Business
Oxbridge Re Holdings Limited Reports Third Quarter 2020 Results
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / November 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 / November 10, 2020 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), a provider of reinsurance solutions primarily to property and casualty insurers, reported its results for the three and nine months ended September 30, 2020.NINE MONTHS 2020 HIGHLIGHTS:Improved results due to higher net premiums earnedPremium income rises on normalized recognition in current yearNo losses incurred to date in 2020G&A expenses continue to decline due to cost savings initiativesSidecar investors in Series 2019-1 participating notes earned a 36% return\"We continued to perform well through the first nine months of 2020. Our business model remains resilient and unaffected by the COVID-19 pandemic, and we are optimistic about the long-term prospects of our core reinsurance business as well as the opportunities for our side car,\" said Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu. \"Looking ahead, we continue to be prudent in our capital deployment as well as evaluate additional opportunities for growth and diversification of risk.\"Financial Performance For the three months ended September 30, 2020 the Company generated a net loss of $33,000 or $(0.01) per basic and diluted common share compared with a net loss of $15,000 or $(0.00) per basic and diluted common share in the third quarter of 2019. For the nine months ended September 30, 2020 the Company incurred a reduced net loss of $232,000 or ($0.04) per basic and diluted common share compared with a net loss of $366,000 or $(0.06) per basic and diluted common share in the same period last year. The improvement through the first nine months of 2020 was due primarily to higher net premiums earned in the current year.Net premiums earned for the three months ended September 30, 2020 decreased marginally to $247,000 from $279,000 in the prior year due to lower capital deployed in the current year. For the first nine months of 2020 net premiums earned increased to $646,000 from $372,000 in the prior year. The increase for the nine months ended September 30, 2020 was due to only one month premium being recognized through the first nine months of the prior year as a result of previous accelerated premium recognition compared to normal premium recognition in 2020.Total expenses, including policy acquisition costs and underwriting expenses and g...