Oxbridge Re Holdings Limited reported a net loss of $2.7 million for the fiscal year ending December 31, 2024, translating to a loss per share of $0.45. This marks a significant improvement compared to the previous year's net loss of $9.9 million, or $1.69 per share. The company's total revenue for 2024 was $546,000, a stark contrast to the $7 million loss reported in 2023. The increase in revenue was primarily driven by a rise in net premiums earned, which reached $2.3 million, up from $1.3 million in 2023, attributed to higher rates on reinsurance contracts and a full year of premium recognition.
Operationally, Oxbridge Re has made strides in its tokenization efforts through its subsidiary, SurancePlus. The company launched several tokenized reinsurance securities, including the DeltaCat Re Token in 2023 and the EpsilonCat Re Token in 2024, with plans for additional series in the coming years. These initiatives are part of a broader strategy to leverage blockchain technology to enhance access to reinsurance contracts. The company raised approximately $2.9 million through the issuance of Participation Shares represented by digital tokens, which are expected to provide a preferred return to investors.
In terms of financial health, Oxbridge Re's cash and restricted cash increased to $5.9 million as of December 31, 2024, up from $3.7 million in the previous year. This increase is attributed to new collateral deposits for reinsurance treaties. The company also reported a stable notes payable balance of $118,000, indicating no significant changes in its debt obligations. The total assets decreased to $7.5 million from $8.3 million, primarily due to a reduction in the fair value of investments, particularly in Jet.AI, which resulted in an unrealized loss of $2.1 million.
Looking ahead, Oxbridge Re Holdings Limited aims to continue its focus on fully collateralized reinsurance contracts, particularly in the Gulf Coast region of the United States, while exploring opportunities for geographic and product expansion. The company plans to maintain its disciplined underwriting approach and capitalize on market opportunities as they arise. However, it acknowledges the inherent risks associated with the reinsurance industry, including exposure to catastrophic events and fluctuations in market conditions, which could impact future profitability.
About OXBRIDGE RE HOLDINGS Ltd
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