OXRE(US:OXBR)2024-03-26 22:45Financial 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]