Business
Oxbridge Re Holdings Limited Reports Improved 2020 Results
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / March 30, 2021 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), a provider of reinsurance solutions primarily to
About this update from Oxbridge Re Holdings Limited
[{"type":"text","content":"GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / March 30, 2021 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), a provider of reinsurance solutions primarily to property and casualty insurers, reported its results for the three months and year ended December 31, 2020.2020 HIGHLIGHTS:Improved results due to higher net premiums earned and net realized gains on investmentsSignificant gain in net income in fourth quarterPremium income rises on normalized recognitionNo losses incurredG&A expenses decline due to cost savings initiativesProjected 24% plus return on investment to our SPV / sidecar investors in Series 2020-1 participating notesFiscal 2020 was another good year despite the pandemic and it being the most active hurricane season on record. Our business has remained resilient and to a great extend unaffected. Looking ahead, we are optimistic about the long-term prospects of our core reinsurance business and strong projected returns for our SPV / sidecar investors. We continue to prudently evaluate new opportunities to generate growth while mitigating and diversifying our risk profile,\" said Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu.Financial PerformanceFor the three months ended December 31, 2020 the Company generated net income of $181,000 or $0.03 per basic and diluted common share compared to $61,000 or $0.01 per basic and diluted common share in the fourth quarter of 2019. For the year ended December 31, 2020 the Company incurred a significantly reduced net loss of $50,000 or ($0.01) per basic and diluted common share compared with a net loss of $305,000 or $(0.05) per basic and diluted common share in 2019. The improvements in 2020 was due primarily to higher net premiums earned, lower overhead costs, and net realized gains on investments.Net premiums earned for the three months ended December 31, 2020 increased marginally to $247,000 from $245,000 in the prior year. For the year ended December 31, 2020 net premiums earned increased to $893,000 from $617,000 in the prior year. The increase was due to only seven months premium being recognized in the prior year as a result of previous accelerated premium recognition, compared to normal premium recognition in 2020.Total expenses, including policy acquisition costs and underwriting expenses and general and administrative expenses were $289,000 in the f...