American Overseas OK’d to redeem class B preferreds, establishes trust

By Angela McDaniels

Tacoma, Wash., July 21 – American Overseas Group Ltd. subsidiary American Overseas Reinsurance Co. Ltd. established an irrevocable trust for the holders of its class B preference shares and deposited assets valued at $2.05 million in the trust, according to a company news release.

The issuer has been authorized to redeem class B preferreds at any time for an amount that is not in excess of the holder's pro rata share of the assets in the trust.

Butterfield Trust (Bermuda) Ltd. has been appointed trustee of the trust, and American Overseas Reinsurance is the investment manager.

The issuer said the establishment of the trust does not alter its obligations to the holders of the class B preferreds.

American Overseas Group is a holding company based in Hamilton, Bermuda. American Overseas Reinsurance, a property/casualty reinsurance company, is its operating subsidiary.

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