Oxbridge Re Q3 2026 loss widens to $421K
Three SurancePlus offerings provided contractual exposure to specified reinsurance risks associated with HCI Group and Fortex Re through a separate investment structure.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Oxbridge Re Holdings Limited reported a third-quarter net loss of $421,000, compared with $187,000 a year earlier, as net premiums earned fell to $86,000 from $555,000. For the first nine months, net loss narrowed to $223,000 from $2.199 million; net premiums earned were $1.01 million versus $1.73 million. The company attributed the lower nine-month loss partly to no underwriting losses recorded and SurancePlus management fee income, alongside reduced professional fees and compensation.
SurancePlus completed five tokenized reinsurance offerings for 2026–2027, generating approximately $7.1 million in previously announced aggregate gross offering proceeds; three provided contractual exposure to specified reinsurance risks associated with HCI Group and Fortex Re through a separate investment structure. Since its August 2026 launch, AI GridWorks has advanced site evaluations, utility coordination and engagement with prospective engineering, construction and financing partners. Combined cash and restricted cash and cash equivalents totaled $19.57 million as of September 30, 2026, versus $6.98 million as of December 31, 2025.
The quarterly expense ratio rose to 752.3% from 146.8%, primarily due to lower net premiums earned; the nine-month loss ratio was 0%, compared with 132.4% a year earlier.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month net loss narrowed to $223,000 from $2.199 million.
Negative
- Moderate pointQuarterly net loss increased to $421,000 from $187,000.
- Moderate pointQuarterly net premiums earned fell to $86,000 from $555,000.
- Minor pointQuarterly expense ratio rose to 752.3% from 146.8%.
Filing Explained
At September 30, 2026, the $19.57 million combined cash balance included $4.137 million in cash and equivalents plus restricted token balances.
The filing reports 8,178,577 ordinary shares issued and outstanding at
At September 30, the balance sheet lists cash and cash equivalents, alongside restricted balances for Legacy Tokens and HCI Series 2026 Tokens; the release's
8-K Event Classification
Key Figures
Key Terms
loss ratio financial
acquisition cost ratio financial
expense ratio financial
combined ratio financial
mezzanine equity financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much gross offering proceeds did OXBR's SurancePlus offerings generate?
What annual return targets did OXBR's SurancePlus announce?
What project options is OXBR's AI GridWorks evaluating?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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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)) |
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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 November 9, 2026, Oxbridge Re Holdings Limited issued a press release announcing its financial results for the quarter and nine months ended September 30, 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: November 9, 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 November 9, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Exhibit 99.1
Oxbridge Reports Q3 2026 Results and Advances AI GridWorks’ Data Center Pipeline
AI GridWorks assesses sites and power as SurancePlus expands into third-party reinsurance
GRAND CAYMAN, Cayman Islands, November 9, 2026 – Oxbridge Re Holdings Limited (NASDAQ: OXBR) (the “Company” or “Oxbridge”) today reported financial results for the three and nine months ended September 30, 2026, and provided updates on SurancePlus and AI GridWorks.
Management Commentary
“Since launching AI GridWorks in August, we’ve assembled a development team, begun evaluating specific sites and engaged with utilities to assess how much power those sites could support and when it could be delivered,” said Jay Madhu, Chairman and Chief Executive Officer of Oxbridge. “Our opportunity starts with the land. Securing site control, establishing a path to power and advancing permits can add value well before construction begins. That gives us choices about where to commit capital and which projects to develop ourselves, pursue with a partner or sell at an earlier stage.”
“At SurancePlus, completing our first third-party offerings demonstrated that we can structure and issue tokenized securities tied to reinsurance originated outside Oxbridge.”
SurancePlus
In its fourth consecutive treaty year, SurancePlus completed five tokenized reinsurance offerings for 2026–2027, generating approximately $7.1 million in previously announced aggregate gross offering proceeds. Two offerings were tied to Oxbridge-originated reinsurance. The other three provided contractual exposure to specified reinsurance risks associated with HCI Group and Fortex Re through a separate investment structure.
The original annual return targets for T20 and T42 were 20% and 42%, respectively. At closing, SurancePlus announced revised targets of 26% and 32%, respectively, assuming no underwriting losses. The announced annual return targets for HCI Re 2026 Series A, B and C were 224%, 122% and 17%, respectively, under the same assumption. On October 21, HCI reported that it expected Hurricane Isaias to affect only Series B and that Series B remained profitable at that time. Actual returns depend on underwriting results and may differ materially from targets.
