
Record Date 2009-AprilB
Sector Financial
Industry Surety & Title Insurance
Exchange NAS

That information are too old and are useless at all because since then the whole market and economy had changed significantly. Why
did not they buy any share between $0.1 and $0.2 if the insiders
are not dumping the shares to the market?

This is what you call a slow death, and the smart ones (if you can call them that) are making money the whole way down.

Top Mutual Fund Holders
Percentage of Outstanding Shares per Holdings Style (Top 10)
Growth 3.9%
GARP 3.0%
Index 0.8%
Core Value 0.6%
Momentum 0.3%
Sector Specific 0.1%
Aggres. Gr. 0.1%
Core Growth 0.0%
Deep Value 0.0%
International 0.0%
Moderate
Avg. Turnover Rating
Name

Shares Held

Position Value

Percentage of
Total Holdings
since 4/26/09

% Owned
of Shares
Outstanding

Investment
Style
Columbia Small ...

898.8K
$296,617 +4% 3.3%
Growth
Skyline Special ...

417.4K
$154,443 +2% 1.5%
GARP
Columbia Small ...

252.0K
$83,145 +1% 0.9%
GARP
Vanguard Total ...

216.1K
$363,102 +1% 0.8%
Index
SEI ...

120.1K
$42,035 +1% 0.4%
GARP
SEI ...

92.7K
$34,299 0% 0.3%
Growth
Managers Special ...

92.2K
$34,114 0% 0.3%
Growth
Capital ...

76.4K
$76,400 0% 0.3%
Core Value
SEI ...

74.3K
$26,005 0% 0.3%
Momentum
Seligman Global ...

54.4K
$23,936 0% 0.2%
GARP

Top Institutional Holders
Concentration of Current % Held
Top 10 Institutions: Ownership by top 10 institutions Top 20 Institutions: Ownership by top 20 institutions Top 50 Institutions: Ownership by top 50 institutions All: Ownership by all institutions
Low
Avg. Turnover Rating
Name

Shares Held

Position Value

Percentage of
Total Holdings
since 4/26/09

% Owned
of Shares
Outstanding

Turnover
Rating
PMI Group Inc

6.5M
$2,387,756 +32% 23.7%
Low
High Ridge ...

2.5M
$907,628 +12% 9.0%
Low
Wellington ...

2.3M
$864,589 +12% 8.6%
Low
Columbia ...

1.9M
$696,024 +9% 6.9%
Low
AIG Investments

1.1M
$5,263,891 +5% 3.9%
Low
GSC Group

1.0M
$388,152 +5% 3.9%
Low
Ahab Capital ...

1.0M
$370,000 +5% 3.7%
Moderate
Skyline Asset ...

774.0K
$286,393 +4% 2.8%
Moderate
Voldstad (Conrad P)

606.4K
$224,374 +3% 2.2%
Moderate
Tynan (Steven J)

450.0K
$166,500 +2% 1.7%
Low

Insider Activity
Transaction Date Insiders/Title Buy/Sell
Insider Score Transaction
Type Ownership
Type Market Value Shares Price Range Total Holdings
12/19/2008 Voldstad Conrad P
Directors --/-- Purchase Direct $70,189 172,199 0.40-0.41 640,488
12/12/2008 Endo Vernon M
Officers --/-- Purchase Direct $33,912 50,000 0.65-0.68 119,516
12/09/2008 Voldstad Conrad P
Directors --/-- Purchase Direct $23,750 34,071 0.70-0.70 468,289
12/05/2008 Voldstad Conrad P
Directors --/-- Purchase Direct $95,533 143,618 0.64-0.69 434,218

May or may not get delisted.

The pos scam just hit the new 52-week low $0.1 yesterday and will
hit another new low $0.05 in the next week while the delist occurs.

Could go lower,not sure yet.

Total Shareholder Equity $89,357,000 divided by 27,000,000 shares = $3.30 per share

was hopin itll go a bet lower, anyways have to wait for wamuq to finish anyhow? C what happens to this thing!gl c yall soon

Only 27 million shares outstanding.

Nice bounce coming, just bought 50,000 to start.

