OXRE(US:OXBR)2025-11-06 21:04Premiums 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]