Core Insights - Oxbridge Re Holdings Limited has initiated a process to evaluate strategic alternatives aimed at maximizing shareholder value, which may include various options such as sale, spinout, merger, divestiture, recapitalization, or continuing as an independent public company [6][4][3] - The company's subsidiary, SurancePlus Inc., has developed the first "on-chain" reinsurance Real-World Asset (RWA), making reinsurance more accessible as an alternative investment for both U.S. and non-U.S. investors [1][4] Company Overview - Oxbridge Re Holdings Limited is headquartered in the Cayman Islands and operates in the tokenized Real-World Assets (RWAs) sector, focusing on tokenized reinsurance securities and solutions for property and casualty insurers through its subsidiaries [4][6] - The company is committed to exploring opportunities that will deliver value to stakeholders and ensure continued success in its evolving industries, as stated by the CEO [2] Strategic Evaluation - The Board of Directors has not set a specific timetable for the conclusion of the strategic review, and there is no assurance that this review will lead to any transaction or strategic change [3][6] - The evaluation process will consider a full range of strategic alternatives for the company and its Web-3 division subsidiary, SurancePlus Holdings Ltd [6]

Financial Data and Key Metrics Changes - Net premiums earned for Q1 2024 increased to $549,000 compared to $0 in Q1 2023, attributed to contracts in force during the quarter [10] - Total revenues for Q1 2024 were negative $125,000, down from $546,000 in Q1 2023, due to a negative change in the fair value of equity securities [11] - The company reported a net loss of $905,000 or $0.15 per share for Q1 2024, compared to net income of $142,000 or $0.02 per share in the same period last year [28] - The expense ratio increased to 99.8% in Q1 2024 from 0% in Q1 2023, driven by higher general and administrative expenses [13][39] Business Line Data and Key Metrics Changes - The company operates in two segments: Software and Aviation, with the Aviation segment featuring jet aircraft fractions and charter management [6][23] - The acquisition cost ratio increased to 10.9% for Q1 2024 from 0% in the prior year, reflecting earned premiums and expensed acquisition costs [29] Market Data and Key Metrics Changes - The investment portfolio decreased to $284,000 at March 31, 2024, from $680,000 at the end of the previous period, primarily due to the sale of equity securities [30] - The company recognized an unrealized loss of $688,000 on other investments, resulting from the remeasurement of its investment in Jet.AI [27] Company Strategy and Development Direction - The company aims to diversify its business by investing in disruptive technology through its SPAC, Oxbridge Acquisition Corp., which successfully merged with Jet.AI [6][32] - SurancePlus, a subsidiary focused on tokenized real-world assets, was established to democratize access to reinsurance as an alternative investment [24][41] - The company is rebranding as an RWA Web3-focused entity, anticipating significant growth in the tokenized asset market, projected to exceed $10 trillion by 2030 [16][42] 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 new ventures like Jet.AI [9] - The company is committed to leveraging blockchain technology to enhance financial infrastructure and broaden investor participation [8][41] Other Important Information - The company’s cash and cash equivalents increased to $4.3 million at March 31, 2024, from $3.7 million at December 31, 2023 [26] - Total expenses in Q1 2024 rose to $548,000 from $404,000 in the previous year, due to higher professional and legal expenses [37] Q&A Session Summary Question: Has the first RWA closed yet? - Yes, the first RWA was written last year and is based on a three-year contract with a one-year out, with returns expected to exceed 45% [45]

Exhibit 99.1 Company Contact: Oxbridge Re Holdings Limited Jay Madhu, CEO 345-749-7570 jmadhu@oxbridgere.com Oxbridge Re Holdings Limited Reports First Quarter 2024 Results GRAND CAYMAN, Cayman Islands (May 9, 2024) — Oxbridge Re Holdings Limited ( NASDAQ: OXBR ), (the "Company"), which together with its subsidiaries is engaged in the business of tokenized Real-World Assets ("RWAs"), initially in the form of tokenized reinsurance securities and reinsurance solutions primarily to property and casualty insure ...

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 March 31, 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 (Exact name of registrant as specified in its charter) | Cayman Islands | 9 ...

