Premiums and Revenue - For the quarter ended September 30, 2025, net premiums earned decreased to $555,000 from $595,000 for the same quarter in 2024, reflecting a decrease in the weighted average rate on reinsurance contracts[6] - For the nine-month period ended September 30, 2025, net premiums earned increased to $1.73 million from $1.71 million for the same period in 2024, attributed to a higher weighted average rate on reinsurance contracts[7] - Total revenue for the three months ended September 30, 2025, was $645 million, a significant increase from $205 million in the same period of 2024[27] - Net investment and other income rose to $79 million in Q3 2025, compared to $62 million in Q3 2024[27] Losses - The net loss for the quarter ended September 30, 2025, was $187,000, or ($0.02) per share, compared to a net loss of $540,000, or ($0.09) per share, for the same quarter in 2024[8] - The net loss for the nine-month period ending September 30, 2025, was $2.19 million, or ($0.30) per share, compared to a net loss of $2.27 million, or ($0.37) per share, for the same period in 2024[9] - The loss ratio for the nine-month period ended September 30, 2025, increased to 132.4% compared to the prior period, due to a full limit loss on a reinsurance contract affected by Hurricane Milton[13] - The loss ratio for the nine months ended September 30, 2024, was 132.4%, indicating a significant increase in losses relative to net premiums earned[27] Expenses - Total expenses for the quarter ended September 30, 2025, increased to $815,000 from $498,000 for the same quarter in 2024, primarily due to increased professional costs[10] - Total expenses for the nine-month period ending September 30, 2025, rose to $4.99 million from $1.67 million for the same period in 2024, driven by increased professional costs and the recording of a full limit loss on a reinsurance contract[11] - Total expenses increased to $815 million in Q3 2025, up from $498 million in Q3 2024[27] - General and administrative expenses surged to $754 million in Q3 2025, compared to $432 million in Q3 2024[27] Ratios - The expense ratio for the three-month period ending September 30, 2025, increased to 146.8% from 83.7% for the same period in 2024, reflecting higher operational costs[15] - The combined ratio for the nine-month period ending September 30, 2025, increased to 288.6% from 98% for the same period in 2024, indicating a significant rise in expenses and losses[16] - The combined ratio for the nine months ended September 30, 2024, was 288.6%, reflecting high expense levels relative to earned premiums[27] Shareholder Information - The net loss attributable to ordinary shareholders for the three months ended September 30, 2025, was $187 million, compared to a loss of $540 million in the same period of 2024[27] - Basic and diluted loss per share attributable to shareholders for Q3 2025 was $(0.02), an improvement from $(0.09) in Q3 2024[27] Reserves - The change in unearned premiums reserve showed a positive adjustment of $555 million in Q3 2025, compared to a negative adjustment of $(490) million in the same period of 2024[27] Cash and Cash Equivalents - As of September 30, 2025, restricted cash and cash equivalents increased by $1.28 million, or 21.7%, to $7.18 million from $5.9 million as of December 31, 2024[12]

Fundraising Activities - The company raised $2,447,760 from the issuance of 244,776 DeltaCat Re Tokens, with approximately $1,280,000 from third-party investors and $1,167,000 from Oxbridge Re Holdings Limited[154]. - The company completed a private placement on July 31, 2025, raising $3,611,910 from the issuance of 361,191 Participation Shares represented by digital tokens[159]. - The company has sold 287,915 ordinary shares under the ATM program for gross proceeds of $900,531 at an average price of $3.13 per share[165]. - The company entered into a new offering agreement on July 9, 2025, allowing for the sale of up to $5 million of ordinary shares[162]. Financial Performance - Net premiums earned for the quarter ended September 30, 2025 decreased to $555,000 from $595,000 for the same period in 2024, attributed to lower average rates on reinsurance contracts[186]. - Net premiums earned for the nine-month period ended September 30, 2025 increased to $1.73 million from $1.71 million for the same period in 2024, due to higher average rates on reinsurance contracts[187]. - Total revenue for the quarter ended September 30, 2025 was $645,000, compared to $205,000 for the same period in 2024[184]. - Total expenses for the nine-month period ended September 30, 2025 were $4.99 million, compared to $1.67 million for the same period in 2024[184]. - The net loss for the nine-month period ended September 30, 2025 