RAMR is definately headed to the crapper. Watch for a rebound play after a huge sell-off soon.
Currently .115 with 666 thousand shares moved,down 36 %

RAM Holdings Ltd. Announces Intent to Voluntarily Delist its Common SharesLast update: 4/24/2009 8:30:01 AMHAMILTON, Bermuda, Apr 24, 2009 (BUSINESS WIRE) -- RAM Holdings Ltd. (RAMR) (the "Company") announced today that it has notified the Nasdaq Stock Market of its intent to voluntarily delist its common shares from the Nasdaq Global Market, and that the Company anticipates that its Board of Directors (the "Board") will approve the deregistration of its common shares under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and suspension of its obligations to file reports with the Securities and Exchange Commission ("SEC"). The decision of the Board to delist was based on the consideration of numerous factors, including (1) the low trading volume in the common shares, (2) the low market capitalization of the common shares, (3) the limited analyst coverage of the common shares, and (4) the necessity of delisting as a preliminary step to deregistering the common shares under the Exchange Act and suspending the Company's obligation to file reports with the SEC, should the Board approve such deregistration and suspension. The Board made this determination after extensive deliberations, advice of the Company's financial and legal advisors and careful consideration of the advantages and disadvantages of no longer being a public company. The Company anticipates that it will file with the SEC a Form 25 relating to the delisting of its common shares on or about May 4, 2009, with the delisting of its common shares to be effective ten days thereafter. Accordingly, the Company anticipates that the last day of trading of its common share on the Nasdaq Global Market will be Thursday, May 14, 2009. In addition, the Company anticipates that the Board will approve the deregistration of the common shares under the Exchange Act and the suspension of the obligation to file reports with the SEC at the next meeting of the Board, which is currently scheduled to be held on May 12, 2009. The additional factors the Board has been considering in connection with the proposed deregistration and suspension include: (1) the disproportionately large costs of preparing and filing periodic reports with the SEC, (2) the substantial accounting, audit, legal and other costs and expenses associated with being a public company, particularly due to the Sarbanesa^'Oxley Act of 2002, and (3) the additional demands placed on management and Company personnel to comply with requirements required of registrants. Although the Company currently expects that the Board will approve such deregistration and suspension, there can be no assurance the Board will do so. If the Board approves the deregistration of the common shares and the suspension of the obligation to file reports as discussed above, on the effective date of the delisting, the Company would file a Form 15 to deregister its common shares under Section 12 of the Exchange Act. The Company is eligible to delist and deregister because it has fewer than 300 record holders of its common shares. Upon the filing of the Form 15, the Company's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, would immediately be suspended. The Company expects that the deregistration of its common shares would become effective 90 days after the date the Form 15 is filed with the SEC. If the Board approves such deregistration and suspension, the Company intends to continue reporting its quarterly and annual financial results in press releases and on its website, and to report to its shareholders in accordance with Bermuda law and its Bye-laws. The Company has applied to the Bermuda Stock Exchange (the "BSX") to convert its secondary listing to a primary listing effective upon the delisting of its common shares from the Nasdaq Global Market and intends to comply with the reporting requirements of the BSX. In addition, the Company anticipates that its common shares will be quoted on the Pink Sheets, a centralized electronic quotation service for over-the-counter securities. However, the Company can provide no assurance that market makers will make a market in its common shares or that trading of its shares will continue on the BSX, Pink Sheets or any other forum.

As I predicted the pos scam hit $0.159 today and the current year's
low $0.151 will be broken today or tomorrow. Sell ASAP before that!

Sell ASAP before the pos scam breaks down $0.15 because very soon it will be delisted and all the common shares will be canceled.

The pos scam is on the death spire. Very soon the new low $0.08 is
going to be created once the delist news is released (very soon)...

When will the pos scam go to the Pink Sheets? Sell ASAP before RAMR
breaks down $0.15. CH11 is another possibility in the short term.

resistance levels were 2.34 and 2.61 both broken up to 3.00, so show me the blue skies... baby!

'silent mode' because of only 4 boardmarks, lol

3.00+ not bad, money making in the 'silent mode'

It's trading very bullish?

here we go,housing sales up

Chart-
http://stockcharts.com/h-sc/ui?s=ramr&p=D&b=5&g=0&id=0

Filing out..This one Wellington Management-

http://ir.ramre.bm/secfiling.cfm?filingid=902219-08-968

http://www.wellington.com/

FYI-Someone asked where I'm getting these filing alerts from-

http://ir.ramre.com/alerts.cfm

New filing-

http://ir.ramre.bm/secfiling.cfm?filingid=949308-08-129

RAMR-

spoke to IR today, hanging with it here. Earnings out in a few weeks with a call. Should bring us up to date.