Oxbridge Re Holdings Reports Improved Revenue and Reduced Net Losses in Q3 and Nine-Month Periods

Oxbridge Re Holdings Limited reported its financial results for the three and nine-month periods ending September 30, 2024, showing significant improvements in revenue and reduced net losses compared to the same periods in 2023.

For the three months ended September 30, 2024, total revenue reached $205,000, a substantial recovery from a loss of $(6.4 million) in the same quarter of 2023. Net premiums earned increased to $595,000 from $549,000 year-over-year. The company reported a net loss of $(540,000) for Q3 2024, a marked improvement from a net loss of $(7.3 million) in Q3 2023, resulting in a loss per share of $(0.09) compared to $(1.24) in the prior year.

For the nine-month period, total revenue was $124,000, up from a loss of $(5.1 million) in 2023. Net premiums earned for the nine months increased to $1.7 million from $732,000, attributed to the reinsurance contracts in force. The net loss for the nine months was $(2.3 million), significantly lower than the $(7.2 million) loss reported in the same period of 2023, with a loss per share of $(0.37) compared to $(1.23) previously.

The company’s total assets decreased to $7.3 million as of September 30, 2024, from $8.3 million at the end of 2023. Cash and cash equivalents, however, increased to $4.8 million from $3.7 million, reflecting improved liquidity. Total liabilities rose to $3.7 million from $2.9 million, while total shareholders’ equity decreased to $3.7 million from $5.3 million.

Strategically, Oxbridge Re has focused on its subsidiary SurancePlus, which leverages blockchain technology for reinsurance contracts. The company completed a private placement of digital tokens, raising approximately $2.9 million in July 2024. Additionally, the company has engaged in the sale of ordinary shares under an ATM program, generating $419,663 in gross proceeds for the nine months ended September 30, 2024.

The company reported no losses incurred during the nine-month periods ended September 30, 2024, and 2023, and maintained a loss ratio of 0%. The expense ratio improved significantly, dropping to 98.0% from 244.3% year-over-year, indicating better cost management.

Overall, Oxbridge Re Holdings Limited's financial performance for the reported periods reflects a recovery trajectory, driven by increased premiums and strategic initiatives in the reinsurance market.