Financial Data and Key Metrics Changes - Net premiums earned for the year ended December 31, 2023 increased to $1.255 million from $995,000 in the prior year due to higher rates on reinsurance contracts [16] - Net investment and other income rose to $303,000 in 2023, primarily due to higher rates on money market funds [17] - The company recorded a net loss of $9.9 million, or $1.69 per share in 2023, compared to a net loss of $1.8 million, or $0.31 per share in 2022 [19] - Total revenues were negative $7.05 million in 2023 compared to $850,000 in the prior year [17] Business Line Data and Key Metrics Changes - The loss ratio decreased to 0% for the year ending December 31, 2023, compared to 107.8% in the prior year, due to limit losses suffered on two reinsurance contracts as a result of Hurricane Ian [20] - The acquisition cost ratio increased marginally to 11.2% for the year ended December 31, 2023, compared with 11.1% in the prior year [20] - The expense ratio increased to 185.2% for the year ended December 31, 2023, from 153.1% for the prior year due to higher general and admin expenses [21] - The combined ratio decreased to 185.2% for the year ended December 31, 2023, from 260.9% for the prior year, reflecting no underwriting losses in 2023 [22] Market Data and Key Metrics Changes - The investment portfolio increased to $680,000 at December 31, 2023, from $642,000 at the prior year end, primarily due to unrealized gains from improved global capital markets [23] - Cash and cash equivalents decreased to $3.7 million at December 31, 2023, compared to $3.9 million at December 31, 2022 [23] Company Strategy and Development Direction - The company aims to achieve long-term growth and book value per share by selectively writing business that generates attractive underwriting profits [9] - Oxbridge has diversified its business by establishing SurancePlus Inc., focusing on Web3 technology and tokenized real-world assets [12] - The company is rebranding as a prominent player in the RWA Web3 sector, anticipating significant growth in the tokenized asset market [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the long-term outlook of the core reinsurance business alongside the integration of new ventures like Jet.AI and SurancePlus [14] - The company is enthusiastic about the anticipated value of its investments and the benefits they offer to shareholders [28] Other Important Information - The establishment of SurancePlus was achieved without incurring new debt or diluting equity, reflecting an efficient approach to diversification [13] - The company successfully completed a business combination with Jet.AI in August 2023, enhancing its risk profile and positioning for growth in emerging technologies [27] Summary of Q&A Session - The Q&A session concluded without any recorded questions or answers, indicating a lack of participant inquiries during this segment [31]

Exhibit 99.1 Company Contact: Oxbridge Re Holdings Limited Jay Madhu, CEO 345-749-7570 jmadhu@oxbridgere.com Oxbridge Re Holdings Limited Reports Fiscal 2023 Results GRAND CAYMAN, Cayman Islands (March 26, 2024) — Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the "Company"), which together with its subsidiaries is engaged in the business of tokenized Real-World Assets ("RWAs"), initially in the form of tokenized reinsurance securities, and reinsurance business solutions to property and casualty today, repor ...

