Oxbridge Re Holdings Limited Reports Fiscal 2024 Results
Rhea-AI Summary
Oxbridge Re Holdings (NASDAQ: OXBR) reported its fiscal 2024 results, highlighting its expansion in tokenized Real-World Assets through its subsidiary SurancePlus. The company reported net premiums earned of $2.3 million for 2024, up from $1.25 million in 2023, attributed to higher contract rates.
The company incurred a net loss of $2.7 million ($0.45 per share) in 2024, compared to a $9.9 million loss in 2023. Total expenses decreased to $2.1 million in 2024 from $2.3 million in 2023. Cash and equivalents stood at $5.8 million as of December 31, 2024.
Post year-end, OXBR completed a $3 million reverse direct offering and announced a strategic partnership with Plume. SurancePlus launched its 2025-2026 tokenized reinsurance offerings, introducing a balanced-yield security targeting 20% annual return and maintaining its high-yield offering targeting 42% annual return.
Positive
- Net premiums earned increased 83% to $2.3 million in 2024
- Cash position improved to $5.8 million from $3.7 million
- Successfully raised $3 million through reverse direct offering
- Combined ratio improved significantly to 94.3% from 185.2%
- Strategic partnership with Plume platform supporting $4.5B in assets
Negative
- Net loss of $2.7 million in fiscal 2024
- Loss per share of $0.45 in 2024
- Total expenses of $2.1 million despite slight decrease from 2023
Insights
Oxbridge Re's fiscal 2024 results demonstrate significant operational improvement despite ongoing net losses. The company's net premiums earned increased 83.5% year-over-year to
The company's efficiency metrics show notable progress, with the expense ratio dramatically improving to
Oxbridge's liquidity position strengthened, with cash and restricted cash increasing to
The company's strategic focus on tokenized reinsurance through its SurancePlus subsidiary represents a calculated bet on the growing Real World Asset tokenization market. By targeting both high-yield (42% target return) and balanced-yield (20% target return) security offerings, the company is diversifying its product mix to attract a broader investor base. The partnership with Plume potentially expands distribution access to a platform supporting
While the improved metrics and strategic positioning are encouraging, investors should note that Oxbridge remains unprofitable. The path to profitability will depend on successfully scaling the tokenized reinsurance business while maintaining expense discipline.
GRAND CAYMAN, Cayman Islands, March 26, 2025 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (NASDAQ: OXBR), (“Oxbridge Re” or the “Company”), which together with its subsidiaries, is engaged in the business of tokenized Real-World Assets (“RWAs”), initially in the form of tokenized reinsurance securities, and reinsurance business solutions to property and casualty insurers in the Gulf Coast region of the United States, today reported its results for the three months and year ended December 31, 2024.
“SurancePlus is entering its third year in the Real World Asset (RWA) space, leveraging blockchain technology to tokenize targeted reinsurance contracts. As a Nasdaq-listed company, Oxbridge Re, through its subsidiary SurancePlus Inc., became the first public company to issue a security token in reinsurance—bridging the gap between the SEC, blockchain, and tokenization. This innovation significantly lowers the barrier to entry for an asset class that traditionally required millions of dollars to access, enabling participation with as little as
Mr. Madhu continued “Subsequent to the year end, the Company completed a reverse direct offering raising gross proceeds of
Financial Performance
Net premiums earned for the three months ended December 31, 2024, were
For the three months ended December 31, 2024, the Company generated net loss of
Total expenses, including losses and loss adjustment expenses, policy acquisition costs and general and administrative expenses, were
At December 31, 2024, cash and cash equivalents, and restricted cash and cash equivalents were
Subsequent to year end, the Company completed a reverse direct offering raising gross proceeds of
Financial Ratios
Loss Ratio. The loss ratio, which measures underwriting profitability, is the ratio of losses and loss adjustment expenses incurred to net premiums earned. The loss ratio remained consistent at
Acquisition Cost Ratio. The acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs with net premiums earned, decreased marginally to
Expense Ratio. The expense ratio, which measures operating performance, compares policy acquisition costs and general and administrative expenses with net premiums earned. The expense ratio decreased to
Combined ratio. The combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and the expense ratio. The combined ratio decreased to
Conference Call
Management will host a conference call later today to discuss these financial results, followed by a question and answer session. President and Chief Executive Officer Jay Madhu and Chief Financial Officer Wrendon Timothy will host the call starting at 4:30 p.m. Eastern time.
Date: March 26, 2025
Time: 4.30 p.m. Eastern Time
Toll-free number: - 877-524-8416
International number: +1 412-902-1028
Please call the conference telephone number 15 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact InComm Conferencing at +1-201-493-6280
media@incommconferencing.com
A replay of the call will be available by telephone replay after 7:30 p.m. Eastern Time on the same day of the call until April 09, 2025.
Toll-free replay number: 877-660-6853
International replay number: +1-201-612-7415
Conference ID: 13752504
About Oxbridge Re Holdings Limited
Oxbridge Re Holdings Limited (www.OxbridgeRe.com) (NASDAQ: OXBR, OXBRW) (“Oxbridge Re”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its subsidiaries Oxbridge Re NS, SurancePlus Inc. and Oxbridge Reinsurance Limited.
Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Re NS and Oxbridge Reinsurance Limited.
Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on-chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non-U.S. investors.
Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2025. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.
