Business
Oxbridge announces Strategic Partnership with Zoniqx a pioneer in digital asset management & a successful capital raise for Epsilon Cat Re
GRAND CAYMAN, Cayman Islands, July 17, 2024 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiaries
About this update from Oxbridge Re Holdings Limited
[{"type":"text","content":"GRAND CAYMAN, Cayman Islands, July 17, 2024 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiaries which is engaged in the business of tokenized Real-World Assets (“RWAs”) initially in the form of tokenized reinsurance securities, and reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States, announced that its Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has signed a partnership agreement with Zoniqx, a pioneer in digital asset management who previously announced a partnership with Ripple and PwC as part of their Tokenization & Digital Assets Scale program. This collaboration aims to further expand the footprint of SurancePlus as it revolutionizes the reinsurance industry by leveraging blockchain technology to tokenize reinsurance contracts and facilitate their deployment on blockchain ecosystems. Additionally SurancePlus Inc., a subsidiary of Oxbridge, completed a private placement of 287,705 Participation Shares represented by the digital tokens, EpsilonCat Re under a 3-year Participation Share Investment Contract, raising approximately $2.88 million. The offering is the second year of the Cat Re series. The tokens have been issued on the Avalanche blockchain and have a targeted 42% return. SurancePlus previously reported a remarkable 49.11% return on its DeltaCat Re tokenized reinsurance security, surpassing initial projections. This success underscores the potential of digital innovations in reinsurance and sets a positive precedent for future offerings like the EpsilonCat Re token. The EpsilonCat Re tokens were offered to United States (“US”) accredited investors under Rule 506(c) of US Securities and Exchange Commission (SEC) Regulation D and to non-US investors pursuant to Regulation S of the US Securities Act 1933, as amended. Jay Madhu, President and CEO of Oxbridge Re, commented: \"Last year, SurancePlus incorporated digital innovations and Web3 insights, democratizing access to reinsurance as an alternative investment. We believe we were the first publicly traded company to raise capital for catastrophe reinsurance risks through the sale of tokenized reinsurance securities. Building on that success, we are delighted to have partnered with Zoniqx and we believe their state-of-the-art tokenization and digi...