[Part I](index=5&type=section&id=PART%20I) [Business Overview](index=5&type=section&id=ITEM%201.%20BUSINESS) Oxbridge Re provides fully collateralized property and casualty reinsurance in the U.S. Gulf Coast, expanding into Web3 tokenized reinsurance securities in 2023 - The company's core business is providing fully collateralized property and casualty reinsurance, specializing in **medium frequency, high severity risks**, primarily for insurers in the U.S. Gulf Coast, with an emphasis on Florida[16](index=16&type=chunk) - In 2023, the company launched SurancePlus Inc. to issue **DeltaCat Re Tokens**, representing fractionalized reinsurance interests, with plans to tokenize other real-world assets[17](index=17&type=chunk) - The business strategy emphasizes disciplined underwriting, risk management, opportunistic capital deployment, and developing new **Web3-focused business offerings** leveraging tokenization experience[34](index=34&type=chunk)[39](index=39&type=chunk) - Oxbridge Reinsurance Limited and Oxbridge Re NS, the company's reinsurance subsidiaries, are licensed and regulated by the **Cayman Islands Monetary Authority (CIMA)**, adhering to its capital and solvency requirements[84](index=84&type=chunk)[85](index=85&type=chunk) - The company competes with major, well-established reinsurers including **Renaissance Re, Berkshire Hathaway, PartnerRe Ltd, Aeolus, and Nephila**[75](index=75&type=chunk)[76](index=76&type=chunk) [Risk Factors](index=18&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant business, regulatory, and tax risks, including uncertainties from its new Web3 tokenization venture, vulnerability to catastrophic events, and potential adverse U.S. tax classifications - The new **Web3-focused RWA tokenization business** is early-stage, facing risks like undeveloped trading markets, technological failures, and cyberattacks[98](index=98&type=chunk)[99](index=99&type=chunk)[102](index=102&type=chunk) - As a property catastrophe reinsurer focused on Florida, the company is highly vulnerable to unpredictable **catastrophic events like hurricanes**, which could cause substantial financial volatility[114](index=114&type=chunk) - Significant investment in **Jet.AI Inc.** is recorded at fair value, and its fluctuations could cause income statement volatility, negatively impacting earnings and shareholders' equity[125](index=125&type=chunk) - Reinsurance subsidiaries are subject to **CIMA's minimum capital and surplus requirements**, with non-compliance potentially leading to regulatory actions and business restrictions[136](index=136&type=chunk) - U.S. holders of ordinary shares face potential adverse tax consequences if the company is treated as a **Passive Foreign Investment Company (PFIC)** or a **Controlled Foreign Corporation (CFC)**[161](index=161&type=chunk)[164](index=164&type=chunk) [Unresolved Staff Comments](index=33&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company has no unresolved written comments from the Securities and Exchange Commission (SEC) staff regarding its periodic or current reports - The Company has no unresolved written comments from the staff of the **SEC**[177](index=177&type=chunk) [Cybersecurity](index=33&type=section&id=ITEM%201C.%20CYBERSECURITY) The Board oversees cybersecurity governance, managed by the CIO, with an ERM program and CIRT in place to mitigate risks, which have not materially affected the company to date - The Board of Directors oversees cybersecurity, receiving annual updates from the **Chief Information Officer (CIO)**, who manages the IT program[178](index=178&type=chunk) - A formal **Cybersecurity Incident Response Team (CIRT)**, including the CIO, CEO, CFO, and outside legal counsel, responds to incidents via a documented framework[180](index=180&type=chunk) - The company uses an **Enterprise Risk Management (ERM) program** to assess cybersecurity risks, implementing controls based on industry standards like COBIT and NIST Cybersecurity Framework[182](index=182&type=chunk) [Properties](index=34&type=section&id=ITEM%202.%20PROPERTIES) The company leases adequate office space in Georgetown, Grand Cayman, with the current lease expiring in February 2027 - The company leases office space in **Georgetown, Grand Cayman**, with the lease expiring in **February 2027**[186](index=186&type=chunk) [Legal Proceedings](index=34&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company is not currently involved in any litigation or arbitration but anticipates ordinary course legal proceedings consistent with the industry - The company is not currently involved in any litigation or arbitration[187](index=187&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company's business operations - Not applicable[188](index=188&type=chunk) [Part II](index=34&type=section&id=PART%20II) [Market for Common Equity and Related Matters](index=34&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20SHAREHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's shares and warrants trade on NASDAQ, with no dividends paid in 2023 or 2022 due to regulatory constraints on reinsurance subsidiaries' minimum net worth - The Company's ordinary shares