OXBRIDGE RE HOLDINGS Ltd Releases Q2 2024 10-Q Report

OXBRIDGE RE HOLDINGS Ltd, a company specializing in underwriting fully collateralized reinsurance contracts primarily for property and casualty insurance companies, has released its Form 10-Q report for the second quarter of 2024. The report provides a detailed overview of the company's financial performance and operational activities during the period.

Financial Highlights

• Total Revenue: $44 thousand. The decrease in total revenue for the quarter ended June 30, 2024, compared to the same period in 2023, is primarily due to negative changes in the fair value of equity securities and investments.
• Net Income: $(821) thousand. The net loss for the quarter ended June 30, 2024, increased compared to the net loss of $85 thousand for the same period in 2023, primarily due to the negative change in the fair value of equity securities and investments.
• Net Income Per Share: $(0.14). Basic and diluted earnings per share for the quarter ended June 30, 2024, reflect the increased net loss compared to the same period in 2023.

Business Highlights

• Revenue Segments: The company derives significant revenue from three principal sources: premiums assumed from reinsurance on property and casualty business, income from investments and unrealized gains on other investments, and income from SurancePlus management fees.
• Geographical Performance: The company focuses on underwriting fully collateralized reinsurance contracts primarily for property and casualty insurance companies in the Gulf Coast region of the United States, with an emphasis on Florida.
• New Product Launches: In 2023, the company launched its first tokenized reinsurance security, the DeltaCat Re Token, through its subsidiary SurancePlus. This token represents fractionalized interests in reinsurance contracts.
• Future Outlook: The company plans to develop, launch, and issue additional series of tokenized reinsurance securities representing fractional interests in reinsurance contracts. It is also exploring Web3-focused business offerings and products relating to the tokenization of other real-world assets.

SEC Filing: OXBRIDGE RE HOLDINGS Ltd Releases Q2 2024 [ NASDAQ:OXBR ] - 10-Q - Aug. 08, 2024