Business
Oxbridge Re Holdings Limited Reports Improved Results in 2019
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / March 23, 2020 / 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 23, 2020 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), a provider of reinsurance solutions primarily to property and casualty insurers, reported improved financial results and strengthened financial ratios for the fourth quarter and year ended December 31, 2019.2019 HIGHLIGHTS:Performance positively impacted by no limit losses experienced compared to prior yearLower capital deployed compared to 2018Total expenses partially reduced due to ongoing cost savings initiativesKey financial ratios show significant improvementRisk management focus mitigated any impact from Hurricane DorianBook value stands at $1.40 per common shareSidecar investors in our Series 2019-1 participating notes on track to earn ~40% return\"Our risk management underwriting focus allowed us to remain unaffected by the devastation caused by Hurricane Dorian during the year,\" said Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu. \"With a cash and restricted cash position of approximately $8.0 million, our equity currently translates into a book value per share of $1.40. While the contract year is not over, our sidecar investors are on track to earn an attractive return of approximately 40%. We will look to grow that portion of our business again this upcoming season beginning June 1, 2020. We remain optimistic about the long-term prospects of our reinsurance business as we continue to evaluate additional opportunities for growth as well as diversification of risk.\"Improved Financial Performance For the year ended December 31, 2019 the Company incurred a significantly reduced net loss of $305,000 or $(0.05) per basic and diluted common share compared with a net loss of $5.7 million or $(1.00) per basic and diluted common share in 2018. For the three months ended December 31, 2019 the Company generated net income of $61,000 or $0.01 per basic and diluted common share compared with a net loss of $6.5 million or $(1.13) per basic and diluted common share in the fourth quarter of 2018. The significant improvement in earnings is due to no limit losses being suffered during the year ended December 31, 2019 when compared with the reinsurance portfolio that suffered limit losses during the 2018.Net premiums earned totaled $617,000 in 2019 compared with $2.7 million for the year ended December 31, 201...