Business
Oxbridge Re Holdings Reports Fourth Quarter and Full Year 2021 Results
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / March 30, 2022 / 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 / March 30, 2022 / Oxbridge Re Holdings Limited (NASDAQ:OXBR), (the \"Company\"), a provider of reinsurance solutions primarily to property and casualty insurers, reported strong performance for the year ended December 31, 2021.2021 HIGHLIGHTS:Net income of $8.6 million ($1.49 per share), up from a loss of $0.01 per share in 2020Investment in a special purpose acquisition company, Oxbridge Acquisition Corp. (\"OXAC\") formed to invest in disruptive technology markets with a particular focus in the blockchain, insurtech and artificial intelligence sectorsBalance sheet remains strong, with cash and restricted cash of $5.4 million and no debtUnrealized gain of $9.2 million on OXAC due to fair value gainsPremium income rises on acceleration of premium recognition and higher contract ratesOverall profitable underwriting in 2021, despite loss suffered from Hurricane IdaCurrent sidecar investors on track for another profitable contract year\"Our core reinsurance business remained strong through the year despite the 2021 Atlantic hurricane season being the third most active Atlantic hurricane season on record. In addition, our sidecar investors continue to be on track for a profitable return for the contract year ending May 31, 2022,\" said Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu. \"Looking ahead, we remain highly optimistic about the long-term prospects for our business.\"Financial PerformanceFor the year ended December 31, 2021, the Company generated net income of $8.6 million or $1.49 per basic and diluted common share compared a loss of $(50,000) or $(0.01) per basic and diluted common share in 2020. For the three months ended December 31, 2021, net income was $1.6 million or $0.27 per basic and diluted common share compared to $181,000 or $0.03 per basic and diluted common share in the same period of the prior year. The significant gain in net income in 2021 is primarily due to the unrealized gain of $9.2 million on the Company's beneficial interest in OXAC that is measured at fair value.Net premiums earned for the year ended December 31, 2021 increased to $965,000 from $893,000 in the prior year. For the three months ended December 31, 2021 net premiums earned were $210,000 compared to $247,000 in the prior year. The increase in 2021 is due to both the triggeri...