and warrants trade on **The NASDAQ Capital Market** under symbols **"OXBR"** and **"OXBRW"**[189](index=189&type=chunk) - As of March 26, 2024, there were **13 holders of record** of the company's ordinary shares[190](index=190&type=chunk) - No dividends were paid in **2023 or 2022**, and future payments are not intended due to Cayman Islands regulations requiring reinsurance subsidiaries to maintain a minimum net worth[191](index=191&type=chunk)[192](index=192&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=35&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In 2023, the company's net loss widened to **$9.9 million** due to an **$8.9 million unrealized loss** on its Jet.AI investment, despite increased net premiums earned and zero loss expenses [Results of Operations](index=40&type=section&id=Results%20of%20Operations) In 2023, net loss widened to **$9.9 million** primarily due to an **$8.9 million unrealized loss** on Jet.AI, despite increased net premiums earned and zero loss expenses, improving the combined ratio to **185.2%** Financial Performance Summary (2023 vs. 2022) (in thousands) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Premiums Earned | $1,255 | $995 | | Unrealized Loss on Other Investments | ($8,945) | ($35) | | Total Revenue | ($7,049) | $850 | | Losses and Loss Adjustment Expenses | $0 | $1,073 | | General and Administrative Expenses | $2,183 | $1,413 | | **Net Loss** | **($9,915)** | **($1,789)** | | **Loss per Share (Basic & Diluted)** | **($1.69)** | **($0.31)** | | Loss Ratio | 0.0% | 107.8% | | Combined Ratio | 185.2% | 260.9% | - The significant increase in net loss was primarily due to an **$8.9 million unrealized loss** on the company's investment in Jet.AI and higher general and administrative expenses related to the SurancePlus launch[230](index=230&type=chunk) - Losses incurred decreased to **$0 in 2023** from **$1.07 million in 2022**, as the prior year included a limit loss on two reinsurance contracts due to Hurricane Ian[232](index=232&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=41&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) As of December 31, 2023, total assets decreased to **$8.3 million** from **$16.6 million**, primarily due to a **$8.9 million decrease** in Jet.AI investment fair value, while the loss reserve was reduced to zero - Other investments decreased from **$11.4 million in 2022** to **$2.5 million in 2023** due to fair value changes of the company's equity investment in Jet.AI[243](index=243&type=chunk) - The reserve for loss and loss adjustment expenses decreased to **$0** from **$1.1 million** at year-end 2022, following Hurricane Ian claim payments and no new major loss events in 2023[244](index=244&type=chunk) - Oxbridge Reinsurance Limited and Oxbridge Re NS are subject to a **$500,000 minimum net worth requirement** by Cayman Islands regulators, which both subsidiaries exceeded as of December 31, 2023[250](index=250&type=chunk) - In 2023, net cash used in operating activities was **$1.26 million**, while net cash provided by financing activities was **$1.18 million**, primarily from DeltaCat Re Tokens issuance proceeds[252](index=252&type=chunk) [Critical Accounting Policies](index=43&type=section&id=Critical%20Accounting%20Policies) Critical accounting policies involve significant estimates, including fair value measurement for investments like Jet.AI using a three-level hierarchy, reserves for losses based on reported claims and IBNR, and pro-rata premium revenue recognition - Fair value measurement is a critical policy, utilizing a **three-level hierarchy (Level 1, 2, 3)** for valuation inputs, particularly relevant for the Jet.AI investment[257](index=257&type=chunk)[258](index=258&type=chunk)[259](index=259&type=chunk) - Reserves for losses and loss adjustment expenses are management's best estimate based on reported claims and IBNR, with GAAP prohibiting future catastrophic event reserves until occurrence[263](index=263&type=chunk)[265](index=265&type=chunk) - Deferred acquisition costs, including brokerage fees and premium taxes, are capitalized and amortized over the reinsurance contract term as premiums are earned[268](index=268&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is not required to provide this information as it qualifies as a smaller reporting company under SEC rules - As a **smaller reporting company**, the company is not required to provide the information under this item[269](index=269&type=chunk) [Financial Statements and Supplementary Data](index=45&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) The company's audited consolidated financial statements and supplementary data are included in this Annual Report, beginning on page 50 - The financial statements and supplementary data are filed as part of this Annual Report on Form 10-K, beginning on **page 50**[270](index=270&type=chunk) [Changes in and Disagreements with Accountants](index=45&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reports no changes in or disagreements with its accountants regarding accounting principles, financial disclosure, or auditing scope - None[271](index=271&type=chunk) [Controls