AI GridWorks
AI GridWorks develops the physical infrastructure that AI computing requires, including sites, utility power and powered data center shells. Since its August 2026 launch, AI GridWorks has advanced site evaluations, coordinated with utilities and engaged with prospective engineering, construction and financing partners.
The AI GridWorks team brings 44 years of combined experience across data center operations, power infrastructure, utilities, nuclear energy, strategic real estate, civil engineering and site development. That experience supports the work required to move projects from site selection and utility coordination through engineering, permitting and construction planning. Oxbridge’s leadership team brings experience in public-company management, capital markets, corporate finance and building and scaling companies. It supports AI GridWorks in evaluating financing options, structuring project capital and deciding when to deploy it.
AI GridWorks advances projects in phases and evaluates at each stage whether to sell a powered site, develop a powered shell, bring in a partner or retain ownership of a completed facility. At a completed facility, AI GridWorks may lease all or part of the space, operate the facility’s power and cooling systems, and fit out additional space as data halls as customer demand warrants.
SurancePlus and AI GridWorks bring complementary capabilities to Oxbridge. AI GridWorks brings together sites, utility power and entitlements to develop data center infrastructure. SurancePlus brings experience raising capital through tokenized securities. As projects advance, Oxbridge can evaluate tokenization alongside traditional financing and commit capital in stages based on each project’s progress and economics.
Oxbridge management has presented at and participated in a range of industry and investor conferences, where it met with institutional investors, capital providers and prospective partners to advance business development for both SurancePlus and AI GridWorks.
Financial Performance
General
Net loss for the quarter ended September 30, 2026 was $421,000, or ($0.05) basic and diluted loss per share compared to a net loss of $187,000 or ($0.02) basic and diluted loss per share, for the quarter ended September 30, 2025. The increase in net loss is primarily due to a decline in net premiums earned for the period ended September 30, 2026, partially offset by higher net investment and other income and lower general and administrative expenses.
Net loss for the nine months ended September 30, 2026 was $223,000, or ($0.03) basic and diluted loss per share compared to a net loss of $2.19 million or ($0.30) basic and diluted loss per share, for the nine months ended September 30, 2025. The decrease in net loss is primarily due to a decrease in loss and loss adjustment expenses as there were no underwriting losses recorded for the period ended September 30, 2026. SurancePlus management fee income along with reduced professional fees and overall compensation contributed towards the decrease in net loss for the nine-month period ended September 30, 2026.
Premium Income
Net premiums earned for the quarter ended September 30, 2026 decreased to $86,000 from $555,000 for the quarter ended September 30, 2025. The decrease is due to a lower amount of capital deployed into reinsurance contracts during the quarter when compared to the prior period.
Net premiums earned for the nine months ended September 30, 2026 decreased to $1.01 million from $1.73 million for the nine-month ended September 30, 2025. The decrease is due to a lower amount of capital deployed into reinsurance contracts during the nine-month period ended September 30, 2026 when compared to the prior period.
Expenses
For the quarter September 30, 2026, total expenses, including policy acquisition costs and general and administrative expenses, decreased to $647,000 from $815,000 for the quarter ended September 30, 2025. The decrease is primarily due to reduced professional fees and overall compensation for the three months ended September 30, 2026.
For the nine months ended September 30, 2026, total expenses, including policy acquisition costs and general and administrative expenses, decreased to $1.87 million from $4.99 million for the nine months ended September 30, 2025. The decrease is primarily due to no underwriting losses incurred and recognized for the nine months ended September 30, 2026. Reduced professional fees and overall compensation also contributed towards the decrease for the nine months period ended September 30, 2026.
Cash and cash equivalents, and restricted cash and cash equivalents.
As of September 30, 2026, our combined cash and restricted cash and cash equivalents increased by $12.59 million to $19.57 million, from $6.98 million as of December 31, 2025. The increase is the net result of the investment in the new tokenized securities, release of collateral from 25-26 reinsurance treaty contracts and premium deposits made during the nine months ending September 30, 2026.
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 September 30, 2026 when compared with prior comparative period.