was $2.19 million, or ($0.30) per share, compared to a net loss of $2.27 million, or ($0.37) per share, for the same period in 2024[185]. Losses and Expenses - The company recognized a full limit loss of $2.3 million from Hurricane Milton during the nine-month period ended September 30, 2025, impacting equity by $1.18 million after accounting for external tokenholders[188]. - General and administrative expenses for the quarter ended September 30, 2025 increased to $754,000 from $432,000 for the same period in 2024, primarily due to increased professional costs[192]. - General and administrative expenses for the nine-month period ended September 30, 2025 rose to $2.52 million from $1.49 million for the same period in 2024, driven by higher professional costs[193]. - The loss ratio for the nine-month period ended September 30, 2025 increased to 132.4%, compared to 0% in the prior period, due to losses from Hurricane Milton[196]. - The combined ratio for the nine-month period ended September 30, 2025 increased to 288.6% from 98% in the prior period, reflecting higher expenses and losses incurred[199]. Assets and Cash Flow - As of September 30, 2025, restricted cash and cash equivalents increased by $1.28 million or 21.7%, totaling $7.18 million compared to $5.9 million as of December 31, 2024[200]. - Total investments rose by $2,000 or 1.77%, reaching $115,000 from $113,000 as of December 31, 2024, primarily due to an increase in the value of equity securities[201]. - Unearned premiums reserve increased by $490,000 to $1.48 million from $991,000 at December 31, 2024, attributed to new reinsurance contracts for the 2025-2026 treaty year[203]. - Net cash used in operating activities for the nine months ended September 30, 2025, totaled $1,781,000, while net cash provided by financing activities was $3,001,000 from share issuance[210]. - The net impact of Hurricane Milton's loss on the company's equity was $1.18 million after accounting for losses borne by external tokenholders[223]. Operational Strategy - The company focuses on fully collateralized reinsurance contracts primarily for property catastrophes in the Gulf Coast region of the United States[146]. - The company aims to achieve long-term growth in book value per share by writing business that generates attractive underwriting profits relative to the risk[148]. - The company has initiated the development of tokenized reinsurance securities, with plans to issue additional series following the DeltaCat Re Token[147]. - Cash flows from operations are expected to meet liquidity requirements in the short term, with no plans to issue debt for the foreseeable future[207]. - The company has no off-balance sheet arrangements as of September 30, 2025[212]. - Each subsidiary exceeded the minimum net worth requirement of $500 as of September 30, 2025, allowing for potential dividend payments[208]. - The company’s investment portfolio is primarily comprised of cash and highly liquid securities, ensuring sufficient liquidity to meet current liabilities[206]. Seasonal Influences - The company’s operational results may be seasonal, influenced by the timing of hurricanes and tropical storms from June 1 to November 30[149]. - Amounts due to CatRe tokenholders decreased to $1.2 million from $1.73 million at December 31, 2024, due to shared losses from a reinsurance contract affected by Hurricane Milton[202]. - The company maintains a competitive position due to its low overhead expenses and expense efficiency compared to larger competitors[151].

Core Insights - Oxbridge Re Holdings Limited is a leader in digitizing reinsurance securities as tokenized real-world assets, with a focus on delivering high-yield, uncorrelated returns to investors through tokenized access to reinsurance contracts [2][4]. Company Overview - Oxbridge Re Holdings Limited is headquartered in the Cayman Islands and operates through subsidiaries such as SurancePlus Inc, Oxbridge Re NS, and Oxbridge Reinsurance Limited, providing tokenized Real-World Assets (RWAs) and reinsurance business solutions [2][4]. - The company serves insurance businesses in the Gulf Coast region of the United States, offering property and casualty reinsurance through its licensed reinsurers [3]. Product Development - SurancePlus Inc., a Web3-focused subsidiary, has developed the first "on-chain" reinsurance RWA sponsored by a publicly traded company, democratizing access to reinsurance as an alternative investment for both U.S. and non-U.S. investors [4]. Performance Metrics - The EtaCat Re – Balanced Yield Token has a targeted return of 20% and is currently tracking at 25% - The ZetaCat Re – High Yield Token has a targeted return of 42% and is on track to achieve its targeted return [6].

