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Oxbridge Re Holdings Limited Reports Fiscal 2022 Results
GRAND CAYMAN, Cayman Islands, March 30, 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, March 30, 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 and year ended December 31, 2022. “By limiting our exposure to underwriting losses through reinsurance contracts in 2022, we significantly reduced the potential loss resulting from Hurricanes Ian and Nicole during the year,” commented Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu. “Earlier in 2023 we announced the creation of our new subsidiary SurancePlus Inc., offering an alternative investment opportunity leveraging key qualities of blockchain technology to create a well-designed digital security,” Mr. Madhu continued. “In other words, we are digitizing reinsurance securities leveraging blockchain technology via tokenized reinsurance securities. In addition we recently launched our capital raise for SurancePlus where investors in a loss-free period are expected to generate a return of approximately 196% in a three-year period.” “Also subsequent to the year end, Oxbridge Acquisition Corp. (NASDAQ: OXAC), a Special Purpose Acquisition Company (“SPAC”) in which we have an indirect investment, filed its business combination agreement to merge with Jet Token Inc. (“Jet”), a private aviation and artificial intelligence company offering fractional aircraft ownership, jet card, aircraft brokerage and charter services. The SPAC also recently filed its registration statement on Form S-4 with the Securities and Exchange Commission.” Mr. Madhu concluded. Financial Performance For the three months ended December 31, 2022 the Company generated net income of $678,000 or $0.12 per basic and diluted earnings per share compared net income of $1.6 million or $0.27 per basic and diluted earnings per share in the fourth quarter of 2021. For the year ended December 31, 2022 the Company incurred a net loss of $1.8 million or ($0.31) per basic and diluted loss per share compared to net income of $8.6 million or $1.49 per basic and diluted earnings per share in the prior year. The decline in fiscal 2022 is primarily due to a decrease in unrealized gains on the Company’s investment in the SPAC and increased loss and loss adjustment expenses related to the impact of Hurricane Ian duri...