The loss ratio decreased to 0% from 132.4% for the nine-month period ended September 30, 2026 when compared with prior comparative period. This was due to no losses being recognized for the nine-month period ending September 30, 2026 whereas a full limit loss was recognized for one of the reinsurance contracts during the nine-month period ending September 30, 2025.
Acquisition Cost Ratio. The acquisition cost ratio is the ratio of policy acquisition costs to net premiums earned. The acquisition cost ratio decreased marginally to 10.5% from 11% for the quarter ending September 30, 2026 when compared to prior comparable period. The decrease in acquisition cost ratio is due to reduced net premiums earned during the period ending September 30, 2026 when compared to prior comparable period.
The acquisition cost ratio increased marginally to 11.3% from 11% for the nine month period ending September 30, 2026 when compared to prior comparable period. The increase in acquisition cost ratio is due to reduced net premiums earned and marginal premium adjustments recognized during the period ending September 30, 2026 when compared to prior comparable period.
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 quarter ended September 30, 2026, the expense ratio increased to 752.3%, from 146.8% for the quarter ended September 30, 2025. The increase is primarily due to reduced net premiums earned during the quarter, when compared with the prior year period.
For the nine-month period ended September 30, 2026, the expense ratio increased to 185.8%, from 156.2% for the nine-month period ended September 30, 2025. The increase is primarily due to reduced net premiums earned during the nine months period ended September 30, 2026, when compared with the prior year period.
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 quarter ended September 30, 2026, the combined ratio increased to 752.3%, from 146.8% for the quarter ended September 30, 2025. The increase is primarily due to reduced net premiums earned during the quarter, when compared with the prior year period.
For the nine-month period ended September 30, 2026, the combined ratio decreased to 185.8%, from 288.6% for the nine-month period ended September 30, 2025. The decrease is primarily due to reduced net premiums earned during the nine months period ended September 30, 2026, when compared with the prior year period.
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 dialing 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: November 9, 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 10 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 November 23, 2026.
Toll-free replay number: 877-660-6853
International replay number: +1-201-612-7415
Conference ID: 13763526
About Oxbridge Re Holdings Limited
Oxbridge Re Holdings Limited (NASDAQ:OXBR,OXBRW) (“Oxbridge”) is a publicly traded holding company headquartered in the Cayman Islands, focused on building and growing businesses at the intersection of digital finance and artificial intelligence infrastructure.
Through its SurancePlus platform, Oxbridge has pioneered the tokenization of Real-World Assets (RWAs) by developing one of the first blockchain-based platforms to offer tokenized reinsurance securities sponsored by a subsidiary of a publicly traded company. The Company’s regulated reinsurance subsidiaries, Oxbridge Reinsurance Limited and Oxbridge Re NS, provide property and casualty reinsurance solutions serving insurers in the Gulf Coast region of the United States.
Through AI GridWorks, Oxbridge is expanding into AI infrastructure with a focus on developing, owning, and operating AI data centers and the supporting infrastructure required to meet the rapidly growing demand for AI compute.
For more information, visit www.oxbridgere.com, www.suranceplus.com, and www.aigridworks.ai
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 30, 2026. 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 September 30, 2026 | At December 31, 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | 4,137 | 268 | ||||||
| Restricted cash and cash equivalents - Legacy Tokens | 3,303 | - | ||||||
| Restricted cash and cash equivalents - HCI Series 2026 Tokens | 12,125 | 6,708 | ||||||
