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OXRE(OXBR) - 2024 Q3 - Earnings Call Transcript
2024-11-13 22:25
Financial Data and Key Metrics Changes - Net premiums earned for Q3 2024 were $595,000, up from $549,000 in Q3 2023, with total net premiums for the first nine months of 2024 reaching $1.7 million compared to $730,000 in the same period last year [15][19] - Total revenues for Q3 2024 were $205,000, a significant improvement from negative $6.38 million in Q3 2023, while total revenue for the first nine months of 2024 was $124,000 compared to negative $5.1 million in the same period last year [17][18] - The net loss for Q3 2024 was $548,000 or $0.9 per share, an improvement from a net loss of $10.3 million or $1.24 per share in Q3 2023 [19] - The combined ratio decreased from 125.3% in Q3 2023 to 83.7% in Q3 2024, indicating improved underwriting performance [23] Business Line Data and Key Metrics Changes - The company specializes in underwriting low-frequency, high-severity risks, maintaining a loss ratio of 0% for both 2024 and 2023, with no losses incurred [20] - The acquisition cost ratio increased marginally to 11.1% for Q3 2024 from 10.9% in Q3 2023, while the expense ratio decreased significantly from 125.3% in Q3 2023 to 83.7% in Q3 2024 [21][22] Market Data and Key Metrics Changes - The investment portfolio decreased to $185,000 at September 30, 2024, from $680,000 at the prior year-end, primarily due to the sale of equity securities [25] - Cash and cash equivalents increased to $4.82 million at September 30, 2024, compared to $3.74 million on December 31, 2023 [25] Company Strategy and Development Direction - The company aims to position itself as a prominent player in the RWA/Web3 sector, having established SurancePlus Inc. to focus on tokenized reinsurance securities [11][14] - SurancePlus aims to democratize access to reinsurance investments, leveraging blockchain technology for transparency and compliance [12][28] - A strategic review process has been initiated to explore various strategic alternatives for the company and its Web3 division, including potential mergers or divestitures [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the long-term outlook of the core reinsurance business and the integration of SurancePlus into the RWA market [14][33] - The anticipated growth in the tokenized asset market is projected to exceed $10 trillion over the next decade, with significant institutional interest in blockchain technology [34][35] Other Important Information - The company recorded an unrealized loss of $1.93 million on other investments due to the remeasurement of its investment in Jet.AI [16] - SurancePlus completed a private placement raising approximately $2.9 million through the issuance of digital tokens [29] Q&A Session Summary Question: How are presentations abroad being received and who are the competitors? - Management reported positive reception at various events, highlighting the uniqueness of their RWA offerings compared to competitors [37][38] Question: Can you name any competitors? - Management refrained from naming specific competitors but emphasized their distinct position in the market due to transparency and regulatory compliance [39][40] Question: What is the immediate market reaction to the earnings report? - The immediate market reaction was positive, with stock prices showing an increase following the earnings report [41]
OXRE(OXBR) - 2024 Q3 - Quarterly Results
2024-11-13 21:28
Exhibit 99.1 Company Contact: Oxbridge Re Holdings Limited Jay Madhu, CEO 345-749-7570 jmadhu@oxbridgere.com Oxbridge Re Reports Update on its RWA Tokenized Security, its Business and Third Quarter 2024 Results GRAND CAYMAN, Cayman Islands (November 13, 2024) — Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the "Company"), together with its subsidiaries which is engaged in the business of tokenized Real-World Assets ("RWAs") initially in the form of tokenized reinsurance securities, and reinsurance solutions ...
OXRE(OXBR) - 2024 Q3 - Quarterly Report
2024-11-13 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 1-36346 OXBRIDGE RE HOLDINGS LIMITED | --- | --- | |-------------------------------------------------------- ...
Oxbridge Re Reports Update on its RWA Tokenized Security, its Business and Third Quarter 2024 Results
GlobeNewswire News Room· 2024-11-13 21:01
GRAND CAYMAN, Cayman Islands, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the “Company”), together with its subsidiaries which is engaged in the business of tokenized Real-World Assets (“RWAs”) initially in the form of tokenized reinsurance securities, and reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States, reported its results for the three and nine months ended September 30, 2024. “We are energized by the progress of ou ...
Oxbridge / SurancePlus CEO Jay Madhu to Speak at Digital Assets Week in Singapore
GlobeNewswire News Room· 2024-10-31 13:00
GRAND CAYMAN, Cayman Islands, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge”), together with its RWA/Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), today announced it will be participating in two of the world’s most anticipated events regarding digital assets and fintech. Oxbridge Re, together with its subsidiary SurancePlus is engaged in the business of tokenized Real-World Assets (“RWAs”) initially in the form of reinsurance securities, and providing ...
Oxbridge Re Announces 2024 Third Quarter Results on November 13, 2024
GlobeNewswire News Room· 2024-10-30 21:12
GRAND CAYMAN, Cayman Islands, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Oxbridge Re (NASDAQ: OXBR) announced that it plans to hold a conference call on Wednesday November 13, 2024 at 4:30 p.m. Eastern time to discuss results for the third quarter and nine months ending ended September 30, 2024. Financial results will be issued in a press release after the close of the market on the same day. Oxbridge Re's management will host the conference call, followed by a question and answer period. Interested parties can list ...
OXRE(OXBR) - 2024 Q2 - Earnings Call Transcript
2024-08-11 12:11
Oxbridge Re Holdings Limited (NASDAQ:OXBR) Q2 2024 Earnings Call August 8, 2024 4:30 PM ET Company Participants Jay Madhu - Chairman, President and Chief Executive Officer Wrendon Timothy - Chief Financial Officer and Corporate Secretary Conference Call Participants Kent Engelke - Capitol Securities Management Operator Good afternoon. Welcome to Oxbridge Re’s Second Quarter 2024 Earnings Call. My name is Sachi, and I will be your conference operator this afternoon. At this time, all participants will be in ...
OXRE(OXBR) - 2024 Q2 - Quarterly Results
2024-08-08 20:06
Exhibit 99.1 Company Contact: Oxbridge Re Holdings Limited Jay Madhu, CEO 345-749-7570 jmadhu@oxbridgere.com Oxbridge Re Reports Update on Business and Second Quarter 2024 Results GRAND CAYMAN, Cayman Islands (August 8, 2024) — Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the "Company"), together with its subsidiaries which is engaged in the business of tokenized Real-World Assets ("RWAs") initially in the form of tokenized reinsurance securities, and reinsurance solutions to property and casualty insurers ...
OXRE(OXBR) - 2024 Q2 - Quarterly Report
2024-08-08 20:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 1-36346 OXBRIDGE RE HOLDINGS LIMITED | --- | --- | |------------------------------------------------------------- ...
Oxbridge Re Reports Update on Business and Second Quarter 2024 Results
GlobeNewswire News Room· 2024-08-08 20:01
GRAND CAYMAN, Cayman Islands, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the "Company"), together with its subsidiaries which is engaged in the business of tokenized RealWorld Assets ("RWAs") initially in the form of tokenized reinsurance securities, and reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States, reported its results for the three and six months ended June 30, 2024. "Our stable performance persisted into the sec ...