and Procedures](index=45&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) As of December 31, 2023, management concluded that disclosure controls and internal control over financial reporting were effective, with no material changes during the fourth quarter - Management concluded that the company's disclosure controls and procedures were effective as of **December 31, 2023**[273](index=273&type=chunk) - Based on a **COSO framework** evaluation, management concluded that internal control over financial reporting was effective as of **December 31, 2023**[277](index=277&type=chunk) - No material changes in internal control over financial reporting occurred during the **fourth quarter of 2023**[280](index=280&type=chunk) [Other Information](index=46&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) No directors or executive officers adopted, modified, or terminated Rule 10b5-1 trading arrangements during the fiscal quarter ended December 31, 2023 - No directors or executive officers adopted, modified, or terminated a **Rule 10b5-1 trading arrangement** during the fiscal quarter ended **December 31, 2023**[281](index=281&type=chunk) [Part III](index=46&type=section&id=PART%20III) Information for Part III, including directors, executive compensation, and security ownership, is incorporated by reference from the company's definitive 2024 proxy statement [Directors, Executive Officers and Corporate Governance](index=46&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Required information is incorporated by reference from the 2024 proxy statement, and the company has adopted a code of ethics available on its website - Information required by this item is incorporated by reference from the definitive proxy statement for the **2024 Annual Meeting of Shareholders**[283](index=283&type=chunk) [Executive Compensation](index=46&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Required executive compensation information is incorporated by reference from the company's definitive 2024 proxy statement - Information required by this item is incorporated by reference from the definitive proxy statement for the **2024 Annual Meeting of Shareholders**[285](index=285&type=chunk) [Security Ownership and Related Matters](index=46&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20SHAREHOLDER%20MATTERS) Required security ownership information is incorporated by reference from the company's definitive 2024 proxy statement - Information required by this item is incorporated by reference from the definitive proxy statement for the **2024 Annual Meeting of Shareholders**[286](index=286&type=chunk) [Certain Relationships, Related Transactions, and Director Independence](index=47&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Required information on related transactions and director independence is incorporated by reference from the company's definitive 2024 proxy statement - Information required by this item is incorporated by reference from the definitive proxy statement for the **2024 Annual Meeting of Shareholders**[287](index=287&type=chunk) [Principal Accounting Fees and Services](index=47&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTING%20FEES%20AND%20SERVICES) Required information on principal accounting fees and services is incorporated by reference from the company's definitive 2024 proxy statement - Information required by this item is incorporated by reference from the definitive proxy statement for the **2024 Annual Meeting of Shareholders**[288](index=288&type=chunk) [Part IV](index=47&type=section&id=PART%20IV) [Exhibits, Financial Statement Schedules](index=47&type=section&id=ITEM%2015.%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists documents filed as part of the Form 10-K, including Consolidated Financial Statements, schedules, and various exhibits - The Consolidated Financial Statements, other financial information, and financial statement schedules are filed as part of this Annual Report[289](index=289&type=chunk) [Financial Statements](index=50&type=section&id=Financial%20Statements) [Consolidated Financial Statements](index=52&type=section&id=Consolidated%20Financial%20Statements) Audited consolidated financial statements for 2023 show total assets decreased to **$8.3 million** and shareholders' equity to **$5.3 million**, driven by a **$9.9 million net loss** primarily from an **$8.9 million unrealized investment loss** Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets | $8,253 | $16,616 | | Total Liabilities | $2,921 | $1,627 | | Total Shareholders' Equity | $5,332 | $14,989 | Consolidated Statement of Operations Highlights (in thousands) | Account | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Net Premiums Earned | $1,255 | $995 | | Unrealized Loss on Other Investments | ($8,945) | ($35) | | Losses and Loss Adjustment Expenses | $0 | $1,073 | | **Net Loss** | **($9,915)** | **($1,789)** | - Net cash used in operating activities was **$1.26 million in 2023**, while net cash provided by financing activities was **$1.18 million**, primarily from DeltaCat Re tokens issuance[313](index=313&type=chunk) [Notes to Consolidated Financial