Business
Oxbridge Re Holdings Limited Reports First Quarter 2022 Results
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / May 12, 2022 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), (the "Company"), a provider of reinsurance solutions
About this update from Oxbridge Re Holdings Limited
[{"type":"text","content":"GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / May 12, 2022 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), (the \"Company\"), a provider of reinsurance solutions primarily to property and casualty insurers, reported its results for the three months ended March 31, 2022.2022 HIGHLIGHTS:No underwriting losses incurred in first quarter of 2022;Net loss of $387,000 ($0.07 per share) due to negative unrealized change in investments;Premium income rises on higher rates on reinsurance contracts in force;Investment in Oxbridge Acquisition Corp. (\"OXAC\") formed in 2021 to invest in disruptive technology markets with a particular focus on blockchain, insurtech and artificial intelligence sectors.\"While the recent volatility in the capital markets negatively impacted our investment portfolio in the quarter, we remain highly opportunistic as well as optimistic, about the long-term prospects for our core business and our investment in Oxbridge Acquisition Corp.\" said Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu.Financial PerformanceFor the three months ended March 31, 2022 the Company generated a net loss of $(387,000) or $(0.07) per basic and diluted common share compared a loss of $(28,000) or $(0.00) per basic and diluted common share in the first quarter of 2021. The decline is primarily due to the negative change in the fair value of equity securities and other investments for the quarter ended March 31, 2022.Net premiums earned for the three months ended March 31, 2022 increased to $210,000 from $181,000 in the prior year's first quarter. The increase is due to a higher weighted average rate on reinsurance contracts in force during the period ending March 31, 2022.Total expenses, including policy acquisition costs and general and administrative expenses, were $361,000 in the first quarter of 2022 compared to $272,000 in the same prior year period. The increase is due primarily to higher personnel and other expenses in the period ending March 31, 2022.At March 31, 2022, cash and cash equivalents, and restricted cash and cash equivalents, stood at $5.1 million compared with $5.4 million at December 31, 2021.Total investments increased $188 thousand in the first quarter of 2022 primarily due to the net purchase of equity securities in the period. Other investments declined $230,000 due to the fair value change in t...