Business
Oxbridge Re Holdings Limited Reports First Quarter 2024 Results
GRAND CAYMAN, Cayman Islands, May 09, 2024 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the “Company”), which together with its
About this update from Oxbridge Re Holdings Limited
[{"type":"text","content":"GRAND CAYMAN, Cayman Islands, May 09, 2024 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the “Company”), which together with its subsidiaries is engaged in the business of tokenized Real-World Assets (“RWAs”), initially in the form of tokenized reinsurance securities and reinsurance solutions primarily to property and casualty insurers, today reported its results for the three months ended March 31, 2024. “We were pleased with our core operational performance in the first quarter of 2024 in our Web-3 and reinsurance tokenization business,\" commented Oxbridge Re Holdings Chairman and Chief Executive Officer Jay Madhu. \"Through our subsidiary, SurancePlus Inc., we have issued what we believe to be the inaugural Tokenized Reinsurance Securities under the sponsorship of a publicly-traded company. As previously reported, investors in our 2023 issued Delta CatRe tokens digital security are poised to realize returns exceeding 45%.” “Further reinforcing our strategic vision and outlook, Blackrock previously announced its intention to tokenize $10 trillion of its assets, and more recently, Securitize announced they had secured $47m funding led by Blackrock to expand RWA tokenization. As such we remain steadfast in our commitment to driving innovation and delivering value to our stakeholders and we look forward to continued success in the evolving landscape of reinsurance and Web3 technologies,” Jay Madhu concluded. Financial Performance At March 31, 2024, cash and cash equivalents, and restricted cash and cash equivalents were $4.3 million compared to $3.7 million at December 31, 2023. For the three months ended March 31, 2024, the Company generated a net loss of $905,000 or ($0.15) per basic and diluted common share compared to a net income of $142,000 or $0.02 per basic and diluted common share in the first quarter of 2023. The decrease is primarily due to the negative change in the fair value of equity securities and investments during the quarter ended March 31, 2024 when compared with the prior period. Net premiums earned for the three months ended March 31, 2024 increased to $549,000 from $0 in the prior year’s first quarter . The increase is due to the contracts in force in the quarter ended March 31, 2024, as opposed to the prior period in which premiums were accelerated prior to the quarter ending March 31,...