Statements](index=58&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the **$8.9 million unrealized loss** on Jet.AI investment reclassified to Level 1, SurancePlus's **$2.45 million DeltaCat Re token offering**, zero loss reserves at year-end 2023, and related party reinsurance transactions - The Jet.AI investment re-measurement resulted in an **$8.945 million unrealized loss** for 2023 and was reclassified from Level 3 to Level 1 in the fair value hierarchy after its public listing[356](index=356&type=chunk)[362](index=362&type=chunk) - SurancePlus completed its private placement of **DeltaCat Re Tokens**, raising **$2.45 million** in gross proceeds, with approximately **$1.28 million** from third-party investors[379](index=379&type=chunk) - The reserve for losses and loss adjustment expenses was **$0 at December 31, 2023**, down from **$1.073 million at year-end 2022**, due to prior year claim payments and no new losses[384](index=384&type=chunk) - In 2023, the company entered a reinsurance agreement with **TypTap Insurance Company**, a related entity, resulting in **$1.099 million** in assumed premiums for the year[442](index=442&type=chunk) - On **January 29, 2024**, the company extended the expiration date of its publicly traded warrants (**OXBRW**) from **March 26, 2024, to March 26, 2029**[410](index=410&type=chunk)

Oxbridge Re Holdings Limited (NASDAQ:OXBR) Q3 2023 Results Conference Call November 14, 2023 4:30 PM ET Company Participants Jay Madhu - Chairman, President and CEO Wrendon Timothy - CFO and Corporate Secretary Conference Call Participants Kent Engelke - Capitol Securities Management Operator Good afternoon. Welcome to Oxbridge Re's Third Quarter 2023 Earnings Call. My name is David, and I'll be your conference operator this afternoon. [Operator Instructions] Joining us for today's presentation is Oxbridge ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's financial position significantly deteriorated in 2023, marked by decreased assets, halved equity, and increased net losses [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets and shareholders' equity significantly declined by September 30, 2023, primarily due to reduced 'Other Investments' Consolidated Balance Sheet Summary (in thousands of U.S. Dollars) | Account | At September 30, 2023 (Unaudited) | At December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$11,197** | **$16,616** | | Other Investments | $5,039 | $11,423 | | Cash and cash equivalents | $1,801 | $1,207 | | Restricted cash and cash equivalents | $1,848 | $2,721 | | **Total Liabilities** | **$3,249** | **$1,627** | | **Total Shareholders' Equity** | **$7,948** | **$14,989** | - The primary driver for the decrease in total assets was the significant reduction in the fair value of 'Other Investments', which fell by over **$6.3 million**[13](index=13&type=chunk) - Shareholders' equity decreased by approximately **47%**, from **$15.0 million** to **$7.9 million**, largely due to the accumulated deficit increasing from **($17.5 million)** to **($24.7 million)**[13](index=13&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a significantly increased net loss for the first nine months of 2023, primarily due to unrealized investment losses Consolidated Statements of Operations Summary (in thousands of U.S. Dollars) | Metric | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net premiums earned | $732 | $995 | | Unrealized loss on other investments | ($6,384) | ($986) | | **Total Revenue** | **($5,144)** | **($191)** | | Losses and loss adjustment expenses | $0 | $1,073 | | General and administrative expenses | $1,708 | $1,050 | | **Total Expenses** | **$1,788** | **$2,233** | | **Net Loss** | **($7,243)** | **($2,467)** | | **Loss per Share (Basic and Diluted)** | **($1.23)** | **($0.43)** | - The significant increase in net loss for the nine-month period was driven by a **$6.38 million** unrealized loss on other investments, which turned total revenue negative[16](index=16&type=chunk) - The company incurred no losses and loss adjustment expenses in the first nine months of 2023, compared to over **$1 million** in the same period of 2022, which was related to Hurricane Ian[16](index=16&type=chunk)[180](index=180&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased, while financing activities provided cash, leading to an overall decrease in cash and equivalents Cash Flow Summary (Nine Months Ended, in thousands of U.S. Dollars) | Cash Flow Activity | September 30, 2023 | September 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,356) | ($682) | | Net cash used in investing activities | ($105) | ($376) | | Net cash provided by financing activities | $1,182 | $0 | | **Net change in cash** | **($279)** | **($1,058)** | | **Cash at end of period** | **$3,649** | **$4,360** | - Financing activities in 2023 were driven by **$1.28 million** in gross proceeds from the issuance of Delta Cat Re tokens, partially offset by a **$98,000** redemption of notes payable[18](index=18&type=chunk) [Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity decreased substantially due to a net loss, increasing the accumulated deficit by September 30, 2023 Shareholders' Equity