Oxbridge Re (NASDAQ: OXBR) returns to profit and advances SurancePlus tokenized reinsurance strategy
Rhea-AI Filing Summary
Oxbridge Re Holdings Limited reported Q1 2026 results highlighting progress in its tokenized reinsurance platform and a return to profitability. Net premiums earned were $555,000, down slightly from $595,000 a year earlier, and total revenue was $623,000 versus $692,000 in Q1 2025.
Net income attributable to ordinary shareholders was $22,000, compared with a net loss of $139,000 in the prior-year quarter, as a smaller share of underwriting income was allocated to tokenholders and unrealized losses on investments declined. Expenses rose modestly to $583,000, mainly from higher professional costs tied to investor relations and its Web3 subsidiary.
The loss ratio remained at 0%, but the expense and combined ratios increased to 105% from 95.8%. As of March 31, 2026, cash and restricted cash totaled $8.19 million, supporting ongoing SurancePlus tokenized reinsurance offerings and new initiatives in areas such as tokenized data center and AI infrastructure revenue streams.
Positive
- None.
Negative
- None.
Insights
Oxbridge Re returned to a small profit while leaning into tokenized reinsurance growth.
Oxbridge Re posted Q1 2026 net income of $22,000 after a prior-year loss, on revenue of $623,000. The shift reflects a lower allocation of underwriting income to tokenholders and fewer unrealized investment losses, even as net premiums earned eased modestly.
Underwriting risk remains low, with a 0% loss ratio, but the expense and combined ratios rose to 105%, driven by higher investor relations and Web3 marketing costs. This indicates growth investments are currently pressuring operating efficiency despite the small profit.
Management emphasizes the SurancePlus token platform, which targets returns of 20% and 42% on upcoming T20 and T42 offerings, and reports cash and restricted cash of $8.19 million as of March 31, 2026. Subsequent filings may clarify how quickly tokenized assets and planned AI infrastructure initiatives scale relative to these elevated expense levels.
8-K Event Classification
Key Figures
Key Terms
tokenized reinsurance financial
Real-World Assets (RWAs) financial
loss ratio financial
combined ratio financial
mezzanine equity financial
Web3-focused subsidiary technical
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| (Address of Principal Executive Office) | (Zip Code) |
Registrant’s
telephone number, including area code:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading symbol | Name of each exchange on which registered | ||
(The Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On May 11, 2026, Oxbridge Re Holdings Limited issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
The information in this item shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference in any of the Company’s filings under the Securities Act of 1933, as amended or the Exchange Act, except to the extent, if any, expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
See the Exhibit Index set forth below for a list of exhibits included with this Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OXBRIDGE RE HOLDINGS LIMITED | |
| /s/ Wrendon Timothy | |
| Date: May 11, 2026 | Wrendon Timothy |
| Chief Financial Officer and Secretary | |
| (Principal Accounting Officer and Principal Financial Officer) |
A signed original of this Form 8-K has been provided to Oxbridge Re Holdings Limited and will be retained by Oxbridge Re Holdings Limited and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release, dated May 11, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Exhibit 99.1
Financial Performance
Net premiums earned for the three months ended March 31, 2026 decreased to $555,000 from $595,000 for the quarter ended March 31, 2025. The decrease is due to lower weighted average rate on reinsurance contracts in force during the quarter ended March 31, 2026, when compared to the prior period.
Net
income for the quarter ended March 31, 2026 was $22,000, or $0 basic and diluted income per share compared to a net loss of $139,000,
or ($0.02) basic and diluted loss per share, for the quarter ended March 31, 2025. The decrease in net loss is primarily due to a decreased
allocation of underwriting income to tokenholders, as the
For the three months ended March 31, 2026, total expenses, including policy acquisition costs and general and administrative expenses, increased to $583,000 from $570,000 for the quarter ended March 31, 2025. The increase is primarily due to increased professional costs relating to investor relations and our web3 subsidiary marketing.
As of March 31, 2026, our restricted cash and cash equivalents increased by $1.21 million to $8.19 million, from $6.98 million as of December 31, 2025. The increase is the net result of premium deposits made during the three-months ending March 31, 2026 and the $1 million proceeds from the loan payable.
Financial Ratios
Loss Ratio. The loss ratio is the ratio of losses and loss adjustment expenses incurred to premiums earned and measures the underwriting profitability of our reinsurance business. The loss ratio remained consistent at 0% for the three-month period ended March 31, 2026 when compared with prior comparative period.
Acquisition
Cost Ratio. The acquisition cost ratio is the ratio of policy acquisition costs and other underwriting expenses to net premiums
earned. The acquisition cost ratio measures our operational efficiency in producing, underwriting and administering our reinsurance business.
