Financial Data and Key Metrics Changes - Total revenues for Q1 2025 reached $692,000, a significant increase from negative $125,000 in Q1 2024 [10] - Net loss for Q1 2025 was $459,000 or $0.02 per share, compared to a net loss of $95,000 or $0.15 per share in Q1 2024 [10] - Investment income rose to $79,000 from $62,000 in the prior year [9] Business Line Data and Key Metrics Changes - The core reinsurance business remains focused on fully collateralized policies, with a consistent loss ratio of 0% for Q1 2025 [11] - The acquisition cost ratio remained stable at 10.9 cents for Q1 2025 [12] - The expense ratio improved from 99.8% in Q1 2024 to 95.8% in Q1 2025, attributed to higher net premiums earned [12][13] Market Data and Key Metrics Changes - The investment portfolio increased marginally to $16,000 as of March 31, 2025, from $15,000 at the prior year-end [13] - Cash and cash equivalents rose by 62.8% to $9,600,000 from $5,900,000 as of December 2024, driven by premium deposits and a registered direct offering [14] Company Strategy and Development Direction - The company aims to position itself as a key player in the RWA Web3 sector, diversifying its business through the establishment of Shorts Plus Inc, which focuses on tokenized reinsurance securities [7][8] - Assurance Plus was launched to tokenize securities representing fractionalized interests in reinsurance contracts, with initial offerings achieving returns exceeding 49% [15][16] - The company is exploring strategic alternatives for its Web3 division, including potential sales, mergers, or continuing as a publicly traded entity [17] 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 Assurance Plus [8] - The reinsurance market is currently stable, with solid contracts and premiums, particularly in Florida, where regulatory changes are favorable [34] - The company is confident in its ability to navigate market dynamics and capitalize on the growing tokenized asset market, projected to reach $30 trillion by 2034 [20] Other Important Information - The company has initiated a strategic review process and is considering including cryptocurrencies in its corporate treasury reserve strategy [17] - A memorandum of understanding with Plume aims to enhance distribution channels for tokenized resource offerings [18] Q&A Session Summary Question: How is the marketing going on for the tokenized securities? - Marketing efforts are progressing well, with a focus on outreach and building relationships in the RWA space [24][25] Question: What should we look for in terms of information in the next three to six months? - The company is making good progress towards the next token launch, with two sets of tokens targeting different investor preferences [30] Question: How is the overall health of the reinsurance market? - The reinsurance market appears solid, with favorable premiums and underwriting conditions, particularly in Florida [32][34] Question: Can you elaborate on the partnership with Plume? - The partnership with Plume is expected to provide a strong distribution channel due to their evolved ecosystem [40]

Core Viewpoint - Oxbridge Re Holdings Limited is pioneering the tokenization of Real-World Assets in the reinsurance sector, aiming to democratize access to this asset class through its subsidiary SurancePlus, while focusing on transparency and compliance [2][16]. Company Overview - Oxbridge Re is the first Nasdaq-listed company to issue a tokenized security in reinsurance, transforming access to this asset class [2]. - The company has signed a Memorandum of Understanding with Plume, a blockchain platform managing over $4.5 billion in assets, to enhance distribution and explore further partnerships [2]. Financial Performance - For the quarter ended March 31, 2025, net premiums earned increased to $595,000 from $549,000 in the same quarter of 2024 [5]. - The company reported a net loss of $139,000 or ($0.02) per share, a significant improvement from a net loss of $905,000 or ($0.15) per share in the prior year [6]. - Total expenses rose to $570,000 from $548,000, primarily due to stock-based compensation related to a higher share price [7]. Investment Offerings - SurancePlus has launched tokenized reinsurance offerings targeting a 20% annual return for balanced-yield products and a 42% annual return for high-yield options, catering to both risk-averse and high-return-seeking investors [3]. Financial Ratios - The loss ratio remained consistent at 0% for the quarter ended March 31, 2025, compared to the same period in 2024 [9]. - The acquisition cost ratio was stable at 10.9% for both quarters [10]. - The expense ratio decreased from 99.8% to 95.8%, reflecting higher net premiums earned [11]. - The combined ratio improved from 99.8% to 95.8%, indicating better underwriting performance [12]. Cash Position - As of March 31, 2025, restricted cash and cash equivalents increased by $3.7 million, or 62.85%, to $9.6 million, attributed to premium deposits and a registered direct offering that generated $2.7 million net of expenses [8].