Movement (in thousands of U.S. Dollars) | Description | Amount | | :--- | :--- | | Balance at December 31, 2022 | $14,989 | | Net loss for the nine months ended Sep 30, 2023 | ($7,243) | | Stock-based compensation | $202 | | **Balance at September 30, 2023** | **$7,948** | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail the company's structure, accounting policies, and key financial components, including the significant investment in Jet.AI and tokenized reinsurance - The company operates as a single business segment, providing reinsurance solutions through its subsidiaries and tokenized securities through its new Web3-focused subsidiary, SurancePlus[26](index=26&type=chunk) - The company's investment in Jet.AI is classified as 'Other Investments' and measured at fair value (Level 3), resulting in a significant unrealized loss of **$6.38 million** for the nine months ended September 30, 2023[75](index=75&type=chunk)[76](index=76&type=chunk) - The subsidiary SurancePlus Inc. completed a private placement of DeltaCat Re tokenized reinsurance securities, raising aggregate gross proceeds of **$2.45 million**, with proceeds used to invest in collateralized reinsurance contracts[94](index=94&type=chunk) - The company entered into a reinsurance agreement with TypTap Insurance Company, a related party, which accounted for significant portions of premiums receivable and unearned premiums as of September 30, 2023[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the increased net loss to unrealized investment losses in Jet.AI, while highlighting new tokenized reinsurance ventures - The net loss for Q3 2023 was **$7.3 million**, a substantial increase from a **$2.16 million** loss in Q3 2022, primarily due to unrealized losses on the company's investment in Jet.AI[176](index=176&type=chunk) - The company's business focus includes traditional fully collateralized reinsurance for property catastrophes and a new initiative in tokenized Real World Assets (RWA) through its Web3 subsidiary, SurancePlus Inc[144](index=144&type=chunk) - The company's investment in Jet.AI closed its business combination on August 10, 2023, with its fair value change being the main driver of recent financial results[157](index=157&type=chunk)[194](index=194&type=chunk) Performance Ratios to Net Premiums Earned | Ratio | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Loss ratio | 0.0% | 107.8% | | Acquisition cost ratio | 10.9% | 11.1% | | Expense ratio | 244.3% | 116.6% | | **Combined ratio** | **244.3%** | **224.4%** | [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from providing market risk disclosures as it qualifies as a smaller reporting company - The company is exempt from providing quantitative and qualitative disclosures about market risk because it qualifies as a smaller reporting company[221](index=221&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[222](index=222&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[223](index=223&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any litigation or arbitration but anticipates such proceedings in the ordinary course of business - As of the filing date, the company is not involved in any litigation or arbitration[224](index=224&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company highlights the risk of income statement volatility and equity reduction due to its significant fair-valued investment in Jet.AI Inc - The company emphasizes the risk that its significant investment in Jet.AI Inc., which is recorded at fair value, could result in income statement volatility and cause fluctuations in the company's stock price[226](index=226&type=chunk) - A decline in the fair value of the Jet.AI investment could significantly reduce both earnings and shareholders' equity[226](index=226&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales or repurchases of equity securities during the reporting period - There were no unregistered sales of equity securities or repurchases of equity securities during the reporting period[227](index=227&type=chunk)[228](index=228&type=chunk) [Defaults Upon Senior Securities](index=42&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[229](index=229&type=chunk) [Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[230](index=230&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[231](index=231&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL interactive data files - Exhibits filed include certifications from the CEO and CFO as required by the Sarbanes-Oxley Act[232](index=232&type=chunk) - The financial statements and notes are also provided in XBRL format[232](index=232&type=chunk)

Oxbridge Re Holdings Limited (NASDAQ:OXBR) Q2 2023 Results Conference Call August 14, 2023 4:30 PM ET Company Participants Jay Madhu - Chairman, President and CEO Wrendon Timothy - CFO and Corporate Secretary Conference Call Participants Kent Engelke - Capitol Securities Management Operator Good afternoon, welcome to Oxbridge Re’s Second Quarter 2023 Earnings Call. My name is Chloe and I will be your conference operator this afternoon. [Operator Instructions] Joining us for today’s presentation is Oxbridge ...