The acquisition cost ratio increased marginally to 11.0% for the quarter ended March 31,
Expense Ratio. The expense ratio is the ratio of policy acquisition costs and general and administrative expenses to net premiums earned. We use the expense ratio to measure our operating performance. For the three-month period ended March 31, 2026, the expense ratio increased to 105%, from 95.8% for the three-month period ended March 31, 2025. The increase is primarily due to increased professional costs relating to investor relations and our web3 subsidiary marketing and operations.
Combined ratio. We use the combined ratio to measure our underwriting performance. The combined ratio is the sum of the loss ratio and the expense ratio. For the three-month period ended March 31, 2026, the combined ratio increased to 105%, from 95.8% for the three-month period ended March 31, 2025. The increase is primarily due to increased professional costs relating to investor relations and our web3 subsidiary marketing and operations.
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. The live presentation can be accessed by dialling the number below or by clicking the webcast link available on the Investor Information section of the company’s website at www.oxbridgere.com.
Date: May 11, 2026
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 after 4:30 p.m. Eastern time on the same day of the call until May 25, 2026.
Toll-free replay number: 877-660-6853
International replay number: +1-201-612-7415
Conference ID: 13760495
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 wholly owned subsidiaries Oxbridge Reinsurance Limited, Oxbridge Re NS, and SurancePlus Inc.
Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.
Our new 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 March
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 March 31, 2026 | At December 31, 2025 | ||||||
| Assets | |||||||
| Cash and cash equivalents | $ | 885 | 268 | ||||
| Restricted cash and cash equivalents | 7,303 | 6,708 | |||||
| Premiums receivable | 230 | 766 | |||||
| Deferred policy acquisition costs | 41 | 102 | |||||
| Operating lease right-of-use assets | 89 | 43 | |||||
| Prepayment and other assets | 174 | 150 | |||||
| Property and equipment, net | 15 | 16 | |||||
| Total assets | $ | 8,737 | 8,053 | ||||
| Liabilities and Shareholders’ Equity | |||||||
| Liabilities: | |||||||
| Reserve for losses and loss adjustment expenses | 91 | 91 | |||||
| Notes payable to noteholders | 118 | 118 | |||||
| Unearned premiums reserve | 370 | 926 | |||||
| Losses payable | 73 | 73 | |||||
| Loan payable | 1,000 | - | |||||
| Operating lease liabilities | 89 | 43 | |||||
| Accounts payable and other liabilities | 381 | 309 | |||||
| Total liabilities | 2,122 | 1,560 | |||||
| Mezzanine Equity | |||||||
| Due to EpsilonCat Re / DeltaCat Re / EtaCat Re / ZetaCat Re Tokenholders | 520 | 518 | |||||
| Shareholders’ equity: | |||||||
| Ordinary share capital, (par value $0.001, 500,000,000 shares authorized; 7,801,374 and 7,664,122 shares issued and outstanding) | 6 | 6 | |||||
| Additional paid-in capital | 38,129 | 38,047 | |||||
| Accumulated Deficit | (32,115 | ) | (32,137 | ) | |||
| Total Oxbridge shareholders’ equity | 6,020 | 5,916 | |||||
| Non-controlling interests | 75 | 59 | |||||
| Total shareholders’ equity | 6,095 | 5,975 | |||||
| Total liabilities, mezzanine and shareholders’ equity | $ | 8,737 | 8,053 | ||||
OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Statements of Income
(expressed in thousands of U.S. Dollars, except per share and share amounts)
| Three Months Ended March, 31 | |||||||
| 2026 | 2025 | ||||||
| Revenue | |||||||
| Net premiums earned | 555 | 595 | |||||
| Net investment and other income | 68 | 79 | |||||
| Unrealized loss on other investments | - | (20 | ) | ||||
| Realized gain on other investments | - | 35 | |||||
| Change in fair value of equity securities | - | 3 | |||||
| Total revenue | 623 | 692 | |||||
| Expenses | |||||||
| Policy acquisition costs and underwriting expenses | 61 | 65 | |||||
| General and administrative expenses | 522 | 505 | |||||
| Total expenses | 583 | 570 | |||||
| Income before income attributable to tokenholders and non-controlling interests | 40 | 122 | |||||
| Income attributable to tokenholders | (2 | ) | (247 | ) | |||
| Income (loss) before income attributable to non-controlling interests | 38 | (125 | ) | ||||
| Income attributable to non-controlling interests | (16 | ) | (14 | ) | |||
| Net income (loss) attributable to ordinary shareholders | 22 | (139 | ) | ||||
| Income (loss) per share attributable to shareholders | |||||||
| Basic and Diluted | - | (0.02 | ) | ||||
| Weighted-average shares outstanding | |||||||
| Basic and Diluted | 7,799,832 | 6,899,062 | |||||
| Performance ratios to net premiums earned: | |||||||
| Loss ratio | 0.0% | 0.0% | |||||
| Acquisition cost ratio | 11.0% | 10.9% | |||||
| Expense ratio | 105.0% | 95.8% | |||||
| Combined ratio | 105.0% | 95.8% | |||||