Business
Oxbridge Re Holdings Limited Reports Third Quarter 2022 Results
GRAND CAYMAN, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the “Company”), a provider of reinsurance solutions primarily to
About this update from Oxbridge Re Holdings Limited
[{"type":"text","content":"GRAND CAYMAN, Nov. 14, 2022 (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 nine months ended September 30, 2022. “Our resolve to limiting our exposure to underwriting losses through reinsurance contracts this year, helped significantly in lowering the potential loss caused by the catastrophic damage from Hurricane Ian and Hurricane Nicole” commented Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu. \"We continue to be optimistic about our future\". Financial Performance Net premiums earned for the three months ended September 30, 2022 increased to $591,000 from $370,000 in the same prior year period. For the nine months ended September 30, 2022, net premiums earned increased to $995,000 from $755,000 in the prior year. The increases are due to the acceleration of premium recognition on two of the Company’s reinsurance contracts due to a limit loss suffered during the third quarter of 2022 by Hurricane Ian, as well as higher rates on reinsurance contracts compared to the prior year. For the three months ended September 30, 2022, the Company generated a net loss of $2.2 million or $0.37 per basic and diluted common share compared net income of $6.5 million or $1.14 per basic and diluted share in the third quarter of 2021. For the nine months ended September 30, 2022 the Company incurred a net loss of $2.5 million or $0.43 per basic and diluted share compared to net income of $7.0 million or $1.22 per basic and diluted share in the first nine months of the prior year. The declines are due to reduced realized investment gains, the negative change in the unrealized fair value of equity securities and other investments for the nine months ended September 30, 2022, as well as the impact of Hurricane Ian during the third quarter of the year, when compared with prior year. Total expenses, including losses and loss adjustment expenses, policy acquisition costs and general and administrative expenses, were $1.5 million and $2.2 million for the three and nine months ended September 30, 2022, respectively, compared to $479,000 and $1.1 million, respectively, for the same periods in the prior year. The increases are due primarily to a larger underwriting loss during the ...