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Oxbridge Re Holdings Limited (OXBR-6.25%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $2.7 million for the year, compared to a net loss of $9.9 million in the previous year. The decrease in loss is primarily due to a reduction in the negative change in the fair value of other investments.
Net premiums earned increased to $2.3 million from $1.26 million in the prior year, attributed to higher rates on contracts and a full twelve months of premiums accounted for in 2024.
The company reported no incurred losses for the year. Policy acquisition costs and underwriting expenses increased to $254,000 from $141,000, reflecting a full year of policy acquisition costs.
General and administrative expenses decreased to $1.9 million from $2.2 million, due to expense efficiencies and previous costs associated with equity distribution agreements.
Oxbridge Re's business strategy involves underwriting fully collateralized reinsurance contracts, primarily in the Gulf Coast region, with a focus on Florida.
The company has also developed a tokenization business through its subsidiary, SurancePlus, which offers tokenized reinsurance securities representing fractionalized interests in reinsurance contracts.
Oxbridge Re NS, a reinsurance sidecar, increases the underwriting capacity of Oxbridge Reinsurance Limited by issuing participating notes to third-party investors.
Oxbridge Re Holdings Limited's subsidiaries are subject to Cayman Islands regulatory constraints, including minimum capital requirements, which both subsidiaries exceeded as of December 31, 2024.
The company has no current plans to issue debt and expects to fund operations from operating cash flows, potential future equity offerings, and its ATM facility.
Oxbridge Re Holdings Limited's investment portfolio primarily consists of cash and highly liquid securities, with a significant investment in Jet.AI, which is recorded at fair value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oxbridge Re Holdings Limited annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.