[Business and Strategic Highlights](index=1&type=section&id=Business%20and%20Strategic%20Highlights) Oxbridge Re is expanding its tokenized reinsurance business via SurancePlus, launching new offerings and strategic partnerships to democratize market access - The company is focused on expanding its **tokenized Real-World Assets (RWAs)** business in the form of tokenized reinsurance securities through its subsidiary, SurancePlus[1](index=1&type=chunk) - Signed a Memorandum of Understanding (MOU) with Plume, a blockchain platform managing over **$4.5 billion** in assets, to significantly enhance distribution channels[2](index=2&type=chunk) - SurancePlus launched 2025–2026 tokenized reinsurance offerings targeting **20%** and **42%** annual returns[3](index=3&type=chunk) - The company is actively promoting SurancePlus and building industry relationships by participating in major global tokenization and blockchain events like Consensus 2024 and Token2049[4](index=4&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) Oxbridge Re significantly reduced its Q1 2025 net loss to **$139,000**, driven by improved investment values and increased net premiums earned Q1 2025 vs. Q1 2024 Key Financial Metrics (in thousands) | Financial Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Premiums Earned | $595 | $549 | +8.4% | | Net Loss | ($139) | ($905) | +84.6% Improvement | | Loss per Share (Basic & Diluted) | ($0.02) | ($0.15) | +86.7% Improvement | - The decrease in net loss was primarily driven by a positive change in the fair value of equity securities and gains from the sale of investments in Jet.AI during the quarter[6](index=6&type=chunk) - Total expenses rose slightly to **$570,000** from **$548,000** year-over-year, mainly due to higher stock-based compensation costs[7](index=7&type=chunk) - Restricted cash and cash equivalents increased by **62.85%** to **$9.6 million** as of March 31, 2025, from **$5.9 million** at December 31, 2024, driven by premium deposits and **$2.7 million** in net proceeds from a registered direct offering[8](index=8&type=chunk) [Financial Ratios](index=2&type=section&id=Financial%20Ratios) Q1 2025 underwriting performance ratios showed stability and improvement, with the Expense and Combined Ratios decreasing to **95.8%** from **99.8%** Q1 2025 vs. Q1 2024 Performance Ratios | Ratio | Q1 2025 | Q1 2024 | Note | | :--- | :--- | :--- | :--- | | Loss Ratio | 0.0% | 0.0% | Remained consistent | | Acquisition Cost Ratio | 10.9% | 10.9% | Remained consistent | | Expense Ratio | 95.8% | 99.8% | Decreased due to higher net premiums earned | | Combined Ratio | 95.8% | 99.8% | Decreased due to higher net premiums earned | [Financial Statements](index=4&type=section&id=Financial%20Statements) The consolidated financial statements for Q1 2025 reflect significant asset growth, primarily in cash, and a substantial improvement in net loss compared to the prior year [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets grew to **$10.3 million**, driven by cash, while liabilities decreased, significantly increasing shareholders' equity to **$7.2 million** Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,963 | $2,135 | | Restricted cash and cash equivalents | $4,634 | $3,758 | | **Total Assets** | **$10,263** | **$7,465** | | Total Liabilities | $1,069 | $1,623 | | **Total Shareholders' Equity** | **$7,215** | **$4,110** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 saw total revenue of **$692,000**, a turnaround from a **$125,000** loss in Q1 2024, narrowing net loss to **$139,000** or **($0.02)** per share Consolidated Statement of Operations Highlights (in thousands, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net premiums earned | $595 | $549 | | **Total revenue** | **$692** | **($125)** | | Total expenses | $570 | $548 | | **Net loss attributable to ordinary shareholders** | **($139)** | **($905)** | | **Loss per share (Basic and Diluted)** | **($0.02)** | **($0.15)** | [Supplementary Information](index=2&type=section&id=Supplementary%20Information) This section provides details on the Q1 2025 investor conference call, a corporate overview of Oxbridge Re's traditional and tokenized reinsurance business, and forward-looking statements - Management hosted a conference call on May 12, 2025, to discuss the Q1 2025 financial results[13](index=13&type=chunk) - The company's business model includes offering property and casualty reinsurance to insurers in the U.S. Gulf Coast region through its licensed reinsurers[16](index=16&type=chunk) - The Web3-focused subsidiary, **SurancePlus Inc.**, has developed an **'on-chain' reinsurance RWA**, digitizing interests in reinsurance contracts to make them available as an alternative investment[17](index=17&type=chunk)

