HAMILTON, Bermuda, May 1, 2013 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX:AORE) (Pink Sheets:AORE) ("AOG" or the "Company") today reported a net loss available to common shareholders of $21.8 million, or $8.08 per diluted share, for the fourth quarter ended December 31, 2012. This compares to a net loss available to common shareholders of $30.5 million, or $11.55 per diluted share, for the fourth quarter ended December 31, 2011. Net loss available to common shareholders for the year ended December 31, 2012 was $22.9 million, or $8.58 per diluted share, compared to net income available to common shareholders of $0.9 million, or $0.34 per diluted share, for the year ended December 31, 2011. During the fourth quarter of 2012, the operating loss, a non GAAP financial measure, was $9.5 million, or $3.54 per diluted share, compared to an operating loss of $11.0 million, or $4.15 per diluted share, during the fourth quarter of 2011. The operating loss during the full year 2012 was $6.9 million, or $2.57 per diluted share, compared to an operating loss of $16.6 million, or $6.29 per diluted share, for the full year 2011. The Company's net income (loss) is calculated in conformity with U.S. generally accepted accounting principles ("GAAP"). The Company also provides information regarding its operating income (loss), a non-GAAP financial measure, because the Company's management and Board of Directors, as well as many research analysts and investors, also evaluate financial performance on the basis of operating income (loss), which excludes non-operating items such as realized investment gains or losses, unrealized gains or losses on credit derivatives and foreign currency gains or losses. Please refer to "Explanation of Non-GAAP Financial Measures" below for a description of operating income and for a reconciliation of operating income to net income. Commenting on the financial results, the Company's Chief Executive Officer, David Steel, noted that, "Our 2012 full year net loss was largely the result of a $17.1 million unrealized loss within the change in fair value of credit derivatives during the year and a $13.2 million realized loss on our commutation with Financial Guaranty Insurance Company ("FGIC"). As noted in the past, we view operating income, which excludes unrealized gains and losses on derivatives, as a better measure of annual performance. Our full year operating loss of $6.9 million was largely driven by the loss on the FGIC commutation, which we viewed as an economically attractive settlement of all claims and liabilities with FGIC."