Core Insights - Oxbridge Re Holdings Limited is a leader in digitizing reinsurance securities as tokenized real-world assets, with its subsidiary SurancePlus focusing on this innovative approach [1][5] - The upcoming panel at Uncorrelated Cayman 2025 will discuss the impact of tokenization and stablecoins on traditional finance and on-chain markets, highlighting regulatory and custody considerations [2][3] - SurancePlus aims to democratize access to reinsurance as an alternative investment, offering high-yield opportunities supported by blockchain infrastructure and regulatory compliance [4][7] Company Overview - Oxbridge Re Holdings Limited is headquartered in the Cayman Islands and offers tokenized Real-World Assets as reinsurance securities and business solutions to property and casualty insurers [5] - The company operates through subsidiaries including SurancePlus Inc, Oxbridge Re NS, and Oxbridge Reinsurance Limited, focusing on the Gulf Coast region of the United States for property and casualty reinsurance [6] Investment Opportunities - SurancePlus has introduced two tokenized offerings for the treaty year 2025/2026, targeting annual returns of 20% for EtaCat Re and 42% for ZetaCat Re [8]

Core Viewpoint - Oxbridge Re Holdings Limited plans to hold a conference call on November 6, 2025, to discuss its third-quarter financial results for the period ending September 30, 2025, with results to be released after market close on the same day [1] Group 1: Company Overview - Oxbridge Re Holdings Limited is a leader in digitizing reinsurance securities as tokenized real-world assets (RWAs) [1] - The company is headquartered in the Cayman Islands and offers tokenized RWAs and reinsurance business solutions to property and casualty insurers through its subsidiaries [3] - Subsidiaries include SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited [3] Group 2: Subsidiary Focus - SurancePlus Inc., a Web3-focused subsidiary, has developed the first "on-chain" reinsurance RWA sponsored by a publicly traded company [5] - By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus democratizes access to reinsurance as an alternative investment for both U.S. and non-U.S. investors [5] Group 3: Conference Call Details - The conference call is scheduled for November 6, 2025, at 4:30 p.m. Eastern time, with a listen-only toll-free number provided for participants [2] - A replay of the call will be available until November 20, 2025, with specific toll-free and international replay numbers [3]

Core Insights - Oxbridge Re Holdings Limited, a leader in digitizing reinsurance securities, will participate in TOKEN2049 Singapore on October 1-2, 2025 [1] - TOKEN2049 Singapore is a major event in the digital assets and Web3 space, attracting participants from over 160 countries, with more than 60% in senior leadership roles [2] - The event features over 1,000 side events, making it one of the largest gatherings in the blockchain and crypto industry [2] Company Overview - Oxbridge Re Holdings Limited is headquartered in the Cayman Islands and offers tokenized Real-World Assets (RWAs) as reinsurance securities and business solutions to property and casualty insurers through its subsidiaries [3] - The company’s licensed reinsurers, Oxbridge Reinsurance Limited and Oxbridge Re NS, provide property and casualty reinsurance to businesses in the Gulf Coast region of the United States [4] - SurancePlus Inc., a Web3-focused subsidiary, has developed the first "on chain" reinsurance RWA sponsored by a publicly traded company, democratizing access to reinsurance as an alternative investment [5] Leadership Perspective - Jay Madhu, Chairman and CEO of Oxbridge and SurancePlus, emphasized the importance of TOKEN2049 Singapore for engaging with leaders in the digital assets ecosystem and building new industry connections [3]

Core Insights - Oxbridge Re Holdings Limited is on track to achieve targeted returns of 20% for EtaCat Re and 42% for ZetaCat Re tokenized reinsurance securities for the 2025/2026 treaty year [1][2][3] Group 1: Company Overview - Oxbridge Re Holdings Limited, headquartered in the Cayman Islands, specializes in digitizing reinsurance securities as tokenized real-world assets (RWAs) [3] - The company, through its subsidiary SurancePlus, has launched its third consecutive year of tokenized reinsurance securities offerings [2][5] Group 2: Product Performance - The EtaCat Re token targets a balanced yield of 20%, while the ZetaCat Re token targets a high yield of 42% [2] - Both tokens are projected to deliver their targeted returns, assuming no major hurricane activity occurs before the end of the 2025 Atlantic hurricane season [2] Group 3: Market Position - SurancePlus has developed the first "on chain" reinsurance RWA sponsored by a publicly traded company, democratizing access to reinsurance as an alternative investment [5] - The company aims to expand access to this high-yield asset class, which is uncorrelated to broader capital markets [3]