Financing Activities - For the year ended December 31, 2024, the company sold 372,341 ordinary shares under the ATM program for gross proceeds of $1,166,044 at an average price of $3.13 per share[164]. - During the period ended March 31, 2025, the company sold 97,715 ordinary shares under the ATM program for gross proceeds of $448,858 at an average price of $4.59 per share[165]. - On March 27, 2023, the company announced the commencement of an offering of up to $5.0 million of DeltaCat Re Tokens, with a purchase price of $10.00 per token[152]. - The aggregate amount raised in the DeltaCat Re Tokens Private Placement was $2,447,760 for the issuance of 244,776 tokens, with approximately $1,280,000 from third-party investors[153]. - On February 24, 2025, the company entered into a securities purchase agreement for an offering of approximately $3.0 million, consisting of 705,884 ordinary shares and warrants[167]. - The net proceeds from the securities purchase agreement were approximately $2.7 million after deducting fees and estimated offering expenses[169]. - The company completed a private placement on July 12, 2024, raising $2,878,048 through the issuance of 287,805 Participation Shares represented by digital tokens[157]. - The holders of the Participation Shares are entitled to a preferred return equal to the initial share price plus 20%, and 80% of any excess proceeds[156]. Revenue and Performance - Net premiums earned for the quarter ended March 31, 2025 increased to $595,000 from $549,000 for the quarter ended March 31, 2024, reflecting a growth of approximately 8.36%[185]. - Total revenue for the quarter ended March 31, 2025 was $692,000, compared to a total revenue of $(125,000) for the same period in 2024, indicating a significant turnaround[184]. - General and administrative expenses for the quarter ended March 31, 2025 increased to $505,000 from $488,000 for the quarter ended March 31, 2024, primarily due to stock-based compensation[188]. - The loss ratio remained consistent at 0% for the quarter ended March 31, 2025, compared to the same period in 2024, indicating no losses incurred[190]. - The expense ratio decreased from 99.8% for the three-month period ended March 31, 2024 to 95.8% for the three-month period ended March 31, 2025, reflecting improved operational efficiency[192]. - The combined ratio decreased from 99.8% for the three-month period ended March 31, 2024 to 95.8% for the three-month period ended March 31, 2025, indicating improved underwriting performance[193]. Cash and Investments - As of March 31, 2025, restricted cash and cash equivalents increased by $3.7 million, or 62.85%, to $9.6 million from $5.9 million as of December 31, 2024[194]. - Total investments increased by $3,000 or 2.65% to $116,000 as of March 31, 2025, primarily due to the increase in value of equity securities[195]. - Net cash provided by operating activities for the three months ended March 31, 2025 totaled $272,000, compared to a net cash used of $276,000 for the same period in 2024[203]. Reserves and Losses - As of March 31, 2025, amounts due to CatRe tokenholders increased to $1.9 million from $1.73 million at December 31, 2024, reflecting recognition of underwriting-related income[196]. - The company has no reserves for loss and loss adjustment expenses as of March 31, 2025, due to no significant events or reported claims during the current treaty period[216]. - The reserves for losses and loss adjustment expenses are based on claims reported by ceding insurers and independent actuaries, representing management's best estimate of ultimate settlement costs[213]. - Under GAAP, the company cannot establish loss reserves until an actual loss event occurs, limiting reserves to losses incurred up to the reporting date[215]. Risk Management and Underwriting - 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[147]. - The company focuses on underwriting fully collateralized reinsurance contracts primarily for property catastrophes in the Gulf Coast region of the United States[145]. - The company faces potential adverse effects on financial condition from catastrophic events, despite attempts to limit exposure[206]. - The company assesses whether reinsurance contracts meet risk transfer conditions, which is critical for reporting premiums written; contracts not transferring sufficient risk are accounted for as deposit liabilities[212]. - The reserving methodology involves arriving at a specific point estimate for expected losses on a contract-by-contract basis, due to the low frequency and high severity nature of claims[217]. - Premium revenue is recorded as earned pro-rata over the terms of reinsurance agreements, with unearned premiums recorded as a reserve[211]. - The company evaluates estimates and assumptions affecting financial statements based on historical developments, market conditions, and industry trends[207]. - The fair value measurement hierarchy prioritizes inputs for valuation techniques, with Level 1 inputs being the highest priority, reflecting unadjusted quoted prices in active markets[208]. - The company defers certain acquisition costs related to reinsurance business, which are amortized and charged to expense as premiums are earned, with recoverability dependent on continued profitability[218].

