OXRE(US:OXBR)2021-08-16 20:08Financial Performance - For the three months ended June 30, 2021, net income was $448 thousand, or $0.08 per share, compared to $165 thousand, or $0.03 per share, for the same period in 2020[145]. - Total revenue for the three months ended June 30, 2021 was $805 thousand, up from $482 thousand in the same period of 2020[144]. - Net premiums earned for the quarter ended June 30, 2021 increased to $205 thousand from $135 thousand for the quarter ended June 30, 2020, attributed to higher rates on reinsurance contracts[148]. - The company reported no losses incurred during the three and six-month periods ending June 30, 2021 and 2020[150]. - The loss ratio for the quarter ended June 30, 2021, was 0%, indicating no losses incurred during this period[156]. Expenses and Ratios - General and administrative expenses for the quarter ended June 30, 2021 increased to $312 thousand from $282 thousand for the same period in 2020[153]. - Policy acquisition costs for the quarter ended June 30, 2021 increased to $22 thousand from $15 thousand for the same period in 2020[151]. - The combined ratio for the three months ended June 30, 2021 was 162.9%, compared to 220.0% for the same period in 2020[144]. - The acquisition cost ratio decreased from 11.1% for the quarter ended June 30, 2020, to 10.7% for the quarter ended June 30, 2021[157]. - The expense ratio decreased from 220% for the quarter ended June 30, 2020, to 162.9% for the quarter ended June 30, 2021[159]. - The combined ratio decreased from 220% for the quarter ended June 30, 2020, to 162.9% for the quarter ended June 30, 2021[161]. Cash Flow and Investments - As of June 30, 2021, restricted cash and cash equivalents decreased by $1.6 million, or 82%, to $345 thousand[163]. - Total investments increased marginally by $3 thousand, or 0.4%, to $790 thousand as of June 30, 2021[164]. - Net cash used in operating activities for the six months ended June 30, 2021, totaled $208 thousand[171]. - Net cash provided by investing activities for the six months ended June 30, 2021, was $698 thousand, primarily due to net sales of equity securities[171]. - As of June 30, 2021, there were no reserves for loss and loss adjustment expenses due to no significant events occurring during the period[181]. Future Outlook - The company expects the upward pricing trend for reinsurers to continue due to material losses resulting from COVID-19[133]. - The company focuses on fully collateralized reinsurance contracts primarily for property catastrophes in the Gulf Coast region of the United States[130]. - The company expects to fund operations for the foreseeable future from operating cash flows and potential future equity offerings[169].