Financial Data and Key Metrics Changes - Net premiums earned for Q2 2025 increased to $582,000 from $554,000 in Q2 2024, and for the six months ended June 2025, it rose to $1,180,000 from $1,100,000 in the prior year [8][9] - Total revenues for Q2 2025 reached $664,000, compared to $44,000 in Q2 2024, while total revenues for the six months ended June 2025 were $1,360,000, up from negative $81,000 in the prior year [9][10] - Net loss for Q2 2025 was $1,870,000 or $0.25 per share, compared to a net loss of $821,000 or $0.14 per share in Q2 2024 [10][11] - The combined ratio increased to 621% for Q2 2025 from 111.3% in Q2 2024, primarily due to losses from Hurricane Milton [13] Business Line Data and Key Metrics Changes - The loss ratio for Q2 2025 was 394%, up from the previous year's ratio, attributed to a full limit loss of approximately $2,300,000 from Hurricane Milton [11][12] - The acquisition cost ratio remained consistent at approximately 11% for both the quarter and six-month periods ended June 2025 [12] - The expense ratio for Q2 2025 increased to 227% from 111.3% in Q2 2024, driven by increased professional costs and legal expenditures [12][13] Market Data and Key Metrics Changes - The total addressable market (TAM) for the reinsurance space is estimated at $750 billion, significantly larger than the $150 billion TAM for stablecoins [27][28] - The company is actively participating in global blockchain and RWA events to strengthen its market presence and partnerships [18] Company Strategy and Development Direction - The company aims to position itself as a prominent player in the RWA and Web3 sectors, focusing on tokenized reinsurance securities [7][8] - Strategic partnerships have been formed with Tulum and Midnight Foundation to enhance distribution capabilities and innovation in blockchain-enabled RWA [17][18] - The company is committed to transparency and compliance, which are critical for attracting investors in the tokenized product space [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the long-term outlook of the core reinsurance business while integrating AssurancePlus into the RWA market [7][8] - The company is focused on building a strong foundation for future growth, emphasizing the importance of compliance and transparency in its offerings [22][24] Other Important Information - The investment portfolio decreased to $104,000 as of June 30, 2025, primarily due to a decrease in the fair value of equity securities [14] - Cash and cash equivalents increased by 12.9% to $6,700,000 from $5,900,000 as of December 2024, driven by premium deposits and a registered direct offering [14] Q&A Session Summary Question: Insights from recent conferences - Management highlighted the importance of conferences for gathering information and fostering collaboration, noting that investors prioritize compliance and transparency in tokenized products [22][24] Question: Details on the upcoming AGM and proposals - Management explained that the extraordinary general meeting aims to ensure all necessary components are in place for future initiatives in the blockchain and RWA space, emphasizing the importance of timing and partnerships [26][28]

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section provides a comprehensive overview of the company's financial performance, condition, and cash flows for the reporting period [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for the period ended June 30, 2025, reflect a significant increase in net loss to $2.01 million for the first six months, primarily driven by a $2.29 million loss from Hurricane Milton, while total assets and shareholders' equity grew, supported by $3.1 million raised from share issuances [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$9.17 million** from **$7.47 million** at December 31, 2024, primarily due to higher cash and premiums receivable, while total liabilities rose to **$2.69 million** from **$1.62 million**, driven by an increase in unearned premiums and a new