Company Overview - Oxbridge Re Holdings Limited (NASDAQ: OXBR) is engaged in the business of tokenized Real-World Assets (RWAs), specifically in tokenized reinsurance securities and reinsurance business solutions for property and casualty insurers [1][3]. - The company is headquartered in the Cayman Islands and operates through subsidiaries including SurancePlus Inc, Oxbridge Re NS, and Oxbridge Reinsurance Limited [3]. Upcoming Events - The company plans to hold a conference call on May 12, 2025, at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ending March 31, 2025 [1]. - Financial results will be released in a press release after the market closes on the same day [1]. Subsidiary Developments - SurancePlus Inc., a Web3-focused subsidiary, has developed the first "on-chain" reinsurance RWA, which is sponsored by a subsidiary of a publicly traded company [5]. - This innovation allows for the digitization of interests in reinsurance contracts as on-chain RWAs, making reinsurance more accessible as an alternative investment for both U.S. and non-U.S. investors [5]. Market Operations - Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS [4].

Core Insights - Oxbridge Re Holdings Limited, along with its subsidiary SurancePlus, is focused on the tokenization of Real-World Assets (RWAs), specifically in the area of tokenized reinsurance securities and providing reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States [1][5] - The company’s CEO, Jay Madhu, will participate in a panel discussion at THE GREAT GATHER during TOKEN2049 Dubai, highlighting the democratization of reinsurance and the expansion of access to high-yield, uncorrelated investment opportunities through Web3 innovation [3][2] Company Overview - Oxbridge Re Holdings Limited is headquartered in the Cayman Islands and operates through subsidiaries including SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited, offering tokenized RWAs and reinsurance business solutions [5] - SurancePlus has developed the first "on-chain" reinsurance RWA, allowing both U.S. and non-U.S. investors to access reinsurance as an alternative investment [9] Investment Opportunities - The company offers two tokenized reinsurance securities: EtaCat Re with a targeted annual return of 20% and ZetaCat Re with a targeted annual return of 42% [7] - Investors can directly participate in SurancePlus offerings and are encouraged to connect with the team during events like THE GREAT GATHER [3]

Core Insights - Oxbridge Re Holdings Limited, through its subsidiary SurancePlus, is focused on the tokenization of Real-World Assets (RWAs), specifically in the reinsurance sector, targeting property and casualty insurers in the Gulf Coast region of the United States [1][7][8] - The company is participating in significant industry events, including the Tokenized Capital Summit 2025 and THE GREAT GATHER, where its CEO will discuss the democratization of access to high-yield reinsurance contracts via tokenized securities [2][3] 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 reinsurance securities and solutions [7] - SurancePlus has developed the first "on-chain" reinsurance RWA, making reinsurance more accessible as an alternative investment for both U.S. and international investors [9] Investment Opportunities - SurancePlus offers investment opportunities with targeted annual returns of 20% for EtaCat Re and 42% for ZetaCat Re, appealing to investors seeking high-yield options [5] - Investors can engage directly with SurancePlus offerings and are encouraged to connect with the team during industry events [4]

Core Viewpoint - Oxbridge Re Holdings Limited is actively participating in the tokenization of Real-World Assets, specifically focusing on tokenized reinsurance securities, and is set to showcase its offerings at TOKEN2049 Dubai, a major blockchain event [1][4]. Group 1: Company Overview - Oxbridge Re Holdings Limited, headquartered in the Cayman Islands, specializes in tokenized Real-World Assets and provides reinsurance solutions to property and casualty insurers [6]. - The company operates through its subsidiaries, including SurancePlus Inc., which focuses on blockchain-based reinsurance solutions [6][8]. Group 2: Event Participation - Oxbridge Re and SurancePlus will participate in TOKEN2049 Dubai, which is expected to attract over 15,000 attendees from more than 160 countries [2]. - The event will feature keynotes, panels, and networking opportunities, allowing Oxbridge to engage with stakeholders in the digital asset ecosystem [2][4]. Group 3: Product Offerings - The company offers SEC-compliant tokenized reinsurance securities, which are currently listed on the Securitize platform and utilize the Avalanche blockchain for regulatory alignment and investor transparency [3]. - Qualified investors can access two high-yield investment opportunities: EtaCat Re with a targeted annual return of 20% and ZetaCat Re with a targeted annual return of 42% [8].

