Business
Oxbridge Re Holdings Limited Reports First Quarter 2023 Results
GRAND CAYMAN, Cayman Islands, May 12, 2023 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the “Company”), a provider of reinsurance
About this update from Oxbridge Re Holdings Limited
[{"type":"text","content":"GRAND CAYMAN, Cayman Islands, May 12, 2023 (GLOBE NEWSWIRE) -- 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, 2023. “We were pleased to generate positive performance in the first quarter of 2023 with no losses incurred,” commented Oxbridge Re Holdings Chairman and Chief Executive Officer Jay Madhu. “As an update to our business, in January 2023 we announced the creation of our new Web3 subsidiary SurancePlus Inc (“SurancePlus”). SurancePlus offers an alternative investment opportunity leveraging key qualities of blockchain technology to create a well-designed digital security under SEC guidelines that has complete transparency and compliance,” said Jay Madhu. “SurancePlus commenced an offering of securitized tokens which, assuming no losses, are expected to generate a potential return of 42% a year. This new thrust is an entry into the digital security market which opens an entirely new avenue of democratizing reinsurance and potentially other opportunities in the future.” “We were also pleased that during this quarter, Oxbridge Acquisition Corp. (NASDAQ: OXAC), the special purpose acquisition company in which we have a significant investment, entered into a business combination agreement with Jet.AI Inc., a software and aviation company. The company develops software and offers fractional aircraft ownership, jet card, aircraft brokerage and charter through its fleet of private aircraft and those of its operating partner. The software segment of the company features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of stand-alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency and reduce carbon footprint. The Aviation segment features jet aircraft fractions, jet cards, on-fleet charter, management, and buyer’s brokerage. The transaction is expected to close around mid-July 2023 pending SEC and shareholder approval.’’ Further information on the business combination transaction can be found in the Registration Statement on S-4 (as amended) filed with the Securit...