reserve for losses, consequently, total shareholders' equity grew to **$5.28 million** from **$4.11 million**, bolstered by recent capital raises Consolidated Balance Sheet Highlights (in thousands of U.S. Dollars) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$9,172** | **$7,465** | | Cash and cash equivalents | $3,870 | $2,135 | | Restricted cash and cash equivalents | $2,783 | $3,758 | | **Total Liabilities** | **$2,685** | **$1,623** | | Reserve for losses and loss adjustment expenses | $175 | $0 | | Unearned premiums reserve | $2,037 | $991 | | **Total Shareholders' Equity** | **$5,281** | **$4,110** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, the company reported a net loss of **$1.87 million**, compared to a loss of **$0.82 million** in the same period of 2024, primarily due to **$2.29 million** in losses and loss adjustment expenses, which were absent in the prior-year quarter, resulting in a six-month net loss of **$2.01 million**, compared to a **$1.73 million** loss in the first half of 2024 Consolidated Statements of Operations Summary (in thousands of U.S. Dollars, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net premiums earned | $582 | $564 | $1,176 | $1,113 | | Total revenue | $664 | $44 | $1,356 | $(81) | | Losses and loss adjustment expenses | $2,293 | $0 | $2,293 | $0 | | **Net loss attributable to ordinary shareholders** | **$(1,873)** | **$(821)** | **$(2,012)** | **$(1,726)** | | **Basic and Diluted Loss per share** | **$(0.25)** | **$(0.14)** | **$(0.28)** | **$(0.29)** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities increased significantly to **$1.90 million** from **$0.31 million** in the prior-year period, while investing activities provided **$63,000**, and a substantial inflow of **$2.60 million** from financing activities, mainly from the issuance of ordinary shares, resulted in a net increase in total cash and restricted cash of **$760,000** Six Months Ended June 30 Cash Flow Summary (in thousands of U.S. Dollars) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,899) | $(311) | | Net cash provided by investing activities | $63 | $448 | | Net cash provided by financing activities | $2,596 | $103 | | **Net change in cash** | **$760** | **$240** | [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail the company's structure, accounting policies, and key financial events, including a **$2.29 million** loss from Hurricane Milton, resulting in a net reserve of **$175,000** after payments, continued Web3 strategy through SurancePlus, and equity bolstered by a **$2.7 million** registered direct offering and ATM sales, with a new **$5 million** ATM facility established subsequent to the quarter's end - The company operates as a single segment focused on Web3 and Property and Casualty Reinsurance, primarily providing solutions to insurers in the U.S. Gulf Coast region and leveraging blockchain technology for tokenized reinsurance securities through its SurancePlus subsidiary[19](index=19&type=chunk)[21](index=21&type=chunk) - A full limit loss of **$2.29 million** was recognized due to adverse loss development from Hurricane Milton. After advance payments of **$2.12 million**, the remaining reserve for this event was **$175,000** as of June 30, 2025. The net impact on the company's equity, after accounting for tokenholders' share, is **$1.18 million**[91](index=91&type=chunk) - The company raised approximately **$2.7 million** in net proceeds from a registered direct offering in February 2025 and an additional **$435,393** from its ATM program during the first six months of 2025[100](index=100&type=chunk)[108](index=108&type=chunk) - Subsequent to the quarter end, on July 9, 2025, the company established a new Equity Distribution Agreement (ATM facility) to sell up to **$5 million** of ordinary shares[144](index=144&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the increased net loss for the second quarter and first half of 2025 to a full limit loss of **$2.3 million** on a reinsurance contract affected by Hurricane Milton, driving the loss ratio to **394%** for the quarter, while general and administrative expenses also rose significantly due to increased costs associated with investor relations, the Web3 subsidiary's tokenization efforts, and legal expenditures, despite the loss, the company's financial condition strengthened due to successful capital raising activities, including a registered direct offering and ATM sales, which increased cash reserves and shareholder equity - The company's business focus includes both traditional, fully collateralized property catastrophe reinsurance and a developing Web3-focused business offering tokenized reinsurance securities through its subsidiary, SurancePlus[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) - SurancePlus completed a private placement of ZetaCat Re and EtaCat Re tokens on July 31, 2025, raising gross proceeds of **$3.61 million** to be invested in reinsurance contracts for the 2025-2026 treaty year[160](index=160&type=chunk) Key Performance Ratios | Ratio | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Loss ratio | 394.0% | 0.0% | 194.8% | 0.0% | | Expense ratio | 227.0% | 111.3% | 160.7% | 105.7% | | Combined ratio | 621.0% | 111.3% | 355.5% | 105.7% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is not required to provide information for this item as it qualifies as a smaller reporting company - As a smaller reporting company, Oxbridge Re Holdings Limited is exempt from providing quantitative and qualitative disclosures about market risk[227](index=227&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[229](index=229&type=chunk) - No changes occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[231](index=231&type=chunk) [PART II – OTHER INFORMATION](index=43&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and required exhibits [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any litigation or arbitration - As of the filing date, the company is not involved in any litigation or arbitration[232](index=232&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors during the six months ended June 30, 2025 - No material changes to risk factors were reported for the six-month period ending June 30, 2025[233](index=233&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first six months of 2025, the company sold **97,715** ordinary shares through its "at the market" (ATM) program, generating net proceeds of **$435,393**, and a new ATM sales agreement for up to **$5 million** was established on July 9, 2025 ATM Program Sales Summary (H1 2025) | Metric | Value | | :--- | :--- | | Shares Sold | 97,715 | | Gross Proceeds | $448,858 | | Average Price per Share | $4.59 | | Net Proceeds | $435,393 | - On July 9, 2025, the company replaced its prior ATM sales agreement with a new one, allowing for the sale of up to **$5 million** of ordinary shares[234](index=234&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, which include the CEO and CFO certifications as required by the Sarbanes-Oxley Act and the financial statements formatted in XBRL - The exhibits filed include CEO/CFO certifications under Section 302 of the Sarbanes-Oxley Act, a written statement pursuant to 18 U.S.C. §1350, and financial data in XBRL format[241](index=241&type=chunk)

[Company Highlights and Q2 2025 Results](index=1&type=section&id=Company%20Highlights%20and%20Q2%202025%20Results) The company highlights strategic expansion in tokenized reinsurance, new partnerships, and active industry engagement in Q2 2025 [CEO's Remarks](index=1&type=section&id=CEO%27s%20Remarks) The CEO emphasized the quarter's pivotal role in expanding tokenized reinsurance and forming strategic partnerships, setting industry standards - The company views the current period as crucial for accelerating its strategy, strengthening leadership, and capturing growth opportunities in the tokenized reinsurance market[2](index=2&type=chunk) [Strategic Developments](index=1&type=section&id=Strategic%20Developments) Oxbridge partnered with Midnight Foundation and SurancePlus launched new tokenized reinsurance offerings with attractive target returns - The company formed a strategic partnership with the Midnight Foundation, which supports the privacy-focused Midnight Network blockchain, to expand SurancePlus's reach and distribution[3](index=3&type=chunk) SurancePlus 2025-2026 Tokenized Reinsurance Offerings | Product Type | Target Annual Return | | :--- | :--- | | Balanced-Yield | 20% | | High-Yield | 42% | [Industry Engagement](index=1&type=section&id=Industry%20Engagement) The company actively participated in and sponsored major global Blockchain and RWA events to showcase SurancePlus and foster partnerships - Oxbridge participated in major industry events such as ETHDenver 2025, Token2049 in Dubai, and Money20/20 Europe to promote its SurancePlus platform and explore collaborations[5](index=5&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) Q2 2025 saw increased net premiums but a