Group 1 - Oxbridge Re Holdings Limited, along with its subsidiary SurancePlus, is focused on the tokenization of Real-World Assets (RWAs), starting with tokenized reinsurance securities and providing reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States [1][7] - The company is participating in Apex Invest 2025, an investment event that gathers over 200 allocators and 100 fund managers from more than 25 countries, facilitating networking and discussions on investment opportunities [2][4] - Oxbridge and SurancePlus will showcase how they provide access to high-yield investment opportunities through the tokenization of reinsurance contracts on the blockchain, democratizing access to a market previously limited to select investors [3][9] Group 2 - Investors can engage with SurancePlus offerings, with capital deployment into reinsurance contracts starting June 1, 2025, featuring two tokenized reinsurance investment options with distinct risk-return profiles: EtaCat Re targeting a 20% annual return and ZetaCat Re targeting a 42% annual return [4][8] - The company emphasizes the importance of the Apex Invest 2025 summit for fostering valuable connections with global allocators, family offices, and institutional investors, highlighting their SEC-compliant, blockchain-based securities [4][5]

Financial Data and Key Metrics Changes - For the three months ended December 31, 2024, net premiums increased to $595,000 from $523,000 in the prior year period, representing a growth of approximately 13.8% [14] - For the year ended December 31, 2024, net premiums rose by $2.3 million to $1.25 million, reflecting a 2.3% increase [14] - Total revenues for the fiscal year ended December 31, 2024, were $546,000 compared to a negative $7 million in the prior year, indicating a significant turnaround [16] - The company reported a net loss of $460,000 or $0.05 per share for Q4 2024, an improvement from a net loss of $2.67 million or $0.46 per share in Q4 2023 [17] - For the year ended December 31, 2024, the net loss was $2.7 million or $0.45 per share, down from a net loss of $9.9 million or $1.69 per share in the prior year [17] Business Line Data and Key Metrics Changes - The loss ratio remained consistent at 0% for both the year ended December 31, 2024, and 2023, indicating stable underwriting performance [19] - The acquisition cost ratio decreased marginally to 11.1% for Q4 2024 from 11.7% in Q4 2023, reflecting improved operational efficiency [20] - The expense ratio decreased significantly from 102.3% in Q4 2023 to 83% in Q4 2024, and from 185.2% for the year ended December 31, 2023, to 94.3% for fiscal 2024, due to higher premiums earned and lower general admin expenses [21] Market Data and Key Metrics Changes - The company is focusing on the RWA and Web3 sectors, aiming to position itself as a prominent player in these markets [12] - The anticipated growth in the RWA tokenization ecosystem is projected to exceed $10 trillion over the next decade, driven by increasing adoption of tokenized assets [34] Company Strategy and Development Direction - The company aims for long-term growth and book value per share by selectively writing business that generates attractive underwriting profits [10] - The establishment of SurancePlus Inc. reflects the company's strategy to diversify into RWA Web3 technology, democratizing access to reinsurance through tokenized securities [11] - A strategic review process has been initiated to explore various strategic alternatives for the company and its Web3 subsidiary, including potential mergers or divestitures [28] 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 [13] - The company is committed to innovation and diversification, particularly in blockchain-based assets, which are gaining global adoption [29] - Management highlighted the potential for substantial growth in the RWA space, with a focus on enhancing investor access to digital securities [31] Other Important Information - The investment portfolio decreased to $113,000 at December 31, 2024, from $680,000 at the prior year end, primarily due to the sale of equity securities [21] - Cash and cash equivalents increased to $5.9 million at December 31, 2024, from $3.8 million in the prior period, attributed to new collateral deposits [22] - The company completed a reverse direct offering, raising gross proceeds of $3 million subsequent to year-end [23] Q&A Session Summary Question: What are the underwriting risk management efforts that have resulted in no losses incurred in the last couple of quarters? - Management explained that they review contracts internally and also consider follow-on reinsurers to ensure contracts are adequately priced, which has led to successful underwriting [42][44] Question: What is the timeframe for the 2025/2026 tokenization offerings? - Management indicated that they are actively looking to grow the opportunity and expect to have funds live on June 1 for reinsurance contracts [46][48] Question: How does raising third-party money through tokenizations affect the company's risk profile? - Management confirmed that including third-party funds lowers the risk profile while still allowing the company to earn management fees [50][52] Question: Can you comment on the Florida P&C insurance market? - Management noted that a significant portion of insurance premiums goes to reinsurance, and while the market may improve slightly, the company is well-positioned to capitalize on opportunities in this space [55][59] Question: How have presentations to various groups been received? - Management reported that presentations have been well received, particularly at family office conferences, indicating strong interest in their offerings [82][84]