Company Contact:
Oxbridge Re Holdings Limited
Jay Madhu, CEO
345-749-7570
jmadhu@oxbridgere.com
OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Balance Sheets
(expressed in thousands of U.S. Dollars, except per share and share amounts)
| At December 31, | ||||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Investments: | ||||||||
| Equity securities, at fair value (cost : | 113 | 680 | ||||||
| Cash and cash equivalents | 2,135 | 495 | ||||||
| Restricted cash and cash equivalents | 3,758 | 3,250 | ||||||
| Premiums receivable | 1,059 | 977 | ||||||
| Other investments | 48 | 2,478 | ||||||
| Loan Receivable | - | 100 | ||||||
| Due from related party | - | 63 | ||||||
| Deferred policy acquisition costs | 109 | 101 | ||||||
| Operating lease right-of-use assets | 148 | 9 | ||||||
| Prepayment and other assets | 94 | 96 | ||||||
| Property and equipment, net | 1 | 4 | ||||||
| Total assets | $ | 7,465 | 8,253 | |||||
| Liabilities and Shareholders’ Equity | ||||||||
| Liabilities: | ||||||||
| Notes payable to EpsilonCat Re and DeltaCat Re Token Holders | 1,732 | 1,523 | ||||||
| Notes payable to noteholders | 118 | 118 | ||||||
| Unearned premiums reserve | 991 | 915 | ||||||
| Operating lease liabilities | 148 | 9 | ||||||
| Accounts payable and other liabilities | 366 | 356 | ||||||
| Total liabilities | 3,355 | 2,921 | ||||||
| Shareholders’ equity: | ||||||||
| Ordinary share capital, (par value | 6 | 6 | ||||||
| Additional paid-in capital | 34,105 | 32,740 | ||||||
| Accumulated Deficit | (30,163 | ) | (27,414 | ) | ||||
| Total Oxbridge shareholders’ equity | 3,948 | 5,332 | ||||||
| Non-controlling interests | 162 | - | ||||||
| Total shareholders’ equity | 4,110 | 5,332 | ||||||
| Total liabilities and shareholders’ equity | 7,465 | 8,253 | ||||||
OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(expressed in thousands of U.S. Dollars, except per share amounts)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Assumed premiums | - | (26 | ) | 2,379 | 2,170 | |||||||||||
| Change in unearned premiums reserve | 595 | 549 | (76 | ) | (915 | ) | ||||||||||
| Net premiums earned | 595 | 523 | 2,303 | 1,255 | ||||||||||||
| SurancePlus Management Fee Income | - | - | 312 | 300 | ||||||||||||
| Net investment and other income | 60 | 62 | 248 | 303 | ||||||||||||
| Interest and gain on redemption of Series A-1 Preferred Shares | 47 | - | 47 | - | ||||||||||||
| Interest and gain on redemption of loan receivable | - | - | 41 | - | ||||||||||||
| Unrealized loss on other investments | (208 | ) | (2,561 | ) | (2,145 | ) | (8,945 | ) | ||||||||
| Change in fair value of equity securities | (72 | ) | 71 | (260 | ) | 38 | ||||||||||
| Total revenue | $ | 422 | (1,905 | ) | $ | 546 | (7,049 | ) | ||||||||
| Expenses | ||||||||||||||||
| Policy acquisition costs and underwriting expenses | 66 | 61 | 254 | 141 | ||||||||||||
| General and administrative expenses | 431 | 474 | 1,917 | 2,183 | ||||||||||||
| Total expenses | $ | 497 | 535 | $ | 2,171 | 2,324 | ||||||||||
| Loss before income attributable to tokenholders and non-controlling interests | (75 | ) | (2,440 | ) | (1,625 | ) | (9,373 | ) | ||||||||
| Income attributable to tokenholders | (246 | ) | (232 | ) | (962 | ) | (542 | ) | ||||||||
| Loss before income attributable to non-controlling interests | (321 | ) | (2,672 | ) | (2,587 | ) | (9,915 | ) | ||||||||
| Income attributable to non-controlling interests | (139 | ) | - | (139 | ) | - | ||||||||||
| Net loss attributable to ordinary shareholders | (460 | ) | (2,672 | ) | (2,726 | ) | (9,915 | ) | ||||||||
| Loss per share attributable to ordinary shareholders | ||||||||||||||||
| Basic and Diluted | (0.05 | ) | (0.46 | ) | (0.45 | ) | (1.69 | ) | ||||||||
| Weighted-average shares outstanding | ||||||||||||||||
| Basic and Diluted | 6,121,020 | 5,870,234 | 6,099,051 | 5,867,129 | ||||||||||||
| Performance ratios to net premiums earned: | ||||||||||||||||
| Loss ratio | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||
| Acquisition cost ratio | 11.1 | % | 11.7 | % | 11.0 | % | 11.2 | % | ||||||||
| Expense ratio | 83.5 | % | 102.3 | % | 94.3 | % | 185.2 | % | ||||||||
| Combined ratio | 83.5 | % | 102.3 | % | 94.3 | % | 185.2 | % | ||||||||
FAQ
What were Oxbridge Re's (OXBR) net premiums earned in fiscal 2024?
How much did Oxbridge Re (OXBR) raise in its recent reverse direct offering?
What are the target returns for OXBR's new tokenized reinsurance offerings?
What was Oxbridge Re's (OXBR) combined ratio for fiscal 2024?
What was OXBR's cash position at the end of 2024?