| Premiums receivable | 202 | 766 | ||||||
| Other Assets | 20 | - | ||||||
| Deferred policy acquisition costs | 25 | 102 | ||||||
| Operating lease right-of-use assets | 34 | 43 | ||||||
| Prepayment and other assets | 105 | 150 | ||||||
| Property and equipment, net | 14 | 16 | ||||||
| Total assets | $ | 19,965 | 8,053 | |||||
| Liabilities and Shareholders’ Equity | ||||||||
| Liabilities: | ||||||||
| Reserve for losses and loss adjustment expenses | 91 | 91 | ||||||
| Premium payable | 3 | - | ||||||
| Notes payable to noteholders | 118 | 118 | ||||||
| Unearned premium reserve | 230 | 926 | ||||||
| Losses payable | 73 | 73 | ||||||
| Operating lease liabilities | 34 | 43 | ||||||
| Accounts payable and other liabilities | 322 | 309 | ||||||
| Total liabilities | 871 | 1,560 | ||||||
| Mezzanine Equity | ||||||||
| Due to Cat Re / T20 / T42 tokenholders | 560 | 518 | ||||||
| 100,000 HCI 2026 Series A tokens at redemption value of $36.31 per token | 3,631 | - | ||||||
| 100,000 HCI 2026 Series B tokens at redemption value of $49.43 per token | 4,943 | - | ||||||
| 100,000 HCI 2026 Series C tokens at redemption value of $35.51 per token | 3,551 | - | ||||||
| Total Mezzanine equity | 12,685 | 518 | ||||||
| Shareholders’ equity: | ||||||||
| Ordinary share capital, (par value $0.001, 500,000,000 shares authorized; 8,178,577 and 7,664,122 shares issued and outstanding) | 6 | 6 | ||||||
| Additional paid-in capital | 38,645 | 38,047 | ||||||
| Accumulated deficit | (32,462 | ) | (32,137 | ) | ||||
| Total Oxbridge shareholders’ equity | 6,189 | 5,916 | ||||||
| Non-controlling interests | 220 | 59 | ||||||
| Total shareholders’ equity | 6,409 | 5,975 | ||||||
| Total liabilities, mezzanine and shareholders’ equity | $ | 19,965 | 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 Sep, 30 | Nine Months Ended Sep, 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | ||||||||||||||||
| Assumed premiums | - | - | 314 | 2,222 | ||||||||||||
| Change in unearned premiums reserve | 86 | 555 | 696 | (490 | ) | |||||||||||
| Net premiums earned | 86 | 555 | 1,010 | 1,732 | ||||||||||||
| SurancePlus management fee income | - | - | 501 | 1 | ||||||||||||
| Net investment and other income | 175 | 79 | 312 | 251 | ||||||||||||
| Interest and gain on redemption of loan receivable | - | - | - | - | ||||||||||||
| Unrealized (loss) gain on other investments | - | - | - | (20 | ) | |||||||||||
| Realized gain on other investments | - | - | - | 35 | ||||||||||||
| Change in fair value of equity securities | - | 11 | - | 2 | ||||||||||||
| Total revenue | 261 | 645 | 1,823 | 2,001 | ||||||||||||
| Expenses | ||||||||||||||||
| Losses and loss adjustment expenses | - | - | - | 2,293 | ||||||||||||
| Policy acquisition costs and underwriting expenses | 9 | 61 | 114 | 191 | ||||||||||||
| General and administrative expenses | 638 | 754 | 1,763 | 2,515 | ||||||||||||
| Total expenses | 647 | 815 | 1,877 | 4,999 | ||||||||||||
| (Loss) before income / loss attributable to tokenholders and non-controlling interests | (386 | ) | (170 | ) | (54 | ) | (2,998 | ) | ||||||||
| (Income) loss attributable to tokenholders | (3 | ) | (2 | ) | (5 | ) | 697 | |||||||||
| (Loss) before (income) loss attributable to non-controlling interests | (389 | ) | (172 | ) | (59 | ) | (2,301 | ) | ||||||||
| (Income) loss attributable to non-controlling interests | (32 | ) | (15 | ) | (164 | ) | 102 | |||||||||
| Net loss attributable to ordinary shareholders | (421 | ) | (187 | ) | (223 | ) | (2,199 | ) | ||||||||
| Loss per share attributable to shareholders | ||||||||||||||||
| Basic and Diluted | (0.05 | ) | (0.02 | ) | (0.03 | ) | (0.30 | ) | ||||||||
| Proceeds from Issuance of ordinary shares | ||||||||||||||||
| Weighted-average shares outstanding | ||||||||||||||||
| Basic and Diluted | 8,124,949 | 7,664,122 | 8,017,781 | 7,297,044 | ||||||||||||
| Performance ratios to net premiums earned: | ||||||||||||||||
| Loss ratio | 0.0 | % | 0.0 | % | 0.0 | % | 132.4 | % | ||||||||
| Acquisition cost ratio | 10.5 | % | 11.0 | % | 11.3 | % | 11.0 | % | ||||||||
| Expense ratio | 752.3 | % | 146.8 | % | 185.8 | % | 156.2 | % | ||||||||
| Combined ratio | 752.3 | % | 146.8 | % | 185.8 | % | 288.6 | % | ||||||||