Business
Oxbridge Re Holdings Limited Reports Second Quarter 2023 Results
GRAND CAYMAN, Cayman Islands, Aug. 14, 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, Aug. 14, 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 and six months ended June 30, 2023. “Our stable performance continued in the second quarter of 2023 with, again, no losses incurred,” commented Oxbridge Re Holdings Chairman and Chief Executive Officer Jay Madhu. “During the second quarter we were pleased to complete the private placement of approximately $2.4 million in securitized tokens by our new Web3-focused subsidiary SurancePlus Inc., an alternative investment opportunity leveraging key qualities of blockchain technology to create a well-designed digital security,” Mr. Madhu continued. “Assuming there are no losses underwritten by our reinsurance contracts, investors in the securitized tokens are expected to generate a potential annual return of an estimated 42%.” (See SurancePlus Offering below.) “SurancePlus is now a brand-new, well-capitalized business and growth opportunity for our shareholders, created without any new debt and no equity dilution. We are very proud of this accomplishment and look for this exciting new entity to diversify and accelerate our growth prospects in the years ahead.” “We were also pleased that, subsequent to the second quarter, Oxbridge Acquisition Corp. (NASDAQ: OXAC), the special purpose acquisition company in which we have a significant investment, completed its business combination agreement with Jet.AI Inc., a software and aviation company. The company develops software leveraging artificial intelligence and offers fractional aircraft ownership, jet card, aircraft brokerage and charter through its fleet of private aircraft and those of its operating partner. The software segment of the company features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of stand-alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency and reduce carbon footprint. The Aviation segment features jet aircraft fractions, jet cards, on-fleet charter, management, and buyer’s brokerage.’’ (See Subsequent Event ...