wider net loss due to Hurricane Milton, significantly impacting key financial ratios [Q2 2025 Financial Results](index=2&type=section&id=Q2%202025%20Financial%20Results) Net premiums earned slightly increased, but a significant net loss of **$1.87 million** was reported due to Hurricane Milton, despite increased restricted cash Q2 & H1 2025 Financial Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Premiums Earned | $582 | $564 | $1,180 | $1,110 | | Net Loss | $(1,870) | $(821) | $(2,010) | $(1,730) | | Basic & Diluted Loss per Share | $(0.25) | $(0.14) | $(0.28) | $(0.29) | | Total Expenses | $3,610 | $628 | $4,180 | $1,180 | - The increase in net loss was primarily driven by adverse development and loss recognition from Hurricane Milton on a reinsurance contract[7](index=7&type=chunk) - As of June 30, 2025, restricted cash and cash equivalents increased by **12.90% to $6.7 million** from year-end 2024, mainly due to a **$2.7 million** registered direct offering, offset by payment of underwriting losses and expenses[9](index=9&type=chunk) [Key Financial Ratios](index=3&type=section&id=Key%20Financial%20Ratios) Underwriting performance deteriorated significantly in Q2 2025, with the loss ratio surging to **394%** and combined ratio to **621%** due to Hurricane Milton Performance Ratios Comparison | Ratio | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Loss Ratio | 394.0% | 0.0% | 194.8% | 0.0% | | Acquisition Cost Ratio | 11.0% | 11.0% | 11.0% | 11.0% | | Expense Ratio | 227.0% | 111.3% | 160.7% | 105.7% | | Combined Ratio | 621.0% | 111.3% | 355.5% | 105.7% | - The significant increase in the loss ratio was due to a **$2.29 million** full limit loss on a reinsurance contract affected by Hurricane Milton, with a net impact on the company's equity of **$1.18 million** after accounting for losses borne by external tokenholders[10](index=10&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Total assets and liabilities increased as of June 30, 2025, with a significant net loss attributable to ordinary shareholders in Q2 2025 [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$9.17 million**, driven by cash and premiums receivable, while total liabilities and shareholders' equity also rose Selected Balance Sheet Data (in thousands of U.S. Dollars) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$9,172** | **$7,465** | | Cash and cash equivalents | $3,870 | $2,135 | | Restricted cash and cash equivalents | $2,783 | $3,758 | | **Total Liabilities** | **$2,685** | **$1,623** | | **Total Shareholders' Equity** | **$5,281** | **$4,110** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 unaudited statements show a **$2.29 million** loss and loss adjustment expense, leading to a **$1.87 million** net loss for ordinary shareholders Selected Statement of Operations Data (in thousands of U.S. Dollars) | Account | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net premiums earned | $582 | $564 | | Total revenue | $664 | $44 | | Losses and loss adjustment expenses | $2,293 | $0 | | Total expenses | $3,614 | $628 | | **Net loss attributable to ordinary shareholders** | **$(1,873)** | **$(821)** | [Additional Information](index=4&type=section&id=Additional%20Information) This section provides details on the upcoming conference call, company overview, and a standard forward-looking statements disclaimer [Conference Call](index=4&type=section&id=Conference%20Call) Management will host a conference call on August 14, 2025, to discuss Q2 2025 financial results - A conference call to discuss Q2 2025 financial results is scheduled for August 14, 2025, at 4:30 p.m. Eastern time, hosted by CEO Jay Madhu and CFO Wrendon Timothy[14](index=14&type=chunk)[15](index=15&type=chunk) [About Oxbridge Re Holdings Limited](index=4&type=section&id=About%20Oxbridge%20Re%20Holdings%20Limited) Oxbridge Re offers traditional and tokenized reinsurance solutions through SurancePlus, making RWAs accessible to investors - The company offers both traditional property and casualty reinsurance and innovative tokenized reinsurance securities (RWAs) through its subsidiaries, including SurancePlus[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release includes a standard disclaimer regarding forward-looking statements, directing readers to SEC filings for risk factors - The press release includes a disclaimer that forward-looking statements are not guarantees of future results and are subject to risks detailed in the company's SEC filings[19](index=19&type=chunk)