Business
Oxbridge Re Holdings Limited Reports Second Quarter 2020 Results
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / August 10, 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 / August 10, 2020 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), a provider of reinsurance solutions primarily to property and casualty insurers, reported improved results for the three and six months ended June 30, 2020.2020 HIGHLIGHTS:Net income of $165,000 in second quarter of 2020 compared to loss of $(205,000) last yearPremium income rises on normalized recognition in current yearNo losses incurred to date in 2020G&A expenses continue to decline due to cost savings initiativesOperations back to normalBook value stands at $1.37 per common shareSidecar investors in Series 2019-1 participating notes earned a 36% returnOperations not materially impacted by COVID-19\"We remain optimistic about the long-term prospects of our core reinsurance business as well as the prospects of the side car. In addition, we continue to evaluate additional opportunities for growth as well as diversification of risk.\" said Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu. \"We are also pleased that our sidecar investors earned a strong 36% return for the treaty year ended May 31, 2020, and we anticipate growing this portion of the business in the future,\" Mr. Madhu concluded.Financial Performance For the three months ended June 30, 2020 the Company generated net income of $165,000 or $0.03 per basic and diluted common share compared with a net loss of $205,000 or $(0.04) per basic and diluted common share in the second quarter of 2019. For the six months ended June 30, 2020 the Company incurred an improved net loss of $199,000 or ($0.03) per basic and diluted common share compared with a net loss of $351,000 or $(0.06) per basic and diluted common share in the same period last year. The improvements were due primarily to higher net realized premium earned coupled with net realized games on investments generated through the three and six months ended June 30, 2020.Net premiums earned for the three months ended June 30, 2020 increased to $135,000 from $93,000 in the prior year. For the first six months of 2020 net premiums earned increased to $400,000 from $93,000 in the prior year. The increases are due to only one month premium being recognized through the first six months of the prior year as a result of previous accelerated premium recognition compared to normal premium recognition in...