Business
Oxbridge Re Holdings Limited Reports Strong Performance for First Nine Months of 2021
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / November 12, 2021 / 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 / ACCESSWIRE / November 12, 2021 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), (the \"Company\"), a provider of reinsurance solutions primarily to property and casualty insurers, reported improved results for the three and nine months ended September 30, 2021.2021 HIGHLIGHTS:Net income of $6.5 million ($1.14 per share) in third quarterInvestment in Oxbridge Acquisition Corp. (\"OXAC\") formed to invest in disruptive technology markets, with a particular focus on blockchain, insurtech and artificial intelligence sectors.Unrealized gain of $7.1 million on completion of OXAC Initial Public Offering on August 11, 2021.Premium income rises on acceleration of premium recognition on reinsurance contract due to limit loss in third quarterLoss incurred of $158,000 on one contract due to impact of Hurricane Ida in third quarterSidecar investors in Series 2021-1 participating notes earn approximately 17% return\"During the quarter, we were pleased to have completed our investment in Oxbridge Acquisition Corp., a Special Purpose Acquisition Company (\"SPAC\") formed for investing in disruptive technologies businesses. Operationally, our core reinsurance business remains. Additionally, despite a record breaking 2020 hurricane season, our sidecar investors earned approximately 17% return for the contract year end of May 31, 2021,\" said Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu. \"Looking ahead, we remain highly optimistic about the long-term prospects for our core reinsurance business, our sidecar, and the investment in the SPAC.\"Financial PerformanceFor the three months ended September 30, 2021 the Company generated net income of $6.5 million or $1.14 per basic and diluted common share compared a loss of $(33,000) or $(0.01) per basic and diluted common share in the third quarter of 2020. For the nine months ended September 30, 2021, net income was approximately $7 million or$1.22 per basic and diluted common share compared with a net loss of $(232,000) or $(0.04) per basic and diluted common share in the same period last year. The significant gain in net income during the quarter is primarily due to the estimated unrealized gain of $7.1 million on the Company's beneficial interest in OXAC that is measured at fair value.Net premiums earned for the three months ended September 30, 2021...