Business
Oxbridge Re Holdings Limited Reports Strong Performance for First Six Months of 2021
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / August 16, 2021 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), (the "Company"), a provider of reinsurance solutions
About this update from Oxbridge Re Holdings Limited
[{"type":"text","content":"GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / August 16, 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 six months ended June 30, 2021.2021 HIGHLIGHTS:Net income of $448,000 in second quarter, up from $165,000 last yearQ2 premium income rises on higher rates on reinsurance contractsNo losses incurred to date in 2021 or in 2020Sidecar investors in Series 2021-1 participating notes paid ~19% return to dateOxbridge Acquisition Corp. listed on August 12, 2021 to invest in disruptive technology markets, with a particular focus on insurtech, blockchain and artificial intelligence sectors.\"We were pleased to generate further improved performance through the second quarter and first six months of 2021 with higher revenues, increased net income, and strengthened financial and operating ratios,\" said Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu. \"Looking ahead, we remain highly optimistic about the long-term prospects of our reinsurance business and for our investment in the recently listed special purpose acquisition company Oxbridge Acquisition Corp.\"\"We were also pleased that our sidecar investors were paid a 19% return to date and we anticipate growing this portion of the business going forward,\" Mr. Madhu concluded.Financial PerformanceFor the three months ended June 30, 2021 the Company generated net income of $448,000 or $0.08 per basic and diluted common share compared with $165,000 or $0.03 per basic and diluted common share in the second quarter of 2020. For the six months ended June 30, 2021 net income was $476,000 or $0.08 per basic and diluted common share compared with a net loss of $(199,000) or $(0.03) per basic and diluted common share in the same period last year. The improved results were primarily due to significant net realized gains on investments earned through the first six months of 2021.Net premiums earned for the three months ended June 30, 2021 increased to $205,000 from $135,000 in the prior year due to higher rates on reinsurance contracts during the second quarter of 2021. For the first six months of 2021 net premiums earned decreased marginally to $386,000 from $400,000 in the prior year. The small decrease is due to premium adjustmen...